CLARIVATE PLC, 10-Q filed on 4/29/2025
Quarterly Report
v3.25.1
Cover
 3 Months Ended
Mar. 31, 2025
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 2025
Document Transition Report false
Entity File Number 001-38911
Entity Registrant Name CLARIVATE PLC
Entity Incorporation, State or Country Code Y9
Entity Address, Address Line One 70 St. Mary Axe
Entity Address, City or Town London
Entity Address, Postal Zip Code EC3A 8BE
Entity Address, Country GB
Country Region 44
City Area Code 207
Local Phone Number 4334000
Title of 12(b) Security Ordinary Shares, no par value
Trading Symbol CLVT
Security Exchange Name NYSE
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 683,086,894
Entity Central Index Key 0001764046
Amendment Flag false
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2025
Document Fiscal Period Focus Q1
Entity Tax Identification Number 00-0000000
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents, including restricted cash $ 354.0 $ 295.2
Accounts receivable, net 830.5 798.3
Prepaid expenses 101.0 85.9
Other current assets 68.8 65.2
Total current assets 1,354.3 1,244.6
Property and equipment, net 55.1 53.5
Other intangible assets, net 8,341.4 8,441.2
Goodwill 1,566.6 1,566.6
Other non-current assets 71.4 82.2
Deferred income taxes 48.6 48.5
Operating lease right-of-use assets 55.3 53.6
Total assets 11,492.7 11,490.2
Current liabilities:    
Accounts payable 120.0 124.5
Accrued compensation 88.0 119.2
Accrued expenses and other current liabilities 332.8 310.1
Current portion of deferred revenues 978.8 859.1
Current portion of operating lease liability 21.0 20.6
Total current liabilities 1,540.6 1,433.5
Long-term debt 4,521.1 4,518.7
Other non-current liabilities 74.9 72.5
Deferred income taxes 275.8 273.3
Operating lease liabilities 53.2 53.2
Total liabilities 6,465.6 6,351.2
Commitments and contingencies (Note 13)
Shareholders' equity:    
Ordinary Shares, no par value; unlimited shares authorized; 683.1 and 691.4 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively 12,935.1 12,978.8
Accumulated other comprehensive loss (490.6) (526.3)
Accumulated deficit (7,417.4) (7,313.5)
Total shareholders' equity 5,027.1 5,139.0
Total liabilities and shareholders' equity $ 11,492.7 $ 11,490.2
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Millions
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Ordinary shares, par value (in dollars per share) $ 0 $ 0
Ordinary shares, issued (in shares) 683.1 691.4
Ordinary shares, outstanding (in shares) 683.1 691.4
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Revenues $ 593.7 $ 621.2
Operating Expenses:    
Cost of revenues 207.0 217.8
Selling, general and administrative costs 178.4 191.9
Depreciation and amortization 185.4 179.4
Restructuring and other impairments 24.7 9.5
Other operating expense (income), net 19.0 17.6
Total operating expenses 614.5 616.2
Income (loss) from operations (20.8) 5.0
Fair value adjustment of warrants 0.0 (5.2)
Interest expense, net 64.3 70.2
Income (loss) before income tax (85.1) (60.0)
Provision (benefit) for income taxes 18.8 15.0
Net income (loss) (103.9) (75.0)
Dividends on preferred shares 0.0 18.8
Net loss attributable to ordinary shares $ (103.9) $ (93.8)
Per share    
Basic (in dollars per share) $ (0.15) $ (0.14)
Diluted (in dollars per share) $ (0.15) $ (0.14)
Weighted average shares used to compute earnings per share:    
Basic (in shares) 689.8 666.9
Diluted (in shares) 689.8 666.9
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ (103.9) $ (75.0)
Other comprehensive income (loss), net of tax:    
Interest rate swaps (3.8) 2.6
Foreign currency translation adjustment 39.5 (19.6)
Other comprehensive income (loss), net of tax 35.7 (17.0)
Comprehensive income (loss) $ (68.2) $ (92.0)
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Interest rate swaps, tax $ (1.3) $ 0.9
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Millions
Total
Ordinary Shares
Preferred Shares
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Balance at beginning of the period (in shares) at Dec. 31, 2023   666,100,000 14,400,000    
Balance at beginning of the period at Dec. 31, 2023 $ 5,992.3 $ 11,740.5 $ 1,392.6 $ (495.3) $ (6,645.5)
Increase (Decrease) in Shareholders' Equity          
Vesting of restricted stock units (in shares)   3,300,000      
Share-based award activity (in shares)   (1,200,000)      
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition 6.9 $ 6.9      
Dividends, Preferred Stock (18.8)       (18.8)
Net income (loss) (75.0)       (75.0)
Other comprehensive income (loss) (17.0)     (17.0)  
Balance at end of the period (in shares) at Mar. 31, 2024   668,200,000 14,400,000    
Balance at end of the period at Mar. 31, 2024 5,888.4 $ 11,747.4 $ 1,392.6 (512.3) (6,739.3)
Balance at beginning of the period (in shares) at Dec. 31, 2024   691,400,000      
Balance at beginning of the period at Dec. 31, 2024 5,139.0 $ 12,978.8   (526.3) (7,313.5)
Increase (Decrease) in Shareholders' Equity          
Vesting of restricted stock units (in shares)   5,100,000      
Share-based award activity (in shares)   (1,700,000)      
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition $ 6.3 $ 6.3      
Stock repurchased and retired (in shares) (11,700,000) (11,700,000)      
Stock Repurchased and Retired During Period, Value $ (50.0) $ (50.0)      
Net income (loss) (103.9)       (103.9)
Other comprehensive income (loss) 35.7     35.7  
Balance at end of the period (in shares) at Mar. 31, 2025   683,100,000      
Balance at end of the period at Mar. 31, 2025 $ 5,027.1 $ 12,935.1   $ (490.6) $ (7,417.4)
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows From Operating Activities    
Net income (loss) $ (103.9) $ (75.0)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 185.4 179.4
Share-based compensation 10.7 14.9
Amortization of debt issuance costs 2.9 4.7
Other operating activities 21.6 10.1
Changes in operating assets and liabilities:    
Accounts receivable (33.6) 74.8
Prepaid expenses (14.7) (11.8)
Other assets 1.9 (3.0)
Accounts payable (5.8) (37.3)
Accrued expenses and other current liabilities (3.9) (10.0)
Deferred revenues 111.3 31.0
Operating leases, net (1.5) (1.8)
Other liabilities 0.8 0.2
Net cash provided by operating activities 171.2 176.2
Cash Flows From Investing Activities    
Capital expenditures (60.9) (64.4)
Net cash provided by (used for) investing activities (60.9) (64.4)
Cash Flows From Financing Activities    
Principal payments on term loans 0.0 (47.4)
Proceeds From Debt Issuance Costs   (20.0)
Payment of debt issuance costs and discounts 0.0  
Payments for Repurchase of Equity 50.0 0.0
Cash dividends on preferred shares 0.0 (18.9)
Payments related to tax withholding for share-based compensation (6.4) (8.6)
Other financing activities (0.2) (0.3)
Net cash provided by (used for) financing activities (56.6) (95.2)
Effects of exchange rates 5.1 (6.3)
Net change in cash and cash equivalents, including restricted cash 58.8 10.3
Cash and cash equivalents, including restricted cash, beginning of period 295.2 370.7
Cash and cash equivalents, including restricted cash, end of period $ 354.0 $ 381.0
v3.25.1
Nature of Operations and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Nature of Operations and Summary of Significant Accounting Policies Nature of Operations and Summary of Significant Accounting Policies
Clarivate Plc (“Clarivate,” “us,” “we,” “our,” or the “Company”) is a public limited company incorporated under the laws of Jersey, Channel Islands.
