Technology
Clarivate Reports Fourth Quarter and Full Year 2024 Results
Published
1 year agoon
By
— Accelerates transition from transactional to subscription and re-occurring revenue —
— Launches new product innovation for Academia & Government and Life Sciences & Healthcare —
— Repurchased $200 million ordinary shares and pre-paid $198 million of debt in 2024 as part of balanced capital allocation strategy —
— Initiates review of strategic alternatives including potential divestitures —
— Provides 2025 Outlook —
LONDON, Feb. 19, 2025 /PRNewswire/ — Clarivate Plc (NYSE: CLVT) (the “Company” or “Clarivate”), a leading global provider of transformative intelligence, today reported results for the fourth quarter and full year ended December 31, 2024.
Total revenue for the fourth quarter of 2024 was $663.0 million, compared to total revenue of $683.7 million in the fourth quarter of 2023. Organic revenues for the fourth quarter of 2024 decreased 0.7%, as an increase in subscription and transactional revenues was offset by lower re-occurring revenues, compared to the fourth quarter of 2023.
Net loss for the fourth quarter of 2024 was $191.8 million, or $0.27 per diluted share, an improvement compared to a net loss of $843.9 million, or $1.30 per diluted share, in the fourth quarter of 2023. Adjusted net income for the fourth quarter of 2024 was $145.5 million, or $0.21 per diluted share, compared to $163.4 million, or $0.23 per diluted share, for the fourth quarter of 2023. Adjusted EBITDA was $285.3 million for the fourth quarter of 2024, compared to Adjusted EBITDA of $298.2 million for the fourth quarter of 2023.
Total revenue for the full year of 2024 was $2.56 billion, compared to total revenue of $2.63 billion for the full year of 2023. Organic revenues decreased 1.4%, as an increase in subscription revenues was offset by lower transactional and re-occurring revenues.
Net loss for the full year of 2024 was $636.7 million, or $0.96 per diluted share, an improvement compared to a net loss of $911.2 million, or $1.47 per diluted share, for the full year of 2023. Adjusted net income for the full year of 2024 was $525.3 million, or $0.73 per diluted share, compared to $599.1 million, or $0.82 per diluted share, for the full year of 2023. Adjusted EBITDA was $1,060.4 million for the full year of 2024, compared to Adjusted EBITDA of $1,117.2 million for the full year of 2023.
Clarivate generated $357.5 million of free cash flow for the full year of 2024 and repurchased $200.0 million of ordinary shares and pre-paid $198.1 million of term-loan debt. In December 2024, the Board of Directors authorized a new share repurchase program of up to $500.0 million of the Company’s outstanding ordinary shares through open-market purchases for a period of two years, from January 1, 2025 through December 31, 2026.
“We are committed to reinvigorating our business to deliver healthy organic growth and build for the future,” said Matti Shem Tov, Chief Executive Officer. “Last year we released a string of AI-powered product enhancements, and as part of our Value Creation Plan (VCP), we recently launched new subscription-based solutions including ProQuest e-Books, ProQuest Digital Collections and DRG Fusion. We are focused on driving subscription and re-occurring revenue growth and plan to discontinue sales of certain low-margin transactional products in 2025 and 2026, which will improve our revenue predictability.”
Mr. Shem Tov continued: “Under our VCP initiatives, we are improving our sales execution by enhancing key leadership roles, realigning account management models around specialist areas, and investing in customer success teams. We are harnessing the power of technology and AI to accelerate product innovation and drive development velocity through customer collaboration. We believe the steps we are taking will improve our financial performance and operational efficiency.”
Selected Financial Information
Three Months Ended
December 31,
Change
Year Ended
December 31,
Change
(in millions, except percentages and per
share data), (unaudited)
2024
2023
$
%
2024
2023
$
%
Revenues
$ 663.0
$ 683.7
$ (20.7)
(3.0) %
$ 2,556.7
$ 2,628.8
$ (72.1)
(2.7) %
Net income (loss)
$ (191.8)
$ (843.9)
$ 652.1
77.3 %
$ (636.7)
$ (911.2)
$ 274.5
30.1 %
Adjusted net income(1)
$ 145.5
$ 163.4
$ (17.9)
(11.0) %
$ 525.3
$ 599.1
$ (73.8)
(12.3) %
Adjusted EBITDA(1)
$ 285.3
$ 298.2
$ (12.9)
(4.3) %
$ 1,060.4
$ 1,117.2
$ (56.8)
(5.1) %
Diluted EPS
$ (0.27)
$ (1.30)
$ 1.03
79.2 %
$ (0.96)
$ (1.47)
$ 0.51
34.7 %
Adjusted diluted EPS(1)
$ 0.21
$ 0.23
$ (0.02)
(8.7) %
$ 0.73
$ 0.82
$ (0.09)
(11.0) %
Net cash provided by operating
activities
$ 141.3
$ 190.9
$ (49.6)
(26.0) %
$ 646.6
$ 744.2
$ (97.6)
(13.1) %
Free cash flow(1)
$ 59.1
$ 127.0
$ (67.9)
(53.5) %
$ 357.5
$ 501.7
$ (144.2)
(28.7) %
Fourth Quarter 2024 Commentary
Revenues for the fourth quarter decreased $20.7 million, or 3.0%, to $663.0 million, primarily due to IP and A&G product group divestitures completed in 2024. Organic revenues decreased $5.0 million or 0.7%.
Subscription revenues for the fourth quarter decreased $3.8 million, or 0.9%, to $407.0 million. Organic subscription revenues increased 0.1%.
Re-occurring revenues for the fourth quarter decreased $7.1 million, or 6.0%, to $112.0 million. Organic re-occurring revenues decreased 5.4%, primarily due to lower IP patent renewal volume.
Transactional revenues for the fourth quarter decreased $9.8 million, or 6.4%, to $144.0 million. Organic transactional revenues increased 0.6%, primarily due to higher A&G sales.
Full Year 2024 Commentary
Revenues for the full year 2024 decreased $72.1 million, or 2.7%, to $2,556.7 million, primarily due to lower transactional sales across all three segments and the IP product group divestiture. Organic revenues decreased $35.9 million, or 1.4%.
