CLARIVATE PLC, 10-Q filed on 7/30/2025
Quarterly Report
v3.25.2
Cover
 6 Months Ended
Jun. 30, 2025
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Jun. 30, 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 672,219,064
Entity Central Index Key 0001764046
Amendment Flag false
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2025
Document Fiscal Period Focus Q2
Entity Tax Identification Number 00-0000000
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents, including restricted cash $ 362.6 $ 295.2
Accounts receivable, net 820.4 798.3
Prepaid expenses 88.5 85.9
Other current assets 68.7 65.2
Total current assets 1,340.2 1,244.6
Property and equipment, net 56.3 53.5
Other intangible assets, net 8,284.0 8,441.2
Goodwill 1,566.9 1,566.6
Other non-current assets 69.5 82.2
Deferred income taxes 51.1 48.5
Operating lease right-of-use assets 53.2 53.6
Total assets 11,421.2 11,490.2
Current liabilities:    
Accounts payable 125.7 124.5
Accrued compensation 111.4 119.2
Accrued expenses and other current liabilities 292.5 310.1
Current portion of deferred revenues 929.1 859.1
Current portion of operating lease liability 20.1 20.6
Total current liabilities 1,478.8 1,433.5
Long-term debt 4,516.8 4,518.7
Other non-current liabilities 97.4 72.5
Deferred income taxes 284.3 273.3
Operating lease liabilities 49.8 53.2
Total liabilities 6,427.1 6,351.2
Commitments and contingencies (Note 13)
Shareholders' equity:    
Ordinary Shares, no par value; unlimited shares authorized; 672.2 and 691.4 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 12,902.7 12,978.8
Accumulated other comprehensive loss (419.2) (526.3)
Accumulated deficit (7,489.4) (7,313.5)
Total shareholders' equity 4,994.1 5,139.0
Total liabilities and shareholders' equity $ 11,421.2 $ 11,490.2
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Millions
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Ordinary shares, par value (in dollars per share) $ 0 $ 0
Ordinary shares, issued (in shares) 672.2 691.4
Ordinary shares, outstanding (in shares) 672.2 691.4
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Revenues $ 621.4 $ 650.3 $ 1,215.1 $ 1,271.5
Operating Expenses:        
Cost of revenues 203.6 213.6 410.6 431.4
Selling, general and administrative costs 181.1 185.2 359.5 377.1
Depreciation and amortization 190.9 184.4 376.3 363.8
Goodwill and intangible asset impairments 0.0 302.8 0.0 302.8
Restructuring and other impairments 9.3 0.7 34.0 10.2
Other operating expense (income), net 29.6 3.6 48.6 21.2
Total operating expenses 614.5 890.3 1,229.0 1,506.5
Income (loss) from operations 6.9 (240.0) (13.9) (235.0)
Fair value adjustment of warrants 0.0 0.0 0.0 (5.2)
Interest expense, net 66.6 71.1 130.9 141.3
Income (loss) before income tax (59.7) (311.1) (144.8) (371.1)
Provision (benefit) for income taxes 12.3 (6.8) 31.1 8.2
Net income (loss) (72.0) (304.3) (175.9) (379.3)
Dividends on preferred shares 0.0 12.5 0.0 31.3
Net income (loss) attributable to ordinary shares $ (72.0) $ (316.8) $ (175.9) $ (410.6)
Per share        
Basic (in dollars per share) $ (0.11) $ (0.46) $ (0.26) $ (0.61)
Diluted (in dollars per share) $ (0.11) $ (0.46) $ (0.26) $ (0.61)
Weighted average shares used to compute earnings per share:        
Basic (in shares) 681.3 685.6 685.5 676.2
Diluted (in shares) 681.3 685.6 685.5 676.2
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ (72.0) $ (304.3) $ (175.9) $ (379.3)
Other comprehensive income (loss), net of tax:        
Interest rate swaps (3.4) (0.4) (7.2) 2.2
Defined benefit pension plans, net of tax 0.1 0.0 0.1 0.0
Foreign currency translation adjustment 74.7 15.7 114.2 (3.9)
Other comprehensive income (loss), net of tax 71.4 15.3 107.1 (1.7)
Comprehensive income (loss) $ (0.6) $ (289.0) $ (68.8) $ (381.0)
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Interest rate swaps, tax $ (0.6) $ (0.2) $ (1.9) $ 0.7
Net income (loss) $ (72.0) $ (304.3) $ (175.9) $ (379.3)
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Millions
Total
Ordinary Shares
Preferred Shares
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Ordinary Shares
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, 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            
Net income (loss) (379.3)          
Other comprehensive income (loss) (1.7)          
Balance at end of the period (in shares) at Jun. 30, 2024     0     724,100,000
Balance at end of the period at Jun. 30, 2024 5,604.6 $ 13,157.7 $ 0.0 (497.0) (7,056.1)  
Balance at beginning of the period (in shares) at Mar. 31, 2024   668,200,000 14,400,000      
Balance at beginning of the period at Mar. 31, 2024 5,888.4 $ 11,747.4 $ 1,392.6 (512.3) (6,739.3)  
Increase (Decrease) in Shareholders' Equity            
Vesting of restricted stock units (in shares)           700,000
Share-based award activity (in shares)           (100,000)
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition 17.7 17.7        
Stock Issued During Period, Value, Conversion of Convertible Securities   1,392.6 $ (1,392.6)      
Stock Issued During Period, Shares, Conversion of Convertible Securities     (14,400,000)     55,300,000
Dividends, Preferred Stock (12.5)       (12.5)  
Net income (loss) (304.3)       (304.3)  
Other comprehensive income (loss) 15.3     15.3    
Balance at end of the period (in shares) at Jun. 30, 2024     0     724,100,000
Balance at end of the period at Jun. 30, 2024 5,604.6 $ 13,157.7 $ 0.0 (497.0) (7,056.1)  
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)        
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)  
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            
Stock Repurchased and Retired During Period, Value (99.5)          
Net income (loss) (175.9)          
Other comprehensive income (loss) 107.1          
Balance at end of the period (in shares) at Jun. 30, 2025     0     672,200,000
Balance at end of the period at Jun. 30, 2025 4,994.1 $ 12,902.7 $ 0.0 (419.2) (7,489.4)  
Balance at beginning of the period (in shares) at Mar. 31, 2025   683,100,000        
Balance at beginning of the period at Mar. 31, 2025 5,027.1 $ 12,935.1   (490.6) (7,417.4)  
Increase (Decrease) in Shareholders' Equity            
Vesting of restricted stock units (in shares)           800,000
Share-based award activity (in shares)           (200,000)
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition $ 17.1 $ 17.1        
Stock repurchased and retired (in shares) (23,200,000) (11,500,000)        
Stock Repurchased and Retired During Period, Value $ (49.5) $ (49.5)        
Net income (loss) (72.0)       (72.0)  
Other comprehensive income (loss) 71.4     71.4    
Balance at end of the period (in shares) at Jun. 30, 2025     0     672,200,000
Balance at end of the period at Jun. 30, 2025 $ 4,994.1 $ 12,902.7 $ 0.0 $ (419.2) $ (7,489.4)  
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows From Operating Activities    
Net income (loss) $ (175.9) $ (379.3)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 376.3 363.8
Share-based compensation 29.3 33.9
Restructuring and other impairments, including goodwill 2.2 301.3
Amortization and write-off of debt issuance costs 7.7 7.9
Other operating activities 45.8 14.3
Changes in operating assets and liabilities:    
Accounts receivable 2.2 103.2
Prepaid expenses (1.5) 1.1
Other assets 3.1 (5.4)
Accounts payable (3.3) (12.2)
Accrued expenses and other current liabilities (36.1) (38.3)
Deferred revenues 42.6 (59.7)
Operating leases, net (3.2) (4.8)
Other liabilities 3.7 1.2
Net cash provided by operating activities 287.5 302.4
Cash Flows From Investing Activities    
Capital expenditures (126.9) (130.3)
Payments to Acquire Businesses, Net of Cash Acquired 0.0 (17.1)
Net cash used for investing activities (126.9) (166.6)
Cash Flows From Financing Activities    
Principal payments on debt (500.0) (52.7)
Proceeds from Issuance of Debt 500.0 0.0
Proceeds From Debt Issuance Costs   (20.1)
Payment of debt issuance costs, extinguishment costs, and related fees (8.5)  
Payments for Repurchase of Equity 99.5 0.0
Cash dividends on preferred shares 0.0 (37.7)
Payments related to tax withholding for share-based compensation (8.1) (9.9)
Other financing activities 5.6 (0.4)
Net cash used for financing activities (110.5) (120.8)
Effects of exchange rates 17.3 (9.3)
Net change in cash and cash equivalents, including restricted cash 67.4 5.7
Cash and cash equivalents, including restricted cash, beginning of period 295.2 370.7
Cash and cash equivalents, including restricted cash, end of period 362.6 376.4
Proceeds from divestitures, net of cash divested 0.0 (19.2)
Deferred income taxes $ (5.4) $ (24.6)
v3.25.2
Nature of Operations and Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 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 $10.3 and $10.5 as of June 30, 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.