We are a leading global provider of transformative intelligence. We connect people and organizations to the intelligence they can trust to transform their perspective, their work, and our world. We support the entire innovation lifecycle, from cultivating curiosity to protecting the world’s critical intellectual property assets. We offer enriched data, insights & analytics, workflow solutions, and expert services to our customers in the Academia & Government (“A&G”), Intellectual Property (“IP”), and Life Sciences & Healthcare (“LS&H”) end markets, which form the basis of our three reportable segments, organized by the different products and services we offer and the markets we serve. For additional information on our reportable segments, see Note 12 - Segment Information.
Basis of Presentation
The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include our accounts and the accounts of our wholly owned subsidiaries. In our opinion, these interim statements reflect all adjustments necessary to a fair statement of the results for the periods presented, and such adjustments are of a normal, recurring nature. Results from interim periods should not be considered indicative of results for the full year. The financial statements included herein should be read in conjunction with the financial statements and notes included in our annual report on Form 10-K for the year ended December 31, 2024. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. All significant intercompany transactions and balances have been eliminated in consolidation. Cash and cash equivalents is comprised of cash on hand and short-term deposits with an original maturity at the date of purchase of three months or less, and includes restricted cash of $11.4 and $10.5 as of March 31, 2025 and December 31, 2024, respectively.
Certain reclassifications of prior period amounts have been made to conform to the current period presentation.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the Condensed Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates. The most significant of these estimates relate to the initial valuation of acquired long-lived and intangible assets and goodwill, subsequent impairment analyses, and income taxes. We evaluate these estimates, assumptions, and judgments on an ongoing basis by reference to our historical experience and other factors, including worsening macroeconomic and market conditions, sustained declines in our share price, and expectations of future events that we believe are reasonable under the circumstances.
Significant Accounting Policies
Our significant accounting policies are those that we believe are important to the portrayal of our financial condition and results of operations, as well as those that involve significant judgments or estimates about matters that are inherently uncertain. There have been no material changes to the significant accounting policies discussed in Note 1 - Nature of Operations and Summary of Significant Accounting Policies included in Part II, Item 8 of our annual report on Form 10-K for the year ended December 31, 2024.
Recently Issued Accounting Standards
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which is designed to provide greater income tax disclosure transparency by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments in this update are effective for fiscal years beginning after December 15, 2024 on a prospective basis. We are currently assessing the impact of this update on our related disclosures.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires footnote disclosure that disaggregates relevant expense captions, including the total amount of selling expenses. The amendments in this update are effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 on a prospective basis, with the option for retrospective application.
Early adoption is permitted. We are currently assessing the impact of this update on our financial statement disclosures.
v3.25.1
Revenue
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenues
We provide solutions to our customers primarily through subscription arrangements and re-occurring contracts. We also provide transactional offerings that are typically quoted on a product, data set, or project basis.
•Subscription-based revenues. Recurring revenues that we typically earn under annual contracts, pursuant to which we license the right to use our products to our customers or provide maintenance services over a contractual term. We invoice and collect the subscription fee at the beginning of the subscription period. For multi-year agreements, we generally invoice customers annually at the beginning of each annual coverage period. Cash received or receivable in advance of completing the performance obligations is included in deferred revenue. We recognize subscription revenue ratably over the contractual term as the access or service is provided.
•Re-occurring revenues. Derived from our patent and trademark maintenance services provided to our customers that are renewed regularly. Our services help customers maintain and protect their patents and trademarks in multiple jurisdictions around the world. Because of the re-occurring nature of the patent and trademark lifecycle, our customers engage us to manage the renewal process on their behalf. These contracts typically include evergreen clauses or are multi-year agreements. We invoice and recognize revenue upon delivery of the service.
•Transactional revenues. Earned for specific deliverables that are typically quoted on a product, data set, or project basis. Transactional revenues include content sales (including single-document and aggregated collection sales), consulting engagements, and other professional services such as software implementation services. We typically invoice and record revenue for this revenue stream upon delivery of the product, data set, or project, although for longer software implementation projects, we will periodically invoice and recognize revenue in connection with the completion of related performance obligations.
The following table presents our revenues disaggregated by transaction type (see Note 12 - Segment Information for our revenues disaggregated by segment):
Three Months Ended March 31,
20252024
Subscription revenues$388.6 $403.1 
Re-occurring revenues105.9 102.5 
Transactional revenues99.2 115.6 
Revenues$593.7 $621.2 
The following table presents our contract balances:
March 31, 2025December 31, 2024
Accounts receivable, net830.5 798.3 
Current portion of deferred revenues978.8 859.1 
Non-current portion of deferred revenues(1)
17.4 16.6 
(1) Included in Other non-current liabilities on the Condensed Consolidated Balance Sheets.
During the three months ended March 31, 2025, we recognized revenues of $312.6 attributable to deferred revenues recorded at the beginning of the period, primarily consisting of subscription revenues recognized ratably over the contractual term.
Our remaining performance obligations are included in the current or non-current portion of deferred revenues on the Condensed Consolidated Balance Sheets. The majority of these obligations relate to customer contracts where we license the right to use our products or provide maintenance services over a contractual term, generally one year or less.
v3.25.1
Other Intangible Assets, Net
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Other Intangible Assets, Net Other Intangible Assets, Net
The following table summarizes the gross carrying amounts and accumulated amortization of our identifiable intangible assets by major class:
March 31, 2025December 31, 2024
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Customer relationships$7,790.7 $(1,598.6)$6,192.1 $7,773.9 $(1,515.9)$6,258.0 
Technology and content
2,761.0 (1,263.7)1,497.3 2,748.8 (1,204.6)1,544.2 
Computer software1,106.9 (641.7)465.2 1,060.6 (609.2)451.4 
Trade names and other
89.4 (59.5)29.9 88.4 (57.7)30.7 
Definite-lived intangible assets$11,748.0 $(3,563.5)$8,184.5 $11,671.7 $(3,387.4)$8,284.3 
Indefinite-lived trade names
156.9 — 156.9 156.9 — 156.9 
Total intangible assets$11,904.9 $(3,563.5)$8,341.4 $11,828.6 $(3,387.4)$8,441.2 
Intangible assets amortization expense was $180.6 and $174.5 during the three months ended March 31, 2025, and 2024, respectively.
v3.25.1
Derivative Instruments
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
We are exposed to various market risks, including foreign currency exchange rate risk and interest rate risk. We use derivative instruments to manage these risk exposures. We enter into foreign currency contracts and cross-currency swaps to help manage our exposure to foreign currency exchange rate risk and we use interest rate swaps to mitigate interest rate risk. We assess the fair value of these instruments by considering current and anticipated movements in future interest rates and the relevant currency spot and future rates available in the market. Accordingly, these instruments are classified within Level 2 of the fair value hierarchy.
Interest Rate Swaps
We have interest rate swap arrangements with counterparties to reduce our exposure to variability in cash flows relating to interest payments on our outstanding term loan arrangements. We have designated the interest rate swaps as cash flow hedges of the risk associated with floating interest rates on designated future monthly interest payments. For additional information on our outstanding term loan facility, see Note 6 - Debt. As of March 31, 2025, our outstanding interest rate swaps have an aggregate notional value of $747.9 and mature in October 2026.
The fair value of the interest rate swaps is the estimated amount that we would receive or pay to terminate such agreements, taking into account market interest rates and the remaining time to maturities or using market inputs with mid-market pricing as a practical expedient for bid-ask spread. Changes in fair value are recorded in Accumulated other comprehensive loss (“AOCL”) in the Condensed Consolidated Balance Sheets with a related offset in derivative asset or liability, and the amounts reclassified out of AOCL are recorded to Interest expense, net in the Condensed Consolidated Statements of Operations. Any gain or loss will be subsequently reclassified into net earnings in the same period during which transactions affect earnings, or upon termination of the arrangements. For additional information on changes recorded to AOCL, see Note 7 - Shareholders' Equity. As of March 31, 2025, we estimate that approximately $7.4 of pre-tax gain related to interest rate swaps recorded in AOCL will be reclassified into earnings within the next 12 months.