Subscription revenues for the full year 2024 increased $8.7 million, or 0.5%, to $1,626.8 million. Organic subscription revenues increased 0.9%, driven by price increases, partially offset by lower net volume in IP and LS&H.
Re-occurring revenues for the full year 2024 decreased $14.8 million, or 3.3%, to $429.8 million. Organic re-occurring revenues decreased 3.1%, primarily due to lower IP patent renewal volume.
Transactional revenues for the full year 2024 decreased $66.0 million, or 11.7%, to $500.1 million. Organic transactional revenues decreased 6.6%, primarily due to lower A&G and LS&H sales.
Balance Sheet and Cash Flow
As of December 31, 2024, cash and cash equivalents of $295.2 million decreased $75.5 million compared to December 31, 2023.
The Company’s total debt outstanding as of December 31, 2024 was $4,571.1 million, a decrease of $199.2 million compared to December 31, 2023, driven by accelerated debt repayments.
Net cash provided by operating activities of $646.6 million for the year ended December 31, 2024 decreased $97.6 million compared to the prior year period, primarily due to lower operating results and higher working capital requirements due to timing of payments. Free cash flow for the year ended December 31, 2024 was $357.5 million, a decrease of $144.2 million compared to the prior year period.
Review of Strategic Alternatives
Clarivate also announced that it has initiated the exploration of strategic alternatives including potential divestitures. The Company, in consultation with financial and legal advisors, will review and consider a full range of options focused on maximizing shareholder value, including divesting business units or an entire segment.
The Company intends to be diligent and thorough in reviewing its options and completing its review in a timely manner, but does not intend to comment until the process is concluded or it is otherwise determined that further disclosure is necessary or appropriate. There can be no assurance that the review process will result in any transaction or any other strategic change or outcome, or as to the timing of any of the foregoing.
Morgan Stanley & Co. LLC and Moelis & Company LLC are serving as financial advisors to the Company.
Outlook for 2025 (forward-looking statement)
“Our 2025 outlook includes the disposal of specific Academia & Government and Life Sciences & Healthcare transactional products, which are expected to be completed by the end of 2026,” said Jonathan Collins, Executive Vice President and Chief Financial Officer. “We currently expect recurring organic revenues (subscription and re-occurring revenues combined) to be flat, at the mid-point in 2025. We will continue to aggressively manage our cost structure and currently expect a balanced approach to capital allocation in 2025.”
The full year outlook presented below assumes no further acquisitions, divestitures, or unanticipated events.
2025 Outlook
Organic ACV
1.0% to 2.0%
Recurring Organic Revenue Growth
(1.0)% to 1.0%
Revenues
$2.28B to $2.40B
Adjusted EBITDA(1)
$940M to $1.00B
Adjusted EBITDA Margin(1)
40.5% to 42.5%
Adjusted Diluted EPS(1)(2)
$0.60 to $0.70
Free Cash Flow(1)
$300M to $380M
Notes to press release
(1) Non-GAAP measure. Please see “Reconciliations to Certain Non-GAAP Measures” in this release for important disclosures and reconciliations of these financial measures to the most directly comparable GAAP measure. These terms are defined elsewhere in this press release.
(2) Adjusted diluted EPS for 2025 is calculated based on approximately 696 million fully diluted adjusted weighted average ordinary shares outstanding.
Conference Call and Webcast
Clarivate will host a conference call and webcast today to review the results for the fourth quarter and full year at 9:00 a.m. Eastern Time. The webcast is open to all interested parties and may include forward-looking information.
The live webcast of the earnings call will be accessible through the investor relations section of the Company’s website. To join the webcast please visit https://events.q4inc.com/attendee/673591630.
Interested parties may access the live audio broadcast. U.S. participants may call 800-715-9871; international participants may call +1 646-307-1963 (long-distance charges will apply). The conference ID number is 8621261.
A replay of the webcast will also be available on https://ir.clarivate.com beginning two hours after the conclusion of the live call and will remain available for one year.
Use of Non-GAAP Financial Measures
Non-GAAP results are financial measures that are not prepared 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, and Free cash flow 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.
Forward-Looking Statements
This communication includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions, or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements” within the meaning of the “safe harbor provisions” of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,” or “should” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts, and include statements regarding our intentions, beliefs, or current expectations concerning, among other things, anticipated cost savings, results of operations, financial condition, liquidity, prospects, growth, strategies, and the markets in which we operate. Such forward-looking statements are based on available current market material and management’s expectations, beliefs, and forecasts concerning future events impacting us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described 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”). Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Please consult our public filings with the SEC or on our website at www.clarivate.com.
About Clarivate
Clarivate™ is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com.
