Clarivate Plc (CLVT): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of Clarivate Plc's business model right now, wanting to see how their big pivot to an AI-first, subscription-heavy approach is actually paying off as we near the end of 2025. Honestly, understanding this is key, because with recurring revenue making up about 84% of their mix and a rock-solid 93% renewal rate in Q3, this isn't just talk; it's a structural change driving their projected $2.42 Billion to $2.45 Billion revenue for the year. Let's break down the nine blocks of their canvas to see exactly where the value is being built and where the costs are landing in this new structure.

Clarivate Plc (CLVT) - Canvas Business Model: Key Partnerships

You're looking at how Clarivate Plc locks in market position through strategic alliances, which is key to maintaining that recurring revenue base. Honestly, these partnerships aren't just nice-to-haves; they are mission-critical integrations that embed Clarivate's intelligence deep into customer workflows. For instance, look at the academic side; it's about securing long-term access points.

Academic Consortia like Canadian Research Knowledge Network (CRKN) for Web of Science Access

Securing access for large research bodies locks in significant, predictable revenue. Clarivate Plc recently secured a strategically valuable multi-year partnership with the Canadian Research Knowledge Network (CRKN), extending through 2029. This agreement provides 55 Canadian universities with expanded access to the Web of Science platform and related services. For CRKN members, this includes extended access to the Web of Science API, the Derwent Innovations Index, and the Policy Citation Index, helping them better understand the societal impact of their research outputs. This kind of deep embedding is what keeps the subscription engine running smoothly.

Technology Partners like Iprova for Invention Creation Workflow Integration

The push into AI-augmented workflows is heavily reliant on specialized tech partners. Clarivate Plc announced a strategic partnership with Iprova in March 2025 to combine Iprova's AI-based invention creation suite with Clarivate's IPfolio software. This combination enables a smooth transition of inventive concepts directly into the patent workflow, supporting clients earlier in the lifecycle. Furthermore, to bolster its own AI capabilities, Clarivate acquired Rowan Patents, an AI-driven patent drafting software, around the same time. These moves solidify Clarivate's role as the central hub for IP management by bridging knowledge and intellectual capital.

Library System Integrators like OverDrive for Deep Integration with Vega Discover

In the library space, integration is everything for adoption, and you can see the results in the usage numbers. OverDrive and Innovative, which is part of Clarivate, previewed a joint roadmap in June 2025 for deep integration centered on Libby, Kanopy, and Vega LX. This means smarter discovery, with deep linking to all OverDrive-supplied digital content within the Vega LX interface. Vega Discover itself is hitting milestones; as of May 2025, it reached over 100 million searches in partner catalogs and is trusted by 165 library systems across 7 countries. To help libraries grow their reach, OverDrive is waiving all Instant Digital Card (IDC) fees through the end of the year, building on a program that has already connected 2.5 million U.S. users. The October 2025 release of Vega Discover alone incorporated 16 enhancements shaped directly by 779 Idea Exchange votes. That's community-driven development in action.

Content Providers for Enriching Proprietary Data Sets

The value of Clarivate's core offerings rests on the quality and breadth of its data, which is constantly being enriched through content provider agreements. While specific dollar amounts for individual content deals aren't public, the financial context shows where this investment is focused: Capital expenditures are estimated to be approximately $255 million in 2025, with a focus on product and content development. This spend supports the data underpinning products like Journal Citation Reports and Derwent Innovation Index, which are critical for benchmarking research impact.

Strategic Alliances for AI-Powered Product Development

Clarivate is actively partnering to infuse AI across its segments. The company's generative AI strategy includes a partnership with AI21 Labs, announced in June 2023, to integrate large language models for conversational search. More recently, in December 2025, Clarivate launched the Cortellis Regulatory Intelligence AI Assistant, powered by agentic AI. This new tool is built on Clarivate's proven AI platform, which also powers solutions like Web of Science and serves hundreds of organizations globally. This focus on AI integration is designed to accelerate development and improve decision-making across the product lifecycle.

Here's a quick look at the scale of some of these partnership-driven segments and initiatives as of mid-to-late 2025:

You can see the strategy clearly: secure long-term, high-volume recurring revenue through consortia, integrate deeply with platform partners like OverDrive to make Clarivate's tools indispensable, and invest heavily in AI partnerships to future-proof the core data products. If onboarding takes 14+ days, churn risk rises, so these seamless integrations are defintely worth the effort.