Cross-Currency Swaps
In July 2023, we entered into a cross-currency swap that matures in 2026 to mitigate foreign currency exposure related to our net investment in various euro-functional-currency consolidated subsidiaries. This swap is designated and qualifies as a net investment hedge. We elected to assess the effectiveness of this net investment hedge based on changes in spot rates and are amortizing the portion of the net investment hedge that was excluded from the assessment of effectiveness over the life of the swap within Interest expense, net in the Condensed Consolidated Statements of Operations. The notional amount of the cross-currency swap associated with euro-denominated subsidiary net investments was €100.0 as of March 31, 2025.
Changes in fair value are recorded in AOCL (as a foreign currency translation adjustment) in the Condensed Consolidated Balance Sheets, with a related offset in derivative asset or liability. Any gain or loss will be subsequently reclassified into net earnings when the hedged net investment is either sold or substantially liquidated. For additional information on changes recorded to AOCL, see Note 7 - Shareholders' Equity.
Foreign Currency Forward Contracts
We periodically enter into foreign currency contracts, which generally do not exceed 180 days in duration, to help manage our exposure to foreign exchange rate risks. We have not designated these contracts as accounting hedges.
We initially recognize these contracts at fair value on the execution date and subsequently remeasure the contracts to their fair value at the end of each reporting period. We assess the fair value of these instruments by considering current and anticipated movements in future interest rates and the relevant currency spot and future rates available in the market. We receive third-party valuation reports to corroborate our determination of fair value.
We recognize the associated realized and unrealized gains and losses in Other operating expense (income), net in the Condensed Consolidated Statements of Operations. We recognized a (gain) loss from the fair value adjustment of $(2.3) and $1.7 for the three months ended March 31, 2025 and 2024, respectively. The notional amount of outstanding foreign currency contracts was $172.0 and $91.1 as of March 31, 2025 and December 31, 2024, respectively.
The following table provides information on the location and fair value amounts of our derivative instruments:
Balance Sheet ClassificationMarch 31, 2025December 31, 2024
Asset Derivatives
Designated as accounting hedges:
Interest rate swapsOther non-current assets9.6 14.7 
Cross-currency swaps
Other non-current assets0.3 3.7 
Not designated as accounting hedges:
Foreign currency forwardsOther current assets1.4 — 
Total Asset Derivatives$11.3 $18.4 
Liability Derivatives
Not designated as accounting hedges:
Foreign currency forwardsAccrued expenses and other current liabilities0.2 1.1 
Total Liability Derivatives$0.2 $1.1 
v3.25.1
Accrued Expenses and Other Current Liabilities
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Accrued Expenses and Other Current Liabilities Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following:
March 31, 2025December 31, 2024
Liabilities due to customers$67.5 $84.8 
Accrued royalties77.3 79.3 
Miscellaneous accruals188.0 146.0 
Accrued expenses and other current liabilities$332.8 $310.1 
v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes our total indebtedness:
March 31, 2025December 31, 2024
TypeMaturityEffective
Interest
Rate		Carrying
Value		Effective
Interest
Rate		Carrying
Value
Senior Secured Notes20264.500%700.0 4.500%700.0 
Senior Secured Notes20283.875%921.2 3.875%921.2 
Senior Notes20294.875%921.4 4.875%921.4 
Revolving Credit Facility20297.075%— 7.107%— 
Term Loan Facility 20317.075%1,999.2 7.107%1,999.2 
Finance lease
20366.936%29.0 6.936%29.3 
Total debt outstanding$4,570.8 $4,571.1 
Debt discounts and issuance costs(48.4)(51.1)
Current portion of long-term debt
(1.3)(1.3)
Long-term debt$4,521.1 $4,518.7 
Senior Secured Notes (2026)
Interest on the Senior Secured Notes due 2026 is payable semi-annually to holders of record on May 1 and November 1 of each year. The Senior Secured Notes due 2026 are secured on a first-lien pari passu basis with borrowings under our credit facilities and Senior Secured Notes due 2028. These Notes are guaranteed on a joint and several basis by each of our indirect subsidiaries that is an obligor or guarantor under our credit facilities and are secured on a first-priority basis by the collateral now owned or hereafter acquired by Camelot Finance S.A. (the issuer) and each of the guarantors that secures the issuer’s and such guarantor’s obligations under our credit facilities (subject to permitted liens and other exceptions).
Senior Secured Notes (2028) and Senior Notes (2029)
Interest on the Senior Secured Notes due 2028 and the Senior Notes due 2029 is payable semi-annually to holders of record on June 30 and December 30 of each year. The Senior Secured Notes due 2028 are secured on a first-lien pari passu basis with borrowings under our credit facilities and Senior Secured Notes due 2026. Both series of notes are guaranteed on a joint and several basis by each of our indirect subsidiaries that is an obligor or guarantor under our credit facilities and Senior Secured Notes due 2026.
The Credit Facilities
Revolving Credit Facility (2029)
Our $700.0 revolving credit facility provides for revolving loans, same-day borrowings, and letters of credit (with a sublimit of $77.0). Proceeds of loans made under the revolving credit facility may be borrowed, repaid, and reborrowed prior to maturity. As of March 31, 2025, letters of credit totaling $7.2 were collateralized by the revolving credit facility.
Term Loan Facility (2031)
Our $2,150.0 term loan facility amortizes in equal quarterly installments equivalent to a rate of 1.00% per annum, with the remaining balance due at maturity. Optional principal prepayments are applied against the scheduled quarterly installments in the order of upcoming maturities.
The carrying value of our variable interest rate debt, excluding unamortized debt issuance costs, approximates fair value due to the short-term nature of the interest rate benchmark rates. The fair value of our fixed rate debt is estimated based on market observable data for debt with similar prepayment features. As of March 31, 2025 and December 31, 2024, the fair value of our debt was $4,356.1 and $4,423.2, respectively, and is considered Level 2 under the fair value hierarchy
v3.25.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Share Repurchase Program
In December 2024, our Board authorized a new share repurchase program of up to $500.0 of our ordinary shares for a period of two years, from January 1, 2025 through December 31, 2026. During the three months ended March 31, 2025, we repurchased approximately 11.7 million ordinary shares for $50.0 at an average price of $4.29 per share. All repurchased shares were immediately retired and restored as authorized but unissued ordinary shares. As of March 31, 2025, we had $450.0 of availability remaining under the share repurchase program.
Accumulated Other Comprehensive Loss (“AOCL”)
The tables below provide information about the changes in AOCL by component and the related amounts reclassified to net earnings during the periods indicated (net of tax). The foreign currency translation adjustment component of AOCL represents the impact of translating foreign subsidiary asset and liability balances from their local currency to USD. The change in both periods below was primarily related to foreign subsidiaries whose local currency is GBP.
Three Months Ended March 31, 2025
Interest rate swapsDefined benefit pension plansForeign currency translation adjustment
AOCL
Balance as of December 31, 2024$10.7 $(0.4)$(536.6)$(526.3)
Other comprehensive income (loss) before reclassifications(1.1)— 39.8 38.7 
Reclassifications from AOCL to net earnings(2.7)— (0.3)(3.0)
Net other comprehensive income (loss)(3.8)— 39.5 35.7 
Balance as of March 31, 2025$6.9 $(0.4)$(497.1)$(490.6)
Three Months Ended March 31, 2024
Interest rate swapsDefined benefit pension plansForeign currency translation adjustment
AOCL
Balance as of December 31, 2023$16.2 $0.4 $(511.9)$(495.3)
Other comprehensive income (loss) before reclassifications11.5 — (19.3)(7.8)
Reclassifications from AOCL to net earnings(8.9)— (0.3)(9.2)
Net other comprehensive income (loss)2.6 — (19.6)(17.0)
Balance as of March 31, 2024$18.8 $0.4 $(531.5)$(512.3)
v3.25.1
Restructuring and Other Impairments
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring and Other Impairments Restructuring and Other Impairments
We have engaged in various restructuring programs to strengthen our business and streamline our operations, including taking actions related to the location and use of leased facilities. Our recent restructuring programs include the following:
•Value Creation Plan - During the fourth quarter of 2024, we approved a broad-based plan to optimize our business model, which includes a cost rationalization component. We expect to incur approximately $9 of additional restructuring costs, primarily from a reduction in workforce, a majority of which we expect to incur in 2025.