Consolidated Balance Sheets (Unaudited)
As of December 31,
(In millions)
2024
2023
ASSETS
Current assets:
Cash and cash equivalents, including restricted cash
$ 295.2
$ 370.7
Accounts receivable, net
798.3
908.3
Prepaid expenses
85.9
88.5
Other current assets
65.2
68.0
Assets held for sale
—
26.7
Total current assets
1,244.6
1,462.2
Property and equipment, net
53.5
51.6
Other intangible assets, net
8,441.2
9,006.6
Goodwill
1,566.6
2,023.7
Other non-current assets
82.2
60.8
Deferred income taxes
48.5
46.7
Operating lease right-of-use assets
53.6
55.2
Total assets
$ 11,490.2
$ 12,706.8
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$ 124.5
$ 144.1
Accrued compensation
119.2
126.5
Accrued expenses and other current liabilities
310.1
315.2
Current portion of deferred revenues
859.1
983.1
Current portion of operating lease liability
20.6
24.4
Liabilities held for sale
—
6.7
Total current liabilities
1,433.5
1,600.0
Long-term debt
4,518.7
4,721.1
Non-current portion of deferred revenues
16.6
38.7
Other non-current liabilities
55.9
41.9
Deferred income taxes
273.3
249.6
Operating lease liabilities
53.2
63.2
Total liabilities
6,351.2
6,714.5
Commitments and contingencies
Shareholders’ equity:
Preferred Shares, no par value; 14.4 shares authorized; 5.25% Mandatory Convertible Preferred
Shares, Series A, zero and 14.4 shares issued and outstanding as of December 31, 2024 and
December 31, 2023, respectively
—
1,392.6
Ordinary Shares, no par value; unlimited shares authorized; 691.4 and 666.1 shares issued and
outstanding as of December 31, 2024 and December 31, 2023, respectively
12,978.8
11,740.5
Accumulated other comprehensive loss
(526.3)
(495.3)
Accumulated deficit
(7,313.5)
(6,645.5)
Total shareholders’ equity
5,139.0
5,992.3
Total liabilities and shareholders’ equity
$ 11,490.2
$ 12,706.8
Consolidated Statements of Operations (Unaudited)
Three Months Ended December 31,
Year Ended December 31,
(In millions, except per share data)
2024
2023
2024
2023
Revenues
$ 663.0
$ 683.7
$ 2,556.7
$ 2,628.8
Operating expenses:
Cost of revenues
227.7
231.6
869.2
906.4
Selling, general and administrative costs
180.8
180.4
727.6
739.7
Depreciation and amortization
186.0
180.8
727.0
708.3
Goodwill and intangible asset impairments
224.1
844.7
540.7
979.9
Restructuring and other impairments
5.4
14.7
19.6
40.0
Other operating expense (income), net
(98.7)
19.7
(51.8)
(10.8)
Total operating expenses
725.3
1,471.9
2,832.3
3,363.5
Income (loss) from operations
(62.3)
(788.2)
(275.6)
(734.7)
Fair value adjustment of warrants
—
(1.5)
(5.2)
(15.9)
Interest expense, net
69.9
75.2
283.4
293.7
Income (loss) before income taxes
(132.2)
(861.9)
(553.8)
(1,012.5)
Provision (benefit) for income taxes
59.6
(18.0)
82.9
(101.3)
Net income (loss)
(191.8)
(843.9)
(636.7)
(911.2)
Dividends on preferred shares
—
19.1
31.3
75.4
Net income (loss) attributable to ordinary shares
$ (191.8)
$ (863.0)
$ (668.0)
$ (986.6)
Per share:
Basic
$ (0.27)
$ (1.30)
$ (0.96)
$ (1.47)
Diluted
$ (0.27)
$ (1.30)
$ (0.96)
$ (1.47)
Weighted average shares used to compute earnings per
share:
Basic
702.8
665.0
693.6
671.6
Diluted
702.8
665.0
693.6
671.6
Consolidated Statements of Cash Flows (Unaudited)
Year Ended December 31,
(In millions)
2024
2023
Cash Flows From Operating Activities
Net income (loss)
$ (636.7)
$ (911.2)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
727.0
708.3
Share-based compensation
59.9
109.0
Restructuring and other impairments, including goodwill
540.3
986.2
Fair value adjustment of warrants
(5.2)
(15.9)
Gain on sale from divestitures
(54.7)
—
Gain on legal settlement
—
(49.4)
Deferred income taxes
21.2
(78.4)
Amortization of debt issuance costs
16.4
18.2
Other operating activities
3.3
37.8
Changes in operating assets and liabilities:
Accounts receivable
92.6
(25.5)
Prepaid expenses
1.5
1.7
Other assets
(0.8)
35.1
Accounts payable
(15.0)
41.2
Accrued expenses and other current liabilities
3.8
(44.4)
Deferred revenues
(106.2)
20.3
Operating leases, net
(9.6)
(8.0)
Other liabilities
8.8
(80.8)
Net cash provided by operating activities
646.6
744.2
Cash Flows From Investing Activities
Capital expenditures
(289.1)
(242.5)
Payments for acquisitions, net of cash acquired
(32.0)
(5.4)
Proceeds from divestitures, net of cash divested
84.4
10.5
Net cash provided by (used for) investing activities
(236.7)
(237.4)
Cash Flows From Financing Activities
Principal payments on term loans
(198.1)
(300.0)
Repayments of revolving credit facility
—
—
Payment of debt issuance costs and discounts
(20.1)
0.1
Repurchases of ordinary shares
(200.0)
(100.0)
Cash dividends on preferred shares
(37.7)
(75.5)
Payments related to tax withholding for share-based compensation
(15.6)
(20.6)
Other financing activities
1.4
(0.5)
Net cash provided by (used for) financing activities
(470.1)
(496.5)
Effects of exchange rates
(15.3)
3.6
Net change in cash and cash equivalents, including restricted cash
(75.5)
13.9
Cash and cash equivalents, including restricted cash, beginning of period
370.7
356.8
Cash and cash equivalents, including restricted cash, end of period
$ 295.2
$ 370.7
Supplemental Cash Flow Information:
Cash paid for interest
$ 265.3
$ 273.5
Cash paid for income tax
$ 52.9
$ 42.9
Supplemental Revenues Information
Annualized contract value (“ACV”), at any point in time, represents the annualized value of all active customer subscription-based license agreements for the next 12 months, assuming those coming up for renewal during the measurement period are renewed at their current price level. Our organic ACV grew 0.9% in 2024, compared to 2023, primarily driven by price increases. Our total ACV for 2024, compared to 2023, declined 1.1% primarily due to the ScholarOne divestiture in November 2024.
The following tables present our revenues by type and by segment for the periods indicated, as well as the drivers of the variances between periods, including as a percentage of such revenues.
