10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _______

Commission File No. 001-38911

CLARIVATE PLC

(Exact name of registrant as specified in its charter)

Jersey, Channel Islands	N/A
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
Friars House, 160 Blackfriars Road London SE1 8EZ United Kingdom (Address of principal executive offices)	Not applicable (Zip Code)

Registrant's telephone number, including area code: +44 207 4334000

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading Symbol(s)	Name of exchange on which registered
Ordinary Shares, no par value	CLVT	New York Stock Exchange
5.25% Series A Mandatory Convertible Preferred Shares, no par value	CLVT PR A	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Exchange Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).    Yes ☐    No ☒

The number of ordinary shares of the Company outstanding as of October 25, 2021 was 639,776,102.

DOCUMENTS INCORPORATED BY REFERENCE

None

TABLE OF CONTENTS     

	Page
Part I. Financial Information	5
Item 1. Financial Statements (Unaudited)	5
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	64
Item 3. Quantitative and Qualitative Disclosures About Market Risk	91
Item 4. Controls and Procedures	91
PART II. Other Information	91
Item 1. Legal Proceedings	91
Item 1A. Risk Factors	92
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	92
Item 3. Defaults Upon Senior Securities	92
Item 4. Mine Safety Disclosures	92
Item 5. Other Information	92
Item 6. Exhibits	92
SIGNATURES	94

2

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements,” within the meaning of the "safe harbor provisions" of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “seeks,” “projects,” “intends,” “plans,” “may,” “will” or “should” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this quarterly report and include statements regarding our intentions, beliefs or current expectations concerning, among other things, the ProQuest acquisition, anticipated cost savings, results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which we operate. Such forward-looking statements are based on available current market material and management’s expectations, beliefs and forecasts concerning future events impacting us. Factors that may impact such forward-looking statements include:

•our ability to make, consummate and integrate acquisitions, including the ProQuest acquisition, and realize any

expected benefits or effects of any acquisitions or the timing, final purchase price, costs associated with achieving

synergies or integration or consummation of any acquisitions, including the ProQuest acquisition;

•any significant disruption in or unauthorized access to our computer systems or those of third parties that we utilize in our operations, including those relating to cybersecurity or arising from cyber-attacks;

•our ability to maintain revenues if our products and services do not achieve and maintain broad market acceptance, or if we are unable to keep pace with or adapt to rapidly changing technology, evolving industry standards, macroeconomic market conditions and changing regulatory requirements;

•our loss of, or inability to attract and retain, key personnel;

•our ability to comply with applicable data protection and privacy laws;

•the effectiveness of our business continuity plans;

•our dependence on third parties, including public sources, for data, information and other services, and our relationships with such third parties;

•increased accessibility to free or relatively inexpensive information sources;

•our ability to derive fully the anticipated benefits from organic growth, existing or future acquisitions, joint ventures, investments or dispositions;

•our ability to compete in the highly competitive industry in which we operate, and potential adverse effects of this competition;

•our ability to maintain high annual revenue renewal rates;

•the strength of our brand and reputation;

•our exposure to risk from the international scope of our operations, and our exposure to potentially adverse tax consequences from the international scope of our operations and our corporate and financing structure;

•our substantial indebtedness, which could adversely affect our business, financial condition, and results of operations

•volatility in our earnings due to changes in the fair value of our outstanding warrants each period; and

•other factors beyond our control.

3

The forward-looking statements contained in this quarterly report are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Item 1A. Risk Factors.” Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We will not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Note on Defined Terms and Presentation

We employ a number of defined terms in this quarterly report for clarity and ease of reference, which we have capitalized so that you may recognize them as such. As used throughout this quarterly report, unless otherwise indicated or the context otherwise requires, the terms “Clarivate,” the “Company,” “our,” “us” and “we” refer to Clarivate Plc and its consolidated subsidiaries; “Baring” refers to the affiliated funds of Baring Private Equity Asia Pte Ltd that from time to time hold our ordinary shares; “LGP” refers to affiliated funds of Leonard Green & Partners, L.P. that from time to time hold our ordinary shares; and “Onex” refers to the affiliates of Onex Partners Advisor LP that from time to time hold our ordinary shares.

Unless otherwise indicated, dollar amounts throughout this quarterly report are presented in thousands of dollars, except for share and per share amounts.

Website and Social Media Disclosure

We use our website (www.clarivate.com) and corporate Twitter account (@Clarivate) as routine channels of distribution of company information, including news releases, analyst presentations, and supplemental financial information, as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD promulgated by the Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the “Securities Act”) and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Accordingly, investors should monitor our website and our corporate Twitter account in addition to following press releases, SEC filings, and public conference calls and webcasts. Additionally, we provide notifications of news or announcements as part of our investor relations website. Investors and others can receive notifications of new information posted on our investor relations website in real time by signing up for email alerts.

None of the information provided on our website, in our press releases, public conference calls, and webcasts, or through social media channels is incorporated into, or deemed to be a part of, this quarterly report or in any other report or document we file with the SEC, and any references to our website or our social media channels are intended to be inactive textual references only.

4

PART I. Financial Information

Item 1. Financial Statements and Supplementary Data

CLARIVATE PLC

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except share and per share data)

	September 30, 2021		December 31, 2020
Assets
Current assets:
Cash and cash equivalents	$	2,479,880	$	257,730
Restricted cash	1,854,257		11,278
Accounts receivable, net of allowance of $8,642 and $8,745 at September 30, 2021 and December 31, 2020, respectively	610,755		737,733
Prepaid expenses	58,056		58,273
Other current assets	186,298		262,494
Total current assets	5,189,246		1,327,508
Property and equipment, net	27,948		36,267
Other intangible assets, net	6,964,081		7,370,350
Goodwill	6,198,701		6,252,636
Other non-current assets	41,808		47,944
Deferred income taxes	30,110		29,786
Operating lease right-of-use assets	45,880		132,356
Total Assets	$	18,497,774	$	15,196,847
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	94,494	$	82,038
Accrued expenses and other current liabilities	592,721		716,356
Current portion of deferred revenues	579,935		707,318
Current portion of operating lease liability	28,459		35,455
Current portion of long-term debt	1,865,627		28,600
Total current liabilities	3,161,236		1,569,767
Long-term debt	3,443,578		3,457,900
Warrant liabilities	195,952		312,751
Non-current portion of deferred revenues	44,934		41,399
Other non-current liabilities	58,332		67,722
Deferred income taxes	324,959		362,261
Operating lease liabilities	58,443		104,324
Total liabilities	7,287,434		5,916,124
Commitments and contingencies
Shareholders’ equity:
Preferred Shares, no par value; 14,375,000 shares authorized; 5.25% Mandatory Convertible Preferred Shares, Series A, 14,375,000 and 0 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	1,392,671		—
Ordinary Shares, no par value; unlimited shares authorized at September 30, 2021 and December 31, 2020; 639,750,620 and 606,329,598 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	10,810,130		9,989,284
Accumulated other comprehensive income	324,904		503,521
Accumulated deficit	(1,317,365)		(1,212,082)
Total shareholders’ equity	11,210,340		9,280,723
Total Liabilities and Shareholders’ Equity	$	18,497,774	$	15,196,847

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

5

Table of Contents

CLARIVATE PLC

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share data)

	Three Months Ended September 30,
	2021		2020 (As Restated)
Revenues, net	$	442,117	$	284,360
Operating expenses:
Cost of revenues	(141,111)		(93,554)
Selling, general and administrative costs	(141,219)		(131,526)
Depreciation	(2,657)		(2,918)
Amortization	(128,026)		(65,696)
Restructuring and impairment	(15,621)		(3,192)
Other operating expense, net	(4,411)		(138)
Total operating expenses	(433,045)		(297,024)
Income (loss) from operations	9,072		(12,664)
Mark to market adjustment on financial instruments	83,013		(144,753)
Income (loss) before interest expense and income tax	92,085		(157,417)
Interest expense and amortization of debt discount, net	(65,194)		(20,244)
Income (loss) before income tax	26,891		(177,661)
Provision for income taxes	(3,579)		(4,325)
Net income (loss)	23,312		(181,986)
Dividends on preferred shares	(22,431)		—
Net income (loss) attributable to ordinary shares	$	881	$	(181,986)
Per share:
Basic	$	—	$	(0.47)
Diluted	$	—	$	(0.47)
Weighted average shares used to compute earnings per share:
Basic	640,834,827		387,845,438
Diluted	645,933,513		387,845,438

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

6

CLARIVATE PLC

Condensed Consolidated Statement of Operations (Unaudited)

(In thousands, except share and per share data)

	Nine Months Ended September 30,
	2021		2020 (As Restated)
Revenues, net	$	1,316,192	$	798,452
Operating expenses:
Cost of revenues	(416,459)		(268,614)
Selling, general and administrative costs	(402,378)		(368,247)
Depreciation	(9,243)		(8,151)
Amortization	(383,270)		(168,049)
Restructuring and impairment	(121,988)		(26,792)
Other operating (expense) income, net	(19,741)		14,675
Total operating expenses	(1,353,079)		(825,178)
Loss from operations	(36,887)		(26,726)
Mark to market adjustment on financial instruments	113,207		(224,175)
Income (loss) before interest expense and income tax	76,320		(250,901)
Interest expense and amortization of debt discount, net	(141,156)		(72,306)
Loss before income tax	(64,836)		(323,207)
Provision for income taxes	(18,016)		(13,693)
Net loss	(82,852)		(336,900)
Dividends on preferred shares	(22,431)		—
Net loss attributable to ordinary shares	$	(105,283)	$	(336,900)
Per share:
Basic	$	(0.17)	$	(0.91)
Diluted	$	(0.17)	$	(0.91)
Weighted average shares used to compute earnings per share:
Basic	622,460,931		369,019,802
Diluted	622,460,931		369,019,802

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

7

CLARIVATE PLC

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

(In thousands)

	Three Months Ended September 30,
	2021		2020 (As Restated)
Net income (loss)	$	23,312	$	(181,986)
Other comprehensive income (loss), net of tax:
Interest rate swaps	333		1,092
Defined benefit pension plans	(4)		(15)
Foreign currency translation adjustment	(246,979)		9,359
Total other comprehensive income (loss), net of tax	(246,650)		10,436
Comprehensive loss	$	(223,338)	$	(171,550)

	Nine Months Ended September 30,
	2021		2020 (As Restated)
Net loss	$	(82,852)	$	(336,900)
Other comprehensive income (loss), net of tax:
Interest rate swaps	1,884		(2,052)
Defined benefit pension plans	(12)		(57)
Foreign currency translation adjustment	(180,489)		1,795
Total other comprehensive loss, net of tax	(178,617)		(314)
Comprehensive loss	$	(261,469)	$	(337,214)

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

8

CLARIVATE PLC

Condensed Consolidated Statements of Changes in Equity (Unaudited)

(In thousands, except share data)

	Ordinary Shares			Preferred Shares			Treasury Shares			Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total Shareholders’  Equity
	Shares	Amount		Shares	Amount		Shares	Amount
Balance at December 31, 2020	606,329,598	$	9,989,284	—	$	—	—	$	—	$	503,521	$	(1,212,082)	$	9,280,723
Exercise of Private Placement Warrants	212,174	3,592		—	—		—	—		—		—		3,592
Exercise of stock options	835,917	5,074		—	—		—	—		—		—		5,074
Vesting of restricted stock units	15,958	—		—	—		—	—		—		—		—
Shares returned to the Company for net share settlements	(434,059)	(4,489)		—	—		—	—		—		—		(4,489)
Issuance of ordinary shares, net	4,395,638	105,509		—	—		—	—		—		—		105,509
Share-based award activity	—	10,479		—	—		—	—		—		—		10,479
Net loss	—	—		—	—		—	—		—		(23,954)		(23,954)
Other comprehensive income	—	—		—	—		—	—		19,838		—		19,838
Balance at March 31, 2021	611,355,226	10,109,449		—	—		—	—		523,359		(1,236,036)		9,396,772
Exercise of stock options	1,581,518	9,761		—	—		—	—		—		—		9,761
Vesting of restricted stock units	446,324	—		—	—		—	—		—		—		—
Shares returned to the Company for net share settlements	(809,644)	(17,245)		—	—		—	—		—		—		(17,245)
Issuance of ordinary shares, net	206,052,933	5,780,933		—	—		—	—		—		—		5,780,933
Share-based award activity	—	12,816		—	—		—	—		—		—		12,816
Repurchase of ordinary shares	—	—		—	—		(177,206,779)	(5,052,165)		—		—		(5,052,165)
Retirement of treasury shares	(177,206,779)	(5,052,165)		—	—		177,206,779	5,052,165		—		—		—
Issuance of preferred shares, net	—	—		14,375,000	1,393,222		—	—		—		—		1,393,222
Net loss	—	—		—	—		—	—		—		(82,210)		(82,210)
Other comprehensive income	—	—		—	—		—	—		48,195		—		48,195
Balance at June 30, 2021	641,419,578	10,843,549		14,375,000	1,393,222		—	—		571,554		(1,318,246)		11,490,079
Exercise of stock options	328,531	2,415		—	—		—	—		—		—		2,415
Vesting of restricted stock units	114,962	—		—	—		—	—		—		—		—
Shares returned to the Company for net share settlements	(177,481)	279		—	—		—	—		—		—		279
Issuance of ordinary shares, net	—	(688)		—	—		—	—		—		—		(688)

CLARIVATE PLC

Consolidated Statements of Changes in Equity

(In thousands, except share data)

	Ordinary Shares			Preferred Shares			Treasury Shares			Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total Shareholders’  Equity
	Shares	Amount		Shares	Amount		Shares	Amount
Share-based award activity	—	13,649		—	—		—	—		—		—		13,649
Repurchases of ordinary shares	—	—		—	—		(2,599,700)	(65,215)		—		—		(65,215)
Retirement of treasury shares	(2,599,700)	(65,215)		—	—		2,599,700	65,215		—		—		—
Issuance of preferred shares, net	—	—		—	(551)		—	—		—		—		(551)
Dividends to preferred stockholders	664,730	16,141		—	—		—	—		—		(22,431)		(6,290)
Net income	—	—		—	—		—	—		—		23,312		23,312
Other comprehensive loss	—	—		—	—		—	—		(246,650)		—		(246,650)
Balance at September 30, 2021	639,750,620	$	10,810,130	14,375,000	$	1,392,671	—	$	—	$	324,904	$	(1,317,365)	$	11,210,340

10

CLARIVATE PLC

Consolidated Statements of Changes in Equity

(In thousands, except share data)