•Segment Optimization - During the second quarter of 2023, we approved a restructuring plan to reduce operational costs within targeted areas of the Company, with the primary cost savings driver being from a reduction in workforce. This program is substantially complete.
•ProQuest Acquisition Integration - During the fourth quarter of 2021, we approved a restructuring plan to reduce operational costs within targeted areas of the Company, with the primary cost savings driver being from a reduction in workforce. This program is complete.
The following table summarizes the pre-tax charges by activity and program during the periods indicated:
Three Months Ended March 31,
20252024
Severance and related benefit costs:
Value Creation Plan
$24.0 $— 
Segment Optimization
0.4 9.5 
ProQuest Acquisition Integration
— (0.1)
Total Severance and related benefit costs
24.4 9.4 
Exit and disposal costs:
Value Creation Plan
0.3 — 
Segment Optimization
— 0.1 
Total Exit and disposal costs
0.3 0.1 
Restructuring and other impairments
$24.7 $9.5 
The following table summarizes the pre-tax charges by program and segment during the periods indicated:
Three Months Ended March 31,
20252024
Academia & Government:
Value Creation Plan
$12.3 $— 
Segment Optimization— 4.0 
ProQuest Acquisition Integration
— (0.1)
Total A&G
12.3 3.9 
Intellectual Property:
Value Creation Plan
6.2 — 
Segment Optimization0.3 2.6 
Total IP
6.5 2.6 
Life Sciences & Healthcare:
Value Creation Plan
5.8 — 
Segment Optimization0.1 3.0 
Total LS&H
5.9 3.0 
Restructuring and other impairments
$24.7 $9.5 
The table below summarizes the changes in our restructuring reserves by activity during the periods indicated:
Severance and related benefit costs
Exit and disposal costs
Total
Reserve balance as of December 31, 2023$5.9 $1.4 $7.3 
Expenses recorded9.4 0.1 9.5 
Payments made(12.1)(1.5)(13.6)
Noncash items(0.6)— (0.6)
Reserve balance as of March 31, 2024$2.6 $— $2.6 
Reserve balance as of December 31, 2024$2.3 $— $2.3 
Expenses recorded24.4 0.3 24.7 
Payments made(15.3)(0.1)(15.4)
Noncash items(2.0)(0.2)(2.2)
Reserve balance as of March 31, 2025$9.4 $— $9.4 
v3.25.1
Other Operating Expense (Income), Net
 3 Months Ended
Mar. 31, 2025
Other Income and Expenses [Abstract]  
Other Operating Expense (Income), Net Other Operating Expense (Income), Net
Other operating expense (income), net, consisted of the following:
Three Months Ended March 31,
20252024
Loss on divestiture(1)
$— $15.8 
Net foreign exchange loss (gain)20.7 0.2 
Miscellaneous expense (income), net(1.7)1.6 
Other operating expense (income), net$19.0 $17.6 
(1) Related to the sale of Valipat, a small product group within our IP segment.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We compute our provision (benefit) for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income (loss) and adjust the provision for discrete tax items recorded in the period.
The income tax provision of $18.8 and $15.0 for the three months ended March 31, 2025 and 2024, respectively, was primarily due to the mix of jurisdictions in which pre-tax profits and losses were recognized.
v3.25.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The basic and diluted EPS computations for our ordinary shares are calculated as follows:
Three Months Ended March 31,
20252024
Basic EPS
Net income (loss)$(103.9)$(75.0)
Dividends on preferred shares— 18.8 
Net income (loss) attributable to ordinary shares$(103.9)$(93.8)
Weighted average shares, basic
689.8 666.9 
Basic EPS$(0.15)$(0.14)
Diluted EPS
Net income (loss) attributable to ordinary shares, diluted
$(103.9)$(93.8)
Weighted average shares, basic689.8 666.9 
Weighted average effect of potentially dilutive shares
— — 
Weighted average shares, diluted
689.8 666.9 
Diluted EPS$(0.15)$(0.14)
Potential ordinary shares on a gross basis of 14.0 and 29.2 related to share-based awards and private placement warrants were excluded from diluted EPS for the three months ended March 31, 2025 and 2024, respectively, as their inclusion would have been antidilutive.
v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
As discussed in Note 1 - Nature of Operations and Summary of Significant Accounting Policies, we have organized our business into three reportable segments: Academia & Government, Intellectual Property, and Life Sciences & Healthcare.
Our chief operating decision maker (“CODM”) evaluates performance for our reportable segments based primarily on revenues and Adjusted EBITDA. 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.
Significant segment expenses include people-related costs, royalties and other product costs, technology costs (comprised primarily of software licenses and hosting costs), and outside service costs (comprised primarily of professional services and contracted labor). Other costs primarily include facilities costs and product marketing costs.
The following tables summarize reportable segment revenues, expenses, and profit and provides a reconciliation of total reportable segment Adjusted EBITDA to Net income (loss) for the periods indicated:
Three Months Ended March 31,
20252024
Academia & Government
Revenues$302.7 $317.7 
People-related costs(86.2)(92.2)
Royalties and other product costs(55.1)(61.0)
Technology costs(19.6)(20.0)
Outside service costs(9.1)(10.5)
Other costs(8.9)(10.5)
A&G Adjusted EBITDA$123.8 $123.5 
Intellectual Property
Revenues$192.7 $200.9 
People-related costs(72.7)(73.3)
Royalties and other product costs(18.0)(22.1)
Technology costs(12.3)(11.4)
Outside service costs(5.7)(4.8)
Other costs(5.2)(6.2)
IP Adjusted EBITDA$78.8 $83.1 
Life Sciences & Healthcare
Revenues$98.3 $102.6 
People-related costs(46.8)(50.8)
Royalties and other product costs(8.8)(9.2)
Technology costs(7.0)(6.4)
Outside service costs(2.6)(3.2)
Other costs(2.5)(3.3)
LS&H Adjusted EBITDA$30.6 $29.7 
Three Months Ended March 31,
20252024
Total Reportable Segments
Revenues$593.7 $621.2 
People-related costs(205.7)(216.3)
Royalties and other product costs(81.9)(92.3)
Technology costs(38.9)(37.8)
Outside service costs(17.4)(18.5)
Other costs(16.6)(20.0)
Total Reportable Segments Adjusted EBITDA$233.2 $236.3 
Benefit (provision) for income taxes(18.8)(15.0)
Depreciation and amortization(185.4)(179.4)
Interest expense, net(64.3)(70.2)
Share-based compensation expense(11.1)(15.4)
Restructuring and lease impairments(24.7)(9.5)
Fair value adjustment of warrants— 5.2 
Transaction related costs(6.3)(4.4)
Other(1)
(26.5)(22.6)
Net income (loss)$(103.9)$(75.0)
(1) Includes the net impact of foreign exchange gains and losses related to the remeasurement of balances and other items that do not reflect our ongoing operating performance. The three months ended March 31, 2024 also includes a $15.8 loss on the divestiture described in Note 9 - Other Operating Expense (Income), Net.
Our CODM does not review assets by segment for the purpose of assessing performance or allocating resources due to the significant amount of intangible assets acquired through business combinations, as well as the centralized nature of our working capital management functions.
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Lawsuits and Legal Claims
We are engaged in various legal proceedings, claims, audits, and investigations that have arisen in the ordinary course of business. These matters may include among others, antitrust/competition claims, intellectual property infringement claims, employment matters, and commercial matters. The outcome of the matters against us are subject to future resolution, including the uncertainties of litigation.
From time to time, we are involved in litigation in the ordinary course of our business, including claims or contingencies that may arise related to matters occurring prior to our acquisition of businesses. At the present time, primarily because the matters are generally in early stages, we can give no assurance as to the outcome of any pending litigation to which we are currently a party, and we are unable to determine the ultimate resolution of these matters or the effect they may have on us.