v3.25.2
Revenue
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
2025202420252024
Subscription revenues$405.7 $405.6 $794.3 $808.7 
Re-occurring revenues108.9 108.6 214.8 211.1 
Transactional revenues
106.8 136.1 206.0 251.7 
Revenues$621.4 $650.3 $1,215.1 $1,271.5 
The following table presents our contract balances:
June 30, 2025December 31, 2024
Accounts receivable, net820.4 798.3 
Current portion of deferred revenues929.1 859.1 
Non-current portion of deferred revenues(1)
17.7 16.6 
(1) Included in Other non-current liabilities on the Condensed Consolidated Balance Sheets.
During the six months ended June 30, 2025, we recognized revenues of $546.7 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.
v3.25.2
Other Intangible Assets, Net
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Other Intangible Assets, Net and Goodwill Other Intangible Assets, Net
The following table summarizes the gross carrying amounts and accumulated amortization of our identifiable intangible assets by major class:
June 30, 2025December 31, 2024
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Customer relationships$7,850.4 $(1,703.5)$6,146.9 $7,773.9 $(1,515.9)$6,258.0 
Technology and content2,795.9 (1,333.2)1,462.7 2,748.8 (1,204.6)1,544.2 
Computer software1,179.7 (690.8)488.9 1,060.6 (609.2)451.4 
Trade names and other89.7 (61.1)28.6 88.4 (57.7)30.7 
Definite-lived intangible assets$11,915.7 $(3,788.6)$8,127.1 $11,671.7 $(3,387.4)$8,284.3 
Indefinite-lived trade names
156.9 — 156.9 156.9 — 156.9 
Other intangible assets, net$12,072.6 $(3,788.6)$8,284.0 $11,828.6 $(3,387.4)$8,441.2 
Amortization expense related to intangible assets was $185.2 and $179.9 for the three months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, amortization expense was $365.8 and $354.4, respectively.
v3.25.2
Derivative Instruments
 6 Months Ended
Jun. 30, 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.
Cash flow hedges
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 these swaps as cash flow hedges of the risk associated with floating interest rates on designated future monthly interest payments. As of June 30, 2025, we have two outstanding interest rate swaps entered into in May 2023 with a combined notional value of $745.0, maturing in October 2026, and two swaps entered into in June 2025 with a combined notional value of $402.7, maturing in January 2031. The fair value of the interest rate swaps represents the estimated amount 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 the bid-ask spread.
Changes in fair value are recorded in Accumulated other comprehensive loss (“AOCL”) in the Condensed Consolidated Balance Sheets, with a corresponding adjustment to the derivative asset or liability. Amounts recorded in AOCL are reclassified to Interest expense, net in the same period during which the hedged transactions affect earnings. As of June 30, 2025, we estimate that approximately $7.3 of pre-tax gain related to interest rate swaps recorded in AOCL will be reclassified into earnings within the next 12 months. For additional information on changes recorded in AOCL, see Note 7 - Shareholders' Equity.
Fair value hedges
In June 2025, we entered into two cross-currency swaps with a combined notional value of €350.0, maturing in January 2031, to mitigate foreign currency exposure related to intercompany debt and economically reduce interest expense. We have designated these swaps as fair value hedges. We elected to assess the effectiveness of these hedges based on changes in spot rates.
Changes in fair value are recognized as foreign exchange gains or losses within Other operating expense (income), net, and are intended to offset the foreign exchange gains or losses arising from the remeasurement of the hedged intercompany debt. Unrealized gains or losses on components excluded from the hedge effectiveness assessment are recorded in AOCL and are reclassified into earnings over the life of the swaps. For additional information on changes recorded in AOCL, see Note 7 - Shareholders' Equity.
Net investment hedge
In July 2023, we entered into a €100.0 cross-currency swap maturing in November 2026 to mitigate foreign currency exposure related to our net investment in various euro-functional-currency consolidated subsidiaries. We have designated this swap as a net investment hedge. We elected to assess the effectiveness of this net investment hedge based on changes in spot rates and we amortize the portion of the hedge excluded from the effectiveness assessment to Interest expense, net over the life of the swap.
Changes in fair value related to the effective portion of the hedge are recorded in AOCL as part of the foreign currency translation adjustment, with a corresponding adjustment to the derivative asset or liability. Any accumulated gain or loss will be reclassified into earnings when the hedged net investment is either sold or substantially liquidated. For additional information on changes recorded in AOCL, see Note 7 - Shareholders' Equity.
Derivatives not designated as accounting hedges
We periodically enter into foreign currency forward contracts, generally with maturities of 180 days or less, to reduce our exposure to foreign exchange rate risks. These contracts are not designated as accounting hedges. As of June 30, 2025 and December 31, 2024, the notional amount of our outstanding foreign currency forward contracts was $150.0 and $91.1, respectively.
We initially recognize these contracts at fair value on the execution date and subsequently remeasure them at the end of each reporting period. We determine the fair value of these instruments using market-based inputs, including current and anticipated movements in future interest rates and the relevant currency spot and forward rates. We receive third-party valuation reports to corroborate our determination of fair value.
The gain or loss related to the change in fair value for these contracts is recognized within Other operating expense (income), net. We recognized a (gain) loss from the fair value adjustment of $(1.0) and $0.6 for the three months ended June 30, 2025 and 2024, respectively, and $(3.3) and $2.3 for the six months ended June 30, 2025 and 2024, respectively.
