What Clarivate Plc told the SEC could break it.

Clarivate has ~500 employees in Israel (including executive-team members) exposed to regional military conflict, employee reserve-duty call-ups, and boycott/BDS activism that could impair customer and research relationships.

“We have an office with approximately 500 employees located in Israel, including members of our executive team. As a result, political and military conditions in Israel and the surrounding region could directly affect our operations.”

About 83% of 2025 revenue is subscription/re-occurring; results depend on maintaining high renewal rates, and a decline in subscription activity would flow through to lower revenue in future quarters.

“For the year ended December 31, 2025 , approximately 83% of our revenues were subscription-based and re-occurring arrangements.”

Operating in 40+ countries, Clarivate faces trade restrictions/sanctions/export controls, anti-corruption regimes (FCPA, UK Bribery Act), and divergent emerging AI-regulation frameworks across jurisdictions.

“various trade restrictions (including tariffs, trade and economic sanctions, and export controls prohibiting or restricting transactions involving certain persons and certain designated countries or territories) and anti-corruption laws (including the U.S. Foreign Corrupt Practices Act and the UK Bribery Act 2010);”

Substantially all Clarivate products are built on third-party/public data; in certain cases it relies on a sole, non-diversified source for data feeds, so renewal/renegotiation could change rights or restrict customers' use of the content.

“Agreements with such third-party providers periodically come up for renewal or renegotiation, and there is a risk that such negotiations may result in different rights and restrictions which could adversely impact our customers' use of the content , particularly in certain cases where we are reliant on a sole source for data feeds that are not diversified .”