• CRKN agreement extends access through 2029.
• Vega Discover October 2025 release incorporated 16 enhancements.
• The company is executing a share repurchase program of up to $500 million through December 31, 2026.
• Q2 2025 Total Revenues were $621.4 million.
• The partnership with CRKN includes access to the Derwent Innovations Index.

Finance: draft 13-week cash view by Friday.

Clarivate Plc (CLVT) - Canvas Business Model: Key Activities

You're looking at how Clarivate Plc is actively shaping its revenue base and operational structure as of late 2025. The core of their activity is shifting away from one-off sales toward more predictable, recurring income streams, which is a massive undertaking for a company this size.

Curating and maintaining proprietary research and IP data sets

This activity is foundational; it's the raw material for all their subscription offerings. The focus here is on enhancing these assets, particularly in the Intellectual Property (IP) segment. For example, the IP segment showed a return to growth with a 5% increase in organic recurring revenue in Q1 2025, supported by higher IP patent renewal volumes. This maintenance and enhancement requires significant capital expenditure, estimated at approximately $255 million for 2025, with a focus on product and content development.

The success of this activity is reflected in the overall recurring revenue mix:

• Mix of organic recurring revenue to total revenue through nine months of 2025: 88%.
• Improvement in recurring revenue mix compared to December 31, 2024: 800 basis points.
• Projected full-year 2025 recurring revenue mix target: 84%.

Developing AI-powered analytics and workflow solutions (e.g., Cortellis AI Assistant)

Developing and deploying AI is a key driver for future value and sales execution. This isn't just theoretical; there's adoption happening now. As of the second quarter of 2025, more than 4,800 institutions had already adopted Clarivate's AI tools. This development velocity is cited as a key enabler of the Value Creation Plan. Upcoming launches include AI-powered features in multiple segments, such as an e-Book Central AI research assistant and enhancements to the Cortellis and Derwent platforms.

Executing the Value Creation Plan (VCP) to drive operational efficiency

The VCP is the internal engine driving margin improvement and streamlining. Management stated that the plan remains on track despite the macroeconomic environment. One tangible result of these efficiency drives is the improvement in the Adjusted EBITDA margin, which increased by over 1 percentage point in the third quarter of 2025 due to cost efficiencies. Furthermore, the company generated $110.3 million in free cash flow in Q1 2025 and $276.1 million through the first nine months of 2025. The company also authorized a new share repurchase program of up to $500 million through December 31, 2026.

Managing a global, subscription-based sales and renewal process

The sales activity is centered on locking in long-term contracts and improving retention. Organic Annual Contract Value (ACV) growth is a key metric here, growing 1.6% in Q3 2025 compared to September 30, 2024. Renewal rates are also improving; they were up 1 percentage point compared to the prior year in Q1 2025. The Academia & Government (A&G) segment, which is actively transitioning away from transactional sales, reported a 96% renewal rate in Q2 2025.

Here's a quick look at how subscription and recurring revenues are performing:

Strategic divestiture of non-core, low-margin transactional products

Clarivate Plc is actively pruning its portfolio to focus on higher-quality recurring revenue. The company plans to discontinue sales of certain low-margin transactional products in 2025 and 2026. These divestitures have a measurable impact on reported figures. For instance, the ScholarOne product group divestiture caused subscription revenues to decrease by $14.5 million, or 3.6%, in Q1 2025. Overall, strategic disposals are expected to lower revenue this year by approximately $125 million. The company raised its full-year 2025 revenue outlook to $2.42-2.45 billion, despite these planned sales, citing transactional book sales and currency as tailwinds.

Clarivate Plc (CLVT) - Canvas Business Model: Key Resources

You're looking at the core assets Clarivate Plc relies on to drive its subscription-based intelligence business as of late 2025. These aren't just line items; they are the engines for recurring revenue. Honestly, the shift to subscription revenue is key here.

Proprietary data assets: Web of Science, Derwent Innovation, Cortellis

The foundation of Clarivate Plc's offering rests on its deep, proprietary data sets. These assets, which include the scholarly index Web of Science, the patent intelligence suite Derwent Innovation, and the life sciences platform Cortellis, are what lock customers into long-term contracts. The focus on recurring revenue streams is evident in the financial results.