The following table provides the location and the fair value of our derivative instruments in the Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024:
Balance Sheet Location
June 30, 2025December 31, 2024
Cash flow hedging relationships:
Interest rate swapsOther non-current assets$7.1 $14.7 
Interest rate swapsOther non-current liabilities3.1 — 
Fair value hedging relationships:
Cross-currency swaps
Other non-current liabilities5.9 — 
Net investment hedge:
Cross-currency swap
Other non-current assets— 3.7 
Cross-currency swapOther non-current liabilities8.7 — 
Not designated as accounting hedges:
Foreign currency forwardsOther current assets2.3 — 
Foreign currency forwardsAccrued expenses and other current liabilities0.1 1.1 
Total derivative assets
$9.4 $18.4 
Total derivative liabilities
$17.8 $1.1 
v3.25.2
Accrued Expenses and Other Current Liabilities
 6 Months Ended
Jun. 30, 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:
June 30, 2025December 31, 2024
Liabilities due to customers$68.4 $84.8 
Accrued royalties65.0 79.3 
Miscellaneous accruals159.1 146.0 
Accrued expenses and other current liabilities$292.5 $310.1 
v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes our total indebtedness:
June 30, 2025December 31, 2024
TypeMaturityEffective
Interest
Rate		Carrying
Value		Effective
Interest
Rate		Carrying
Value
Senior Secured Notes20264.500%200.0 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 Facility20297.077%— 7.107%— 
Term Loan Facility (Tranche 1)
20317.077%1,999.2 7.107%1,999.2 
Term Loan Facility (Tranche 2)
20317.577%500.0 —%— 
Finance lease
20366.936%28.7 6.936%29.3 
Total debt outstanding$4,570.5 $4,571.1 
Debt discounts and issuance costs(52.3)(51.1)
Current portion of long-term debt
(1.4)(1.3)
Long-term debt$4,516.8 $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).
In May 2025, we used the proceeds from the incremental term loans, described below, to redeem $500.0 in aggregate principal amount of the outstanding Senior Secured Notes due 2026, plus accrued and unpaid interest through the redemption date of May 30, 2025.
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 June 30, 2025, letters of credit totaling $6.5 were collateralized by the revolving credit facility.
Term Loan Facility (2031)
Our $2,150.0 Tranche 1 term loans amortize 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.
In May 2025, we entered into an incremental $500.0 tranche of term loans. These Tranche 2 term loans carry an interest rate margin of 325 basis points per annum in the case of loans bearing interest by reference to term SOFR and are not subject to amortization. The issuance proceeds were used to redeem a portion of the Senior Secured Notes due 2026 described above.
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 June 30, 2025 and December 31, 2024, the fair value of our debt was $4,453.4 and $4,423.2, respectively, and is considered Level 2 under the fair value hierarchy.
v3.25.2
Shareholders' Equity
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2025, we repurchased approximately 23.2 million ordinary shares for $99.5 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 June 30, 2025, we had $400.5 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).
Six Months Ended June 30, 2025
Hedging relationships(1)
Defined benefit pension plans
Foreign currency translation adjustment(2)
AOCL
Balance as of December 31, 2024$10.7 $(0.4)$(536.6)$(526.3)
Other comprehensive income (loss) before reclassifications(1.7)0.1 114.6 113.0 
Reclassifications from AOCL to net earnings(5.5)— (0.4)(5.9)
Net other comprehensive income (loss)(7.2)0.1 114.2 107.1 
Balance as of June 30, 2025$3.5 $(0.3)$(422.4)$(419.2)
Six Months Ended June 30, 2024
Hedging relationships(1)
Defined benefit pension plans
Foreign currency translation adjustment(2)
AOCL
Balance as of December 31, 2023$16.2 $0.4 $(511.9)$(495.3)
Other comprehensive income (loss) before reclassifications15.7 — (3.3)12.4 
Reclassifications from AOCL to net earnings
(13.5)— (0.6)(14.1)
Net other comprehensive income (loss)2.2 — (3.9)(1.7)
Balance as of June 30, 2024$18.4 $0.4 $(515.8)$(497.0)
(1) Includes amounts related to our interest rate swaps designated as cash flow hedges, and for the six months ended June 30, 2025, also includes the excluded component of our cross-currency swaps designated as fair value hedges. Refer to Note 4 - Derivative Instruments for further information.
(2) Primarily includes the impact of translating foreign subsidiary assets and liabilities from their functional currency to USD, and, to a lesser extent, amounts related to our cross-currency swap designated as a net investment hedge.
Conversion of Preferred Shares into Ordinary Shares
On June 3, 2024, all outstanding shares of our 5.25% Series A Mandatory Convertible Preferred Shares (“MCPS”) automatically converted into ordinary shares. All accumulated preferred dividends were paid prior to the conversion.
v3.25.2
Restructuring and Other Impairments
 6 Months Ended
Jun. 30, 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 $5 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 June 30,Six Months Ended June 30,
2025202420252024
Severance and related benefit costs:
Value Creation Plan
$8.8 $— $32.8 $— 
Segment Optimization
— 2.6 0.4 12.1 
ProQuest Acquisition Integration
— — — (0.1)
Total Severance and related benefit costs8.8 2.6 33.2 12.0 
Exit and disposal costs:
Value Creation Plan
0.5 — 0.8 — 
Segment Optimization
— 0.1 — 0.2 
Total Exit and disposal costs0.5 0.1 0.8 0.2 
Lease abandonment costs:
Segment Optimization
— (2.0)— (2.0)
Total Lease abandonment costs— (2.0)— (2.0)
Restructuring and other impairments$9.3 $0.7 $34.0 $10.2 
The following table summarizes the pre-tax charges by program and segment during the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Academia & Government:
Value Creation Plan
$4.3 $— $16.6 $— 
Segment Optimization
— (0.2)— 3.8 
ProQuest Acquisition Integration
— — — (0.1)
Total A&G4.3 (0.2)16.6 3.7 
Intellectual Property:
Value Creation Plan
1.8 — 8.0 — 
Segment Optimization
— 0.4 0.3 3.0 
Total IP1.8 0.4 8.3 3.0 
Life Sciences & Healthcare:
Value Creation Plan
3.2 — 9.0 — 
Segment Optimization
— 0.5 0.1 3.5 
Total LS&H3.2 0.5 9.1 3.5 
Restructuring and other impairments$9.3 $0.7 $34.0 $10.2 
The table below summarizes the changes in our restructuring reserves by activity during the periods indicated:
Severance and
related benefit costs
Exit, disposal,
and abandonment costs
Total
Reserve balance as of December 31, 2024$2.3 $— $2.3 
Expenses recorded33.2 0.8 34.0 
Payments made(27.3)(0.8)(28.1)
Noncash items(2.1)0.1 (2.0)
Reserve balance as of June 30, 2025$6.1 $0.1 $6.2 
Reserve balance as of December 31, 2023$5.9 $1.4 $7.3 
Expenses recorded12.0 (1.8)10.2 
Payments made(15.5)(2.8)(18.3)
Noncash items(0.7)3.3 2.6 
Reserve balance as of June 30, 2024$1.7 $0.1 $1.8 
v3.25.2
Other Operating Expense (Income), Net
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
2025202420252024
Loss (gain) on divestiture(1)
$— $(1.0)$— $14.8 
Net foreign exchange loss (gain)
32.7 4.4 53.4 4.6 
Miscellaneous expense (income), net(3.1)0.2 (4.8)1.8 
Other operating expense (income), net$29.6 $3.6 $48.6 $21.2 
(1) Related to the sale of Valipat, a small product group within our IP segment.
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 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 (benefit) of $12.3 and $(6.8) for the three months ended June 30, 2025 and 2024, respectively, was primarily due to the mix of jurisdictions in which pre-tax profits and losses were recognized and, in the prior year period, a $14.2 tax benefit recorded associated with the goodwill impairment.
The income tax provision (benefit) of $31.1 and $8.2 for the six months ended June 30, 2025 and 2024, respectively, was primarily due to the mix of jurisdictions in which pre-tax profits and losses were recognized and, in the prior year period, an offsetting $14.2 tax benefit associated with the goodwill impairment.