Three Months Ended
December 31,
Change
% of Change
2024
2023
$
%
Acquisitions
Disposals
FX
Organic
Subscription
$ 407.0
$ 410.8
$ (3.8)
(0.9) %
0.2 %
(1.2) %
— %
0.1 %
Re-occurring
112.0
119.1
(7.1)
(6.0) %
— %
— %
(0.6) %
(5.4) %
Recurring revenues
$ 519.0
$ 529.9
$ (10.9)
(2.1) %
0.1 %
(0.9) %
(0.2) %
(1.1) %
Transactional
144.0
153.8
(9.8)
(6.4) %
0.3 %
(7.3) %
— %
0.6 %
Revenues
$ 663.0
$ 683.7
$ (20.7)
(3.0) %
0.2 %
(2.4) %
(0.1) %
(0.7) %
Year Ended
December 31,
Change
% of Change
2024
2023
$
%
Acquisitions
Disposals
FX
Organic
Subscription
$ 1,626.8
$ 1,618.1
$ 8.7
0.5 %
0.1 %
(0.3) %
(0.2) %
0.9 %
Re-occurring
429.8
444.6
(14.8)
(3.3) %
— %
— %
(0.2) %
(3.1) %
Recurring revenues
$ 2,056.6
$ 2,062.7
$ (6.1)
(0.3) %
0.1 %
(0.2) %
(0.3) %
0.1 %
Transactional
500.1
566.1
(66.0)
(11.7) %
0.2 %
(5.3) %
— %
(6.6) %
Revenues
$ 2,556.7
$ 2,628.8
$ (72.1)
(2.7) %
0.1 %
(1.3) %
(0.1) %
(1.4) %
Three Months Ended
December 31,
Change
% of Change
2024
2023
$
%
Acquisitions
Disposals
FX
Organic
Academia & Government
$ 342.9
$ 339.4
$ 3.5
1.0 %
— %
(1.4) %
0.1 %
2.3 %
Intellectual Property
209.1
225.6
(16.5)
(7.3) %
0.2 %
(4.5) %
(0.3) %
(2.7) %
Life Sciences & Healthcare
111.0
118.7
(7.7)
(6.5) %
0.7 %
(1.2) %
(0.2) %
(5.8) %
Revenues
$ 663.0
$ 683.7
$ (20.7)
(3.0) %
0.2 %
(2.4) %
(0.1) %
(0.7) %
Year Ended
December 31,
Change
% of Change
2024
2023
$
%
Acquisitions
Disposals
FX
Organic
Academia & Government
$ 1,326.4
$ 1,323.3
$ 3.1
0.2 %
— %
(0.4) %
(0.1) %
0.7 %
Intellectual Property
811.4
862.7
(51.3)
(5.9) %
0.1 %
(3.1) %
(0.2) %
(2.7) %
Life Sciences & Healthcare
418.9
442.8
(23.9)
(5.4) %
0.6 %
(0.8) %
(0.4) %
(4.8) %
Revenues
$ 2,556.7
$ 2,628.8
$ (72.1)
(2.7) %
0.1 %
(1.3) %
(0.1) %
(1.4) %
Reconciliations to Certain Non-GAAP Measures
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA represents Net income (loss) before the Provision (benefit) for income taxes, Depreciation and amortization, and Interest expense, net, adjusted to exclude share-based compensation, impairments, restructuring expenses, the impact of certain non-cash fair value adjustments on financial instruments, acquisition and/or disposal-related transaction costs, unrealized foreign currency gains/losses, legal settlements, and other items that are included in Net income (loss) for the period that we do not consider indicative of our ongoing operating performance. Net income (loss) margin is calculated by dividing Net income (loss) by Revenues. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by Revenues.
The following table presents our calculation of Adjusted EBITDA and Adjusted EBITDA margin for the fourth quarter and full year of 2024 and 2023, respectively, and reconciles these non-GAAP measures to our Net income (loss) and Net income (loss) margin for the same periods:
Three Months Ended
December 31,
Year Ended
December 31,
(In millions, except percentages); (unaudited)
2024
2023
2024
2023
Net income (loss)
$ (191.8)
$ (843.9)
$ (636.7)
$ (911.2)
Provision (benefit) for income taxes
59.6
(18.0)
82.9
(101.3)
Depreciation and amortization
186.0
180.8
727.0
708.3
Interest expense, net
69.9
75.2
283.4
293.7
Share-based compensation expense
10.9
11.8
60.6
108.9
Goodwill and intangible asset impairments
224.1
844.7
540.7
979.9
Restructuring and other impairments
5.4
14.7
19.6
40.0
Fair value adjustment of warrants
—
(1.5)
(5.2)
(15.9)
Transaction related costs
4.3
3.1
17.9
8.2
Other(1)
(83.1)
31.3
(29.8)
6.6
Adjusted EBITDA
$ 285.3
$ 298.2
$ 1,060.4
$ 1,117.2
Net income (loss) margin
(28.9) %
(123.4) %
(24.9) %
(34.7) %
Adjusted EBITDA margin
43.0 %
43.6 %
41.5 %
42.5 %
(1) Includes the net impact of unrealized foreign currency gains and losses and other items that do not reflect our ongoing operating performance. The fourth quarter and full year 2024 amount includes a gain of $69.5 and a net gain of $54.7, respectively, from the divestitures completed in 2024. The full year 2023 amount includes a gain of $49.4 related to a legal settlement.
Adjusted net income and Adjusted diluted EPS
Adjusted net income represents Net income (loss), adjusted to exclude amortization related to acquired intangible assets, share-based compensation, impairments, restructuring expenses, the impact of certain non-cash fair value adjustments on financial instruments, acquisition and/or disposal-related transaction costs, unrealized foreign currency gains/losses, legal settlements, and other items that are included in net income (loss) for the period that we do not consider indicative of our ongoing operating performance and the associated income tax impact of such adjustments.
Adjusted diluted EPS is calculated by dividing Adjusted net income by Adjusted diluted weighted average shares. The Adjusted diluted weighted average shares calculation assumes that all instruments in the calculation are dilutive.
The following tables present our calculation of Adjusted net income and Adjusted diluted EPS for the fourth quarter and full year of 2024 and 2023, respectively, and reconciles these non-GAAP measures to our Net income (loss) and Diluted EPS for the same periods:
Three Months Ended December 31,
2024
2023
(In millions, except per share amounts); (unaudited)
Amount
Per Share
Amount
Per Share
Net income (loss) and Diluted EPS
$ (191.8)
$ (0.27)
$ (843.9)
$ (1.27)
Amortization related to acquired intangible assets
137.2
0.20
134.5
0.20
Share-based compensation expense
10.9
0.02
11.8
0.02
Goodwill and intangible asset impairments
224.1
0.32
844.7
1.27
Restructuring and other impairments
5.4
0.01
14.7
0.02
Fair value adjustment of warrants
—
—
(1.5)
—
Transaction related costs
4.3
0.01
3.1
—
Other(1)
(83.1)
(0.13)
31.3
0.04
Income tax impact of related adjustments
38.5
0.05
(31.3)
(0.05)
Adjusted net income and Adjusted diluted EPS
$ 145.5
$ 0.21
$ 163.4
$ 0.23
Adjusted weighted average ordinary shares, diluted
707.7
724.4
(1) Includes the net impact of unrealized foreign currency gains and losses and other items that do not reflect our ongoing operating performance. The fourth quarter 2024 amount includes a gain of $69.5 from the ScholarOne divestiture.