Here's a quick look at the recurring revenue performance through the first nine months of 2025:

The company is actively growing its core recurring revenue, with organic recurring revenues increasing by 0.6% through the first nine months of 2025. Management reaffirmed confidence in the recurring organic growth being in the upper half of their range for the full year 2025.

Large installed base of over 26,000 public and academic libraries

While the exact current count of 26,000 customers isn't directly confirmed in the latest reports, the depth of engagement with the library sector is clear. Clarivate Plc helps public, academic, government, and specialty libraries, as well as library consortia, modernize their operations.

The scale of their direct engagement with this segment is measured through their annual research:

• The Pulse of the Library 2025 survey drew on data from librarians in 109 countries and regions.
• A total of 2,032 responses were analyzed for the 2025 report.
• Respondents represented a mix of academic libraries at 77%, alongside public and national libraries.

If onboarding for new library systems takes 14+ days, churn risk rises, so the stickiness of these long-term relationships is paramount.

AI platform and technology for data enrichment and product innovation

Clarivate Plc continues to invest in its technology, explicitly mentioning investment in proprietary assets and AI-powered solutions. Capital expenditures for the full year 2025 are estimated to be approximately $255 million, with a focus on product and content development. This investment fuels their AI capabilities, which are being integrated across flagship solutions like Web of Science.

The adoption of AI among their library customers shows a growing reliance on this technology:

• 67% of libraries were exploring or implementing AI tools in 2025.
• This is an increase from 63% in the 2024 study.
• The majority of these libraries (35%) are still at the initial evaluation stage.

The company's focus is on accelerating product and AI development to enhance sales execution and operational efficiency.

Highly specialized subject matter experts and data scientists

The value proposition is not just the data, but the context provided by experts. Clarivate's intelligence connects enriched data, insights, and workflow solutions with deep subject matter expertise. This expertise is critical for their specialized segments, such as the Cortellis suite, which equips customers with intelligence for the entire drug development lifecycle.

The company's ability to generate high-value, specialized reports points to this resource depth:

• Release of the Highly Cited Researchers 2025 list.
• Publication of the Top 100 Global Innovators 2025 report.
• Collaboration with the Chinese Academy of Sciences on the 2025 Research Fronts report, identifying 128 Research Fronts (110 hot and 18 emerging).

Brand equity and trust in citation indexing and IP intelligence

Brand equity is built over time, with Clarivate Plc's history supporting the entire innovation and research lifecycle for over 160 years. Trust is a non-negotiable asset, especially in IP and scientific citation. The Web of Science product family is where Clarivate calculates the impact factor of scientific journals.

Financial performance reflects this trust, with the company generating $160.6 million in free cash flow in the first half of 2025. Furthermore, the company is actively returning capital to shareholders, having used approximately $100 million to repurchase 23.2 million ordinary shares in the first half of 2025. Finance: draft 13-week cash view by Friday.

Clarivate Plc (CLVT) - Canvas Business Model: Value Propositions

You're looking at the core value Clarivate Plc delivers to its users, and honestly, the numbers tell a compelling story about their shift to stability.

Accelerating innovation by providing transformative intelligence is central to what they do. For instance, you should note that more than 4,800 institutions have already adopted their AI tools as of the second quarter of 2025, showing real traction in the market for these advanced capabilities. This adoption supports the overall goal of speeding up research and development cycles for their clients.

Streamlining research workflows for academic and corporate users is evident in the segment performance. In the Academia & Government (A&G) segment, the transition away from transactional sales means subscription revenue now constitutes 93% of that segment's revenue, supported by a strong 96% renewal rate in A&G during the first half of 2025.

Protecting intellectual property via comprehensive patent and trademark data is a key driver for the recurring base. Organic subscription revenues showed growth of 1.2% in the third quarter of 2025, driven by new sales and price increases. The overall organic Annual Contract Value (ACV) grew by 1.6% compared to September 30, 2024, showing forward momentum in securing long-term commitments.

Enabling faster, more confident regulatory decisions with AI-powered tools is part of the innovation push. The company reaffirmed its full-year 2025 revenue outlook to a range of $2.42 billion to $2.45 billion, up from previous guidance, suggesting confidence in the value proposition driving sales.