On July 4, 2025, H.R.1, known as the One Big Beautiful Bill Act ("OBBBA"), was enacted into law. OBBBA contains provisions such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to international tax provisions, and the restoration of favorable tax treatment for certain business expenses. We account for income taxes in accordance with ASC Topic 740, Income Taxes, which requires the effects of changes in tax laws and rates to be recognized in the period of enactment. Accordingly, the impacts of OBBBA are not reflected in our results for three and six months ended June 30, 2025. We are currently assessing the impact of OBBBA on our consolidated financial statements and will provide additional disclosures in future periods, as appropriate.
v3.25.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The basic and diluted EPS computations for our ordinary shares are calculated as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Basic EPS
Net income (loss)$(72.0)$(304.3)$(175.9)$(379.3)
Dividends on preferred shares— 12.5 — 31.3 
Net income (loss) attributable to ordinary shares$(72.0)$(316.8)$(175.9)$(410.6)
Weighted average shares, basic681.3 685.6 685.5 676.2 
Basic EPS$(0.11)$(0.46)$(0.26)$(0.61)
Diluted EPS
Net income (loss) attributable to ordinary shares, diluted$(72.0)$(316.8)$(175.9)$(410.6)
Weighted average shares, basic681.3 685.6 685.5 676.2 
Weighted average effect of potentially dilutive shares— — — — 
Weighted average shares, diluted681.3 685.6 685.5 676.2 
Diluted EPS$(0.11)$(0.46)$(0.26)$(0.61)
Potential ordinary shares on a gross basis of 23.5 and 22.5 related to share-based awards and private placement warrants were excluded from diluted EPS for the three months ended June 30, 2025 and 2024, respectively, as their inclusion would have been antidilutive. Potential ordinary shares on a gross basis of 18.8 and 26.2 related to share-based awards and private placement warrants were excluded from diluted EPS for the six months ended June 30, 2025 and 2024, respectively, as their inclusion would have been antidilutive.
As a result of the MCPS conversion described in Note 7 - Shareholders' Equity, during the three and six months ended June 30, 2024, the converted MCPS shares were included in basic EPS for the period subsequent to the conversion. Prior to the conversion, the MCPS shares were evaluated for inclusion in diluted EPS using the if-converted method and, in each period presented, were excluded from diluted EPS as their inclusion would have been antidilutive.
v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 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 table summarizes 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 June 30,Six Months Ended June 30,
2025202420252024
Academia & Government
Revenues$318.5 $344.5 $621.2 $662.2 
People-related costs(84.1)(90.5)(170.3)(182.7)
Royalties and other product costs(50.4)(59.9)(105.5)(120.9)
Technology costs(20.0)(21.3)(39.6)(41.3)
Outside service costs(8.8)(10.1)(17.9)(20.6)
Other costs(10.4)(10.6)(19.3)(21.1)
A&G Adjusted EBITDA$144.8 $152.1 $268.6 $275.6 
Intellectual Property
Revenues$202.5 $201.6 $395.2 $402.5 
People-related costs(73.7)(72.0)(146.4)(145.3)
Royalties and other product costs(19.3)(16.7)(37.3)(38.8)
Technology costs(12.6)(12.0)(24.9)(23.4)
Outside service costs(5.2)(5.0)(10.9)(9.8)
Other costs(7.1)(6.8)(12.3)(13.0)
IP Adjusted EBITDA$84.6 $89.1 $163.4 $172.2 
Life Sciences & Healthcare
Revenues$100.4 $104.2 $198.7 $206.8 
People-related costs(46.2)(48.2)(93.0)(99.0)
Royalties and other product costs(9.4)(9.5)(18.2)(18.7)
Technology costs(6.6)(7.1)(13.6)(13.5)
Outside service costs(3.0)(3.1)(5.6)(6.3)
Other costs(3.0)(3.1)(5.5)(6.4)
LS&H Adjusted EBITDA$32.2 $33.2 $62.8 $62.9 
Total Reportable Segments
Revenues$621.4 $650.3 $1,215.1 $1,271.5 
People-related costs(204.0)(210.7)(409.7)(427.0)
Royalties and other product costs(79.1)(86.1)(161.0)(178.4)
Technology costs(39.2)(40.4)(78.1)(78.2)
Outside service costs(17.0)(18.2)(34.4)(36.7)
Other costs(20.5)(20.5)(37.1)(40.5)
Total Reportable Segments Adjusted EBITDA$261.6 $274.4 $494.8 $510.7 
Benefit (provision) for income taxes(12.3)6.8 (31.1)(8.2)
Depreciation and amortization(190.9)(184.4)(376.3)(363.8)
Interest expense, net(66.6)(71.1)(130.9)(141.3)
Share-based compensation expense(18.5)(18.9)(29.6)(34.3)
Goodwill and intangible asset impairments— (302.8)— (302.8)
Restructuring and lease impairments(9.3)(0.7)(34.0)(10.2)
Fair value adjustment of warrants— — — 5.2 
Transaction related costs(8.1)(3.1)(14.4)(7.5)
Other(1)
(27.9)(4.5)(54.4)(27.1)
Net income (loss)$(72.0)$(304.3)$(175.9)$(379.3)
(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 six months ended June 30, 2024 includes a $14.8 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.
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. On April 25, 2025, the court issued an order permitting the parties to take discovery on issues raised in the Company’s preliminary objections related to standing, and to file supplemental briefs upon completion of such discovery, to be followed by oral argument on the preliminary objections. 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.
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 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. On April 25, 2025, the court issued an order permitting the parties to take discovery on issues raised in the Company’s preliminary objections related to standing, and to file supplemental briefs upon completion of such discovery, to be followed by oral argument on the preliminary objections. 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.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure            
Net income (loss) $ (72.0) $ (103.9) $ (304.3) $ (75.0) $ (175.9) $ (379.3)
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Nature of Operations and Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 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 $10.3 and $10.5 as of June 30, 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 $10.3 and $10.5 as of June 30, 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.
v3.25.2
Revenue (Tables)
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
2025202420252024
Subscription revenues$405.7 $405.6 $794.3 $808.7 
Re-occurring revenues108.9 108.6 214.8 211.1 
Transactional revenues
106.8 136.1 206.0 251.7 
Revenues$621.4 $650.3 $1,215.1 $1,271.5 
Schedule of contract balances
The following table presents our contract balances:
June 30, 2025December 31, 2024
Accounts receivable, net820.4 798.3 
Current portion of deferred revenues929.1 859.1 
Non-current portion of deferred revenues(1)
17.7 16.6 
(1) Included in Other non-current liabilities on the Condensed Consolidated Balance Sheets.