Year Ended December 31,
2024
2023
(In millions, except per share amounts); (unaudited)
Amount
Per Share
Amount
Per Share
Net income (loss) and Diluted EPS
$ (636.7)
$ (0.92)
$ (911.2)
$ (1.36)
Amortization related to acquired intangible assets
554.1
0.80
564.3
0.84
Share-based compensation expense
60.6
0.09
108.9
0.16
Goodwill and intangible asset impairments
540.7
0.78
979.9
1.46
Restructuring and other impairments
19.6
0.03
40.0
0.06
Fair value adjustment of warrants
(5.2)
(0.01)
(15.9)
(0.02)
Transaction related costs
17.9
0.03
8.2
0.01
Other(1)
(29.8)
(0.08)
6.6
(0.06)
Income tax impact of related adjustments
4.1
0.01
(181.7)
(0.27)
Adjusted net income and Adjusted diluted EPS
$ 525.3
$ 0.73
$ 599.1
$ 0.82
Adjusted weighted average ordinary shares, diluted
721.5
731.3
(1) Includes the net impact of unrealized foreign currency gains and losses and other items that do not reflect our ongoing operating performance. The 2024 amount includes a net gain of $54.7 from divestitures and the 2023 amount includes a gain of $49.4 related to a legal settlement.
Free cash flow
Free cash flow represents Net cash provided by operating activities less Capital expenditures. The following table reconciles this non-GAAP measure to Net cash provided by operating activities for the same periods:
Three Months Ended December 31,
Year Ended December 31,
(In millions); (unaudited)
2024
2023
2024
2023
Net cash provided by operating activities
$ 141.3
$ 190.9
$ 646.6
$ 744.2
Capital expenditures
(82.2)
(63.9)
(289.1)
(242.5)
Free cash flow
$ 59.1
$ 127.0
$ 357.5
$ 501.7
Reconciliations to Certain Non-GAAP Measures – 2025 Outlook
Adjusted EBITDA and Adjusted EBITDA Margin
The following table presents our calculation of Adjusted EBITDA and Adjusted EBITDA margin for the 2025 outlook and reconciles these non-GAAP measures to our Net income (loss) and Net income (loss) margin for the same period:
Year Ending December 31, 2025
(Forecasted)
(In millions, except percentages); (unaudited)
Low
High
Net income (loss)
$ (203)
$ (127)
Provision (benefit) for income taxes
55
59
Depreciation and amortization
697
687
Interest expense, net
262
252
Share-based compensation expense
84
84
Restructuring and other impairments(1)
30
30
Transaction related costs
10
10
Other
5
5
Adjusted EBITDA
$ 940
$ 1,000
Net income (loss) margin
(8.9) %
(5.3) %
Adjusted EBITDA margin
40.5 %
42.5 %
(1) Reflects restructuring costs expected to be incurred in 2025 associated with the Value Creation Plan.
Adjusted diluted EPS
The following table presents our calculation of Adjusted diluted EPS for the 2025 outlook and reconciles this non-GAAP measure to our per share Net income (loss) for the same period:
Year Ending December 31, 2025
(Forecasted)
(Unaudited)
Low
High
Net income (loss)
(0.28)
(0.18)
Amortization related to acquired intangible assets
0.75
0.75
Share-based compensation expense
0.12
0.12
Restructuring and other impairments(1)
0.04
0.04
Transaction related costs
0.01
0.01
Other
0.01
0.01
Income tax impact of related adjustments
(0.05)
(0.05)
Adjusted diluted EPS
$ 0.60
$ 0.70
Adjusted weighted-average ordinary shares (diluted)(2)
696 million
(1) Reflects restructuring costs expected to be incurred in 2025 associated with the Value Creation Plan.
(2) For the purposes of calculating adjusted diluted EPS, we have assumed the “if-converted” method of share dilution on a full year basis.
Free cash flow
The following table presents our calculation of Free cash flow for the 2025 outlook and reconciles this non-GAAP measure to our Net cash provided by operating activities for the same period:
Year Ending December 31, 2025
(Forecasted)
(In millions); (unaudited)
Low
High
Net cash provided by operating activities
$ 555
$ 635
Capital expenditures
(255)
(255)
Free cash flow
$ 300
$ 380
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SOURCE Clarivate Plc
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Technology
LG INSTAVIEW™ REFRIGERATOR SURPASSES 5.3 MILLION IN GLOBAL SALES
Published
31 minutes agoon
July 24, 2026By
Chosen by Customers Worldwide, LG’s Instaview Refrigerator Innovation Continues to Redefine the Kitchen Experience a Decade After Its Debut
News Summary
LG Electronics’ InstaView™ refrigerator celebrates the 10th anniversary of its 2016 launch by exceeding 5.3 million units in cumulative global sales.LG’s iconic “Knock Twice, See Inside” feature broke convention, offering a blend of user convenience, energy efficiency, and aesthetic value that set a new industry standard.LG InstaView refrigerators continue to gain traction worldwide, leading the refrigerator category in North America while seeing significant growth across Europe, Asia and Latin America.Over the past decade, LG InstaView refrigerator has won numerous prestigious design and innovation awards, including Red Dot, iF, IDEA and CES.
SEOUL, South Korea, July 24, 2026 /PRNewswire/ — LG Electronics’ (LG) InstaView™ refrigerator, which allows users to see inside without opening the door, has reached a major milestone on its 10th anniversary, surpassing 5.3 million units in cumulative global sales since its 2016 launch.
Trusted by Consumers Around the World
Since launching the LG InstaView refrigerator in 2016, LG has sold a remarkable 5.3 million units – equivalent to selling roughly one unit every minute.
LG InstaView refrigerator has seen strong customer demand globally, with North America representing its strongest market and accounting for about 30 percent of cumulative sales to date. In Europe, InstaView refrigerator has also been well received by consumers who place high value on energy efficiency, sustainability and food preservation performance. Sales are also steadily rising in Asia and Latin America, driven by growing demand for premium appliances.