We have and will continue to vigorously defend ourselves against these claims. We maintain appropriate levels of insurance, which we expect are likely to provide coverage for some of these liabilities or other losses that may arise from these litigation matters.
Between January and March 2022, three putative securities class action complaints were filed in the United States District Court for the Eastern District of New York against Clarivate and certain of its executives and directors alleging that there were weaknesses in the Company’s internal controls over financial reporting and financial reporting procedures that it failed to disclose in violation of federal securities law. The complaints were consolidated into a single proceeding on May 18, 2022. On August 8, 2022, plaintiffs filed a consolidated amended complaint, seeking damages on behalf of a putative class of shareholders who acquired Clarivate securities between July 30, 2020, and February 2, 2022, and/or acquired Clarivate ordinary or preferred shares in connection with offerings on June 10, 2021, or Clarivate ordinary shares in connection with a September 13, 2021, offering. The amended
complaint, like the prior complaints, references an error in the accounting treatment of an equity plan included in the Company’s 2020 business combination with CPA Global that was disclosed on December 27, 2021, and related restatements issued on February 3, 2022, of certain of the Company’s previously issued financial statements. The amended complaint also alleges that the Company and certain of its executives and directors made false or misleading statements relating to the Company’s product quality and expected organic revenues and organic growth rate, and that they failed to disclose significant known changes to the Company’s business model. Defendants moved to dismiss the amended complaint on October 7, 2022. Without deciding the motion, the court entered an order on June 23, 2023, allowing plaintiffs limited leave to amend, and plaintiffs filed an amended complaint on July 14, 2023. On August 10, 2023, the court issued an order deeming defendants’ prior motions and briefs to be directed at the amended complaint and permitting defendants to file supplemental briefs to address the new allegations in the amended complaint. Supplemental briefing on the motions was completed on September 8, 2023. Defendants’ motions to dismiss the amended complaint are currently pending.
In a separate but related litigation, on June 7, 2022, a class action was filed in Pennsylvania state court in the Court of Common Pleas of Philadelphia asserting claims under the Securities Act of 1933, based on substantially similar allegations, with respect to alleged misstatements and omissions in the offering documents for two issuances of Clarivate ordinary shares in June and September 2021. The Company moved to stay this proceeding on August 19, 2022, and filed its preliminary objections to the state court complaint on October 21, 2022. After granting a partial stay on January 4, 2023, the court denied a further stay of the proceedings on April 17, 2023. On April 24, 2024, the court sustained the Company’s preliminary objections, but permitted plaintiff leave to file an amended complaint, which plaintiff filed on May 28, 2024. On August 29, 2024, plaintiff filed a second amended complaint, to which the Company filed preliminary objections on September 30, 2024. Clarivate does not believe that the claims alleged in the complaints have merit and will vigorously defend against them. Given the early stage of the proceedings, we are unable to estimate the reasonably possible loss or range of loss, if any, arising from these matters.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income (loss) $ (103.9) $ (75.0)
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Gordon Samson [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 14, 2025, Gordon Samson, President, Intellectual Property, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. The trading plan provides for the sale of an aggregate of up to 150,000 ordinary shares of the Company held by Mr. Samson. The trading plan terminates on the earlier of the date all the shares covered by the trading plan are sold and December 12, 2025.
Name Gordon Samson
Title President, Intellectual Property
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 14, 2025
Expiration Date December 12, 2025
Arrangement Duration 273 days
Aggregate Available 150,000
v3.25.1
Nature of Operations and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include our accounts and the accounts of our wholly owned subsidiaries. In our opinion, these interim statements reflect all adjustments necessary to a fair statement of the results for the periods presented, and such adjustments are of a normal, recurring nature. Results from interim periods should not be considered indicative of results for the full year. The financial statements included herein should be read in conjunction with the financial statements and notes included in our annual report on Form 10-K for the year ended December 31, 2024. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. All significant intercompany transactions and balances have been eliminated in consolidation. Cash and cash equivalents is comprised of cash on hand and short-term deposits with an original maturity at the date of purchase of three months or less, and includes restricted cash of $11.4 and $10.5 as of March 31, 2025 and December 31, 2024, respectively.
Certain reclassifications of prior period amounts have been made to conform to the current period presentation.
Cash and Cash Equivalents Cash and cash equivalents is comprised of cash on hand and short-term deposits with an original maturity at the date of purchase of three months or less, and includes restricted cash of $11.4 and $10.5 as of March 31, 2025 and December 31, 2024, respectively.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the Condensed Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates. The most significant of these estimates relate to the initial valuation of acquired long-lived and intangible assets and goodwill, subsequent impairment analyses, and income taxes. We evaluate these estimates, assumptions, and judgments on an ongoing basis by reference to our historical experience and other factors, including worsening macroeconomic and market conditions, sustained declines in our share price, and expectations of future events that we believe are reasonable under the circumstances.
Recently Issued Accounting Standards
Recently Issued Accounting Standards
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which is designed to provide greater income tax disclosure transparency by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments in this update are effective for fiscal years beginning after December 15, 2024 on a prospective basis. We are currently assessing the impact of this update on our related disclosures.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires footnote disclosure that disaggregates relevant expense captions, including the total amount of selling expenses. The amendments in this update are effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 on a prospective basis, with the option for retrospective application.
Early adoption is permitted. We are currently assessing the impact of this update on our financial statement disclosures.
v3.25.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of disaggregated revenues
The following table presents our revenues disaggregated by transaction type (see Note 12 - Segment Information for our revenues disaggregated by segment):
Three Months Ended March 31,
20252024
Subscription revenues$388.6 $403.1 
Re-occurring revenues105.9 102.5 
Transactional revenues99.2 115.6 
Revenues$593.7 $621.2 
Schedule of contract balances
The following table presents our contract balances:
March 31, 2025December 31, 2024
Accounts receivable, net830.5 798.3 
Current portion of deferred revenues978.8 859.1 
Non-current portion of deferred revenues(1)
17.4 16.6 
(1) Included in Other non-current liabilities on the Condensed Consolidated Balance Sheets.
v3.25.1
Other Intangible Assets, Net (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Identifiable Intangible Assets
The following table summarizes the gross carrying amounts and accumulated amortization of our identifiable intangible assets by major class:
March 31, 2025December 31, 2024
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Customer relationships$7,790.7 $(1,598.6)$6,192.1 $7,773.9 $(1,515.9)$6,258.0 
Technology and content
2,761.0 (1,263.7)1,497.3 2,748.8 (1,204.6)1,544.2 
Computer software1,106.9 (641.7)465.2 1,060.6 (609.2)451.4 
Trade names and other
89.4 (59.5)29.9 88.4 (57.7)30.7 
Definite-lived intangible assets$11,748.0 $(3,563.5)$8,184.5 $11,671.7 $(3,387.4)$8,284.3 
Indefinite-lived trade names
156.9 — 156.9 156.9 — 156.9 
Total intangible assets$11,904.9 $(3,563.5)$8,341.4 $11,828.6 $(3,387.4)$8,441.2 
v3.25.1
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Instruments
The following table provides information on the location and fair value amounts of our derivative instruments:
Balance Sheet ClassificationMarch 31, 2025December 31, 2024
Asset Derivatives
Designated as accounting hedges:
Interest rate swapsOther non-current assets9.6 14.7 
Cross-currency swaps
Other non-current assets0.3 3.7 
Not designated as accounting hedges:
Foreign currency forwardsOther current assets1.4 — 
Total Asset Derivatives$11.3 $18.4 
Liability Derivatives
Not designated as accounting hedges:
Foreign currency forwardsAccrued expenses and other current liabilities0.2 1.1 
Total Liability Derivatives$0.2 $1.1 
v3.25.1
Accrued Expenses and Other Current Liabilities (Tables)
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Liabilities
Accrued expenses and other current liabilities consisted of the following:
March 31, 2025December 31, 2024
Liabilities due to customers$67.5 $84.8 
Accrued royalties77.3 79.3 
Miscellaneous accruals188.0 146.0 
Accrued expenses and other current liabilities$332.8 $310.1 
v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes our total indebtedness:
March 31, 2025December 31, 2024
TypeMaturityEffective
Interest
Rate		Carrying
Value		Effective
Interest
Rate		Carrying
Value
Senior Secured Notes20264.500%700.0 4.500%700.0 
Senior Secured Notes20283.875%921.2 3.875%921.2 
Senior Notes20294.875%921.4 4.875%921.4 
Revolving Credit Facility20297.075%— 7.107%— 
Term Loan Facility 20317.075%1,999.2 7.107%1,999.2 
Finance lease
20366.936%29.0 6.936%29.3 
Total debt outstanding$4,570.8 $4,571.1 
Debt discounts and issuance costs(48.4)(51.1)
Current portion of long-term debt
(1.3)(1.3)
Long-term debt$4,521.1 $4,518.7 
v3.25.1
Shareholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The tables below provide information about the changes in AOCL by component and the related amounts reclassified to net earnings during the periods indicated (net of tax). The foreign currency translation adjustment component of AOCL represents the impact of translating foreign subsidiary asset and liability balances from their local currency to USD. The change in both periods below was primarily related to foreign subsidiaries whose local currency is GBP.