v3.25.2
Other Intangible Assets, Net (Tables)
 6 Months Ended
Jun. 30, 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:
June 30, 2025December 31, 2024
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Customer relationships$7,850.4 $(1,703.5)$6,146.9 $7,773.9 $(1,515.9)$6,258.0 
Technology and content2,795.9 (1,333.2)1,462.7 2,748.8 (1,204.6)1,544.2 
Computer software1,179.7 (690.8)488.9 1,060.6 (609.2)451.4 
Trade names and other89.7 (61.1)28.6 88.4 (57.7)30.7 
Definite-lived intangible assets$11,915.7 $(3,788.6)$8,127.1 $11,671.7 $(3,387.4)$8,284.3 
Indefinite-lived trade names
156.9 — 156.9 156.9 — 156.9 
Other intangible assets, net$12,072.6 $(3,788.6)$8,284.0 $11,828.6 $(3,387.4)$8,441.2 
v3.25.2
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Instruments
The following table provides the location and the fair value of our derivative instruments in the Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024:
Balance Sheet Location
June 30, 2025December 31, 2024
Cash flow hedging relationships:
Interest rate swapsOther non-current assets$7.1 $14.7 
Interest rate swapsOther non-current liabilities3.1 — 
Fair value hedging relationships:
Cross-currency swaps
Other non-current liabilities5.9 — 
Net investment hedge:
Cross-currency swap
Other non-current assets— 3.7 
Cross-currency swapOther non-current liabilities8.7 — 
Not designated as accounting hedges:
Foreign currency forwardsOther current assets2.3 — 
Foreign currency forwardsAccrued expenses and other current liabilities0.1 1.1 
Total derivative assets
$9.4 $18.4 
Total derivative liabilities
$17.8 $1.1 
v3.25.2
Accrued Expenses and Other Current Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Liabilities
Accrued expenses and other current liabilities consisted of the following:
June 30, 2025December 31, 2024
Liabilities due to customers$68.4 $84.8 
Accrued royalties65.0 79.3 
Miscellaneous accruals159.1 146.0 
Accrued expenses and other current liabilities$292.5 $310.1 
v3.25.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes our total indebtedness:
June 30, 2025December 31, 2024
TypeMaturityEffective
Interest
Rate		Carrying
Value		Effective
Interest
Rate		Carrying
Value
Senior Secured Notes20264.500%200.0 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 Facility20297.077%— 7.107%— 
Term Loan Facility (Tranche 1)
20317.077%1,999.2 7.107%1,999.2 
Term Loan Facility (Tranche 2)
20317.577%500.0 —%— 
Finance lease
20366.936%28.7 6.936%29.3 
Total debt outstanding$4,570.5 $4,571.1 
Debt discounts and issuance costs(52.3)(51.1)
Current portion of long-term debt
(1.4)(1.3)
Long-term debt$4,516.8 $4,518.7 
v3.25.2
Shareholders' Equity (Tables)
 6 Months Ended
Jun. 30, 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).
Six Months Ended June 30, 2025
Hedging relationships(1)
Defined benefit pension plans
Foreign currency translation adjustment(2)
AOCL
Balance as of December 31, 2024$10.7 $(0.4)$(536.6)$(526.3)
Other comprehensive income (loss) before reclassifications(1.7)0.1 114.6 113.0 
Reclassifications from AOCL to net earnings(5.5)— (0.4)(5.9)
Net other comprehensive income (loss)(7.2)0.1 114.2 107.1 
Balance as of June 30, 2025$3.5 $(0.3)$(422.4)$(419.2)
Six Months Ended June 30, 2024
Hedging relationships(1)
Defined benefit pension plans
Foreign currency translation adjustment(2)
AOCL
Balance as of December 31, 2023$16.2 $0.4 $(511.9)$(495.3)
Other comprehensive income (loss) before reclassifications15.7 — (3.3)12.4 
Reclassifications from AOCL to net earnings
(13.5)— (0.6)(14.1)
Net other comprehensive income (loss)2.2 — (3.9)(1.7)
Balance as of June 30, 2024$18.4 $0.4 $(515.8)$(497.0)
(1) Includes amounts related to our interest rate swaps designated as cash flow hedges, and for the six months ended June 30, 2025, also includes the excluded component of our cross-currency swaps designated as fair value hedges. Refer to Note 4 - Derivative Instruments for further information.
(2) Primarily includes the impact of translating foreign subsidiary assets and liabilities from their functional currency to USD, and, to a lesser extent, amounts related to our cross-currency swap designated as a net investment hedge.
v3.25.2
Restructuring and Other Impairments (Tables)
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
2025202420252024
Severance and related benefit costs:
Value Creation Plan
$8.8 $— $32.8 $— 
Segment Optimization
— 2.6 0.4 12.1 
ProQuest Acquisition Integration
— — — (0.1)
Total Severance and related benefit costs8.8 2.6 33.2 12.0 
Exit and disposal costs:
Value Creation Plan
0.5 — 0.8 — 
Segment Optimization
— 0.1 — 0.2 
Total Exit and disposal costs0.5 0.1 0.8 0.2 
Lease abandonment costs:
Segment Optimization
— (2.0)— (2.0)
Total Lease abandonment costs— (2.0)— (2.0)
Restructuring and other impairments$9.3 $0.7 $34.0 $10.2 
The following table summarizes the pre-tax charges by program and segment during the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Academia & Government:
Value Creation Plan
$4.3 $— $16.6 $— 
Segment Optimization
— (0.2)— 3.8 
ProQuest Acquisition Integration
— — — (0.1)
Total A&G4.3 (0.2)16.6 3.7 
Intellectual Property:
Value Creation Plan
1.8 — 8.0 — 
Segment Optimization
— 0.4 0.3 3.0 
Total IP1.8 0.4 8.3 3.0 
Life Sciences & Healthcare:
Value Creation Plan
3.2 — 9.0 — 
Segment Optimization
— 0.5 0.1 3.5 
Total LS&H3.2 0.5 9.1 3.5 
Restructuring and other impairments$9.3 $0.7 $34.0 $10.2 
The table below summarizes the changes in our restructuring reserves by activity during the periods indicated:
Severance and
related benefit costs
Exit, disposal,
and abandonment costs
Total
Reserve balance as of December 31, 2024$2.3 $— $2.3 
Expenses recorded33.2 0.8 34.0 
Payments made(27.3)(0.8)(28.1)
Noncash items(2.1)0.1 (2.0)
Reserve balance as of June 30, 2025$6.1 $0.1 $6.2 
Reserve balance as of December 31, 2023$5.9 $1.4 $7.3 
Expenses recorded12.0 (1.8)10.2 
Payments made(15.5)(2.8)(18.3)
Noncash items(0.7)3.3 2.6 
Reserve balance as of June 30, 2024$1.7 $0.1 $1.8 
v3.25.2
Other Operating Expense (Income), Net (Tables)
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
2025202420252024
Loss (gain) on divestiture(1)
$— $(1.0)$— $14.8 
Net foreign exchange loss (gain)
32.7 4.4 53.4 4.6 
Miscellaneous expense (income), net(3.1)0.2 (4.8)1.8 
Other operating expense (income), net$29.6 $3.6 $48.6 $21.2 
(1) Related to the sale of Valipat, a small product group within our IP segment.