An Innovation That Redefined the Refrigerator
InstaView redefined how consumers interact with their refrigerators by allowing them to see inside without opening the door. This feature allows users to check the fridge’s contents without opening the door and helps reduce unnecessary cold-air loss associated with frequent door opening. Over the past decade, its innovation has been recognized by international media and honored with numerous accolades from major global design and innovation awards, including the Red Dot Design Award, iF Design Award, IDEA, and the CES Innovation Award.
From Functional Benefit to Lifestyle Value
LG’s analysis of global customer reviews shows that consumer appreciation for the InstaView refrigerator and its eponymous feature has evolved over time, shifting from an initial focus on the functional benefits to the overall sense of satisfaction that it provides. While early feedback centered on the convenience of knocking twice to see inside and the reduction of cold air loss, more recent reviews increasingly highlight InstaView’s refined design and the enjoyment it brings to everyday kitchen use.
“For a decade now, LG InstaView refrigerator has stood as a testament to our leadership in the home appliance market and to our deep understanding of customers’ lifestyles,” said Baek Seung-tae, president of the LG Home Appliance Solution Company. “This milestone reflects our success in creating not just an innovative feature, but a more convenient and enjoyable kitchen experience. Building on our advanced AI, refrigeration and food preservation technologies, we will continue to lead the evolution of the kitchen experience with customer-centric innovations.”
About LG Electronics Home Appliance Solution Company
The LG Home Appliance Solution Company (HS) is a global leader in home appliances and AI home solutions. By leveraging industry-leading core technologies, the HS Company is committed to enhancing consumers’ quality of life and promoting sustainability. The company develops thoughtfully designed kitchen and living appliance solutions and has recently integrated LG’s Robot Business Division to incorporate advanced robot technologies into its home solutions. Together, these products offer enhanced convenience, exceptional performance, efficient operation and sustainable lifestyle solutions. For more news on LG, visit www.LG.com/global/newsroom/.
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SOURCE LG Electronics
Technology
Alpha Ladder Hosts Globalization Forum, Debuts Proprietary AI Platform AgentX
Published
32 minutes agoon
July 24, 2026By
HONG KONG, July 24, 2026 /PRNewswire/ — On 9 July, Alpha Ladder hosted a tech globalization forum at LEAP East 2026 in Hong Kong under the theme “Connecting Industrial Innovation, Unlocking New Global Growth Opportunities” — and used the occasion to officially unveil AgentX, its proprietary AI‑powered solution.
The session brought together more than a dozen distinguished speakers from sectors spanning artificial intelligence, embodied intelligence, biotechnology, fintech, enterprise services, and legal — all of whom shared first‑hand observations and practical experience navigating global expansion.
Paul Pang, Head of AI at Alpha Ladder, unveiled the Group’s new financial AI agent, AgentX, during the product launch. He observed that the rapid proliferation of AI agents has rendered traditional cross‑border financial delivery models ill‑suited to the evolving AI industry landscape. Conventional local plugin integrations carry significant risks, including code tampering, data leakage, and compromised asset security.
He also noted that expanding enterprises frequently face a persistent disconnect between their business tools and financial pipelines. Core operational systems — covering expense reimbursement, payroll, and account reconciliation — often operate in silos, isolated from cross‑border payment and treasury management frameworks. The resulting reliance on manual workflows leads to chronic inefficiency and inflated operating costs.
To tackle these industry pain points head‑on, Alpha Ladder introduced AgentX — a purpose‑built platform grounded in its proprietary AI‑native architecture. Powered by the Core Finance skill suite and the standardised MCP protocol, AgentX is compatible with all major large language models and enables AI agents to directly access Alpha Ladder’s full spectrum of cross‑border financial services.
The platform is further equipped with VisionX, an intelligent risk control engine that performs cross‑verification across multiple data sources to significantly sharpen the detection of on‑chain risks. A built‑in regulatory sandbox ensures full segregation of transactions and data within compliance boundaries, effectively closing critical security gaps that have long plagued the industry.
Beyond its core risk and compliance capabilities, AgentX offers extensive ecosystem adaptability, enabling rapid integration with vertical use cases such as travel reimbursement, global payroll, and asset management — creating a unified, closed‑loop framework that bridges business operations and finance. Through its open ecosystem model, AgentX empowers small and mid‑sized enterprises expanding globally by tearing down the silos between operational workflows and cross‑border financial services. In doing so, it delivers one‑stop, intelligent cross‑border financial services and drives comprehensive AI‑driven transformation across globalising industries.
Yao Yuan, Vice President of AgiBot for MENA, Turkey, and Asia Pacific, remarked that 2026 marks the year AgiBot transitions from R&D to commercial deployment. Having spent the previous three years honing its products and technology while consolidating its position in the domestic market, the company is now scaling up commercial operations and accelerating its global expansion.
He articulated three core pillars underpinning AgiBot’s global strategy. First, the company is moving to seize the critical window for mass industrial adoption as the embodied intelligence sector enters a new growth cycle. Second, humanoid robots are emerging as a key enabler of industrial upgrading and national digital transformation strategies across economies. Third, overseas deployment, data accumulation, and localized delivery are creating a valuable feedback loop — one that feeds back into domestic R&D and forms a closed loop connecting global technology development with commercial execution.
Luo Yi, General Manager of 51Aes South China (a subsidiary of 51World), shared that the company was officially listed on the Hong Kong Stock Exchange on 30 December 2025 under the ticker 6651.HK. Guided by its vision to digitally replicate the Earth’s 510 million square kilometres, 51World is committed to building a seamless bridge between the digital and physical worlds.
As the industry enters a new era of Physical AI, physically accurate digital simulation environments have become a fundamental prerequisite for large‑scale training of embodied intelligent systems. Leveraging three core pillars — global spatial foundation models, simulation training platforms, and synthetic data pipelines — the company has built a complete, closed-loop technology system. Its commercial portfolio comprises three flagship offerings: the 51Aes digital twin platform, the 51Sim synthetic data and simulation platform, and the 51Earth digital earth platform.