	Ordinary Shares			Preferred Shares			Treasury Shares		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total Shareholders’  Equity
	Shares	Amount		Shares	Amount
Balance at December 31, 2019	306,874,115	$	2,144,372	—	$	—	$	—	$	(4,879)	$	(890,894)	$	1,248,599
Adjustment to opening Accumulated deficit related to adoption of ASC Topic 326	—	—		—	—		—		—		(9,319)		(9,319)
Exercise of public warrants	28,880,098	277,526		—	—		—		—		—		277,526
Exercise of stock options	3,715,455	1,182		—	—		—		—		—		1,182
Vesting of restricted stock units	169,842	—		—	—		—		—		—		—
Shares returned to the Company for net share settlements	(2,301,458)	(10,302)		—	—		—		—		—		(10,302)
Issuance of ordinary shares, net	27,600,000	539,714		—	—		—		—		—		539,714
Share-based award activity	—	16,384		—	—		—		—		—		16,384
Net loss (As Restated)	—	—		—	—		—		—		(129,633)		(129,633)
Other comprehensive loss	—	—		—	—		—		(8,470)		—		(8,470)
Balance at March 31, 2020	364,938,052	2,968,876		—	—		—		(13,349)		(1,029,846)		1,925,681
Exercise of stock options	3,723,332	—		—	—		—		—		—		—
Vesting of restricted stock units	2,528	—		—	—		—		—		—		—
Shares returned to the Company for net share settlements	(2,311,293)	(15,118)		—	—		—		—		—		(15,118)
Issuance of ordinary shares, net	20,982,500	304,030		—	—		—		—		—		304,030
Share-based award activity	—	4,322		—	—		—		—		—		4,322
Net loss (As Restated)	—	—		—	—		—		—		(25,281)		(25,281)
Other comprehensive loss	—	—		—	—		—		(2,280)		—		(2,280)
Balance at June 30, 2020 (As Restated)	387,335,119	3,262,110		—	—		—		(15,629)		(1,055,127)		2,191,354
Exercise of stock options	4,068,307	125		—	—		—		—		—		125
Vesting of restricted stock units	2,459	—		—	—		—		—		—		—
Shares returned to the Company for net share settlements	(2,184,918)	(3,136)		—	—		—		—		—		(3,136)
Share-based award activity	—	5,520		—	—		—		—		—		5,520
Net loss (As Restated)	—	—		—	—		—		—		(181,986)		(181,986)
Other comprehensive income (loss)	—	—		—	—		—		10,436		—		10,436
Balance at September 30, 2020 (As Restated)	389,220,967	$	3,264,619	—	$	—	$	—	$	(5,193)	$	(1,237,113)	$	2,022,313

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

11

CLARIVATE PLC

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

	Nine Months Ended September 30,
	2021		2020 (As Restated)
Cash Flows From Operating Activities
Net loss	$	(82,852)	$	(336,900)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	392,513		176,200
Bad debt expense	6,832		1,830
Deferred income tax benefit	(11,084)		(7,420)
Share-based compensation	36,944		26,344
Restructuring and impairment	60,232		4,880
Loss (gain) on foreign currency forward contracts	4,026		(2,903)
Mark to market adjustment on contingent and phantom shares	(34,503)		30,839
Mark to market adjustment on financial instruments	(113,207)		224,175
Gain on disposal of business	—		(1,052)
Deferred finance charges	9,050		3,140
Other operating activities	3,565		(3,902)
Changes in operating assets and liabilities:
Accounts receivable	114,038		129,398
Prepaid expenses	(887)		(13,335)
Other assets	60,749		62,818
Accounts payable	13,550		(8,394)
Accrued expenses and other current liabilities	(14,208)		(65,062)
Deferred revenues	(116,312)		(93,926)
Operating lease right of use assets	16,838		5,826
Operating lease liabilities	(37,362)		(6,611)
Other liabilities	(2,407)		2,077
Net cash provided by operating activities	305,515		128,022
Cash Flows From Investing Activities
Capital expenditures	(86,197)		(78,597)
Acquisitions, net of cash acquired	(14,314)		(885,323)
Acquisition of intangible assets	—		(5,982)
Proceeds from sale of product line, net of restricted cash	—		3,751
Net cash used in investing activities	(100,511)		(966,151)
Cash Flows From Financing Activities
Proceeds from issuance of debt	2,000,000		360,000
Redemption of Notes not exchanged	(157,424)		—
Principal payments on term loan	(21,450)		(9,450)
Repayments of revolving credit facility	—		(65,000)
Payment of debt issuance costs	(7,471)		(5,267)
Contingent purchase price payment	—		(4,115)
Proceeds from issuance of preferred shares	1,392,671		—
Proceeds from issuance of ordinary shares	728,080		843,752
Repurchases of ordinary shares	(65,215)		—
Cash dividends on preferred shares	(1)
Proceeds from warrant exercises	—		277,526
Proceeds from stock options exercised	17,250		1,307
Payments related to tax withholding for stock-based compensation	(21,455)		(28,674)
Net cash provided by financing activities	3,864,985		1,370,079

12

CLARIVATE PLC

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

	Nine Months Ended September 30,
	2021		2020 (As Restated)
Effects of exchange rates	(4,860)		(6,447)
Net increase in cash and cash equivalents, and restricted cash	4,065,129		525,503
Beginning of period:
Cash and cash equivalents	$	257,730	$	76,130
Restricted cash	11,278		9
Total cash and cash equivalents, and restricted cash, beginning of period	269,008		76,139
Cash and cash equivalents, and restricted cash, end of period	4,334,137		601,642
End of period:
Cash and cash equivalents	2,479,880		601,075
Restricted cash	1,854,257		567
Total cash and cash equivalents, and restricted cash, end of period	$	4,334,137	$	601,642
Supplemental Cash Flow Information:
Cash paid for interest	$	97,401	$	61,796
Cash paid for income tax	$	22,387	$	20,147
Capital expenditures included in accounts payable	$	6,612	$	922
Non-Cash Financing Activities:
Shares issued to Capri Acquisition Topco Limited	$	5,052,165	$	—
Retirement of treasury shares	(5,117,380)		—
Shares issued as contingent stock consideration associated with the DRG acquisition	61,619		—
Shares issued as contingent stock consideration associated with the CPA Global acquisition	43,890		—
Shares issued as dividends on our 5.25% Series A Mandatory Convertible Preferred Shares	16,141		—
Dividends accrued on our 5.25% Series A Mandatory Convertible Preferred Shares	6,289		—
Total Non-Cash Financing Activities	$	62,724	$	—

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

13

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

Note 1: Background and Nature of Operations

Clarivate Plc (“Clarivate,” “us,” “we,” “our,” or the “Company”), is a public limited company organized under the laws of Jersey, Channel Islands. We were initially registered on January 7, 2019, and at our 2020 annual general meeting, our shareholders approved a change of our corporate name from “Clarivate Analytics Plc” to “Clarivate Plc”. Pursuant to the definitive agreement entered into to effect a merger between Camelot Holdings (Jersey) Limited ("Jersey") and Churchill Capital Corp, a Delaware corporation, ("Churchill") (the “2019 Transaction”), the Company was formed for the purposes of completing the 2019 Transaction and related transitions and carrying on the business of Jersey and its subsidiaries.

The Company is a provider of proprietary and comprehensive content, analytics, professional services and workflow solutions that enable users across government and academic institutions, life science companies and research and development (“R&D”) intensive corporations to discover, protect and commercialize their innovations. Clarivate has two reportable segments: Science and Intellectual Property ("IP"). Our segment structure is organized to address customer needs by product line. Our Science segment consists of our Academic and Life Sciences Product Lines. Both provide curated, high-value, structured information that is delivered and embedded into the workflows of our customers, which include research intensive corporations, life science organizations and universities world-wide. Our IP segment consists of our Patent, Trademark, Domain and IP Management Product Lines. These Product Lines help manage customer's end-to-end portfolios of intellectual property from patents to trademarks to corporate website domains. See Note 21 - Segment Information, for additional information on the Company's reportable segments.

In January 2019, we entered into an Agreement and Plan of Merger (as amended by Amendment No. 1 to the Agreement and Plan of Merger, dated February 26, 2019, and Amendment No. 2 to the Agreement and Plan of Merger, dated March 29, 2019, collectively, the “Merger Agreement”) by and among Churchill, Jersey, CCC Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Clarivate (“Delaware Merger Sub”), Camelot Merger Sub (Jersey) Limited, a private limited company organized under the laws of Jersey, Channel Islands and wholly owned subsidiary of Clarivate (“Jersey Merger Sub”), and the Company, which, among other things, provided for (i) Jersey Merger Sub to be merged with and into Jersey with Jersey being the surviving company in the merger (the “Jersey Merger”) and (ii) Delaware Merger Sub to be merged with and into Churchill with Churchill being the surviving corporation in the merger (the “Delaware Merger”), and together with the Jersey Merger, the “Mergers”.

On May 13, 2019, the 2019 Transaction was consummated, and Clarivate became the sole managing member of Jersey, operating and controlling all of the business and affairs of Jersey, through Jersey and its subsidiaries. Following the consummation of the 2019 Transaction on May 13, 2019, the Company’s ordinary shares and warrants began trading on the New York Stock Exchange. All of the Company’s public warrants have subsequently been redeemed. See Note 16 - Shareholders’ Equity for further information regarding the redemption of the Company’s public warrants.

The 2019 Transaction was accounted for as a reverse recapitalization in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Under this method of accounting, Churchill was treated as the "acquired" company for financial reporting purposes. This determination was primarily based on post 2019 Transaction relative voting rights, composition of the governing board, size of the two entities pre-merger, and intent of the 2019 Transaction. Accordingly, for accounting purposes, the 2019 Transaction was treated as the equivalent of the Company issuing stock for the net assets of Churchill. The net assets of Churchill were stated at historical cost, with no goodwill or other intangible assets resulting from the 2019 Transaction. Reported amounts from operations included herein prior to the 2019 Transaction are those of Jersey.

In February 2020, the Company consummated a public offering of 27,600,000 ordinary shares at $20.25 per share. In June 2020, the Company consummated a public offering of 50,400,000 of our ordinary shares at a share price of $22.50 per share. Of the 50,400,000 ordinary shares, 14,000,000 were ordinary shares offered by Clarivate and 36,400,000 were ordinary shares offered by selling shareholders. The Company received approximately $304,030 in net proceeds from the sale of its ordinary shares, after deducting underwriting discounts and estimated offering expenses payable. We used the net proceeds, in conjunction with the new $1,600,000 incremental term loan facility available to Clarivate on October 1, 2020, and cash on the balance sheet to fund the repayment of CPA Global's parent company outstanding debt of $2,055,822. The Company did not receive any proceeds from the sale of ordinary shares by the selling shareholders. Additionally, in connection with the acquisition of CPA Global, on October 1, 2020, the Company issued 216,683,778 shares to Redtop Holdings Limited, a portfolio company of Leonard Green & Partners, L.P. representing approximately 35% ownership of Clarivate.

14

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

In June 2020, we completed an underwritten public offering of 50,400,000 of our ordinary shares (including 2,400,000 ordinary shares pursuant to the underwriters' option to purchase up to an additional 7,200,000 ordinary shares from certain selling shareholders) at a share price of $22.50. Of the 50,400,000 ordinary shares, 14,000,000 ordinary shares were offered by Clarivate and 36,400,000 ordinary shares were offered by selling shareholders, including 20,821,765 ordinary shares from Onex, 8,097,354 ordinary shares from Baring and 7,480,881 ordinary shares from Directors, Executive Officers and other shareholders. The underwriters' option to purchase the remaining 4,800,000 ordinary shares from certain selling shareholders expired on July 3, 2020.

The Company received approximately $304,030 in net proceeds from the sale of ordinary shares offered by the Company, after deducting underwriting discounts and estimated offering expenses payable. We used the net proceeds, in conjunction with the new $1,600,000 incremental term loan facility available to Clarivate on October 1, 2020, to fund the repayment of CPA Global parent company's outstanding debt. The Company did not receive any proceeds from the secondary ordinary shares sold by the selling shareholders.

In June 2021, we completed an underwritten public offering of 44,230,768 of our ordinary shares at a share price of $26.00, of which 28,846,154 ordinary shares were issued and sold by Clarivate and 15,384,614 were sold by selling shareholders (which included 5,769,230 ordinary shares that the underwriters purchased pursuant to their option to purchase additional shares). The ordinary shares sold by selling shareholders included 10,562,882 ordinary shares from Onex, 4,107,787 ordinary shares from Baring and 713,945 ordinary shares from Directors, Executive Officers and other shareholders. The Company received approximately $728,080 in net proceeds from the sale of ordinary shares offered by the Company, after deducting underwriting discounts and estimated offering expenses payable. The Company did not receive any proceeds from the secondary ordinary shares sold by the selling shareholders. We intend to use the net proceeds received to finance a portion of the purchase price for the ProQuest acquisition, which we announced on May 17, 2021. If the ProQuest acquisition is not consummated, we intend to use the net proceeds received for general corporate purposes.

In June 2021, concurrently with the June 2021 Ordinary Share Offering, we completed an underwritten public offering of 14,375,000 of our 5.25% Series A Mandatory Convertible Preferred Shares ("MCPS") which included 1,875,000 of our mandatory convertible preferred shares that the underwriters purchased pursuant to their option to purchase additional shares. The Company received approximately $1,392,671 in net proceeds from the mandatory convertible preferred share offering, after deducting underwriting discounts and estimated offering expenses payable. We intend to use the net proceeds received to finance a portion of the purchase price for the ProQuest acquisition, which we announced on May 17, 2021. If the ProQuest acquisition is not consummated, we intend to use the net proceeds received for general corporate purposes.

In September 2021, certain selling shareholders completed an underwritten public offering of 25,000,000 of our ordinary shares at a share price of $25.25, The ordinary shares sold by selling shareholders included 18,000,000 ordinary shares from Onex and 7,000,000 ordinary shares from Baring. The Company did not receive any proceeds from the sale of ordinary shares by the selling shareholders. After giving effect to the offering, Onex and Baring owned approximately 6.7% and 2.6%, respectively, of the Company's ordinary shares.

Risks and Uncertainties

In March 2020, the World Health Organization characterized COVID-19 as a pandemic. The rapid spread of COVID-19 and the continuously evolving responses to combat it have had an increasingly negative impact on the global economy. In view of the rapidly changing business environment, market volatility and heightened degree of uncertainty resulting from COVID-19, we are currently unable to fully determine its future impact on our business. However, we continue to assess the potential effect on our financial position, results of operations, and cash flows. If the global pandemic continues to evolve into a prolonged crisis, the effects could have an adverse impact on the Company's results of operations, financial condition and cash flows.

Note 2: Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements were prepared in conformity with U.S. GAAP. The Condensed Consolidated Financial Statements do not include all of the information or notes necessary for a complete presentation in accordance with U.S. GAAP. Accordingly, these Condensed Consolidated Financial Statements should be read in conjunction with the Company’s annual financial statements as of and for the year ended December 31, 2020. The results of operations for the three and nine months ended September 30, 2021 and 2020 are not necessarily indicative of the operating results for the full year.