Delivering a high-quality, recurring organic revenue mix is the financial anchor of the business model. The company projected its full-year 2025 recurring revenue mix to reach approximately 84%. To be fair, the actual mix through the first nine months of 2025 was even stronger, standing at 88% of total revenue, an improvement of 800 basis points from 80% at the end of 2024.

Here's a quick look at some of the financial results underpinning this value delivery through the first nine months of 2025:

The focus on subscription revenue is clear when you see the components:

• Organic subscription revenue growth in Q3 2025: 1.2%
• Organic re-occurring revenue growth in Q1 2025: 5.3%
• Total debt outstanding as of September 30, 2025: $4,470.2 million
• Ordinary shares repurchased in Q3 2025: 11.7 million

Finance: draft the 13-week cash view incorporating the latest FCF run-rate by Friday.

Clarivate Plc (CLVT) - Canvas Business Model: Customer Relationships

Clarivate Plc structures its customer relationships to maximize recurring revenue predictability and drive product adoption, especially for its enterprise and institutional clients. The focus is on making their offerings mission-critical, which supports a subscription-first strategy.

The company emphasizes direct engagement and success management to bolster retention. This is evidenced by the overall renewal rate metric, which management highlighted as a key indicator of success under the Value Creation Plan.

• Focus on maintaining a high renewal rate, which reached 93% in Q3 2025.
• This 93% renewal rate represented a 100 basis point increase year-over-year as of Q3 2025.
• The Academia & Government (A&G) segment saw its subscription mix reach 93% of segment revenue in Q2 2025, up from 81% the prior year.
• The A&G segment achieved a 96% renewal rate in Q2 2025.

For large, strategic accounts, the model is high-touch and relationship-driven. This approach is necessary to secure multi-year, high-value agreements, such as the multi-year deal signed with CAPES in Brazil, noted as one of the largest subscription contracts signed in years.

Collaborative product development is a key lever for deepening these enterprise relationships, particularly around new technology integration. Management noted accelerating product and AI development while collaborating closely with customers to optimize the business model.

The adoption of these new capabilities shows traction across the customer base:

• By Q2 2025, more than 4,800 institutions had adopted Clarivate Plc's AI tools.
• Organic Annualized Contract Value (ACV) grew 1.6% in Q3 2025, driven by price increases and growth across the Academia & Government and Life Sciences & Health segments.
• The mix of organic recurring revenue to total revenue through the first nine months of 2025 improved 800 basis points to 88%, up from 80% at the end of 2024.

For individual user products, the relationship shifts toward a more self-service and digital support model, enhanced by the latest product releases. The release of EndNote 2025 exemplifies this, embedding AI and digital tools directly into the researcher's workflow.

Here's a quick look at the key metrics underpinning the customer relationship health as of late 2025:

The digital support for EndNote 2025 includes new AI features like the 'Key Takeaway' generative tool and an enhanced 'Find a Journal' publishing tool powered by machine learning, which is available directly in the Cite While You Write plugin for Google Docs and Word Online.

Clarivate Plc (CLVT) - Canvas Business Model: Channels

You're looking at how Clarivate Plc gets its transformative intelligence and workflow solutions into the hands of its customers. The channel strategy is heavily weighted toward direct engagement for the big-ticket items, but the digital platforms are where the bulk of the recurring revenue is generated. Honestly, the numbers show a clear commitment to the subscription model.

Direct sales force for large institutional and corporate subscriptions

The direct sales team focuses on securing the large, multi-year contracts that form the backbone of the recurring revenue. This approach is essential for deep integration within major academic, government, and corporate research environments. The success of this direct channel is reflected in the overall revenue mix. For instance, in the Academia & Government (A&G) segment, subscription revenue now constitutes 93% of that segment's revenue, showing a successful push toward direct, subscription-based selling over transactional sales. Furthermore, the A&G segment achieved a 96% renewal rate, which speaks directly to the effectiveness of the ongoing relationship managed by the direct sales and account management teams.