Three Months Ended March 31, 2025
Interest rate swapsDefined benefit pension plansForeign currency translation adjustment
AOCL
Balance as of December 31, 2024$10.7 $(0.4)$(536.6)$(526.3)
Other comprehensive income (loss) before reclassifications(1.1)— 39.8 38.7 
Reclassifications from AOCL to net earnings(2.7)— (0.3)(3.0)
Net other comprehensive income (loss)(3.8)— 39.5 35.7 
Balance as of March 31, 2025$6.9 $(0.4)$(497.1)$(490.6)
Three Months Ended March 31, 2024
Interest rate swapsDefined benefit pension plansForeign currency translation adjustment
AOCL
Balance as of December 31, 2023$16.2 $0.4 $(511.9)$(495.3)
Other comprehensive income (loss) before reclassifications11.5 — (19.3)(7.8)
Reclassifications from AOCL to net earnings(8.9)— (0.3)(9.2)
Net other comprehensive income (loss)2.6 — (19.6)(17.0)
Balance as of March 31, 2024$18.8 $0.4 $(531.5)$(512.3)
v3.25.1
Restructuring and Other Impairments (Tables)
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring and Related Costs
The following table summarizes the pre-tax charges by activity and program during the periods indicated:
Three Months Ended March 31,
20252024
Severance and related benefit costs:
Value Creation Plan
$24.0 $— 
Segment Optimization
0.4 9.5 
ProQuest Acquisition Integration
— (0.1)
Total Severance and related benefit costs
24.4 9.4 
Exit and disposal costs:
Value Creation Plan
0.3 — 
Segment Optimization
— 0.1 
Total Exit and disposal costs
0.3 0.1 
Restructuring and other impairments
$24.7 $9.5 
The following table summarizes the pre-tax charges by program and segment during the periods indicated:
Three Months Ended March 31,
20252024
Academia & Government:
Value Creation Plan
$12.3 $— 
Segment Optimization— 4.0 
ProQuest Acquisition Integration
— (0.1)
Total A&G
12.3 3.9 
Intellectual Property:
Value Creation Plan
6.2 — 
Segment Optimization0.3 2.6 
Total IP
6.5 2.6 
Life Sciences & Healthcare:
Value Creation Plan
5.8 — 
Segment Optimization0.1 3.0 
Total LS&H
5.9 3.0 
Restructuring and other impairments
$24.7 $9.5 
The table below summarizes the changes in our restructuring reserves by activity during the periods indicated:
Severance and related benefit costs
Exit and disposal costs
Total
Reserve balance as of December 31, 2023$5.9 $1.4 $7.3 
Expenses recorded9.4 0.1 9.5 
Payments made(12.1)(1.5)(13.6)
Noncash items(0.6)— (0.6)
Reserve balance as of March 31, 2024$2.6 $— $2.6 
Reserve balance as of December 31, 2024$2.3 $— $2.3 
Expenses recorded24.4 0.3 24.7 
Payments made(15.3)(0.1)(15.4)
Noncash items(2.0)(0.2)(2.2)
Reserve balance as of March 31, 2025$9.4 $— $9.4 
v3.25.1
Other Operating Expense (Income), Net (Tables)
 3 Months Ended
Mar. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of Other Operating Expense (Income), Net
Other operating expense (income), net, consisted of the following:
Three Months Ended March 31,
20252024
Loss on divestiture(1)
$— $15.8 
Net foreign exchange loss (gain)20.7 0.2 
Miscellaneous expense (income), net(1.7)1.6 
Other operating expense (income), net$19.0 $17.6 
(1) Related to the sale of Valipat, a small product group within our IP segment.
v3.25.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted EPS Computations for Ordinary Shares
The basic and diluted EPS computations for our ordinary shares are calculated as follows:
Three Months Ended March 31,
20252024
Basic EPS
Net income (loss)$(103.9)$(75.0)
Dividends on preferred shares— 18.8 
Net income (loss) attributable to ordinary shares$(103.9)$(93.8)
Weighted average shares, basic
689.8 666.9 
Basic EPS$(0.15)$(0.14)
Diluted EPS
Net income (loss) attributable to ordinary shares, diluted
$(103.9)$(93.8)
Weighted average shares, basic689.8 666.9 
Weighted average effect of potentially dilutive shares
— — 
Weighted average shares, diluted
689.8 666.9 
Diluted EPS$(0.15)$(0.14)
v3.25.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables summarize reportable segment revenues, expenses, and profit and provides a reconciliation of total reportable segment Adjusted EBITDA to Net income (loss) for the periods indicated:
Three Months Ended March 31,
20252024
Academia & Government
Revenues$302.7 $317.7 
People-related costs(86.2)(92.2)
Royalties and other product costs(55.1)(61.0)
Technology costs(19.6)(20.0)
Outside service costs(9.1)(10.5)
Other costs(8.9)(10.5)
A&G Adjusted EBITDA$123.8 $123.5 
Intellectual Property
Revenues$192.7 $200.9 
People-related costs(72.7)(73.3)
Royalties and other product costs(18.0)(22.1)
Technology costs(12.3)(11.4)
Outside service costs(5.7)(4.8)
Other costs(5.2)(6.2)
IP Adjusted EBITDA$78.8 $83.1 
Life Sciences & Healthcare
Revenues$98.3 $102.6 
People-related costs(46.8)(50.8)
Royalties and other product costs(8.8)(9.2)
Technology costs(7.0)(6.4)
Outside service costs(2.6)(3.2)
Other costs(2.5)(3.3)
LS&H Adjusted EBITDA$30.6 $29.7 
Three Months Ended March 31,
20252024
Total Reportable Segments
Revenues$593.7 $621.2 
People-related costs(205.7)(216.3)
Royalties and other product costs(81.9)(92.3)
Technology costs(38.9)(37.8)
Outside service costs(17.4)(18.5)
Other costs(16.6)(20.0)
Total Reportable Segments Adjusted EBITDA$233.2 $236.3 
Benefit (provision) for income taxes(18.8)(15.0)
Depreciation and amortization(185.4)(179.4)
Interest expense, net(64.3)(70.2)
Share-based compensation expense(11.1)(15.4)
Restructuring and lease impairments(24.7)(9.5)
Fair value adjustment of warrants— 5.2 
Transaction related costs(6.3)(4.4)
Other(1)
(26.5)(22.6)
Net income (loss)$(103.9)$(75.0)
(1) Includes the net impact of foreign exchange gains and losses related to the remeasurement of balances and other items that do not reflect our ongoing operating performance. The three months ended March 31, 2024 also includes a $15.8 loss on the divestiture described in Note 9 - Other Operating Expense (Income), Net.