15

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

In the opinion of management, the quarterly financial data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the quarterly periods presented. The Condensed Consolidated Financial Statements of the Company include the accounts of all of its subsidiaries. Subsidiaries are entities over which the Company has control, where control is defined as the power to govern financial and operating policies. Generally, the Company has a shareholding of more than 50% of the voting rights in its subsidiaries. The effect of potential voting rights that are currently exercisable is considered when assessing whether control exists. Subsidiaries are fully consolidated from the date control is transferred to the Company, and are de-consolidated from the date control ceases. Intercompany accounts and transactions have been eliminated in consolidation.

During the fourth quarter of 2020, the Company realigned its reporting structure and changed the manner in which performance is assessed. The two operating segments created include the Science Group and the Intellectual Property Group. Certain reclassifications of prior year's data have been made to conform to the current year's presentation of reportable segment information as disclosed in Note 21 - Segment Information and financial statement line items within the Condensed Consolidated Statements of Operations.

Note 3: Summary of 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 Item 8. – Financial Statements and Supplementary Data – Notes to the Consolidated Financial Statements – Note 3 of our Annual Report on Form 10-K/A for the fiscal year ended December 31, 2020, which was filed with the SEC on May 10, 2021 (the "Amended Form 10-K").

Newly Adopted Accounting Standards

In June 2016, the Financial Accounting Standards Board ("FASB") issued new guidance, ASU 2016-13, related to measurement of credit losses on financial instruments which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This new guidance replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. The Company has determined that the impact of this new accounting guidance primarily affects our accounts receivable. The Company prospectively adopted the standard on January 1, 2020. The adoption of this standard had an impact of $10,097 on the beginning Accumulated deficit balance in the Condensed Consolidated Balance Sheets as of January 1, 2020. In April 2019 and November 2019, the FASB issued ASU 2019-05 and ASU 2019-11, respectively, effective for the same period as ASU 2016-03. These updates offered options to entities intended to bring transition relief and offered clarification on the previously issued standard, respectively. The Company's accounting for credit losses did not change as a result of these two updates.

In August 2018, the FASB issued guidance, ASU 2018-14, which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The guidance is effective for all entities for fiscal years beginning after December 15, 2020. The Company's January 1, 2021 adoption of this standard did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

In August 2018, the FASB issued guidance, ASU 2018-15, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this update. The Company prospectively adopted the standard on January 1, 2020. The adoption of this standard did not have a material impact on the Company’s Condensed Consolidated Financial Statements. All future capitalized implementation costs incurred related to these hosting arrangements will be recorded as a prepaid asset and as a charge to operating expenses over the expected life of the contract.

In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, which provides targeted improvements or clarification and correction to the ASU 2016-01 Financial Instruments Overall, ASU 2016-13 Financial Instruments Credit Losses, and ASU 2017-12 Derivatives and Hedging, accounting standards updates that were previously issued. The guidance is effective upon adoption of the related standards. The Company prospectively adopted the standard

16

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

on January 1, 2020. This standard did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

In November 2019, the FASB issued ASU 2019-10, Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), which provides improvements or clarification and correction to the ASU 2016-02 Leases, ASU 2016-13 Financial Instruments Credit Losses, and ASU 2017-12 Derivatives and Hedging, accounting standards updates. The guidance is effective upon adoption of the three ASUs, all of which the Company had already adopted. This standard did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

In December 2019, the FASB issued ASU 2019-12, which enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. The guidance is effective for all entities for fiscal years beginning after December 15, 2020. The Company's January 1, 2021 adoption of this standard did not have a material impact on the Company's Condensed Consolidated Financial Statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The guidance is effective for all entities from the period March 12, 2020 through December 31, 2022. Beginning with the quarter ended September 30, 2020, the Company adopted this standard and elected the optional expedients for its interest rate swap agreements and debt agreements with reference to LIBOR. Upon meeting the specified criteria in the guidance, the Company will continue to account for its interest rate swaps in accordance with hedge accounting and will not apply modification accounting to its debt agreements. In January 2021, the FASB issued ASU 2021-01, which made clarifications relating to the previously issued Reference Rate Reform guidance effective for the same period as ASU 2020-04. This clarification did not have an effect on how the Company accounts for its interest rate swaps and debt agreements.

Recently Issued Accounting Standards

In June 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity as a result of complexity associated with GAAP for certain financial instruments with characteristics of liabilities and equity. This guidance is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods. The Company will adopt ASU 2020-06 effective January 1, 2022, and it is expected that the adoption will not have a material impact to the Company's Condensed Consolidated Financial Statements.

In April 2021, the FASB issued ASU 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options, which provides guidance regarding the accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. This guidance is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company will adopt ASU 2021-04 effective January 1, 2022, and it is expected that the adoption will not have a material impact to the Company's Condensed Consolidated Financial Statements.

In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842) Lessors – Certain Leases with Variable Lease Payments, in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities as well as disclosing key information about leasing transactions. This guidance is effective for all entities for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years for public business entities. The Company will adopt ASU 2021-05 effective January 1, 2022, and is still evaluating the impact to the Company’s Condensed Consolidated Financial Statements.

There were no other new accounting standards or updates issued or effective as of September 30, 2021, that have, or are expected to have, a material impact on the Company's Condensed Consolidated Financial Statements.

Note 4: Business Combinations

Acquisition of Decision Resources Group

On February 28, 2020, we acquired 100% of the assets, liabilities and equity interests of Decision Resources Group ("DRG"), a premier provider of high-value data, analytics and insights products and services to the healthcare industry, from

17

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

Piramal Enterprises Limited ("PEL"), which is a part of global business conglomerate Piramal Group. The acquisition helps us expand our core businesses and provides us with the potential to grow in the Life Sciences Product Line.

The aggregate consideration paid in connection with the closing of the DRG acquisition was $964,997, comprised of $900,000 of base cash plus $6,100 of adjusted closing cash paid on the closing date and 2,895,638 of the Company's ordinary shares issued to PEL on March 5, 2021. The contingent stock consideration was valued at $58,897 on the closing date and was revalued at each period end until the issuance date. For the nine months ended September 30, 2021, the fair value of the contingent stock consideration decreased by $24,410, which was recorded to selling, general and administrative costs in the Condensed Consolidated Statements of Operations. The corresponding liability was $86,029 as of December 31, 2020 and recorded to Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. As the liability settled on March 5, 2021 with the Company issuing 2,895,638 ordinary shares valued at $61,619, there was no liability captured within the September 30, 2021 Condensed Consolidated Balance Sheet. See Note 22 - Commitments and Contingencies for more information. The DRG acquisition was accounted for using the acquisition method of accounting. The excess of the purchase price over the net tangible and intangible assets was recorded to Goodwill and primarily reflected the assembled workforce and expected synergies. Goodwill was not deductible for tax purposes. Due to the decrease to the fair value of the contingent stock consideration between December 31, 2020 and March 5, 2021, during the three and nine months ended September 30, 2021, total transaction costs incurred in connection with the acquisition of DRG were $0 and a net gain of $24,410, respectively. Total transaction costs during the three and nine months ended September 30, 2020 were $25,237 and $50,702, respectively.

The amount of Revenues, net and Net loss resulting from the acquisition that are attributable to the Company's stockholders and included in the Condensed Consolidated Statements of Operations and Comprehensive Loss were as follows:

	Three Months Ended September 30,
	2021		2020
Revenues, net (1)	$	51,626	$	49,499
Net income (loss) attributable to the Company's stockholders	$	7,868	$	(454)
(1) Includes $2,017 of a deferred revenue adjustment recognized during the three months ended September 30, 2020.

	Nine Months Ended September 30,
	2021		2020
Revenues, net (1)	$	150,911	$	113,206
Net income (loss) attributable to the Company's stockholders	$	18,275	$	(9,971)
(1) Includes $6,822 of a deferred revenue adjustment recognized during the nine months ended September 30, 2020. The nine months ended September 30, 2020 includes seven months of revenue as the business was acquired in February of 2020.

18

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

The following table summarizes the final purchase price allocation for this acquisition:

	Total
Accounts receivable	$	52,193
Prepaid expenses	4,295
Other current assets	68,001
Property and equipment, net	4,136
Other intangible assets(1)	491,366
Other non-current assets	2,960
Operating lease right-of-use assets	25,099
Total assets	$	648,050
Accounts payable	3,474
Accrued expenses and other current liabilities	88,561
Current portion of deferred revenue	35,126
Current portion of operating lease liabilities	5,188
Deferred income taxes	47,467
Non-current portion of deferred revenue	936
Operating lease liabilities	20,341
Total liabilities	201,093
Fair value of acquired identifiable assets and liabilities	$	446,957
Purchase price, net of cash(2)	944,220
Less: Fair value of acquired identifiable assets and liabilities	446,957
Goodwill	$	497,263
(1) Includes $3,966 of internally developed software in progress acquired.
(2) The Company acquired cash of $20,777.

The identifiable intangible assets acquired are amortized on a straight-line basis over their estimated useful lives. The following table summarizes the estimated fair value of DRG’s identifiable intangible assets acquired and their remaining amortization period (in years):

	Fair Value as of February 28, 2020		Remaining Range of Years
Customer relationships	$	381,000	10-21
Database and content	50,200		2-7
Trade names	5,200		4-7
Purchased software	23,000		3-8
Backlog	28,000		4
Total identifiable intangible assets	$	487,400

During the year ended December 31, 2020, there were additional purchase accounting adjustments of $1,804. These adjustments were related to fixed assets, deferred revenue and legal accrual with a corresponding net decrease to goodwill.

Unaudited pro forma information for the Company for the periods presented as if the acquisition had occurred January 1, 2019 is as follows:

19

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

	Three Months Ended September 30,
	2021		2020
Pro forma revenues, net	$	442,117	$	286,377
Pro forma net income (loss) attributable to the Company's stockholders(1)	$	23,312	$	(180,333)
(1) The Pro forma net loss attributable to the Company's stockholders for the three months ended September 30, 2020 has been restated. See Note 25 - Restatement of Previously Issued Condensed Financial Statements for more information.

	Nine Months Ended September 30,
	2021		2020
Pro forma revenues, net	$	1,316,192	$	828,489
Pro forma net loss attributable to the Company's stockholders(1)	$	(82,852)	$	(322,268)
(1) The Pro forma net loss attributable to the Company's stockholders for the nine months ended September 30, 2020 has been restated. See Note 25 - Restatement of Previously Issued Condensed Financial Statements for more information.

The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of results of operations that would have been achieved had the acquisition taken place on the date indicated, or the future consolidated results of operations of the Company. The pro forma financial information presented above has been derived from the historical condensed consolidated financial statements of the Company and from the historical accounting records of DRG.

The unaudited pro forma results include certain pro forma adjustments to revenue and net loss that were directly attributable to the acquisition, assuming the acquisition had occurred on January 1, 2019, including the following: (i) additional amortization expense that would have been recognized relating to the acquired intangible assets, (ii) adjustments to interest expense to reflect the removal of DRG debt and the additional Company borrowings in conjunction with the acquisition, (iii) acquisition-related transaction costs and other one-time non-recurring costs which reduced expenses by $161 and $26,348 for the three and nine months ended September 30, 2020.

Acquisition of CPA Global

On October 1, 2020, we acquired 100% of the assets, liabilities and equity interests of CPA Global, a global leader in intellectual property software and tech-enabled services from Redtop Holdings Limited ("Redtop"). The acquisition helps Clarivate create a true end-to-end platform supporting the full IP lifecycle from idea generation to commercialization and protection.

Clarivate acquired all of the outstanding shares of CPA Global in a cash and stock transaction. The aggregate consideration in connection with the closing of the CPA Global acquisition was $8,740,324, net of $99,275 cash acquired and including an equity holdback consideration of $46,485. The aggregate consideration was composed of (i) $6,761,515 from the issuance of up to 218,183,778 ordinary shares to Redtop Holdings Limited, a portfolio company of Leonard Green & Partners, L.P., representing approximately 35% pro forma fully diluted ownership of Clarivate and (ii) approximately $2,078,084 in cash to fund the repayment of CPA Global's parent company outstanding debt of $2,055,822 and related interest swap termination fee of $22,262. Of the 218,306,663 ordinary shares issuable in the acquisition, Clarivate issued 216,683,778 ordinary shares as of October 1, 2020.

Issuance of 218,183,778 shares	$	6,761,515
Cash paid for repayment of CPA Global's parent company debt and related interest rate swap termination charge	2,078,084
Total purchase price	8,839,599
Cash acquired	(99,275)
Total purchase price, net of cash acquired	$	8,740,324

The excess of the purchase price over the net tangible and intangible assets is recorded to Goodwill and primarily reflects the assembled workforce and expected synergies. Goodwill is not deductible for tax purposes. During the three and nine

20

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

months ended September 30, 2021, total transaction costs incurred in connection with the acquisition of CPA Global resulted in a net gain of $2,682 and $4,860, respectively. Total transaction costs during the three and nine months ended September 30, 2020 were $8,521.

The amount of Revenues, net and Net loss resulting from the acquisition that are attributable to the Company's stockholders and included in the Condensed Consolidated Statements of Operations and Comprehensive Loss were as follows:

	Three Months Ended September 30, 2021
Revenues, net (1)	$	155,869
Net income attributable to the Company's stockholders	$	18,357
(1) Includes $50 of a deferred revenue haircut recognized during the three months ended September 30, 2021.
	Nine Months Ended September 30, 2021
Revenues, net (1)	$	465,073
Net income attributable to the Company's stockholders	$	5,372
(1) Includes $4,399 of a deferred revenue adjustment recognized during the nine months ended September 30, 2021.

21

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

The purchase price allocation for the CPA Global acquisition as of the close date of October 1, 2020 is final. The following table summarizes the final purchase price allocation for this acquisition:

	Total
Accounts receivable	$	380,259
Prepaid expenses	27,437
Other current assets	215,734
Property and equipment, net	13,290
Other intangible assets	4,920,317
Deferred income taxes	21,027
Other non-current assets	25,736
Operating lease right-of-use assets	30,649
Total assets	$	5,634,449
Accounts payable	53,791
Accrued expenses and other current liabilities	458,551
Current portion of deferred revenue	181,365
Current portion of operating lease liabilities	7,738
Non-current portion of deferred revenue	16,771
Deferred income taxes	288,541
Other non-current liabilities	43,785
Operating lease liabilities	23,615
Total liabilities	1,074,157
Fair value of acquired identifiable assets and liabilities	$	4,560,292
Purchase price, net of cash(1)	$	8,740,324
Less: Fair value of acquired identifiable assets and liabilities	4,560,292
Goodwill	$	4,180,032
(1) The Company acquired cash of $99,275.