Proprietary online platforms and software-as-a-service (SaaS) delivery (e.g., Web of Science)

This is the engine room of Clarivate Plc's delivery. The proprietary online platforms, delivered as Software-as-a-Service (SaaS), are the primary mechanism for accessing the core data and analytics. The shift is evident: the organic recurring revenue mix for the first half of 2025 stood at 88% of total revenue, a significant increase from 80% at the end of 2024. This indicates that platform usage and subscription renewals are the dominant channel. The Web of Science Core Collection, a key component of this delivery, features data from a total of 22,249 journals across 254 categories in its 2025 Journal Citation Reports release. Also, the company noted that more than 4,800 institutions have already adopted their AI tools, which are integrated into these platforms. The Intellectual Property (IP) segment also saw a 5% increase in organic recurring revenue in the first quarter of 2025, driven by higher volumes on platforms like Derwent.

You're seeing a clear migration to a digital, recurring revenue stream. It's the path of least resistance for the customer post-initial sale.

Digital distribution and e-commerce for individual user products

While large institutional sales dominate, Clarivate Plc also uses digital channels for smaller, individual user products and services. This is often managed through dedicated online portals and e-commerce gateways. The company lists a Learning Platform E-Commerce login option, suggesting direct digital sales or access points for specific training or smaller subscription tiers. This channel helps capture the long tail of the market that doesn't require a full enterprise-level direct sales engagement.

Third-party channel partners for certain IP services

Clarivate Plc engages with third-party partners to extend reach, particularly in specialized areas or specific geographies. This is a way to supplement the direct sales force. A concrete example of this channel strategy in action is the new partnership underscored with the Canadian Research Knowledge Network. For Intellectual Property services, the company also offers Intelligence Consulting, which involves pairing expertise with data to co-create solutions, which can sometimes be facilitated through specialized partners.

Here's a quick look at some of the key metrics supporting the channel performance through the first half of 2025:

The success of the SaaS delivery model is further supported by the reach of the content it delivers. The Highly Cited Researchers 2025 list recognized 6,868 individuals from over 1,300 institutions across 60 countries and regions, all drawing on data from the Web of Science Core Collection.

The channels Clarivate Plc uses are clearly optimized for recurring, high-value institutional relationships:

• Direct Sales Focus: Essential for securing large, multi-year contracts in Academia & Government (A&G).
• Platform Dominance: The primary delivery method, evidenced by the 88% organic recurring revenue mix in H1 2025.
• AI Integration: AI tools are being pushed through these platforms, with adoption by over 4,800 institutions.
• Partner Supplementation: Used for specific market access, such as the partnership with the Canadian Research Knowledge Network.

Finance: review the Q3 2025 sales pipeline against the direct sales quota attainment by segment by next Tuesday.

Clarivate Plc (CLVT) - Canvas Business Model: Customer Segments

You're looking at the core customer groups that drive the revenue for Clarivate Plc as of late 2025. These segments are the foundation of their subscription-first strategy.

Clarivate Plc organizes its business into three primary segments serving distinct customer needs: Academia & Government (A&G), Intellectual Property (IP), and Life Sciences & Healthcare (LS&H). The overall financial performance through the first nine months of 2025 shows total revenues of $1,838.2 million, with a full-year 2025 revenue outlook revised to the range of $2.42 Billion to $2.45 Billion.

The company is heavily focused on recurring revenue, with the mix of organic recurring revenue to total revenue improving to 88% for the first half of 2025, up from 80% at the end of 2024. The projection for the full-year 2025 recurring revenue mix is 84%.

The shift away from transactional sales is evident, for example, with transactional revenues in Q2 2025 decreasing by 21.5% to $106.8 million, partly due to product group wind-downs within A&G.

The Intellectual Property segment saw specific performance fluctuations based on renewal timing:

• Organic re-occurring revenues increased 5.3% in Q1 2025 due to higher IP patent renewal volumes.
• Organic re-occurring revenues decreased 2.3% in Q2 2025 due to the timing of IP patent renewal volumes.

For the Life Sciences & Healthcare segment, a significant cross-segment contract renewal and expansion with a Brazilian academic consortium helped drive the improved subscription renewal rate in Q1 2025.

The segment serving individual researchers and students, which includes users of tools like EndNote, is part of the broader A&G focus, with the company reporting that more than 4,800 institutions have adopted their AI tools as of Q2 2025.

The IP segment also saw a divestiture impact, with the Valipat product group divestiture affecting transactional revenues in Q1 2025.

Finance: draft 13-week cash view by Friday.