v3.25.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted EPS Computations for Ordinary Shares
The basic and diluted EPS computations for our ordinary shares are calculated as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Basic EPS
Net income (loss)$(72.0)$(304.3)$(175.9)$(379.3)
Dividends on preferred shares— 12.5 — 31.3 
Net income (loss) attributable to ordinary shares$(72.0)$(316.8)$(175.9)$(410.6)
Weighted average shares, basic681.3 685.6 685.5 676.2 
Basic EPS$(0.11)$(0.46)$(0.26)$(0.61)
Diluted EPS
Net income (loss) attributable to ordinary shares, diluted$(72.0)$(316.8)$(175.9)$(410.6)
Weighted average shares, basic681.3 685.6 685.5 676.2 
Weighted average effect of potentially dilutive shares— — — — 
Weighted average shares, diluted681.3 685.6 685.5 676.2 
Diluted EPS$(0.11)$(0.46)$(0.26)$(0.61)
v3.25.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table summarizes 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 June 30,Six Months Ended June 30,
2025202420252024
Academia & Government
Revenues$318.5 $344.5 $621.2 $662.2 
People-related costs(84.1)(90.5)(170.3)(182.7)
Royalties and other product costs(50.4)(59.9)(105.5)(120.9)
Technology costs(20.0)(21.3)(39.6)(41.3)
Outside service costs(8.8)(10.1)(17.9)(20.6)
Other costs(10.4)(10.6)(19.3)(21.1)
A&G Adjusted EBITDA$144.8 $152.1 $268.6 $275.6 
Intellectual Property
Revenues$202.5 $201.6 $395.2 $402.5 
People-related costs(73.7)(72.0)(146.4)(145.3)
Royalties and other product costs(19.3)(16.7)(37.3)(38.8)
Technology costs(12.6)(12.0)(24.9)(23.4)
Outside service costs(5.2)(5.0)(10.9)(9.8)
Other costs(7.1)(6.8)(12.3)(13.0)
IP Adjusted EBITDA$84.6 $89.1 $163.4 $172.2 
Life Sciences & Healthcare
Revenues$100.4 $104.2 $198.7 $206.8 
People-related costs(46.2)(48.2)(93.0)(99.0)
Royalties and other product costs(9.4)(9.5)(18.2)(18.7)
Technology costs(6.6)(7.1)(13.6)(13.5)
Outside service costs(3.0)(3.1)(5.6)(6.3)
Other costs(3.0)(3.1)(5.5)(6.4)
LS&H Adjusted EBITDA$32.2 $33.2 $62.8 $62.9 
Total Reportable Segments
Revenues$621.4 $650.3 $1,215.1 $1,271.5 
People-related costs(204.0)(210.7)(409.7)(427.0)
Royalties and other product costs(79.1)(86.1)(161.0)(178.4)
Technology costs(39.2)(40.4)(78.1)(78.2)
Outside service costs(17.0)(18.2)(34.4)(36.7)
Other costs(20.5)(20.5)(37.1)(40.5)
Total Reportable Segments Adjusted EBITDA$261.6 $274.4 $494.8 $510.7 
Benefit (provision) for income taxes(12.3)6.8 (31.1)(8.2)
Depreciation and amortization(190.9)(184.4)(376.3)(363.8)
Interest expense, net(66.6)(71.1)(130.9)(141.3)
Share-based compensation expense(18.5)(18.9)(29.6)(34.3)
Goodwill and intangible asset impairments— (302.8)— (302.8)
Restructuring and lease impairments(9.3)(0.7)(34.0)(10.2)
Fair value adjustment of warrants— — — 5.2 
Transaction related costs(8.1)(3.1)(14.4)(7.5)
Other(1)
(27.9)(4.5)(54.4)(27.1)
Net income (loss)$(72.0)$(304.3)$(175.9)$(379.3)
(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 six months ended June 30, 2024 includes a $14.8 loss on the divestiture described in Note 9 - Other Operating Expense (Income), Net.
v3.25.2
Nature of Operations and Summary of Significant Accounting Policies - General (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Accounting Policies [Abstract]    
Number of reportable segments | segment 3  
Restricted cash | $ $ 10.3 $ 10.5
v3.25.2
Revenue - Disaggregated Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenues $ 621.4 $ 650.3 $ 1,215.1 $ 1,271.5
Subscription revenues        
Disaggregation of Revenue [Line Items]        
Revenues 405.7 405.6 794.3 808.7
Re-occurring Revenues        
Disaggregation of Revenue [Line Items]        
Revenues 108.9 108.6 214.8 211.1
Transactional and other revenues        
Disaggregation of Revenue [Line Items]        
Revenues $ 106.8 $ 136.1 $ 206.0 $ 251.7
v3.25.2
Revenue - Contract Balances (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Accounts receivable, net $ 820.4 $ 798.3
Current portion of deferred revenues 929.1 859.1
Non-current portion of deferred revenues $ 17.7 $ 16.6
v3.25.2
Revenue - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Revenue from Contract with Customer [Abstract]  
Revenue recognized that was deferred at the beginning of the period $ 546.7
v3.25.2
Other Intangible Assets, Net - Intangible Assets by Major Class (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Goodwill And Intangible Assets [Line Items]    
Definite-lived intangible assets, Gross $ 11,915.7 $ 11,671.7
Definite-lived intangible assets, Accumulated Amortization (3,788.6) (3,387.4)
Definite-lived intangible assets, Net 8,127.1 8,284.3
Total intangible assets, Gross 12,072.6 11,828.6
Other intangible assets, net 8,284.0 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 7,850.4 7,773.9
Definite-lived intangible assets, Accumulated Amortization (1,703.5) (1,515.9)
Definite-lived intangible assets, Net 6,146.9 6,258.0
Technology and content    
Goodwill And Intangible Assets [Line Items]    
Definite-lived intangible assets, Gross 2,795.9 2,748.8
Definite-lived intangible assets, Accumulated Amortization (1,333.2) (1,204.6)
Definite-lived intangible assets, Net 1,462.7 1,544.2
Computer software    
Goodwill And Intangible Assets [Line Items]    
Definite-lived intangible assets, Gross 1,179.7 1,060.6
Definite-lived intangible assets, Accumulated Amortization (690.8) (609.2)
Definite-lived intangible assets, Net 488.9 451.4
Trade names and other    
Goodwill And Intangible Assets [Line Items]    
Definite-lived intangible assets, Gross 89.7 88.4
Definite-lived intangible assets, Accumulated Amortization (61.1) (57.7)
Definite-lived intangible assets, Net $ 28.6 $ 30.7
v3.25.2
Other Intangible Assets, Net - Other Intangible Assets, Net Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization of intangible assets $ 185.2 $ 179.9 $ 365.8 $ 354.4
v3.25.2
Derivative Instruments - Narrative (Details)
€ in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
swap
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
swap
Jun. 30, 2024
USD ($)
Jun. 30, 2025
EUR (€)
swap
Dec. 31, 2024
USD ($)
Interest Rate Swap Maturing October 2026 | Cash Flow Hedging | Designated as Hedging Instrument            
Derivative [Line Items]            
Number of outstanding interest rate swaps | swap 2   2   2  
Notional value $ 745.0   $ 745.0      
Interest Rate Swap Maturing January 2031 | Cash Flow Hedging | Designated as Hedging Instrument            
Derivative [Line Items]            
Number of outstanding interest rate swaps | swap 2   2   2  
Notional value $ 402.7   $ 402.7      
Interest rate swap            
Derivative [Line Items]            
Pre-tax gain expected to be reclassified within 12 months     $ 7.3      
Cross currency swap | Fair Value Hedging | Designated as Hedging Instrument            
Derivative [Line Items]            
Number of outstanding interest rate swaps | swap 2   2   2  
Notional value | €         € 350.0  
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 $ 150.0   $ 150.0     $ 91.1
Loss (gain) from the mark to market adjustment $ (1.0) $ 0.6 $ (3.3) $ 2.3    
Foreign Exchange Contract | Maximum            
Derivative [Line Items]            
Term of contract 180 days          
v3.25.2
Derivative Instruments - Fair Value (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Asset Derivatives $ 9.4 $ 18.4
Liability Derivatives 17.8 1.1
Interest rate swap | Noncurrent assets | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Asset Derivatives 7.1 14.7
Interest rate swap | Other non-current liabilities | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Liability Derivatives 3.1 0.0
Cross currency swap | Noncurrent assets | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Asset Derivatives 0.0 3.7