As the core engine powering Physical AI, 51Sim delivers high‑fidelity simulation training environments and robust synthetic data generation capabilities for embodied intelligence sectors including autonomous driving, smart equipment, and robotics. It enables efficient training and validation of AI systems within virtual environments and currently serves over 100 enterprise clients across autonomous mobility and embodied intelligence verticals. Looking ahead, the company will continue to deepen the integration of AI with the real economy, unlocking greater technological value and industrial impact across broader global markets.
Xu Leyang, Co‑founder of Seekee, observed that vast segments of the global population have yet to gain meaningful access to AI. With “everyday users” at the heart of its mission, Seekee is building accessible, consumer‑facing AI products tailored for the world’s two billion ordinary people.
The team has strategically focused on Latin America — an underserved blue‑ocean market largely overlooked by major tech players. Few leading global large language models have dedicated meaningful R&D or localisation efforts to Spanish and Portuguese, the region’s dominant languages. By capitalising on the region’s distinctive linguistic landscape, local user behaviour patterns, and a proprietary repository of region‑specific language data amassed over time, Seekee has built a competitive moat that is difficult to replicate.
According to Sensor Tower, a mobile analytics platform, Seekee ranked eighth globally in the 2025 generative AI app download charts. Within Latin America, its brand recognition is on par with ChatGPT. Launched just over a year ago, the platform has already amassed tens of millions of monthly active users and demonstrated strong user retention.
Wu Xin, Partner and Global Head of AI Applications at BorderX Lab, delivered a presentation themed “Power of Agent Plus.” Drawing on real‑world deployments within the fashion and luxury sectors, he explained that AI agents are fundamentally reshaping traditional cross‑border industries and unlocking significant efficiency gains across the entire value chain.
E‑commerce, he noted, is undergoing a paradigm shift. Competition has moved beyond capturing user attention to precisely identifying consumer intent, with AI agents emerging as a critical instrument for surfacing latent global consumption demand. Powered by proprietary technology and data infrastructure, BorderX Lab has built a global consumer network that is helping redefine how Chinese cross‑border consumer tech reaches the world.
He further observed that agent‑enabled payments will form the bedrock of agent‑driven e‑commerce, and expressed optimism about jointly exploring blue‑ocean opportunities with Alpha Ladder.
Yang Mingyuan, Senior Investment & Financing Manager at QCraft, observed that among the broader Physical AI landscape, autonomous driving stands out as the first segment to achieve mass production at scale, sustainable commercial profitability, and rapid real‑world deployment.
The company’s core competitive advantage lies in its unified, self‑developed technical foundation — one that underpins both its L2+ advanced driver assistance systems and its multi‑scenario L4 autonomous driving capabilities. This homologous architecture also serves as a strategic springboard for QCraft’s broader push into general Physical AI. Its fully in‑house toolchain and data platform form a formidable competitive moat, while the company’s “Autonomous Driving Super Factory” system standardises the entire model training and simulation testing lifecycle — covering the full data pipeline to enable continuous, high‑velocity iteration and optimisation of its algorithm models.
He Liang, Chief Financial Officer of Yidianyun, shared that the company — a leading domestic provider of office IT infrastructure — is now pivoting to become an office AI infrastructure enabler. Its mission is to lower the barrier to AI compute access for enterprises through remanufacturing technology and subscription‑based models.
Yidianyun has built a four‑tier business framework that underpins its cost and service advantages, with a strategic focus on edge‑side AI hardware across AI PCs, AI workstations, and AI servers. He noted that direct procurement of AI hardware entails substantial one‑off capital expenditure for small and medium‑sized enterprises. Subscription models, by contrast, significantly ease funding pressure and hedge against upfront investment risk — a key factor driving the rapid growth of its proprietary AI workstation business.
For overseas expansion, Yidianyun plans to launch pilot cross‑border operations from Hong Kong as its initial hub, with the potential to extend its reach to additional international markets in due course.
Liu Chenxin, Assistant to the Director of the National Institute of Biological Sciences, Beijing (NIBS), shared insights at the forum. With a strong track record in research commercialisation, NIBS has incubated a number of benchmark biopharma companies including Huahui Anjian, Vitaraylon, and Denovo Biotech. Drawing on years of translational experience, the institute has comprehensively upgraded its established commercialisation framework and officially launched BISON — a new innovation incubation hub designed to tackle the persistent high‑risk challenges inherent in biopharmaceutical investment through a unique translational model and commercial logic.
Unlike conventional technology‑driven incubation models, BISON places market demand at the core of its approach. It partners with leading tertiary hospitals to identify clinical pain points at the front end, while aligning with pharmaceutical companies at the back end to reverse‑engineer original drug pipelines based on industry needs. Looking ahead, BISON will continue to leverage its deep foundation in original research to incubate high‑value biopharmaceutical innovations, helping domestically developed first‑in‑class drugs reach global markets and supporting the international expansion of China’s biotech industry.
Lei Zhicheng, Deputy General Manager of Mango Finance Limited, observed that the institutional advantages of Hong Kong’s capital market, combined with deepening economic and trade ties with the Middle East, have opened up new channels for Chinese tech innovators to access global capital. Closely aligned with policy directions and enterprises’ internationalisation ambitions, Mango Finance is focused on listing incubation and cross‑border expansion services, fostering service synergies through close collaboration with a diverse network of professional partners.
As an established securities firm, the company is steadily expanding its digital finance footprint in step with regulatory developments. Lei expressed keen interest in establishing system‑level connectivity with Alpha Ladder, and leveraging AI and cutting‑edge digital technologies to accelerate the digital transformation and upgrade of traditional securities operations.
Kevin Chen, CEO of Boost Bank and Founder of Aicapay, observed that as the Belt and Road Initiative continues to gain momentum, emerging markets across Africa, the Middle East, and Latin America are undergoing rapid economic and industrial transformation. Combined with surging outbound investment and cross‑border trade from China, the cross‑border finance sector in these markets presents enormous growth potential.
Boost Bank specialises in building localised compliance frameworks. Backed by multi‑jurisdictional licences, on‑the‑ground risk control teams, and deep‑rooted local financial resources, the company has established a fully integrated, end‑to‑end cross‑border capital loop — delivering tailored, client‑specific solutions for enterprises expanding globally. Chen underscored the strong strategic complementarity between the two firms and signalled Boost Bank’s intent to join forces with Alpha Ladder in building a fintech service ecosystem that empowers Chinese companies to seize opportunities in emerging markets worldwide.