During the nine months ended September 30, 2021, the Company recorded measurement period adjustments to the purchase price allocation recorded as of the close date of October 1, 2020. The following table summarizes the measurement period adjustments recorded through September 30, 2021:

22

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

	Total
Accounts receivable(1)	$	7,135
Prepaid expenses	(158)
Other current assets	370
Property and equipment, net	1,002
Other non-current assets	1,123
Deferred income taxes(3)	1,717
Total assets	$	11,189
Accounts payable	290
Accrued expenses and other current liabilities(2)	44,488
Current portion of deferred revenue	989
Non-current portion of deferred revenue	(15)
Deferred income taxes(3)	(13,405)
Total liabilities	$	32,347
Fair value of acquired identifiable assets and liabilities	$	(21,158)
Purchase price, net of cash	$	(665)
Less: Fair value of acquired identifiable assets and liabilities	(21,158)
Goodwill	$	20,493
(1) The $7,135 account receivable measurement period adjustment is due to a change in the fair value of CPA Global's accounts receivable, with there being a $9,306 increase in the valuation increase offset by a $2,171 decrease.
(2) The Company recorded measurement period adjustments of $44,488 increasing accrued expenses and other current liabilities, of which, $61,000 relates to adjustments to CPA Global's accrual for claims existing prior to the date of acquisition, offset by a $16,512 reduction to CPA Global's other accruals. See Note 22 - Commitments and Contingencies for further information.
(3) The $15,122 deferred income tax measurement period adjustment is due to the tax impact of CPA Global's other measurement period adjustments detailed in the chart above.

The identifiable intangible assets acquired are amortized on a straight-line basis over their estimated useful lives. The following table summarizes the estimated fair value of CPA Global’s identifiable intangible assets acquired and their remaining amortization period (in years):

	Fair Value as of October 1, 2020		Remaining Range of Years
Customer relationships	$	4,643,306	17-23
Technology	266,224		6-14
Trademarks	10,787		2-17
Total identifiable intangible assets	$	4,920,317

Acquisition of Beijing IncoPat

On October 26, 2020, the Company acquired 100% of the equity voting interest in Beijing IncoPat Technology Co., Ltd. (“IncoPat”). IncoPat is a leading patent information service provider in China via cash on hand. IncoPat is complementary to Clarivate’s intellectual property portfolio. The Company paid $52,133 in cash to acquire IncoPat. As of September 30, 2021 and December 31, 2020, $6,313 of the consideration is held in escrow and will be paid in a future period. Until this balance is paid it will be held in restricted cash with the offsetting liability within accrued expenses and other current liabilities. The excess of the purchase price over the net tangible and intangible assets is recorded to Goodwill and primarily reflects the

23

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

assembled workforce and expected synergies. Goodwill is not deductible for tax purposes. The total transaction costs were immaterial during the three and nine months ended September 30, 2021, and did not have an impact on September 30, 2020 results. IncoPat contributed revenues of $2,470 and $6,801 for the three and nine months ended September 30, 2021, respectively and a net income (loss) of $126 and $(853) for the three and nine months ended September 30, 2021, respectively, and did not have an impact on September 30, 2020 results.

The purchase price allocation for the IncoPat acquisition as of the close date of October 26, 2020 is preliminary and may change upon completion of the determination of the fair value of assets acquired and liabilities assumed. The following table summarizes the preliminary purchase price allocation for the acquisition:

	Total
Accounts receivable	$	1,107
Prepaid expenses	168
Other current assets	100
Property and equipment, net	354
Other intangible assets	21,957
Other non-current assets	283
Total assets	$	23,969
Accounts payable	73
Accrued expenses and other current liabilities	843
Current portion of deferred revenue	6,445
Deferred income taxes	4,802
Other non-current liabilities	283
Total liabilities	$	12,446
Fair value of acquired identifiable assets and liabilities	$	11,523
Purchase price, net of cash(1)	52,133
Less: Fair value of acquired identifiable assets and liabilities	11,523
Goodwill	$	40,610
(1) The Company acquired cash of $844.

During the nine months ended September 30, 2021, the Company recorded measurement period adjustments related to the valuation of accounts receivables and deferred revenue with a corresponding net increase to goodwill in the amount of $136.

The identifiable intangible assets acquired are amortized on a straight-line basis over their estimated useful lives. The following table summarizes the estimated fair value of Beijing IncoPat’s identifiable intangible assets acquired and their remaining weighted-average amortization period (in years):

	Fair Value as of October 26, 2020		Remaining Amortization Period (in years)
Customer relationships	$	19,989	11
Existing technology	1,892		6
Trade names	76		2
Total identifiable intangible assets	$	21,957

Acquisition of Hanlim IPS Co., LTC

On November 23, 2020, the Company acquired 100% of the equity voting interest in Hanlim IPS Co., LTC ("Hanlim IPS"). Hanlim IPS is a patent research and consulting services provider in South Korea. The acquisition's purpose is to accelerate

24

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

innovation in South Korea by offering a more comprehensive range of IP information and insights solutions. The Company paid $9,254 in cash to acquire Hanlim IPS. The excess of the purchase price over the net tangible and intangible assets is recorded to Goodwill and primarily reflects the assembled workforce and expected synergies. Goodwill is not deductible for tax purposes. The total transaction costs were immaterial during the three and nine months ended September 30, 2021, and did not have an impact on September 30, 2020 results. Hanlim IPS contributed revenue of $417 and $1,393 for the three and nine months ended September 30, 2021, respectively, and net income of $35 and $596 for the three and nine months ended September 30, 2021, respectively, and did not have an impact on September 30, 2020 results.

The purchase price allocation for the Hanlim IPS acquisition as of the close date of November 23, 2020 is preliminary and may change upon completion of the determination of the fair value of assets acquired and liabilities assumed. The following table summarizes the preliminary purchase price allocation for this acquisition:

	Total
Accounts receivable	$	44
Prepaid expenses	7
Other current assets	844
Property and equipment, net	75
Other intangible assets	8,805
Other non-current assets	94
Total assets	$	9,869
Accounts payable	27
Accrued expenses and other current liabilities	1,512
Deferred income taxes	1,937
Total liabilities	3,476
Fair value of acquired identifiable assets and liabilities	$	6,393
Purchase price, net of cash(1)	9,254
Less: Fair value of acquired identifiable assets and liabilities	6,393
Goodwill	$	2,861
(1) The Company acquired cash of $2,191.

The identifiable intangible assets acquired are amortized on a straight-line basis over their estimated useful lives. The following table summarizes the estimated fair value of Hanlim’s identifiable intangible assets acquired and their remaining amortization period (in years):

	Fair Value as of November 23, 2020		Remaining Range of Years
Customer relationships	$	7,832	11-13
Trade name	15		2
Non-compete agreements	958		5
Total identifiable intangible assets	$	8,805

Acquisition of Bioinfogate

25

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

On August 3, 2021, we acquired 100% of the assets, liabilities and equity interests of Bioinfogate, a leading provider of analytics solutions in life sciences via cash on hand for $16,918, inclusive of a $1,941 holdback and will be paid on the first anniversary of the closing date subject to customary provisions of the sale and purchase agreement. As of September 30, 2021, the holdback is recorded in accrued expenses and other liabilities line item with the Condensed Consolidated Balance Sheet. Bioinfogate is complementary to Clarivate's science portfolio. The excess of the purchase price over the net tangible and intangible assets is recorded to Goodwill and primarily reflects the assembled workforce and expected synergies. Goodwill is not deductible for tax purposes. The total transaction costs were immaterial during the three and nine months ended September 30, 2021 and did not have an impact on September 30, 2020 results. Bioinfogate contributed revenue of $533 and $533 for the three and nine months ended September 30, 2021, respectively, and net income of $221 and $221 for the three and nine months ended September 30, 2021, respectively, and did not have an impact on September 30, 2020 results.

The purchase price allocation for the Bioinfogate acquisition as of the close date of August 3, 2021 is preliminary and may change upon completion of the determination of the fair value of assets acquired and liabilities assumed. The following table summarizes the preliminary purchase price allocation for this acquisition:

	Total
Accounts receivable	$	366
Prepaid expenses	3
Other current assets	102
Property and equipment, net	21
Other intangible assets	6,280
Other non-current assets	6
Deferred income taxes	184
Total assets	$	6,962
Accounts payable	12
Accrued expenses and other current liabilities	82
Current portion of deferred revenues	1,247
Total liabilities	1,341
Fair value of acquired identifiable assets and liabilities	$	5,621
Purchase price, net of cash(1)	$	16,918
Less: Fair value of acquired identifiable assets and liabilities	5,621
Goodwill	$	11,297
(1) The Company acquired cash of $2,069.

The identifiable intangible assets acquired are amortized on a straight-line basis over their estimated useful lives. The following table summarizes the estimated fair value of Bioinfogate's identifiable intangible assets acquired and their remaining amortization period (in years):

	Fair Value as of August 3, 2021		Remaining Range of Years
Customer relationships	$	5,224	10
Technology	1,020		6
Trade name	36		2
Total identifiable intangible assets	$	6,280

Note 5: Assets Held for Sale and Divested Operations

26

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

On November 6, 2020, the Company completed the sale of certain assets and liabilities of the Techstreet business to The International Society of Interdisciplinary Engineers LLC for a total purchase price of $42,832, of which $4,300 will be held in escrow and paid to the Company in a future period. As a result of the sale, the Company recorded a net gain on sale of $28,140, inclusive of incurred transaction costs of $115 in connection with the divestiture during the fourth quarter of 2020. The gain on sale is included in Other operating (expense) income, net within the Consolidated Statements of Operations during the year ended December 31, 2020. As a result of the sale, the Company wrote off balances associated with Techstreet including intangible assets of $10,179 and Goodwill in the amount of $9,129. The Company used the proceeds for general business purposes.

On November 3, 2019, the Company entered into an agreement with OpSec Security for the sale of certain assets and liabilities of its MarkMonitor Product Line within its IP Group. The divestiture closed on January 1, 2020 for a total purchase price of $3,751. An impairment charge of $18,431 was recognized in the Consolidated Statements of Operations during the year ended December 31, 2019, to write down the Assets and Liabilities of the disposal group to fair value. Of the total impairment charge, $17,967 related to the write down of intangible assets and $468 to the write down of goodwill. There was an immaterial loss on the divestiture recorded to Other operating income (expense), net during the nine months ended September 30, 2020. The Company used the proceeds for general business purposes.

The divestitures of Techstreet and certain assets and liabilities of MarkMonitor did not represent a strategic shift and are not expected to have a major effect on the Company’s operations or financial results, as defined by ASC 205-20, Discontinued Operations; as a result, the divestitures do not meet the criteria to be classified as discontinued operations.

Note 6: Accounts Receivable

Our accounts receivable balance consists of the following as of September 30, 2021 and December 31, 2020:

	September 30,		December 31,
	2021		2020
Accounts receivable	$	619,397	$	746,478
Less: Accounts receivable allowance	(8,642)		(8,745)
Accounts receivable, net	$	610,755	$	737,733

The Company estimates credit losses for trade receivables by aggregating similar customer types together, because they tend to share similar credit risk characteristics, taking into consideration the number of days the receivable is past due. Provision rates for the allowance for doubtful accounts are based upon the historical loss method by evaluating factors such as the length of time receivables that are past due and historical collection experience. Additionally, provision rates are based upon current and future economic and competitive environment factors that could impact the collectability of the receivable. Trade and other receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include past due status greater than 360 days or bankruptcy of the debtor. The activity in our accounts receivable allowance consists of the following for the nine months ended September 30, 2021 and year ended December 31, 2020, respectively:

	September 30,		December 31,
	2021		2020
Balance at beginning of year	$	8,745	$	16,511
Additional provisions	6,532		4,339
Write-offs	(6,405)		(22,205)
Opening balance sheet adjustment related to ASU 2016 -13 adoption	—		10,097
Exchange differences	(230)		3
Balance at the end of year	$	8,642	$	8,745

The potential for credit losses is mitigated because customer creditworthiness is evaluated before credit is extended.

The Company recorded write-offs against the reserve of $6,405 and $22,205 for the nine months ended September 30, 2021 and year ended December 31, 2020, respectively.

27

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

We continue to monitor any impacts from the COVID-19 pandemic on our customers and various counterparties. During the nine months ended September 30, 2021 and year ended December 31, 2020, the Company’s allowance for doubtful accounts and credit losses considered additional risk related to the pandemic. However, this risk to-date was not considered material.

Note 7: Leases

The Company has multiple agreements to sublease operating lease right of use assets and recognized $1,518 and $397 of sublease income for the three months ended September 30, 2021, and 2020, respectively, and $2,288 and $1,106 of sublease income for the nine months ended September 30, 2021, and 2020, respectively, within Selling, general and administrative costs in the Condensed Consolidated Statements of Operations.

The Company evaluates long-lived assets for indicators of impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company considers a triggering event to have occurred upon exiting a facility if the expected undiscounted cash flows for the sublease period are less than the carrying value of the assets group. An impairment charge is recorded in the excess of each operating lease right-of-use asset's carrying amount over its estimated fair value. In connection with the Company's digital workplace transformation initiative to enable colleagues to work remotely, the Company ceased the use of select leased sites during the nine months ended September 30, 2021. As a result, the Company recorded a non-cash impairment charge to restructuring and impairment within the Condensed Consolidated Statement of Operations based on the estimate of future recoverable cash flows of $757 and $110 for the three months ended September 30, 2021, and 2020, respectively, and $60,232 and $4,880 for the nine months ended September 30, 2021, and 2020, respectively. As part of the impairment charge, the carrying value of the Operating lease right of use asset was reduced by $60,232, which are non-cash charges. Additionally, the Company incurred $166 and $745 in lease termination fees during the three months ended September 30, 2021, and 2020, respectively, and $3,270 and $882 during the nine months ended September 30, 2021, and 2020, respectively. See Note 24 - Restructuring and Impairment for further information.

Note 8: Property and Equipment, Net

Property and equipment, net consisted of the following:

	September 30,		December 31,
	2021		2020
Computer hardware	$	43,438	$	38,253
Leasehold improvements	12,013		21,614
Furniture, fixtures and equipment	16,240		13,201
Total property and equipment, gross	71,691		73,068
Accumulated depreciation	(43,743)		(36,801)
Total property and equipment, net	$	27,948	$	36,267

Depreciation amounted to $2,657 and $2,918 for the three months ended September 30, 2021, and 2020, respectively, and $9,243 and $8,151 for the nine months ended September 30, 2021, and 2020, respectively. There were $257 and $5,491 of impairments to leasehold improvements during the three and nine months ended September 30, 2021.