v3.25.1
Nature of Operations and Summary of Significant Accounting Policies - General (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Accounting Policies [Abstract]    
Number of reportable segments | segment 3  
Restricted cash | $ $ 11.4 $ 10.5
v3.25.1
Revenue - Disaggregated Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Revenues $ 593.7 $ 621.2
Subscription revenues    
Disaggregation of Revenue [Line Items]    
Revenues 388.6 403.1
Re-occurring Revenues    
Disaggregation of Revenue [Line Items]    
Revenues 105.9 102.5
Transactional and other revenues    
Disaggregation of Revenue [Line Items]    
Revenues $ 99.2 $ 115.6
v3.25.1
Revenue - Contract Balances (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Accounts receivable, net $ 830.5 $ 798.3
Current portion of deferred revenues 978.8 859.1
Non-current portion of deferred revenues $ 17.4 $ 16.6
v3.25.1
Revenue - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Revenue from Contract with Customer [Abstract]  
Revenue recognized that was deferred at the beginning of the period $ 312.6
v3.25.1
Other Intangible Assets, Net - Intangible Assets by Major Class (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Goodwill And Intangible Assets [Line Items]    
Definite-lived intangible assets, Gross $ 11,748.0 $ 11,671.7
Definite-lived intangible assets, Accumulated Amortization (3,563.5) (3,387.4)
Definite-lived intangible assets, Net 8,184.5 8,284.3
Total intangible assets, Gross 11,904.9 11,828.6
Other intangible assets, net 8,341.4 8,441.2
Trade names    
Goodwill And Intangible Assets [Line Items]    
Indefinite-lived intangible assets: 156.9 156.9
Customer relationships    
Goodwill And Intangible Assets [Line Items]    
Definite-lived intangible assets, Gross 7,790.7 7,773.9
Definite-lived intangible assets, Accumulated Amortization (1,598.6) (1,515.9)
Definite-lived intangible assets, Net 6,192.1 6,258.0
Technology and content    
Goodwill And Intangible Assets [Line Items]    
Definite-lived intangible assets, Gross 2,761.0 2,748.8
Definite-lived intangible assets, Accumulated Amortization (1,263.7) (1,204.6)
Definite-lived intangible assets, Net 1,497.3 1,544.2
Computer software    
Goodwill And Intangible Assets [Line Items]    
Definite-lived intangible assets, Gross 1,106.9 1,060.6
Definite-lived intangible assets, Accumulated Amortization (641.7) (609.2)
Definite-lived intangible assets, Net 465.2 451.4
Trade names and other    
Goodwill And Intangible Assets [Line Items]    
Definite-lived intangible assets, Gross 89.4 88.4
Definite-lived intangible assets, Accumulated Amortization (59.5) (57.7)
Definite-lived intangible assets, Net $ 29.9 $ 30.7
v3.25.1
Other Intangible Assets, Net - Other Intangible Assets, Net Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization of intangible assets $ 180.6 $ 174.5
v3.25.1
Derivative Instruments - Narrative (Details)
€ in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Mar. 31, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Interest rate swap        
Derivative [Line Items]        
Notional value $ 747.9      
Pre-tax gain expected to be reclassified within 12 months 7.4      
Cross currency swap | Net Investment Hedging | Designated as Hedging Instrument        
Derivative [Line Items]        
Notional value | €     € 100.0  
Foreign Exchange Contract        
Derivative [Line Items]        
Notional value 172.0     $ 91.1
Loss (gain) from the mark to market adjustment $ (2.3) $ 1.7    
Foreign Exchange Contract | Maximum        
Derivative [Line Items]        
Term of contract 180 days      
v3.25.1
Derivative Instruments - Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Asset Derivatives $ 11.3 $ 18.4
Liability Derivatives 0.2 1.1
Interest rate swap | Noncurrent assets | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Asset Derivatives 9.6 14.7
Cross currency swap | Noncurrent assets | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Asset Derivatives 0.3 3.7
Foreign currency forward | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Asset Derivatives 1.4 0.0
Foreign currency forward | Accrued expenses and other current liabilities | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Liability Derivatives $ 0.2 $ 1.1
v3.25.1
Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Customer Refund Liability, Current $ 67.5 $ 84.8
Accrued royalty costs 77.3 79.3
Other accrued expenses and other current liabilities 188.0 146.0
Accrued expenses and other current liabilities $ 332.8 $ 310.1
v3.25.1
Debt - Summary of Indebtedness (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Finance lease, Effective Interest Rate 6.936% 6.936%
Finance lease, Carrying Value $ 29.0 $ 29.3
Total debt outstanding 4,570.8 4,571.1
Debt discounts and issuance costs (48.4) (51.1)
Current portion of long-term debt (1.3) (1.3)
Long-term debt $ 4,521.1 $ 4,518.7
Senior Secured Notes    
Debt Instrument [Line Items]    
Effective Interest Rate 4.50% 4.50%
Carrying Value $ 700.0 $ 700.0
Senior Secured Notes    
Debt Instrument [Line Items]    
Effective Interest Rate 3.875% 3.875%
Carrying Value $ 921.2 $ 921.2
Senior Notes    
Debt Instrument [Line Items]    
Effective Interest Rate 4.875% 4.875%
Carrying Value $ 921.4 $ 921.4
Revolving Credit Facility    
Debt Instrument [Line Items]    
Effective Interest Rate 7.075% 7.107%
Carrying Value $ 0.0 $ 0.0
Term Loan Facility    
Debt Instrument [Line Items]    
Effective Interest Rate 7.075% 7.107%
Carrying Value $ 1,999.2 $ 1,999.2
v3.25.1
Debt - The Credit Facilities, Revolving Credit Facility and Term Loan Facility (2026) (Details) - USD ($)
$ in Millions
 1 Months Ended
Jan. 31, 2024
Mar. 31, 2025
Dec. 31, 2024
Level 2      
Debt Instrument [Line Items]      
Fair vale of company's debt   $ 4,356.1 $ 4,423.2
Revolving Credit Facility      
Debt Instrument [Line Items]      
Collateralized amount   7.2  
Revolving Credit Facility      
Debt Instrument [Line Items]      
Maximum borrowing capacity   700.0  
Letter of credit      
Debt Instrument [Line Items]      
Maximum borrowing capacity   $ 77.0  
Term Loan Facility      
Debt Instrument [Line Items]      
Debt face amount $ 2,150.0    
Annual equivalent amortization percentage 1.00%    
v3.25.1
Shareholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Equity [Abstract]    
Stock repurchase program, authorized amount   $ 500.0
Stock repurchased and retired (in shares) 11,700,000  
Stock Repurchased and Retired During Period, Value $ 50.0  
Treasury stock acquired, average cost per share (in dollars per share) $ 4.29  
Stock repurchase program, remaining authorized repurchase amount $ 450.0  
v3.25.1
Shareholders' Equity - Accumulated Other Comprehensive Income (Loss) Roll forward (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of the period $ 5,139.0 $ 5,992.3
Other comprehensive income (loss) before reclassifications 38.7 (7.8)
Reclassifications from AOCI/ AOCL to net earnings (3.0) (9.2)
Other comprehensive income (loss), net of tax 35.7 (17.0)
Balance at end of the period 5,027.1 5,888.4
Accumulated Other Comprehensive Income (Loss)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of the period (526.3) (495.3)
Other comprehensive income (loss), net of tax 35.7 (17.0)
Balance at end of the period (490.6) (512.3)
Interest rate swaps    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of the period 10.7 16.2
Other comprehensive income (loss) before reclassifications (1.1) 11.5
Reclassifications from AOCI/ AOCL to net earnings (2.7) (8.9)
Other comprehensive income (loss), net of tax (3.8) 2.6
Balance at end of the period 6.9 18.8
Defined benefit pension plans    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of the period (0.4) 0.4
Other comprehensive income (loss) before reclassifications 0.0 0.0
Reclassifications from AOCI/ AOCL to net earnings 0.0 0.0
Other comprehensive income (loss), net of tax 0.0 0.0
Balance at end of the period (0.4) 0.4
Foreign currency translation adjustment    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of the period (536.6) (511.9)
