Product and Geographic Sales Information (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Revenue by reportable segment

The tables below show the Company’s disaggregated revenue for the periods presented:













	Year Ended December 31,
	2021		2020		2019
Subscription revenues	$	1,034,356	$	877,659	$	805,518
Re-occurring revenues	453,242		111,929		—
Transactional and other revenues	393,247		287,560		169,265
Total revenues, gross	1,880,845		1,277,148		974,783
Deferred revenues adjustment(1)	(3,951)		(23,101)		(438)
Total revenues, net	$	1,876,894	$	1,254,047	$	974,345


(1) Reflects the deferred revenues adjustment made as a result of purchase accounting prior to the adoption of FASB ASU No. 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers". In the fourth quarter of 2021, Clarivate adopted ASU No. 2021-08 which allows an acquirer to account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. This guidance was applied retrospectively to all business combinations for which the acquisition date occurs during or subsequent to the fiscal year 2021.

The following table summarizes revenue by reportable segment for the periods indicated:








	Year Ended December 31,
	2021		2020		2019
Academia and Government	$	489,409	$	384,677	$	380,302
Life Sciences and Healthcare	413,215		352,088		167,240
Intellectual Property	974,270		517,282		426,803
Total Revenues	$	1,876,894	$	1,254,047	$	974,345

Schedule of summarizes revenues from external customers by geography

The following table summarizes revenue from external customers by geography, which is based on the location of the customer:


	Year ended December 31,
Revenue:	2021		2020		2019
Americas	$	928,690	$	631,222	$	463,041
Europe/Middle East/Africa	555,804		365,599		278,738
APAC	396,351		280,327		233,004
Deferred revenues adjustment	(3,951)		(23,101)		(438)
Total	$	1,876,894	$	1,254,047	$	974,345

Schedule of summarizes non-current assets other than financial instruments and deferred tax assets by geography

Assets are allocated based on operations and physical location. The following table summarizes non-current assets other than financial instruments, operating lease ROU assets and deferred tax assets by geography:


	Year ended December 31,
Assets:	2021		2020
Americas	$	8,944,134	$	3,238,734
Europe/Middle East/Africa	10,555,892		10,859,341
APAC	682,953		692,623
Total Assets	$	20,182,979	$	14,790,698

Schedule of Segment Reporting Information, by Segment

Adjusted EBITDA by segment

The following table presents segment profitability and a reconciliation to net income for the periods indicated:






















	Year Ended December 31,
	2021		2020		2019
Academia and Government	$	258,849	$	202,455	$	183,926
Life Sciences and Healthcare	143,633		107,025		41,540
Intellectual Property	397,922		177,120		68,599
Total Adjusted EBITDA	$	800,404	$	486,600	$	294,065
Benefit (provision) for income taxes	(12,298)		2,698		(10,201)
Depreciation and amortization	(537,815)		(303,150)		(200,542)
Interest, net	(252,490)		(111,914)		(157,689)

Mark to market adjustment on financial instruments (1)	81,320		(205,062)		(47,656)

Deferred revenues adjustment (2)	(3,951)		(23,101)		(438)
Transaction related costs (3)	(46,216)		(99,286)		(46,214)
Share-based compensation expense	(139,571)		(70,472)		(51,383)
Gain on sale of assets	—		28,140		—
Restructuring and impairment (4)	(129,459)		(56,138)		(15,670)
Legal settlement	—		—		39,399
Impairment on assets held for sale	—		—		(18,431)
Other (5)	(30,372)		1,060		(43,873)
Net loss	$	(270,448)	$	(350,625)	$	(258,633)
Dividends on preferred shares	(41,508)		—		—
Net loss attributable to ordinary shares	$	(311,956)	$	(350,625)	$	(258,633)

(1)Reflects mark to market adjustments on financial instruments under Accounting Standards Codification 815, Derivatives and Hedging, ("ASC 815"). Warrant instruments that do not meet the criteria to be considered indexed to an entity's own stock shall be initially classified as a liability at their estimated fair values, regardless of the likelihood that such instruments will ever be settled in cash. In periods subsequent to issuance, changes in the estimated fair value of the liabilities are reported through earnings.

(2)Reflects the deferred revenues adjustment made as a result of purchase accounting prior to the adoption of FASB ASU No. 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers". In the fourth quarter of 2021, Clarivate adopted ASU No. 2021-08 which allows an acquirer to account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. This guidance was applied retrospectively to all business combinations for which the acquisition date occurs during or subsequent to the fiscal year 2021.

(3)Includes costs incurred to complete business combination transactions, including acquisitions, dispositions and capital market activities and include advisory, legal, and other professional and consulting costs. This also includes the mark to market adjustments on the contingent stock consideration associated with the CPA Global and DRG acquisitions.

(4)Reflects costs related to restructuring and impairment associated with the acquisition of primarily DRG and CPA Global in 2020. This also includes costs incurred in connection with the initiative, following our merger with Churchill Capital Corp in 2019, to streamline our operations by simplifying our organization and focusing on three segments. During 2021, the CPA Global plan continued as well as the addition of the One Clarivate and ProQuest Programs, which were approved restructuring actions to streamline operations within targeted areas of the Company. Additionally, during

the year ended December 31, 2021, 2020 and 2019, we incurred impairment charges taken on right-of-use assets of $57,305, $4,771 and $0 respectively, relating to the exit and ceased use of leased properties.

(5)Includes primarily the net impact of foreign exchange gains and losses related to the re-measurement of balances and other items that do not reflect our ongoing operating performance. The 2020 detail also includes costs related to a transition services agreement and offset by the reverse transition services agreement from the sale of MarkMonitor. In 2019, this includes payments to Thomson Reuters under the Transition Services Agreement. For both 2020 and 2019, this also includes costs incurred in connection with and after our separation from Thomson Reuters in 2016 relating to the implementation of our standalone company infrastructure and related cost-savings initiatives. These costs include mainly transition consulting, technology infrastructure, personnel and severance expenses relating to our standalone company infrastructure, which are recorded in selling, general and administrative costs in our income statement, as well as expenses related to the restructuring and transformation of our business following our separation from Thomson Reuters in 2016 mainly related to the integration of separate business units into one functional organization and enhancements in our technology. These costs were largely wound down by the end of 2020.