Yin Li, Partner at Shanghai Landi Law Firm, shared that the firm established its first overseas offices a decade ago, making it one of China’s early legal practices to focus on cross‑border corporate services. It provides Chinese enterprises with full‑spectrum legal support spanning overseas investment filing, intellectual property protection, and cross‑border capital repatriation.
Against a backdrop where overseas expansion has evolved from conventional trade to high‑value industrial globalisation — marked by the coordinated export of technology, production capacity, and capital — and given the strong alignment between Middle Eastern development agendas and the Belt and Road Initiative, Chinese enterprises pursuing comprehensive deployment in the region have generated robust demand for localised legal services. This, he noted, is the key driver behind the firm’s intensified focus on the Middle East market.
Yin emphasised that proactive compliance is the core moat for enterprises going global. Businesses must conduct thorough assessments of local regulatory and legal frameworks before entering overseas markets. Leveraging its “on‑the‑ground global presence” model — with coordinated teams across China and multiple international jurisdictions — the firm conducts advance due diligence to identify and mitigate legal risks inherent in cross‑border operations.
About Alpha Ladder:
Alpha Ladder is a Singapore-regulated fintech group focused on developing a world-leading, one-stop, fully compliant financial infrastructure — delivering secure, efficient cross-border financial solutions for enterprises going global. The Group holds core licences issued by the Monetary Authority of Singapore (MAS), covering securities, futures, fund management, custody, RWA asset exchange, and Major Payment Institution (MPI). We also maintain regulatory approvals in Canada, and are actively expanding our footprint across key global financial hubs including Switzerland, Dubai, and Hong Kong, building a globally compliant regulatory network. By leveraging AI to reshape compliance, risk management, and treasury operations, Alpha Ladder empowers enterprises to reduce costs, enhance efficiency, and achieve sustainable global growth.
For more information, please visit our official website: www.alphaladder.hk
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SOURCE Alpha Ladder
Technology
UOB Asset Management Highlights Global Resilience Despite Heightened Uncertainty
Published
32 minutes agoon
July 24, 2026By
SINGAPORE, July 24, 2026 /PRNewswire/ — UOB Asset Management (UOBAM) has released its 3Q 2026 Quarterly Investment Strategy, highlighting the global economy’s resilience in the face of persistent headwinds, including inflation, tariffs, geopolitical tensions and energy market volatility.
Despite repeated challenges over the past 18 months, economic activity has remained robust. Corporate earnings have held up across major regions, labour markets have remained resilient, and continued investment in artificial intelligence (AI) infrastructure is providing a powerful tailwind for growth.
While uncertainty remains elevated, the global economy’s resilience has reinforced confidence that the current expansion remains durable, even as risks continue to evolve.
On interest rates, UOBAM’s base case is that the US Federal Reserve is more likely to remain on an extended pause than embark on a new rate-hiking cycle. Although inflation remains sticky and recent geopolitical developments have raised upside risks, the firm continues to see evidence of moderating underlying inflation pressures, particularly in housing and wages.
Within equities, UOBAM remains positive on Asia and has upgraded Onshore China to overweight from underweight. Despite strong market gains, Asia continues to trade at a valuation discount to global equities, even as earnings growth has accelerated. UOBAM believes this combination of strong earnings momentum and attractive valuations presents a compelling opportunity for investors. In China, improving industrial profits and continued growth in higher-value sectors have strengthened the investment case for selected areas of the market, particularly those linked to AI, semiconductors, energy infrastructure and advanced manufacturing.
Anthony Raza, Head of UOBAM Multi-Asset Strategy, said, “The key story for investors is that the global economy has repeatedly withstood shocks without derailing growth. Despite a more uncertain backdrop, we continue to see attractive opportunities in Asia, where strong earnings growth is supported by compelling valuations, and we maintain gold as a preferred allocation as investors navigate an increasingly complex environment.”
In its asset allocation strategy, UOBAM remains overweight equities, diversified across fixed income and underweight cash. The firm continues to favour the United States and Asia within equities, while retaining a positive outlook on gold. Supported by strong central bank demand and its role as a safe-haven asset during periods of uncertainty, gold remains an important source of portfolio diversification.
For deeper insights across equities, fixed income, currencies and commodities, read the full 3Q 2026 Investment Strategy: https://uobam.com.sg/qis3q26
About UOB Asset Management
UOB Asset Management Ltd (UOBAM) is a wholly-owned subsidiary of United Overseas Bank Limited. Established in 1986, UOBAM has 40 years of experience in managing collective investment schemes and discretionary funds in Singapore, making us among the largest unit trust managers by assets under management. As of 30 June 2026, we manage 63 unit trusts in Singapore and together with our subsidiaries, oversee S$44.3 billion in clients’ assets.
Headquartered in Singapore, UOBAM has a strong presence across Asia, with business and investment offices in Brunei, Indonesia, Japan, Malaysia, Thailand and Vietnam. Our network includes UOB Islamic Asset Management Sdn Bhd in Malaysia, a joint venture with Ping An Fund Management Company Limited (China) and strategic alliances with partners such as Wellington Management Singapore.
UOBAM is one of the region’s most awarded asset managers, with over 380 awards won. In 2025, we were recognised as the Best Regional Asset Management Company by the Asia Asset Management and previously named Best Asset Management House in Asia – 20 Years in 2023. Our digital innovation has also earned top honours, including Best Digital Wealth Management in Asia[1] and Best Robo Advisory Initiative[2] for four consecutive years as of 2025.
As a leader in sustainable investing, UOBAM was awarded Best application of ESG in ASEAN[3] (2023) and has received multiple sustainability accolades in Indonesia and Thailand. Our artificial intelligence capabilities were also recognised with the Most Innovative Application of Artificial Intelligence (ASEAN) for three consecutive years[4].
Connect with us: LinkedIn | Facebook
[1] Awarded by Asia Asset Management
[2] Awarded by The Digital Banker for the Global Retail Banking Innovations Award
[3] Awarded by Asia Asset Management
[4] As of 2026, by Asia Asset Management
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SOURCE UOB Asset Management
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