Cross currency swap | Other non-current liabilities | Designated as Hedging Instrument | Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Liability Derivatives 5.9 0.0
Cross currency swap | Other non-current liabilities | Designated as Hedging Instrument | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liability Derivatives 8.7 0.0
Foreign currency forward | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Asset Derivatives 2.3 0.0
Foreign currency forward | Accrued expenses and other current liabilities | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Liability Derivatives $ 0.1 $ 1.1
v3.25.2
Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Customer Refund Liability, Current $ 68.4 $ 84.8
Accrued royalty costs 65.0 79.3
Other accrued expenses and other current liabilities 159.1 146.0
Accrued expenses and other current liabilities $ 292.5 $ 310.1
v3.25.2
Debt - Summary of Indebtedness (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Finance lease, Effective Interest Rate 6.936% 6.936%
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Long-term debt Long-term debt
Finance lease, Carrying Value $ 28.7 $ 29.3
Total debt outstanding 4,570.5 4,571.1
Debt discounts and issuance costs $ (52.3) $ (51.1)
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Current portion of long-term debt $ (1.4) $ (1.3)
Long-term debt $ 4,516.8 $ 4,518.7
Senior Secured Notes    
Debt Instrument [Line Items]    
Effective Interest Rate 4.50% 4.50%
Carrying Value $ 200.0 $ 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 7.077% 7.107%
Carrying Value $ 0.0 $ 0.0
Term Loan Facility    
Debt Instrument [Line Items]    
Effective Interest Rate 7.077% 7.107%
Carrying Value $ 1,999.2 $ 1,999.2
Term Loan Facility (Tranche 2)    
Debt Instrument [Line Items]    
Effective Interest Rate 7.577%  
Carrying Value $ 500.0  
v3.25.2
Debt - The Senior Secured Notes, Credit Facilities, Revolving Credit Facility and Term Loan Facility (2026) (Details) - USD ($)
$ in Millions
 1 Months Ended 6 Months Ended
May 31, 2025
Jan. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Debt Instrument [Line Items]          
Repayment of long-term debt     $ 500.0 $ 52.7  
Level 2          
Debt Instrument [Line Items]          
Fair vale of company's debt     4,453.4   $ 4,423.2
Revolving Credit Facility          
Debt Instrument [Line Items]          
Collateralized amount     6.5    
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 | Secured Debt          
Debt Instrument [Line Items]          
Debt face amount   $ 2,150.0      
Annual equivalent amortization percentage   1.00%      
Term Loan Facility (Tranche 2) | Secured Debt          
Debt Instrument [Line Items]          
Debt face amount $ 500.0        
Interest rate spread (as a percent) 3.25%        
Senior Secured Notes          
Debt Instrument [Line Items]          
Repayment of long-term debt $ 500.0        
v3.25.2
Shareholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 03, 2024
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2025
May 31, 2023
Equity [Abstract]          
Stock repurchase program, authorized amount         $ 500.0
Stock repurchased and retired (in shares)   23,200,000      
Stock Repurchased and Retired During Period, Value   $ 49.5 $ 50.0 $ 99.5  
Treasury stock acquired, average cost per share (in dollars per share)   $ 4.29      
Stock repurchase program, remaining authorized repurchase amount   $ 400.5   $ 400.5  
Preferred stock, dividend rate (as a percent) 5.25%        
v3.25.2
Shareholders' Equity - Accumulated Other Comprehensive Income (Loss) Roll forward (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Balance at beginning of the period $ 5,027.1 $ 5,139.0 $ 5,888.4 $ 5,992.3 $ 5,139.0 $ 5,992.3
Other comprehensive income (loss) before reclassifications         113.0 12.4
Reclassifications from AOCI/ AOCL to net earnings         (5.9) (14.1)
Other comprehensive income (loss), net of tax 71.4 35.7 15.3 (17.0) 107.1 (1.7)
Balance at end of the period 4,994.1 5,027.1 5,604.6 5,888.4 4,994.1 5,604.6
Accumulated Other Comprehensive Income (Loss)            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Balance at beginning of the period (490.6) (526.3) (512.3) (495.3) (526.3) (495.3)
Other comprehensive income (loss), net of tax 71.4 35.7 15.3 (17.0)    
Balance at end of the period (419.2) (490.6) (497.0) (512.3) (419.2) (497.0)
Interest rate swaps            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Balance at beginning of the period   10.7   16.2 10.7 16.2
Other comprehensive income (loss) before reclassifications         (1.7) 15.7
Reclassifications from AOCI/ AOCL to net earnings         (5.5) (13.5)
Other comprehensive income (loss), net of tax         (7.2) 2.2
Balance at end of the period 3.5   18.4   3.5 18.4
Defined benefit pension plans            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Balance at beginning of the period   (0.4)   0.4 (0.4) 0.4
Other comprehensive income (loss) before reclassifications         0.1 0.0
Reclassifications from AOCI/ AOCL to net earnings         0.0 0.0
Other comprehensive income (loss), net of tax         0.1 0.0
Balance at end of the period (0.3)   0.4   (0.3) 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) (536.6) (511.9)
Other comprehensive income (loss) before reclassifications         114.6 (3.3)
Reclassifications from AOCI/ AOCL to net earnings         (0.4) (0.6)
Other comprehensive income (loss), net of tax         114.2 (3.9)
Balance at end of the period $ (422.4)   $ (515.8)   $ (422.4) $ (515.8)
v3.25.2
Restructuring and Other Impairments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]        
Restructuring and other impairments $ 9.3 $ 0.7 $ 34.0 $ 10.2
Restructuring Reserve [Roll Forward]        
Restructuring Reserve, Beginning Balance     2.3 7.3
Expenses recorded 9.3 0.7 34.0 10.2
Payments made     (28.1) (18.3)
Noncash items     (2.0) 2.6
Restructuring Reserve, Ending Balance 6.2 1.8 6.2 1.8
Academia & Government        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other impairments 4.3 (0.2) 16.6 3.7
Restructuring Reserve [Roll Forward]        
Expenses recorded 4.3 (0.2) 16.6 3.7
Intellectual Property        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other impairments 1.8 0.4 8.3 3.0
Restructuring Reserve [Roll Forward]        
Expenses recorded 1.8 0.4 8.3 3.0
Life Sciences & Healthcare        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other impairments 3.2 0.5 9.1 3.5
Restructuring Reserve [Roll Forward]        
Expenses recorded 3.2 0.5 9.1 3.5
Severance and related benefit costs:        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other impairments 8.8 2.6 33.2 12.0
Restructuring Reserve [Roll Forward]        
Restructuring Reserve, Beginning Balance     2.3 5.9
Expenses recorded 8.8 2.6 33.2 12.0
Payments made     (27.3) (15.5)
Noncash items     (2.1) (0.7)
Restructuring Reserve, Ending Balance 6.1 1.7 6.1 1.7
Exit and disposal costs:        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other impairments 0.5 0.1 0.8 0.2
Restructuring Reserve [Roll Forward]        
Expenses recorded 0.5 0.1 0.8 0.2
Lease abandonment costs:        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other impairments     0.8 (1.8)
Restructuring Reserve [Roll Forward]        
Restructuring Reserve, Beginning Balance     0.0 1.4
Expenses recorded     0.8 (1.8)
Payments made     (0.8) (2.8)
Noncash items     0.1 3.3
Restructuring Reserve, Ending Balance 0.1 0.1 0.1 0.1
Lease abandonment costs:        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other impairments 0.0 (2.0) 0.0 (2.0)
Restructuring Reserve [Roll Forward]        
Expenses recorded 0.0 (2.0) 0.0 (2.0)
Segment Optimization Program | Academia & Government        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other impairments 0.0 (0.2) 0.0 3.8