Clarivate Plc (CLVT) - Canvas Business Model: Cost Structure

You're looking at the major outlays that Clarivate Plc makes to keep its transformative intelligence engine running. It's a business built on proprietary information, so the costs reflect that heavy investment in assets and people.

The foundation of the cost structure involves significant fixed expenses tied to the intellectual property that powers the offerings. This is largely represented by the cost of revenues, which for the full year 2024 was reported at $869.2 million, a figure driven by maintaining and expanding the data sets and content curation efforts. This cost base is relatively sticky, meaning it doesn't drop much even if revenue dips slightly.

Investment in the future is a major cost driver, especially with the focus on AI. Clarivate Plc estimates its Capital Expenditures (CapEx) for 2025 to be approximately $255 million, with a clear directive to focus these funds on product and content development. This is a direct reflection of the need to keep the technology and data current and competitive.

Personnel costs are substantial, covering the specialized teams required for high-value data, engineering, and complex sales cycles. While a direct 2025 personnel cost isn't explicitly itemized here, the operational scale is reflected in the Adjusted EBITDA, which through the first nine months of 2025 reached $747.2 million. This figure is achieved after accounting for these significant operating expenses, including salaries for specialized staff.

The company is also absorbing costs related to internal transformation. For 2025, Clarivate Plc expects to incur approximately $30 million in additional restructuring costs associated with the Value Creation Plan. To give you a sense of the quarterly run rate, the third quarter of 2025 alone saw $13 million in one-time restructuring-related outflows, bringing the year-to-date total for these specific outflows to $55 million.

Finally, debt servicing remains a line item. Following refinancing activities to extend maturities and reduce interest costs, the total debt outstanding as of March 31, 2025, stood at $4,570.8 million. This debt load includes a new $2,150 million tranche of term loans maturing in 2031, which dictates ongoing interest payments.

Here's a quick view of some of the key financial cost drivers and related metrics:

The company is actively managing these costs by aggressively managing the cost structure and executing strategic disposals, which management noted is expected to improve capital spending by about $30 million. Also, the renewal rate improved to 93%, which helps stabilize the revenue base against which these costs are measured.

• Data acquisition and content curation costs are high fixed costs.
• Significant R&D investment is planned, with $255 million in estimated 2025 CapEx.
• Personnel costs support specialized sales, engineering, and data teams.
• Restructuring costs for the Value Creation Plan are estimated at $30 million for 2025.
• Debt servicing is a factor due to total debt of $4,570.8 million as of March 31, 2025.

Finance: draft 13-week cash view by Friday.

Clarivate Plc (CLVT) - Canvas Business Model: Revenue Streams

You're looking at the money Clarivate Plc brings in, and honestly, it's all about locking in those long-term commitments right now. The shift is clear; they're pushing hard on the recurring side of the ledger.

Subscription revenue from core platforms, like Web of Science or Cortellis, is definitely the main event. For the third quarter ended September 30, 2025, subscription revenues hit $405.4 million. Organic subscription revenues for that quarter were up 1.2%, showing that new sales and price adjustments are working.

Next up is re-occurring revenue, which covers things like IP patent and trademark renewal services. In the third quarter of 2025, this stream brought in $105.3 million. Still, organic re-occurring revenues saw a dip of 3.2% for the quarter, mainly due to the timing of those IP patent renewals.

Transactional revenue from one-time sales and expert services is the part they're strategically reducing. For the third quarter of 2025, transactional revenues were $112.4 million, but the organic portion decreased by 2.8%. This reduction is happening as part of the wind-downs in the Academia & Government segment.

Here's a quick look at how those revenue components stacked up in the third quarter of 2025:

The focus on locking in customers means the recurring mix is improving. Through the first nine months of 2025, the mix of organic recurring revenue to total revenue improved by 800 basis points to reach 88%.

You should keep an eye on these segment-specific renewal metrics, too:

• Academia & Government subscription revenue is 93% of that segment's revenue.
• Academia & Government segment renewal rate stands at 96%.
• Life Sciences & Health subscription renewal rate reached 90%.

For the full picture looking ahead, Clarivate Plc reaffirmed its guidance. The full-year 2025 revenue guidance is between $2.42 Billion and $2.45 Billion. Plus, the full-year 2025 Adjusted EBITDA is projected between $940 million and $1 billion.

Finance: draft 13-week cash view by Friday.