Note 9: Other Intangible Assets, net and Goodwill

Other Intangible Assets, net

The following tables summarize the gross carrying amounts and accumulated amortization of the Company’s identifiable intangible assets by major class:

28

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

	September 30, 2021						December 31, 2020
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Finite-lived intangible assets
Customer relationships	$	5,501,710	$	(443,814)	$	5,057,896	$	5,598,175	$	(261,350)	$	5,336,825
Databases and content	1,853,364		(555,447)		1,297,917		1,848,041		(464,683)		1,383,358
Computer software	714,904		(298,333)		416,571		658,976		(209,611)		449,365
Trade names	14,742		(5,190)		9,552		18,606		(2,360)		16,246
Backlog	29,100		(9,894)		19,206		29,216		(5,905)		23,311
Finite-lived intangible assets	8,113,820		(1,312,678)		6,801,142		8,153,014		(943,909)		7,209,105
Indefinite-lived intangible assets
Trade names	162,939		—		162,939		161,245		—		161,245
Total intangible assets	$	8,276,759	$	(1,312,678)	$	6,964,081	$	8,314,259	$	(943,909)	$	7,370,350

Amortization amounted to $128,026 and $65,696 for the three months ended September 30, 2021, and 2020, respectively, and $383,270 and $168,049 for the nine months ended September 30, 2021, and 2020, respectively.

In June 2020, the Company acquired the assets of CustomersFirst Now for a purchase price of $6,446, which was accounted for as an asset acquisition. As a result, the Company's identifiable intangible assets increased by $6,446, which consisted of $5,446 of databases and content and $1,000 of computer software. At the time of acquisition, the databases and process methodology and the computer software had a remaining weighted average amortization period of 5.0 years and 3.0 years, respectively, resulting in a total remaining weighted average amortization period of 4.7 years.

Goodwill

The change in the carrying amount of goodwill is shown below:

	Science Segment		Intellectual Property Segment		Consolidated Total
Balance as of December 31, 2019	$	909,937	$	418,108	$	1,328,045
Acquisition	497,263		4,202,875		4,700,138
Divestiture	—		(9,129)		(9,129)
Impact of foreign currency fluctuations and other	607		232,975		233,582
Balance as of December 31, 2020	$	1,407,807	$	4,844,829	$	6,252,636
Acquisition(1)	11,297		20,629		31,926
Impact of foreign currency fluctuations and other	(702)		(85,159)		(85,861)
Balance as of September 30, 2021	$	1,418,402	$	4,780,299	$	6,198,701

(1) Balance represents $20,493 in purchase accounting adjustments associated with the CPA Global acquisition and $136 in purchase accounting adjustments associated with the IncoPat acquisition. Refer to Note 4 - Business Combinations for additional disclosures.

Note 10: Derivative Instruments

Effective March 31, 2017, the Company entered into interest rate swap arrangements with counterparties to reduce its exposure to variability in cash flows relating to interest payments on $300,000 of its outstanding Term Loan arrangements. Additionally, effective February 28, 2018, the Company entered into another interest rate swap relating to interest payments on $50,000 of its outstanding Term Loan arrangements. These hedging instruments matured on March 31, 2021. The Company applies hedge accounting by designating the interest rate swaps as a hedge on applicable future quarterly interest payments.

In April 2019, the Company entered into interest rate swap arrangements with counterparties to reduce its exposure to variability in cash flows relating to interest payments on $50,000 of its term loans, effective April 30, 2021. Additionally, in

29

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

May 2019, the Company entered into additional interest rate swap arrangements with counterparties to reduce its exposure to variability in cash flows relating to interest payments on $100,000 of its term loan, effective March 2021. Both of these derivatives have notional amounts that amortize downward, and both have a maturity of September 2023. The Company will apply hedge accounting by designating the interest rate swaps as a hedge in applicable future quarterly interest payments.

Changes in the fair value are recorded in Accumulated other comprehensive income(loss) ("AOCI") and the amounts reclassified out of AOCI are recorded to Interest expense, net. The fair value of the interest rate swaps is recorded in Other current assets or Accrued expenses and other current liabilities and Other non-current assets or liabilities, according to the duration of related cash flows. The total fair value of the interest rate swaps was a liability of $2,651 as of September 30, 2021 and a liability of $5,159 as of December 31, 2020.

In March 2020, the Company amended all of its interest rate derivatives to reduce the 1% LIBOR floor to a 0% LIBOR floor. For the current derivatives, all other terms and conditions remain unchanged. The Company collected $1,737 in the year ended December 31, 2020, for the amendments of these derivatives. For the two forward starting swaps, an adjustment was made to reduce the weighted average fixed rate from 2.183% at December 31, 2019 to 1.695% at the amendment date.

The Company had a period of ineffectiveness related to the cash flow hedges in the three months ended March 31, 2020. The ineffectiveness was due to a drop in LIBOR rates below the LIBOR floor defined per the credit facilities, which were amended on March 31, 2020, resulting in a highly effective hedge. As a result of the ineffectiveness, the Company recognized a loss of $0 and $978 for the three and nine months ended September 30, 2020, respectively, which was recorded to Interest expense, net on the Consolidated Statements of Operations. As of September 30, 2021, there was no hedge ineffectiveness associated with the Company’s interest rate swaps.

In March 2021, the Company entered into interest rate swap arrangements with counterparties to reduce its exposure to variability in cash flows relating to interest payments on $350,000 of its term loans and replaced the interest rate swaps that matured during March 2021. These interest rate swap arrangements are effective March 31, 2021 and have a maturity date of March 31, 2024.

The following table summarizes the changes in AOCI (net of tax) related to cash flow hedges for the three and nine months ended September 30, 2021:

AOCI Balance at December 31, 2020	$	(3,756)
Derivative gains recognized in Other comprehensive loss	192
Amount reclassified out of Other comprehensive loss to Net loss	1,148
AOCI Balance at March 31, 2021	$	(2,416)
Derivative losses recognized in Other comprehensive loss	(403)
Amount reclassified out of Other comprehensive loss to Net loss	614
AOCI Balance at June 30, 2021	$	(2,205)
Derivative losses recognized in Other comprehensive loss	(299)
Amount reclassified out of Other comprehensive loss to Net loss	632
AOCI Balance at September 30, 2021	$	(1,872)

The following table summarizes the changes in AOCI (net of tax) related to cash flow hedges for the three and nine months ended September 30, 2020:

30

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

AOCI Balance at December 31, 2019	$	(2,778)
Derivative losses recognized in Other comprehensive loss	(3,160)
Amount reclassified out of Other comprehensive loss to Net loss	270
AOCI Balance at March 31, 2020	$	(5,668)
Derivative losses recognized in Other comprehensive loss	(1,109)
Amount reclassified out of Other comprehensive loss to Net loss	855
AOCI Balance at June 30, 2020	$	(5,922)
Derivative losses recognized in Other comprehensive loss	(66)
Amount reclassified out of Other comprehensive loss to Net loss	1,158
AOCI Balance at September 30, 2020	$	(4,830)

Foreign Currency Forward Contracts

The Company periodically enters into foreign currency contracts. The purpose of these derivative instruments is to help manage the Company’s exposure to foreign exchange rate risks within the acquired CPA Global business. These contracts generally do not exceed 180 days in duration. The Company recognized a loss from the mark to market adjustment of $(5,811) and $0, for the three months ended September 30, 2021, and 2020, respectively, and $(4,026) and $0 for the nine months ended September 30, 2021, and 2020, respectively, in Other operating income, net on the Condensed Consolidated Statements of Operations. The nominal amount of outstanding foreign currency contracts was $224,382 and $354,751 as of September 30, 2021, and December 31, 2020, respectively.

The Company accounts for these forward contracts at fair value and recognizes the associated realized and unrealized gains and losses in Other operating (expense) income, net in the Condensed Consolidated Statements of Operations, as the contracts are not designated as accounting hedges under the applicable sections of ASC Topic 815. The total fair value of the forward contracts represented an asset balance of $15 and $8,574 and a liability balance of $4,626 and $106 as of September 30, 2021, and December 31, 2020, respectively, which was classified within Other current assets and Accrued expenses and other current liabilities, respectively, on the Condensed Consolidated Balance Sheets. The Company recognized (loss) gains from the mark to market adjustment of $(5,811) and $2,903 for the three months ended September 30, 2021 and 2020, respectively, and $(4,026) and $2,903 for the nine months ended September 30, 2021 and 2020, respectively, in Other operating (expense) income, net on the Condensed Consolidated Statements of Operations.    

See Note 11 - Fair Value Measurements for additional information on derivative instruments.

Note 11: Fair Value Measurements

The Company records certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy that prioritizes the inputs used to measure fair value is described below. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

•Level 1 — Quoted prices in active markets for identical assets or liabilities.

•Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

•Level 3 — Unobservable inputs that are supported by little or no market activity. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

Below is a summary of the valuation techniques used in determining fair value:

31

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

Derivatives - Derivatives consist of foreign exchange contracts and interest rate swaps. The fair value of foreign exchange contracts is based on observable market inputs of spot and forward rates or using other observable rates. The fair value of the interest rate swaps is the estimated amount that the Company would receive or pay to terminate such agreements, taking into account market interest rates and the remaining time to maturities or using market inputs with mid-market pricing as a practical expedient for bid-ask spread. See Note 10 - Derivative Instruments for additional information.

Contingent Consideration - The Company values contingent cash consideration related to business combinations using a weighted probability calculation of potential payment scenarios discounted at rates reflective of the risks associated with the expected future cash flows. Key assumptions used to estimate the fair value of contingent consideration include revenue, net new business and operating forecasts and the probability of achieving the specific targets. The Company values contingent stock consideration related to business combinations using observable market data, adjusted for indemnity losses and claims for indemnity losses valued using other indirect market inputs observable in the marketplace.

Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, Accounts Payable, and Other Accruals - The carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and other accruals readily convertible into cash approximate fair value because of the short-term nature of the instruments.

Debt - The carrying value of the Company's variable interest rate debt, excluding unamortized debt issuance costs and original issue discount, approximates fair value due to the short-term nature of the interest rate benchmark rates. The fair value of the fixed rate debt is estimated based on market observable data for debt with similar prepayment features. The fair value of the Company's debt was $5,404,344 and $3,574,282 at September 30, 2021 and December 31, 2020, respectively. The fair value is considered Level 2 under the fair value hierarchy.

Private Placement Warrants - The Company has determined that the Private Placement Warrants are subject to accounting treatment as a liability. The Company has determined that the fair value of each Private Placement Warrant issued using a Monte Carlo simulation approach for valuations performed through the August 14, 2019 modification described in Note 17 - Employment and Compensation Arrangements, and a Black-Scholes option valuation model thereafter. Accordingly, the warrants issued are classified as Level 3 financial instruments. The assumptions in the models include, but are not limited to, risk-free interest rate, expected volatility of the Company’s and the peer group’s stock prices, dividend yield, and a discount for lack of marketability (“DLOM”) was applied to shares that are subject to remaining post vesting lock up restrictions.

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

Forward Contracts and Interest Rate Swaps - The Company has determined that its forward contracts, included in other current assets, along with its interest rate swaps, included in Accrued expenses and other current liabilities and Other non-current liabilities according to the duration of related cash flows, reside within Level 2 of the fair value hierarchy.

The Company enters into foreign currency contracts that are not designated as hedges as defined under ASC 815. The purpose of these derivative instruments is to help manage the Company's exposure to foreign exchange rate risks. These contracts are initially recognized at fair value at the date the contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. These contracts generally do not exceed 180 days in duration, and these instruments are carried as assets when the fair value is positive (Other current assets on the Consolidated Balance Sheets), and as liabilities when the fair value is negative (Other current liabilities on the Consolidated Balance Sheets) The resulting gain or loss is recognized in profit or loss (other operating income (expense), net) immediately.

The Company assesses the fair value of these instruments, considering current and anticipated movements in future interest rates and the relevant currency spot and future rates available in the market. The Company receives third party valuation reports to corroborate our determination of fair value. Accordingly, these instruments are classified as Level 2 inputs.

Earn-Outs - In accordance with ASC 805, we estimated the fair value of the earn-outs using a Monte Carlo simulation. The amount of the earn-outs approximates fair value due to the short term nature of their remaining payments as of September 30, 2021 and December 31, 2020. This fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined in ASC 820. As of December 31, 2020, the Company paid the remaining earn-out liabilities related to Publons and TrademarkVision. These acquisitions occurred in 2017 and 2018, respectively. The amounts payable were contingent upon the achievement of certain company specific milestones and performance metrics including number of cumulative users, cumulative reviews and annual revenue over a 1-year and 3-

32

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

year period. Changes in the earn-out are recorded to Selling, general and administrative costs in the Consolidated Statements of Operations.

As part of the DRG acquisition, the Company maintained a contingent stock liability based on observable market data relating to the DRG acquisition that occurred on February 28, 2020. Changes in the contingent stock liability were recorded to Selling, general and administrative costs in the Consolidated Statements of Operations. The contingent stock liability was recorded in Accrued expenses and other current liabilities and is classified as Level 2 in the fair value hierarchy. The liability was settled by the issuance of ordinary shares on March 5, 2021. This fair value measurement is based on observable market data and other indirect observable market inputs and thus represents a Level 2 measurement as defined in ASC 820.

As part of the CPA Global acquisition, the Company maintained a contingent stock liability based on observable market data relating to the CPA Global acquisition that occurred on October 1, 2020. Changes in the contingent stock liability were recorded to Selling, general and administrative costs in the Consolidated Statements of Operations. The contingent stock liability was recorded in Accrued expenses and other current liabilities and is classified as Level 2 in the fair value hierarchy. The liability was settled by the issuance of ordinary shares on January 21, 2021. This fair value measurement is based on observable market data and other indirect observable market inputs and thus represents a Level 2 measurement as defined in ASC 820.

For the three and nine months ended September 30, 2021, there was no earn-out liability related to Publons and TrademarkVision (see Note 22 - Commitments and Contingencies for further details). The following table presents the changes in the Level 3 earn-out for the three and nine months ended September 30, 2020:

Balance at December 31, 2019	$	11,100
Payment of earn-out liability (1)	(8,000)
Revaluations included in earnings	380
Balance at March 31, 2020	$	3,480
Payment of earn-out liability	—
Revaluations included in earnings	130
Balance at June 30, 2020	$	3,610
Payment of earn-out liability	—
Revaluations included in earnings	91
Balance at September 30, 2020	$	3,701
(1) See Note 22 - Commitments and Contingencies for further details.

As of September 30, 2021, no earn-outs are outstanding.

Employee Phantom Share Plan - As of September 30, 2021 and December 31, 2020, the Company maintains an employee phantom share plan receivable asset and liability, including an accrued liability for the employer's portion of payroll withholding taxes, which was recorded in connection with the acquisition of CPA Global's opening balance sheet. The legacy CPA Global phantom share plan contained a change in control provision for an exit event which included the sale of CPA Global. Upon the exit event, the phantom shares converted into the Company's ordinary shares and the funds were placed into an employee benefit trust to be passed to the Company for payment to the respective employees via Clarivate payroll. The Company is required to withhold employee payroll taxes and will be required to fund and pay employer payroll taxes. The associated asset and liability balances are based on observable market data relating to the CPA Global acquisition that occurred on October 1, 2020. Changes in the receivable asset and liability are recorded to Selling, general and administrative costs in the Consolidated Statements of Operations. The current and non-current portions of the liability are recorded in Accrued expenses and other current liabilities and Other non-current liabilities, respectively. The current and non-current portions of the receivable asset is recorded in Other current assets and Other non-current assets, respectively. The balances are classified as Level 2 in the fair value hierarchy. This fair value measurement is based on observable market data and other indirect observable market inputs and thus represents a Level 2 measurement as defined in ASC 820.