Other comprehensive income (loss) before reclassifications 39.8 (19.3)
Reclassifications from AOCI/ AOCL to net earnings (0.3) (0.3)
Other comprehensive income (loss), net of tax 39.5 (19.6)
Balance at end of the period $ (497.1) $ (531.5)
v3.25.1
Restructuring and Other Impairments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Restructuring Cost and Reserve [Line Items]    
Restructuring charges excluding impairment of investments $ 24.7 $ 9.5
Restructuring Reserve [Roll Forward]    
Restructuring Reserve, Beginning Balance 2.3 7.3
Expenses recorded 24.7 9.5
Payments made (15.4) (13.6)
Noncash items (2.2) (0.6)
Restructuring Reserve, Ending Balance 9.4 2.6
Academia & Government    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges excluding impairment of investments 12.3 3.9
Restructuring Reserve [Roll Forward]    
Expenses recorded 12.3 3.9
Intellectual Property    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges excluding impairment of investments 6.5 2.6
Restructuring Reserve [Roll Forward]    
Expenses recorded 6.5 2.6
Life Sciences & Healthcare    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges excluding impairment of investments 5.9 3.0
Restructuring Reserve [Roll Forward]    
Expenses recorded 5.9 3.0
Severance and related benefit costs:    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges excluding impairment of investments 24.4 9.4
Restructuring Reserve [Roll Forward]    
Restructuring Reserve, Beginning Balance 2.3 5.9
Expenses recorded 24.4 9.4
Payments made (15.3) (12.1)
Noncash items (2.0) (0.6)
Restructuring Reserve, Ending Balance 9.4 2.6
Exit, Disposal and Abandonment Costs    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges excluding impairment of investments 0.3 0.1
Restructuring Reserve [Roll Forward]    
Restructuring Reserve, Beginning Balance 0.0 1.4
Expenses recorded 0.3 0.1
Payments made (0.1) (1.5)
Noncash items (0.2) 0.0
Restructuring Reserve, Ending Balance 0.0 0.0
Exit and disposal costs:    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges excluding impairment of investments 0.3 0.1
Restructuring Reserve [Roll Forward]    
Expenses recorded 0.3 0.1
Segment Optimization Program | Academia & Government    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges excluding impairment of investments 0.0 4.0
Restructuring Reserve [Roll Forward]    
Expenses recorded 0.0 4.0
Segment Optimization Program | Intellectual Property    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges excluding impairment of investments 0.3 2.6
Restructuring Reserve [Roll Forward]    
Expenses recorded 0.3 2.6
Segment Optimization Program | Life Sciences & Healthcare    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges excluding impairment of investments 0.1 3.0
Restructuring Reserve [Roll Forward]    
Expenses recorded 0.1 3.0
Segment Optimization Program | Severance and related benefit costs:    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges excluding impairment of investments 0.4 9.5
Restructuring Reserve [Roll Forward]    
Expenses recorded 0.4 9.5
Segment Optimization Program | Exit and disposal costs:    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges excluding impairment of investments 0.0 0.1
Restructuring Reserve [Roll Forward]    
Expenses recorded 0.0 0.1
ProQuest Acquisition Integration Program | Academia & Government    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges excluding impairment of investments 0.0 (0.1)
Restructuring Reserve [Roll Forward]    
Expenses recorded 0.0 (0.1)
ProQuest Acquisition Integration Program | Severance and related benefit costs:    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges excluding impairment of investments 0.0 (0.1)
Restructuring Reserve [Roll Forward]    
Expenses recorded 0.0 (0.1)
Value Creation Plan    
Restructuring Cost and Reserve [Line Items]    
Expected additional restructuring costs 9.0  
Value Creation Plan | Academia & Government    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges excluding impairment of investments 12.3 0.0
Restructuring Reserve [Roll Forward]    
Expenses recorded 12.3 0.0
Value Creation Plan | Intellectual Property    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges excluding impairment of investments 6.2 0.0
Restructuring Reserve [Roll Forward]    
Expenses recorded 6.2 0.0
Value Creation Plan | Life Sciences & Healthcare    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges excluding impairment of investments 5.8 0.0
Restructuring Reserve [Roll Forward]    
Expenses recorded 5.8 0.0
Value Creation Plan | Severance and related benefit costs:    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges excluding impairment of investments 24.0 0.0
Restructuring Reserve [Roll Forward]    
Expenses recorded 24.0 0.0
Value Creation Plan | Exit and disposal costs:    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges excluding impairment of investments 0.3 0.0
Restructuring Reserve [Roll Forward]    
Expenses recorded $ 0.3 $ 0.0
v3.25.1
Other Operating Expense (Income), Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Loss on divestiture $ 0.0  
Net foreign exchange loss (gain) 20.7 $ 0.2
Miscellaneous expense (income), net (1.7) 1.6
Other operating expense (income), net $ 19.0 17.6
Discontinued Operations, Disposed of by Sale    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Loss on divestiture   $ 15.8
v3.25.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Provision (benefit) for income taxes $ 18.8 $ 15.0
v3.25.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Basic EPS    
Net income (loss) $ (103.9) $ (75.0)
Dividends on preferred shares 0.0 18.8
Net income (loss) attributable to ordinary shares $ (103.9) $ (93.8)
Weighted average shares, basic (in shares) 689.8 666.9
Basic EPS (in dollars per share) $ (0.15) $ (0.14)
Diluted EPS    
Net income (loss) attributable to ordinary shares, diluted $ (103.9) $ (93.8)
Weighted average shares, basic (in shares) 689.8 666.9
Weighted average effect of potentially dilutive shares (in shares) 0.0 0.0
Weighted average shares, diluted (in shares) 689.8 666.9
Diluted EPS (in dollars per share) $ (0.15) $ (0.14)
v3.25.1
Earnings Per Share - Narrative (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Warrant and share-based payment awards    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive shares (in shares) 14.0 29.2
v3.25.1
Segment Information - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.1
Segment Information - Reconciliation of Segment Adjusted EBITDA to Net income (loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information    
Revenues $ 593.7 $ 621.2
People-related costs (205.7) (216.3)
Royalties and other product costs (81.9) (92.3)
Technology costs (38.9) (37.8)
Outside service costs (17.4) (18.5)
Other costs (16.6) (20.0)
Adjusted EBITDA 233.2 236.3
Provision (benefit) for income taxes (18.8) (15.0)
Depreciation and amortization (185.4) (179.4)
Interest expense, net (64.3) (70.2)
Royalties and other product costs (11.1) (15.4)
Restructuring and other impairments (24.7) (9.5)
Mark to market gain (loss) on financial instruments 0.0 5.2
Transaction related costs (6.3) (4.4)
Other (26.5) (22.6)
Net income (loss) (103.9) (75.0)
Academia & Government    
Segment Reporting Information    
Revenues 302.7 317.7
People-related costs (86.2) (92.2)
Royalties and other product costs (55.1) (61.0)
Technology costs (19.6) (20.0)
Outside service costs (9.1) (10.5)
Other costs (8.9) (10.5)
Adjusted EBITDA 123.8 123.5
Intellectual Property    
Segment Reporting Information    
Revenues 192.7 200.9
People-related costs (72.7) (73.3)
Royalties and other product costs (18.0) (22.1)
Technology costs (12.3) (11.4)
Outside service costs (5.7) (4.8)
Other costs (5.2) (6.2)
Adjusted EBITDA 78.8 83.1
Life Sciences & Healthcare    
Segment Reporting Information    
Revenues 98.3 102.6
People-related costs (46.8) (50.8)
Royalties and other product costs (8.8) (9.2)
Technology costs (7.0) (6.4)
Outside service costs (2.6) (3.2)
Other costs (2.5) (3.3)
Adjusted EBITDA $ 30.6 $ 29.7