Restructuring Reserve [Roll Forward]        
Expenses recorded 0.0 (0.2) 0.0 3.8
Segment Optimization Program | Intellectual Property        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other impairments 0.0 0.4 0.3 3.0
Restructuring Reserve [Roll Forward]        
Expenses recorded 0.0 0.4 0.3 3.0
Segment Optimization Program | Life Sciences & Healthcare        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other impairments 0.0 0.5 0.1 3.5
Restructuring Reserve [Roll Forward]        
Expenses recorded 0.0 0.5 0.1 3.5
Segment Optimization Program | Severance and related benefit costs:        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other impairments 0.0 2.6 0.4 12.1
Restructuring Reserve [Roll Forward]        
Expenses recorded 0.0 2.6 0.4 12.1
Segment Optimization Program | Exit and disposal costs:        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other impairments 0.0 0.1 0.0 0.2
Restructuring Reserve [Roll Forward]        
Expenses recorded 0.0 0.1 0.0 0.2
Segment Optimization Program | Lease abandonment costs:        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other impairments 0.0 (2.0) 0.0 (2.0)
Restructuring Reserve [Roll Forward]        
Expenses recorded 0.0 (2.0) 0.0 (2.0)
ProQuest Acquisition Integration Program | Academia & Government        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other impairments 0.0 0.0 0.0 (0.1)
Restructuring Reserve [Roll Forward]        
Expenses recorded 0.0 0.0 0.0 (0.1)
ProQuest Acquisition Integration Program | Severance and related benefit costs:        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other impairments 0.0 0.0 0.0 (0.1)
Restructuring Reserve [Roll Forward]        
Expenses recorded 0.0 0.0 0.0 (0.1)
Value Creation Plan        
Restructuring Cost and Reserve [Line Items]        
Expected additional restructuring costs 5.0   5.0  
Value Creation Plan | Academia & Government        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other impairments 4.3 0.0 16.6 0.0
Restructuring Reserve [Roll Forward]        
Expenses recorded 4.3 0.0 16.6 0.0
Value Creation Plan | Intellectual Property        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other impairments 1.8 0.0 8.0 0.0
Restructuring Reserve [Roll Forward]        
Expenses recorded 1.8 0.0 8.0 0.0
Value Creation Plan | Life Sciences & Healthcare        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other impairments 3.2 0.0 9.0 0.0
Restructuring Reserve [Roll Forward]        
Expenses recorded 3.2 0.0 9.0 0.0
Value Creation Plan | Severance and related benefit costs:        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other impairments 8.8 0.0 32.8 0.0
Restructuring Reserve [Roll Forward]        
Expenses recorded 8.8 0.0 32.8 0.0
Value Creation Plan | Exit and disposal costs:        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other impairments 0.5 0.0 0.8 0.0
Restructuring Reserve [Roll Forward]        
Expenses recorded $ 0.5 $ 0.0 $ 0.8 $ 0.0
v3.25.2
Other Operating Expense (Income), Net (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Loss (gain) on divestiture(1)     $ 0.0  
Net foreign exchange loss (gain) $ 32.7 $ 4.4 53.4 $ 4.6
Miscellaneous expense (income), net (3.1) 0.2 (4.8) 1.8
Other operating expense (income), net 29.6 3.6 $ 48.6 21.2
Discontinued Operations, Disposed of by Sale        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Loss (gain) on divestiture(1)       $ 14.8
Discontinued Operations, Disposed of by Sale | MarkMonitor        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Loss (gain) on divestiture(1) $ 0.0 $ (1.0)    
v3.25.2
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Provision (benefit) for income taxes $ 12.3 $ (6.8) $ 31.1 $ 8.2
Income tax benefit due to impairment of goodwill   $ 14.2   $ 14.2
v3.25.2
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Basic EPS            
Net income (loss) $ (72.0) $ (103.9) $ (304.3) $ (75.0) $ (175.9) $ (379.3)
Dividends on preferred shares 0.0   12.5   0.0 31.3
Net income (loss) attributable to ordinary shares $ (72.0)   $ (316.8)   $ (175.9) $ (410.6)
Weighted average shares, basic (in shares) 681.3   685.6   685.5 676.2
Basic EPS (in dollars per share) $ (0.11)   $ (0.46)   $ (0.26) $ (0.61)
Diluted EPS            
Net income (loss) attributable to ordinary shares, diluted $ (72.0)   $ (316.8)   $ (175.9) $ (410.6)
Weighted average shares, basic (in shares) 681.3   685.6   685.5 676.2
Weighted average effect of potentially dilutive shares (in shares) 0.0   0.0   0.0 0.0
Weighted average shares, diluted (in shares) 681.3   685.6   685.5 676.2
Diluted EPS (in dollars per share) $ (0.11)   $ (0.46)   $ (0.26) $ (0.61)
v3.25.2
Earnings Per Share - Narrative (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Warrant and share-based payment awards        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive shares (in shares) 23.5 22.5 18.8 26.2
v3.25.2
Segment Information - Narrative (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
Segment Reporting [Abstract]        
Number of reportable segments | segment     3  
Goodwill and intangible asset impairments | $ $ 0.0 $ (302.8) $ 0.0 $ (302.8)
v3.25.2
Segment Information - Reconciliation of Segment Adjusted EBITDA to Net income (loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information            
Revenues $ 621.4   $ 650.3   $ 1,215.1 $ 1,271.5
People-related costs (204.0)   (210.7)   (409.7) (427.0)
Royalties and other product costs (79.1)   (86.1)   (161.0) (178.4)
Technology costs (39.2)   (40.4)   (78.1) (78.2)
Outside service costs (17.0)   (18.2)   (34.4) (36.7)
Other costs (20.5)   (20.5)   (37.1) (40.5)
Adjusted EBITDA 261.6   274.4   494.8 510.7
Provision (benefit) for income taxes (12.3)   6.8   (31.1) (8.2)
Depreciation and amortization (190.9)   (184.4)   (376.3) (363.8)
Interest expense, net (66.6)   (71.1)   (130.9) (141.3)
Royalties and other product costs (18.5)   (18.9)   (29.6) (34.3)
Goodwill and intangible asset impairments 0.0   (302.8)   0.0 (302.8)
Mark to market gain (loss) on financial instruments 0.0   0.0   0.0 5.2
Transaction related costs (8.1)   (3.1)   (14.4) (7.5)
Other (27.9)   (4.5)   (54.4) (27.1)
Net income (loss) (72.0) $ (103.9) (304.3) $ (75.0) (175.9) (379.3)
Restructuring and other impairments (9.3)   (0.7)   (34.0) (10.2)
Academia & Government            
Segment Reporting Information            
Revenues 318.5   344.5   621.2 662.2
People-related costs (84.1)   (90.5)   (170.3) (182.7)
Royalties and other product costs (50.4)   (59.9)   (105.5) (120.9)
Technology costs (20.0)   (21.3)   (39.6) (41.3)
Outside service costs (8.8)   (10.1)   (17.9) (20.6)
Other costs (10.4)   (10.6)   (19.3) (21.1)
Adjusted EBITDA 144.8   152.1   268.6 275.6
Restructuring and other impairments (4.3)   0.2   (16.6) (3.7)
Intellectual Property            
Segment Reporting Information            
Revenues 202.5   201.6   395.2 402.5
People-related costs (73.7)   (72.0)   (146.4) (145.3)
Royalties and other product costs (19.3)   (16.7)   (37.3) (38.8)
Technology costs (12.6)   (12.0)   (24.9) (23.4)
Outside service costs (5.2)   (5.0)   (10.9) (9.8)
Other costs (7.1)   (6.8)   (12.3) (13.0)
Adjusted EBITDA 84.6   89.1   163.4 172.2
Restructuring and other impairments (1.8)   (0.4)   (8.3) (3.0)
Life Sciences & Healthcare            
Segment Reporting Information            
Revenues 100.4   104.2   198.7 206.8
People-related costs (46.2)   (48.2)   (93.0) (99.0)
Royalties and other product costs (9.4)   (9.5)   (18.2) (18.7)
Technology costs (6.6)   (7.1)   (13.6) (13.5)
Outside service costs (3.0)   (3.1)   (5.6) (6.3)
Other costs (3.0)   (3.1)   (5.5) (6.4)
Adjusted EBITDA 32.2   33.2   62.8 62.9
Restructuring and other impairments $ (3.2)   $ (0.5)   $ (9.1) $ (3.5)