33

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

Private Placement Warrants - The following table summarizes the changes in Private Placement Warrant liability for the three and nine months ended September 30, 2021 and 2020:

Balance at December 31, 2020	$	312,751
Mark to market adjustment on financial instruments	(51,215)
Exercise of Private Placement Warrants	(3,592)
Balance at March 31, 2021	$	257,944
Mark to market adjustment on financial instruments	21,021
Exercise of Private Warrants	—
Balance at June 30, 2021	$	278,965
Mark to market adjustment on financial instruments	(83,013)
Exercise of Private Warrants	—
Balance at September 30, 2021	$	195,952
Balance at December 31, 2019	$	111,813
Mark to market adjustment on financial instruments	55,632
Exercise of Private Placement Warrants	—
Balance at March 31, 2020	$	167,445
Mark to market adjustment on financial instruments	23,790
Exercise of Private Warrants	—
Balance at June 30, 2020	$	191,235
Mark to market adjustment on financial instruments	144,753
Exercise of Private Warrants	—
Balance at September 30, 2020	$	335,988

The following table provides a summary of the Company’s assets and liabilities that were recognized at fair value on a recurring basis as at September 30, 2021 and December 31, 2020:

	September 30, 2021
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Forward contracts asset	$	—	$	15	$	—	$	15
Employee phantom share receivable asset	—		148,334		—		148,334
	—		148,349		—		148,349
Liabilities
Warrant liability	—		—		195,952		195,952
Employee phantom share liability - current	—		147,744		—		147,744
Employee phantom share liability - non-current	—		14,234		—		14,234
Forward contracts liability	—		4,626		—		4,626
Interest rate swap liability	—		2,651		—		2,651
Total	$	—	$	169,255	$	195,952	$	365,207

34

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

	December 31, 2020
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Forward contracts asset	$	—	$	8,574	$	—	$	8,574
Employee phantom share receivable asset	—		188,770		—		188,770
	—		197,344		—		197,344
Liabilities
Warrant liability	—		—		312,751		312,751
Employee phantom share liability - current	—		193,162		—		193,162
Employee phantom share liability - non-current	—		18,670		—		18,670
Forward contracts liability	—		106		—		106
Interest rate swap liability	—		5,159		—		5,159
Contingent stock liability	—		130,594		—		130,594
Total	$	—	$	347,691	$	312,751	$	660,442

Non-Financial Assets Valued on a Non-Recurring Basis

The Company’s long-lived assets, including goodwill, indefinite-lived intangible and finite-lived intangible assets subject to amortization, are measured at fair value on a non-recurring basis. These assets are measured at cost but are written-down to fair value, if necessary, as a result of impairment.

Finite-lived Intangible Assets — If a triggering event occurs, the Company determines the estimated fair value of finite-lived intangible assets by determining the present value of the expected cash flows.

Indefinite-lived Intangible Asset — If a qualitative analysis indicates that it is more likely than not that the estimated fair value is less than the carrying value of an indefinite-lived intangible asset, the Company determines the estimated fair value of the indefinite-lived intangible asset (trade name) by determining the present value of the estimated royalty payments on an after-tax basis that it would be required to pay the owner for the right to use such trade name. If the carrying amount exceeds the estimated fair value, an impairment loss is recognized in an amount equal to the excess.

Goodwill — Goodwill represents the difference between the purchase price and the fair value of the identifiable tangible and intangible net assets resulting from business combinations. The Company evaluates its goodwill for impairment at the reporting unit level, defined as an operating segment or one level below an operating segment, annually as of October 1 or more frequently if impairment indicators arise in accordance with ASC Topic 350. The Company performs qualitative analysis of macroeconomic conditions, industry and market considerations, internal cost factors, financial performance, fair value history and other company specific events. If this qualitative analysis indicates that it is more likely than not that the estimated fair value is less than the book value for the respective reporting unit, the Company applies a one-step impairment test in which the Company determines whether the estimated fair value of the reporting unit is in excess of its carrying value. If the carrying value of the net assets assigned to the reporting unit exceeds the estimated fair value of the reporting unit, the Company performs the second step of the impairment test to determine the implied estimated fair value of the reporting unit’s goodwill. The Company determines the implied estimated fair value of goodwill by determining the present value of the estimated future cash flows for each reporting unit and comparing the reporting unit’s risk profile and growth prospects to selected, reasonably similar publicly traded companies.

Right of Use Asset — The guidance in ASC 360-10 requires three steps to identify, recognize and measure the impairment of a long-lived asset (asset group) to be held and used. The Company evaluates whether there are indicators of impairment present (i.e., whether there are any events or changes in circumstances that indicate that the carrying amount of the long-lived asset (group) might not be recoverable, including the ceased use of the leased property). The Company performs tests for recoverability and if indicators of impairment are present, the Company perform a recoverability test by comparing the sum of the estimated undiscounted future cash flows attributable to the long-lived asset (asset group) in question to the carrying amount of the long-lived asset (asset group). If the undiscounted cash flows used in the test for recoverability are

35

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

less than the carrying amount of the long-lived asset (asset group), the Company determines the fair value of the long-lived asset (asset group) and recognizes an impairment loss if the carrying amount of the long-lived asset (asset group) exceeds its fair value. For the nine months ended September 30, 2021, an impairment charge was recorded where the carrying value of the operating lease right of use asset was reduced by $60,232, which are non-cash charges. Additionally, the Company incurred $166 and $745 in lease termination fees during the three months ended September 30, 2021 and 2020, respectively, and $3,270 and $882 during the nine months ended September 30, 2021 and 2020, respectively. Fair value assumptions including sublease probabilities and the present value factor were used in the impairment calculation.

Note 12: Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities, consisted of the following as of September 30, 2021 and December 31, 2020:

	September 30,		December 31,
	2021		2020
Employee phantom share plan liability (1)	$	147,744	$	193,162
Contingent stock liability (2)	—		130,594
Employee related accruals (3)	81,177		98,481
Accrued professional fees (4)	50,403		67,628
Accrued legal liability (5)	79,346		—
Tax related accruals (6)	37,052		45,119
Other accrued expenses and other current liabilities (7)	196,999		181,372
Total accrued expenses and other current liabilities	$	592,721	$	716,356

(1)See Note 11 - Fair Value Measurements for further information with respect to the employee phantom share plan liabilities.

(2)Represents contingent stock consideration associated with the CPA Global and DRG acquisitions. See Note 4 - Business Combinations and Note 22 - Commitments and Contingencies for further information.

(3)Employee related accruals include accrued payroll, bonus and employee commissions.

(4)Professional and outside service-related fees include accrued legal fees, audit fees, outside services, technology, and contractor fees.

(5)Comprised of accrued estimated legal costs of $10,346 and probable claim reserves of $69,000. See Note 22 - Commitments and Contingencies for further information with respect to the probable claim reserves.

(6)Tax related accruals include value-added tax payable and other current taxes payable.

(7)Includes current liabilities due to customers, royalty accruals, interest payable, and a collection of miscellaneous other current liabilities.

Note 13: Pension and Other Post‑Retirement Benefits The components of net periodic benefit cost changes in plan assets and benefit obligations recognized as follows:

36

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

	Three Months Ended September 30,
	2021		2020
Service cost	$	368	$	226
Interest cost	82		79
Expected return on plan assets	(52)		(40)
Amortization of actuarial gains	(4)		(19)
Net periodic benefit cost	$	394	$	246
	Nine Months Ended September 30,
	2021		2020
Service cost	$	1,104	$	661
Interest cost	246		235
Expected return on plan assets	(156)		(118)
Amortization of actuarial gains	(12)		(57)
Net periodic benefit cost	$	1,182	$	721

Interest cost and expected return on plan assets are recorded in Interest expense, net on the accompanying Interim Condensed Consolidated Statements of Operations.

Note 14: Debt

The following is a summary of the Company’s debt:

		September 30, 2021				December 31, 2020
Type	Maturity	Effective Interest Rate		Carrying Value		Effective Interest Rate		Carrying Value
Senior Notes (2029)	2029	4.875	%	$	921,399	—	%	$	—
Senior Secured Notes (2028)	2028	3.875	%	921,177		—	%	—
Senior Secured Notes (2026)	2026	4.500	%	700,000		4.500	%	700,000
Term Loan Facility (2026)	2026	3.598	%	2,825,950		3.626	%	2,847,400
Revolving Credit Facility	2024	—	%	—		—	%	—
Total debt outstanding				5,368,526				3,547,400
Debt issuance costs				(50,528)				(51,309)
Term Loan Facility, discount				(8,793)				(9,591)
Short-term debt, including current portion of long-term debt				(1,865,627)				(28,600)
Long-term debt, net of current portion and debt issuance costs				$	3,443,578			$	3,457,900

Term Loan Facility (2026)

In connection with the DRG acquisition, the Company incurred an incremental $360,000 of borrowings under our term loan facility and used the net proceeds from such borrowings to fund a portion of the DRG acquisition and to pay related fees and expenses.

37

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

In addition, the Company secured the backstop of a $950,000 fully committed bridge facility in connection with the DRG acquisition. However, the Company obtained all required financing with proceeds from the additional term loan borrowings and through a primary equity offering in February 2020. As such, the bridge facility remained undrawn through its expiration on closing of the acquisition.

On October 1, 2020, in connection with the CPA Global acquisition, the Company incurred an incremental $1,600,000 of borrowings under our term loan facility and used the net proceeds from such borrowings to fund the repayment of CPA Global's parent company outstanding debt of $2,055,822. Previously, the Company had secured the backstop of a $1,500,000 fully committed bridge facility. However, the Company obtained all required financing with proceeds from the additional term loan borrowings and the bridge facility remained undrawn through its expiration on closing of the acquisition.

Revolving Credit Facility

On October 1, 2020, the Company borrowed $60,000 on the existing Revolving Credit Facility and used the net proceeds from such borrowings to fund the debt extinguishment costs in connection with funding of the repayment of CPA Global's parent company outstanding debt. The amount was repaid in the fourth quarter of 2020 and the revolving credit facility has remained undrawn in the period subsequent to the pay down. The revolving credit facility is subject to a commitment fee of 0.375% per annum.

With respect to the credit facilities, the Company may be subject to certain negative covenants, including either a fixed charge coverage ratio, total first lien net leverage ratio, or total net leverage ratio if certain conditions are met. As of September 30, 2021, the company was not required to perform these covenants as we are in compliance with the conditions for the credit facilities.

The obligations of the borrowers under the Credit Agreement are guaranteed by UK Holdco and certain of its restricted subsidiaries and are collateralized by substantially all of UK Holdco’s and certain of its restricted subsidiaries’ assets (with customary exceptions described in the Credit Agreement). UK Holdco and its restricted subsidiaries are subject to certain covenants including restrictions on UK Holdco’s ability to pay dividends, incur indebtedness, grant a lien over its assets, merge or consolidate, make investments, or make payments to affiliates.

As of September 30, 2021, letters of credit totaling $7,714 were collateralized by the Revolving Credit Facility. Notwithstanding the Revolving Credit Facility, as of September 30, 2021 the Company had an unsecured corporate guarantee outstanding for $10,644 and cash collateralized letters of credit totaling $1,551, all of which were not collateralized by the Revolving Credit Facility. The Company did not have any borrowings against the Revolving Credit Facility as of September 30, 2021 and December 31, 2020, to support current operations.

Senior Unsecured Notes (2029) and Senior Secured Notes (2028)

In June 2021, we issued a private placement offering of $1,000,000 in aggregate principal amount of Senior Secured Notes due June 30, 2028 (the " Old Secured Notes") and $1,000,000 in aggregate principle amount of Senior Notes due June 30, 2029 (the "Old Unsecured Notes" and, together with the Old Secured Notes, the "Old Notes") bearing interest at a rate of 3.875% and 4.875% per annum, respectively. The interest is payable semi-annually to holders of record on June 30 and December 30 of each year, commencing on December 30, 2021. The Notes were issued by Clarivate Science Holdings Corporation (the "Issuer"), an indirect wholly-owned subsidiary of Clarivate.

38

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

In August 2021, we (i) exchanged all of the outstanding, validly tendered and not withdrawn Old Secured Notes for the newly-issued 3.875% Senior Secured Notes due 2028 (the “New Secured Notes”), and (ii) exchanged all of the outstanding, validly tendered and not withdrawn Old Unsecured Notes for the newly-issued 4.875% Senior Unsecured Notes due 2029 (the “New Unsecured Notes” and, together with the New Secured Notes, the “New Notes”). The initial aggregate principal amount of the New Notes is equal to the aggregate principal amount of Old Notes that were validly tendered and not validly withdrawn for exchange, and that were accepted by the Issuer. The offers to exchange are referred to herein as the “Exchange Offers.” Pursuant to the Exchange Offers, the aggregate principal amounts of the Old Notes set forth as follows were validly tendered and not validly withdrawn, and were accepted by the Issuer and subsequently cancelled: (i) $921,177 aggregate principal amount of Old Secured Notes; and (ii) $921,399 aggregate principal amount of Old Unsecured Notes. Following such cancellation, (i) $78,823 aggregate principal amount of Old Secured Notes remained outstanding; and (ii) $78,601 aggregate principal amount of Old Unsecured Notes remained outstanding. The Issuer redeemed such remaining outstanding Old Secured Notes and Old Unsecured Notes at 100% of the principal amount thereof plus accrued and unpaid interest from June 24, 2021 to the redemption date in August 2021. In connection with the settlement of the Exchange Offers, the Issuer (i) issued $921,177 aggregate principal amount of its New Secured Notes; and (ii) issued $921,399 aggregate principal amount of its New Unsecured Notes. The interest is payable semi-annually to holders of record on June 30 and December 30 of each year, commencing on December 30, 2021. The exchange was treated as a debt modification in accordance with Accounting Standards Codification 470, Debt ("ASC 470").

We intend to use the net proceeds to finance a portion of the purchase price for the ProQuest acquisition, which we announced on May 17, 2021, and to pay related fees and expenses. Concurrently with the settlement of the Exchange Offers the Issuer deposited (or caused to be deposited) an amount in cash equal to the aggregate principal amount of the New Notes of each series into segregated escrow accounts. If the escrow conditions (which include conditions relating to the consummation of the ProQuest acquisition) are not satisfied on or prior to April 29, 2022, or if it is otherwise determined that any of the applicable escrow release conditions will not be satisfied, the New Notes will be redeemed at a price equal to 100% of the principal amount of the New Notes, plus accrued and unpaid interest, if any, from June 24, 2021 (the "Issue Date" of the Old Notes), or, if an interest payment has been made on New Notes, from the most recent interest payment date, up to, but excluding, the date of such special mandatory redemption. Prior to closing of the ProQuest acquisition, the New Notes are not guaranteed, but have been secured by a first-priority security interest in the escrow accounts.

Upon consummation of the ProQuest acquisition, the New Notes will be guaranteed on a joint and several basis by each of Clarivate’s indirect subsidiaries that is an obligor or guarantor under Clarivate’s existing credit facilities and senior secured notes due 2026. The New Secured Notes will be secured on a first-lien pari passu basis with borrowings under the existing credit facilities and senior secured notes, and the New Unsecured Notes will be the Issuer’s and such guarantors’ unsecured obligations. At this time, the debt will be reclassified as Long-term debt on our Condensed Consolidated Balance Sheet and the amount released from escrow as Cash and cash equivalents.

The carrying value of the Company’s 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 the fixed rate debt is estimated based on market observable data for debt with similar prepayment features. The fair value of the Company’s debt was $5,404,344 and $3,574,282 at September 30, 2021 and December 31, 2020, respectively. The debt is considered a Level 2 liability under the fair value hierarchy.

Note 15: Revenue

Disaggregated Revenues

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

39

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

	Three Months Ended September 30,
	2021		2020
Subscription revenues	$	246,467	$	222,069
Transactional revenues	85,354		64,398
Re-occurring revenues	110,368		—
Total revenues, gross	442,189		286,467
Deferred revenues adjustment (1)	(72)		(2,107)
Total revenues, net	$	442,117	$	284,360
(1) Reflects the deferred revenue adjustment as a result of purchase accounting.
	Nine Months Ended September 30,
	2021		2020
Subscription revenues	$	725,121	$	631,873
Transactional revenues	259,300		174,000
Re-occurring revenues	336,236		—
Total revenues, gross	1,320,657		805,873
Deferred revenues adjustment (1)	(4,465)		(7,421)
Total revenues, net	$	1,316,192	$	798,452
(1) Reflects the deferred revenue adjustment as a result of purchase accounting.

Contract Balances

	Accounts receivable, net		Current portion of deferred revenues		Non-current portion of deferred revenues
Opening (1/1/2021)	$	737,733	$	707,318	$	41,399
Closing (09/30/2021)	610,755		579,935		44,934
(Increase)/decrease	$	126,978	$	127,383	$	(3,535)
Opening (1/1/2020)	$	333,858	$	407,325	$	19,723
Closing (09/30/2020)	238,638		326,098		24,080
(Increase)/decrease	$	95,220	$	81,227	$	(4,357)

The amount of revenue recognized in the period that was included in the opening deferred revenues balances was $485,682 and $339,589 for the nine months ended September 30, 2021 and 2020, respectively. This revenue consists primarily of subscription revenues.

Transaction Price Allocated to the Remaining Performance Obligation

As of September 30, 2021, approximately $78,124 of revenue is expected to be recognized in the future from remaining performance obligations, excluding contracts with duration of one year or less. The Company expects to recognize revenue on approximately 52.8% of these performance obligations over the next 12 months. Of the remaining 47.2%, 23.6% is expected to be recognized within the following year, 17.5% is expected to be recognized within three to five years, with the final 6.2% expected to be recognized within six to ten years.

40

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

Note 16: Shareholders’ Equity

Pre-2019 Transaction

In March 2017, the Company formed the Management Incentive Plan under which certain employees of the Company may be eligible to purchase shares of the Company. In exchange for each share purchase subscription, the purchaser is entitled to a fully vested right to an ordinary share. Additionally, along with a subscription, employees receive a corresponding number of options to acquire additional ordinary shares subject to five years vesting. See Note 17 - Employment and Compensation Arrangements for additional detail related to the options. There were no share subscriptions received prior to or following the close of the 2019 Transaction for the three and nine months ended September 30, 2021.

Post-2019 Transaction

Immediately prior to the closing of the 2019 Transaction, there were 87,749,999 shares of Churchill ordinary stock issued and outstanding, consisting of (i) 68,999,999 public shares (Class A) and (ii) 18,750,000 founder shares (Class B). On May 13, 2019, in connection with the 2019 Transaction, all of the Class B ordinary stock converted into Class A ordinary stock of the post-combination company on a one-for-one basis, and effected the reclassification and conversion of all of the Class A ordinary stock and Class B ordinary stock into a single class of ordinary stock of Clarivate Plc. One stockholder elected to have one share redeemed in connection with the 2019 Transaction.

In June 2019, the Company formed the 2019 Incentive Award Plan under which employees of the Company may be eligible to purchase shares of the Company. See Note 17 - Employment and Compensation Arrangements for additional detail related to the 2019 Incentive Award Plan. In exchange for each share subscription purchased, the purchaser is entitled to a fully vested right to an ordinary share. At September 30, 2021 there were unlimited shares of ordinary stock authorized, and 639,750,620 shares issued and outstanding, with a par value of $0.00. The Company did not hold any shares as treasury shares as of September 30, 2021 or December 31, 2020. The Company’s ordinary stockholders are entitled to one vote per share.

Warrants

Upon consummation of the 2019 Transaction, the Company had warrants outstanding to purchase an aggregate of 52,800,000 ordinary shares. Each outstanding whole warrant of Churchill represented the right to purchase one ordinary share of the Company in lieu of one share of Churchill ordinary stock upon closing of the 2019 Transaction. During the period January 1, 2020 through February 21, 2020, 24,132,666 of the Company’s outstanding public warrants were exercised for one ordinary share per whole public warrant at a price of $11.50 per share. On February 20, 2020, we announced the redemption of all of our outstanding public warrants to purchase our ordinary shares that were issued as part of the units sold in the Churchill Capital Corp initial public offering. As of December 31, 2020, no public warrants were outstanding.

Merger Shares

Upon consummation of the 2019 Transaction, there were 7,000,000 ordinary shares of Clarivate that are issuable to persons designated by Messrs. Stead and Klein, including themselves, if the last sale price of Clarivate’s ordinary shares is at least $20.00 for 40 days over a 60 consecutive trading day period on or before the sixth anniversary of the closing of the 2019 Transaction. On January 31, 2020, our Board agreed to waive all performance vesting conditions associated with the Merger Shares (as defined below). The Merger Shares were issued as ordinary shares to persons designated by Jerre Stead and Michael Klein on June 1, 2020 as part of the June 2020 underwritten public offering. These shares were issued during the year ended December 31, 2020. See Note 17 - Employment and Compensation Arrangements for additional detail related to the Merger Shares.

DRG Acquisition Shares

In connection with the DRG acquisition, 2,895,638 ordinary shares of the Company were issued to PEL in March 2021. See Note 4 - Business Combinations for additional details.

41

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

CPA Global Acquisition Shares

In connection with the CPA Global acquisition, on October 1, 2020, the Company issued as part of the purchase consideration, 216,683,778 ordinary shares of the Company. In January 2021, the Company issued 1,500,000 ordinary shares to Redtop pursuant to a holdback clause within the purchase agreement. See Note 4 - Business Combinations for additional details.

MCPS Offering

In June 2021, concurrently with the June 2021 Ordinary Share Offering (see Note 1 - Background and Nature of Operations), we completed an underwritten public offering of 14,375,000 of our 5.25% Series A MCPS (which included 1,875,000 of our MCPS that the underwriters purchased pursuant to their option to purchase additional shares). Based upon the agreement provisions and accounting guidance in ASC 480 - Distinguishing Liabilities from Equity and ASC 815-40 - Derivatives and Hedging, the Company concluded that the preferred stock should be classified as permanent equity within the Condensed Consolidated Balance Sheet.

Dividends on our convertible preferred shares are payable, as and if declared by our board of directors, at an annual rate of 5.25% of the liquidation preference of $100.00 per share. We may pay declared dividends on March 1, June 1, September 1 and December 1 of each year, commencing on September 1, 2021 and ending on, and including, June 1, 2024. Each of our convertible preferred shares has a liquidation preference of $100.00. See Note 22 - Commitments and Contingencies for further details.

In July 2021, the Company's board of directors declared a quarterly dividend of approximately $1.12 per share on its 5.25% Series A Mandatory Convertible Preferred Shares, payable on September 1, 2021 to shareholders of record at the close of business on August 15, 2021. As permitted by the Statement of Rights governing its 5.25% Series A Mandatory Convertible Preferred Shares, such dividend was paid by delivery of ordinary shares (other than $1 paid in cash in lieu of any fractional ordinary share). The number of ordinary shares deliverable in respect of such dividend was 664,730, which was determined based on the average volume-weighted average price per ordinary shares over the five consecutive trading day period ending on, and including, the trading day prior to September 1, 2021, which had a value of $16,141. As of September 30, 2021, we recognized $6,289 of accrued preferred share dividends within accrued expenses and other current liabilities. While the dividends on the MCPS are cumulative, they will not be paid until declared by the Company’s board of directors. If no dividends are declared and paid, they will continue to accumulate as the agreement contains a backstop to it being paid even if never declared by the board.

Each of our MCPS will automatically convert on the second business day immediately following the last trading day of the "Settlement Period" (the 30 consecutive Trading Day period commencing on, and including, the 31st Scheduled Trading Day immediately preceding June 1, 2024) into between 3.2052 and 3.8462 of our ordinary shares (respectively, the “Minimum Conversion Rate” and “Maximum Conversion Rate”), each subject to anti-dilution adjustments. The number of our ordinary shares issuable on conversion of the convertible preferred shares will be determined based on an Average VWAP per ordinary share over the Settlement Period. At any time prior to June 1, 2024, holders may elect to convert each convertible preferred share into ordinary shares at the Minimum Conversion Rate.

Holders of the Preferred Stock have the right to convert all or any portion of their shares at any time until the close of business on the mandatory conversion date. Early conversions that are not in connection with a “Make-Whole Fundamental Change” will be settled at the minimum conversion rate. If a Make-Whole Fundamental Change occurs, holders of the Preferred Stock will, in certain circumstances, be entitled to convert their shares at an increased conversion rate for a specified period of time and receive an amount to compensate them for certain unpaid accumulated dividends and any remaining future scheduled dividend payments.

The Preferred Stock will not be redeemable at our election before the mandatory conversion date. The holders of the Preferred Stock will not have any voting rights, with limited exceptions. In the event that Preferred Stock dividends have not been declared and paid in an aggregate amount corresponding to six or more dividend periods, whether or not consecutive, the holders of the Preferred Stock will have the right to elect two new directors until all accumulated and unpaid Preferred Stock dividends have been paid in full, at which time that right will terminate.

Share Repurchase Program and Share Retirements

In August 2021, the Company's board of directors authorized a share repurchase program allowing the Company to purchase up to $250,000 of its outstanding ordinary shares, subject to market conditions. During the three months ended September

42

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

30, 2021, the Company purchased 2,599,700 shares for a total of $65,215. As of September 30, 2021, the Company had approximately $184,785 of availability remaining under this program.

In September 2021, the Company retired the 2,599,700 shares repurchased during the three months ended September 30, 2021 and restored them to authorized but unissued ordinary shares. The retired treasury shares had a carrying value of $65,215. Upon formal retirement and in accordance with Financial Accounting Standards Board's Accounting Standards Codification ("ASC") Topic 505, Equity, the Company reduced our ordinary shares account by the carrying amount of the treasury shares. The share repurchase program was suspended temporarily due to the secondary offering in September 2021.

Note 17: Employment and Compensation Arrangements

Employee Incentive Plans

Prior to the 2019 Transaction, the Company operated under its 2016 Equity Incentive Plan, which provided for certain employees of the Company to be eligible to participate in equity ownership in the Company. On May 8, 2019, in anticipation of the 2019 Transaction, the Board adopted the 2019 Incentive Award Plan, which was an amendment, restatement and continuation of the 2016 Equity Incentive Plan. Upon closing of the 2019 Transaction, awards under the 2016 Equity Incentive Plan were converted using the exchange ratio established during the 2019 Transaction and assumed into the 2019 Incentive Award Plan (See Note 4 - Business Combinations). The 2019 Incentive Award Plan permits the granting of awards in the form of incentive stock options, non-qualified stock options, share appreciation rights, restricted shares, restricted share units and other stock-based or cash-based awards. Equity awards may be issued in the form of restricted shares or restricted share units with dividend rights or dividend equivalent rights subject to vesting terms and conditions specified in individual award agreements. The Company’s Management Incentive Plan provides for employees of the Company to be eligible to purchase shares of the Company. See Note 16 - Shareholders’ Equity for additional information.

A maximum aggregate amount of 60,000,000 ordinary shares are reserved for issuance under the 2019 Incentive Award Plan. Equity awards under the 2019 Incentive Award Plan may be issued in the form of options to purchase shares of the Company which are exercisable upon the occurrence of conditions specified within individual award agreements. As of September 30, 2021 and December 31, 2020, 41,271,255 and 42,785,926, respectively, awards have not been granted.

Total share-based compensation expense, inclusive of cash and non-cash expense, included in the Consolidated Statements of Operations amounted to $11,997 and $6,796 for the three months ended September 30, 2021 and 2020, respectively, and $38,518 and $31,121 for the nine months ended September 30, 2021 and 2020, respectively. The total associated tax benefits recognized amounted to $1,027 and $0 for the three months ended September 30, 2021 and 2020, respectively, and $6,862 and $0 for the nine months ended September 30, 2021 and 2020, respectively.

In the nine months ended September 30, 2021 and 2020, the Company recognized additional Share-based compensation expense related to the modification of certain awards under the 2019 Incentive Award Plan. As of September 30, 2021 and December 31, 2020, there was no unrecognized compensation cost related to outstanding stock options.

Stock Options

The Company’s stock option activity is summarized below:

	Number of Options	Weighted Average Exercise Price per Share		Weighted-Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Balance at December 31, 2020	7,860,618	$	12.95	6.2	$	131,956
Granted	—	—		0	—
Expired	—	—		0	—
Forfeited	—	—		0	—
Exercised	(2,745,966)	12.12		0	(39,737)
Outstanding as of September 30, 2021	5,114,652	$	13.40	5.6	$	45,015
Vested and exercisable at September 30, 2021	5,114,652	$	13.40	5.6	$	45,015

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CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

The aggregate intrinsic value in the table above represents the difference between the Company’s most recent valuation and the exercise price of each in-the-money option on the last day of the period presented. 328,531 and 4,068,307 stock options were exercised in the three months ended September 30, 2021 and 2020, respectively, and 2,745,966 and 11,507,094 stock options were exercised during the nine months ended September 30, 2021 and 2020, respectively. The total intrinsic value of stock options exercised was approximately $39,737 and $141,143 during the nine months ended September 30, 2021 and 2020, respectively.

The Company accounts for awards issued under the 2019 Incentive Award Plan as additional contributions to equity. Share-based compensation includes expense associated with stock option grants which is estimated based on the grant date fair value of the award issued.

The Company uses the Black-Scholes option pricing model to estimate the fair value of options granted. The Black-Scholes model considers the fair value of an ordinary share and the contractual and expected term of the stock option, expected volatility, dividend yield, and risk-free interest rate. Prior to becoming a public company, the fair value of the Company’s ordinary shares were determined utilizing an external third-party pricing specialist.

The contractual term of the option ranges from one year to ten years. Expected volatility is the average volatility over the expected terms of comparable public entities from the same industry. The risk-free interest rate is based on a treasury rate with a remaining term similar to the contractual term of the option. The Company is recently formed and at this time does not expect to distribute any dividends to the holders of the Company's ordinary shares. The Company recognizes forfeitures as they occur.

Restricted Stock Units (“RSUs”)

RSUs typically vest from one year to three years and are generally subject to either cliff vesting or graded vesting. RSUs do not have non-forfeitable rights to dividends or dividend equivalents. The fair value of RSUs is typically based on the fair value of our ordinary shares on the date of grant. We amortize the value of these awards to expense over the vesting period on a graded-scale basis. The Company recognizes forfeitures as they occur.

	Number of Shares	Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2020	1,810,546	$	19.30
Granted	2,856,222	24.11
Vested	(571,617)	$	21.03
Forfeited	(438,225)	23.45
Outstanding as of September 30, 2021	3,656,926	$	23.68

The total fair value of RSUs that vested during the three months ended September 30, 2021 and 2020 was $2,525 and $76, respectively, and $12,021 and $2,996 during the nine months ended September 30, 2021 and 2020, respectively.

Performance Stock Units (“PSUs”)

The Company began granting PSUs (the "Original PSUs") to certain members of management on April 1, 2020 under the 2019 Incentive Award Plan. The Original PSUs typically vest over three years and are subject to performance conditions with a modifier of relative TSR as compared to the S&P 500 for vesting. The fair value of the PSUs is based on the fair value of our ordinary shares on the date of grant and valued using a Monte Carlo simulation. In years one and two of the three year vesting period, it was not possible to predict the likelihood of achieving the target and therefore, the performance condition was deemed not probable as of September 30, 2021. Accordingly, no compensation expense was recognized for the three and nine months ended September 30, 2021.

During December of 2020, the Human Resources and Compensation Committee (the “HRCC”) considered the need to continue to align the interests of our named executive officers with those of Clarivate’s shareholders and to compensate our named executive officers for the significant value created for shareholders in 2020. In addition, the HRCC considered the effects of the Covid-19 pandemic on the value of the Original PSUs granted to our named executive officers earlier in 2020,

44

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

which are eligible to vest based on the achievement of certain three-year financial performance metrics. In choosing the primary performance goals for the Original PSUs, the HRCC had not anticipated the Covid-19 pandemic and its impact on certain elements of performance, which significantly reduced the anticipated value of the Original PSUs.

The Company made a one-time grant of additional PSUs to certain key employees, including its named executive officers on December 17, 2020 under the 2019 Incentive Award Plan. The PSUs are eligible to vest based upon Clarivate’s three-year total shareholder return (“TSR”) as compared to the TSR of the S&P 500 for the same period (the “TSR PSUs”). The TSR PSUs cover the period from January 1, 2020 to December 31, 2022 and have a payout range of 0% to 120% of target. The TSR PSU grants vest over three years and are subject to market conditions for vesting. The probability of achieving the market conditions are incorporated into the fair value of the award, and related expense is recognized over the vesting period. The fair value of the PSUs is based on the fair value of our ordinary shares on the date of grant and valued using a Monte Carlo simulation. Accordingly, the Company recognized $790 and $3,048 of compensation expense for the three and nine months ended September 30, 2021. In the event that the Original PSUs vest, the TSR PSUs will be forfeited.

On March 1, 2021, May 15, 2021, and August 15, 2021 the Company granted 499,141, 28,577, and 38,178 PSUs, respectively, to key employees under the 2019 Incentive Award Plan. These PSUs are eligible to vest based on Clarivate's three-year total shareholder return ("TSR") as compared to the TSR of the S&P 500 for the same period as well as the Company's performance against forecasted results. These PSUs cover from January 1, 2021 through December 31, 2023 and have a payout range of 0% to 200%. These PSUs vest over three years and are subject to market conditions. The probability of achieving the market conditions are incorporated into the fair value of the award, and related expense is recognized over the vesting period. The fair value of the PSUs is based on the fair value of our ordinary shares on the date of grant and valued using a Monte Carlo simulation. Accordingly, the Company recognized $306 and $741 of compensation expense for the three and nine months ended September 30, 2021.

	Number of Shares (1)	Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2020	873,325	$	25.84
Granted	565,896	23.70
Vested	(5,633)	32.50
Forfeited	(128,642)	24.43
Outstanding as of September 30, 2021	1,304,946	$	25.02

(1) The PSUs number of shares are at grant amount and are not reflective of the maximum shares that may ultimately be issued, if any.

Warrants

In connection with the acquisition of Churchill Capital Corp consummated on May 13, 2019, the Company had warrants outstanding for certain individuals to purchase an aggregate of 52,800,000 ordinary shares with an exercise price of $11.50 per share, consisting of 34,500,000 public warrants and 18,300,000 Private Placement Warrants. As of December 31, 2020, no public warrants were outstanding. On January 21, 2021, one warrant holder exercised warrants for 212,174 ordinary shares through a cashless redemption in which 80,610 shares were withheld to cover the exercise price. The net impact of the redemption was an issuance of 131,564 shares. As of September 30, 2021, there were 17,813,826 ordinary shares outstanding for Private Placement Warrants.

The following table summarizes the changes in Private Placement Warrant shares outstanding as of September 30, 2021 and September 30, 2020.

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CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

	Number of Shares	Weighted Average Fair Value per Share
Outstanding at December 31, 2019	18,300,000	$	6.11
Exercise of Private Placement Warrants	—	—
Outstanding at September 30, 2020	18,300,000	$	18.36
Outstanding at December 31, 2020	18,026,000	$	17.35
Exercise of Private Placement Warrants	(212,174)	16.93
Outstanding at September 30, 2021	17,813,826	$	11.00

2019 Transaction Related Awards

Upon consummation of the 2019 Transaction, there were 7,000,000 ordinary shares of Clarivate (the "Merger Shares") issuable if the last sale price of Clarivate’s ordinary shares is at least $20.00 for 40 days over a 60 consecutive trading day period on or before the sixth anniversary of the closing of the 2019 Transaction. In accordance with the terms of the Sponsor Agreement and in connection with our merger with Churchill in 2019, the Merger Shares were issued to persons designated by Messrs. Stead and Klein. On January 31, 2020, our Board agreed to waive the performance vesting condition, and the Merger Shares became issuable on or prior to December 31, 2020 to persons designated by Messrs. Stead and Klein. We engaged a third party specialist to fair value the awards at the modification date using the Monte Carlo simulation approach. The assumptions in the model included, but were not limited to, risk-free interest rate, 1.33%; expected volatility of the Company's and its peer group's stock prices, 20.00%; and dividend yield, 0.00%. The Company has evaluated and recorded additional stock compensation expense as required upon the assignment of Merger Shares as applicable. The Merger Shares were issued as ordinary shares to persons designated by Jerre Stead and Michael Klein on June 1, 2020 as part of the June 2020 underwritten public offering. The Company recognized $13,720 of expense during the year ended December 31, 2020, in Share-based compensation expense as a result of the waived performance vesting conditions.

The Sponsor Agreement provided that certain ordinary shares of Clarivate available for distribution to persons designated in the Sponsor Agreement in connection with the Transactions, and certain Clarivate warrants available for distribution to such persons, in each case, were subject to certain time and performance-based vesting provisions described below.

The vesting conditions added to certain ordinary shares include the following:

5,309,713 ordinary shares of Clarivate held by persons designated in the Sponsor Agreement, will vest in three equal annual installments on the first, second and third anniversaries of the closing of the 2019 Transaction, respectively, and are not contingent on continuing or future service of the respective holders to the Company.

2,654,856 ordinary shares of Clarivate held by such persons will vest at such time as the last sale price of Clarivate’s ordinary shares is at least $15.25 on or before the date that is 42 months after the closing of the 2019 Transaction; provided that none of such Clarivate ordinary shares will vest prior to the first anniversary of the closing of the 2019 Transaction, not more than 1/3 of such Clarivate warrants will vest prior to the second anniversary of the closing of the 2019 Transaction, and not more than 2/3 of such Clarivate warrants will vest prior to the third anniversary of the closing of the 2019 Transaction. Further, such vesting is not contingent on continuing or future service of the respective holders to the Company.

2,654,856 ordinary shares of Clarivate held by such persons will vest at such time as the last sale price of Clarivate’s ordinary shares is at least $17.50 on or before the fifth anniversary of the closing of the 2019 Transaction; provided that none of such Clarivate ordinary shares will vest prior to the first anniversary of the closing of the 2019 Transaction, not more than 1/3 of such Clarivate warrants will vest prior to the second anniversary of the closing of the 2019 Transaction, and not more than 2/3 of such Clarivate warrants will vest prior to the third anniversary of the closing of the 2019 Transaction. Further, such vesting is not contingent on continuing or future service of the respective holders to the Company.

The vesting conditions added to certain warrants include the following:

46

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

17,265,826 of certain warrants held by persons designated in the Sponsor Agreement, will vest at such time as the last sale price of Clarivate’s ordinary shares is at least $17.50 on or before the fifth anniversary of the closing of the 2019 Transaction; provided that none of such Clarivate warrants will vest prior to the first anniversary of the closing of the 2019 Transaction, not more than 1/3 of such Clarivate warrants will vest prior to the second anniversary of the closing of the 2019 Transaction, and not more than 2/3 of such Clarivate warrants will vest prior to the third anniversary of the closing of the 2019 Transaction. Further, such vesting is not contingent on continuing or future service of the respective holders to the Company.

In considering the terms of the transaction related awards, the Company notes that the time-based vesting restrictions were not conditioned on any continuing or future service of the holders to the Company, and reflect “lock-up” periods of the issuable shares. Further, the above mentioned performance-based restrictions were considered market conditions pursuant to ASC 718, and are contemplated in the value of the awards. As such vesting restrictions were contemplated in conjunction with the granting of the merger shares (See Note 16 - Shareholders’ Equity), the Company considered such terms of the total basket of transaction awards in determination of the fair value of the awards. As no continued or future service was required by the holders of such awards, the Company recognized compensation expense in the second quarter of 2019 based on the fair value of such awards upon closing of the 2019 Transaction. The Company recognized $25,013 expense, net in Share-based compensation expense as of the date of the 2019 Transaction in accordance with the issuance of the merger shares offset by the addition of vesting terms to certain ordinary shares and warrants, as described above. The expense included the increases in value of $48,102 for the granting of merger shares, the increase in value of $1,193 for ordinary shares with only time vesting conditions, and the increase in value of shares purchased by the Founders immediately prior to the transaction of $4,411, all offset by the reduction in value of $9,396 for ordinary shares with performance vesting condition of $15.25, the reduction in value of $13,101 for ordinary shares with performance vesting condition of $17.50 and the reduction in value of $6,297 related to warrants. Pursuant to the Sponsor Agreement, certain founders of Churchill Capital Corp purchased an aggregate of 1,500,000 shares of Class B ordinary stock of Churchill immediately prior to the closing of the 2019 Transaction for an aggregate purchase price of $15,000.

We used a third-party specialist to fair value the awards at the 2019 Transaction close date of May 13, 2019 using the Monte Carlo simulation approach. The assumptions included in the model include, but are not limited to, risk-free interest rate, 2.20%; expected volatility of the Company’s and the peer group’s stock prices, 20.00%; and dividend yield, 0.00%. A discount for lack of marketability (“DLOM”) was applied to shares that are subject to remaining post vesting lock up restrictions. The DLOM was between 3% - 7% dependent on the length of the post vesting restriction period.

On August 14, 2019, Clarivate (on its behalf and on behalf of its subsidiaries) agreed to waive the performance and time vesting conditions, described above, subject to the consummation of the secondary offering. These shares and warrants nevertheless remain subject to a lock-up for a period ranging from two years to three years following the closing of the Mergers. We used a third-party specialist to fair value the awards at the modification date using the Monte Carlo simulation approach. The assumptions included in the model include, but are not limited to, risk-free interest rate, 1.42%; expected volatility of the Company’s and the peer group’s stock prices, 20.00%; and dividend yield, 0.00%. A DLOM was applied to shares that are subject to remaining post vesting lock up restrictions. The DLOM was between 3% - 7% dependent on the length of the post vesting restriction period.

Note 18: Income Taxes

During the three months ended September 30, 2021 and 2020, the Company recognized an income tax provision of $3,579 on income before income tax of $26,891 and $4,325 on loss before income tax of $177,661, respectively. During the nine months ended September 30, 2021 and 2020, the Company recognized an income tax provision of $18,016 on loss before income tax of $64,836 and $13,693 on loss before income tax of $323,207, respectively. The tax provision in each period three and nine months ended September 30, 2021 and 2020, respectively, reflects the mix of taxing jurisdictions in which pre-tax profits and losses were recognized.

Note 19: Earnings Per Share

Basic net earnings per ordinary share from continuing operations (“EPS”) is calculated by taking Income (loss) available to ordinary stockholders divided by the weighted average number of ordinary shares outstanding for the applicable period. Diluted net EPS is computed by taking net earnings divided by the weighted average number of ordinary shares outstanding increased by the number of additional shares which have a dilutive effect. The Company was in a net income position for the three months ended September 30, 2021. Certain potentially dilutive instruments were determined to be anti-dilutive and

47

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

excluded from the dilutive calculation for the three months ended September 30, 2021. Due to the Company being in a loss position during the nine months ended September 30, 2021, all potentially dilutive instruments were seen to be anti-dilutive and excluded from the dilutive calculation for the nine months ended September 30, 2021.

Potential ordinary shares of 27,575,398 and 31,871,520 of Private Placement Warrants, options, RSUs, and PSUs related to the 2019 Incentive Award Plan were excluded from diluted EPS for the nine months ended September 30, 2021 and three and nine months ended September 30, 2020, respectively, as the Company had a net loss and their inclusion would have been anti-dilutive or their performance metric was not met. Potential ordinary shares of 17,813,826 of Private Placement Warrants, 3,294,188 of RSUs, and 415,969 of PSUs were excluded from diluted EPS for the three months ended September 30, 2021 as their inclusion would have been anti-dilutive. See Note 16 - Shareholders’ Equity and Note 17 - Employment and Compensation Arrangements for additional information.

The potential dilutive effect of our MCPS outstanding during the period was calculated using the if-converted method assuming the conversion as of the earliest period reported or at the date of issuance, if later. The resulting ordinary shares related to our MCPS are not included in the dilutive weighted-average ordinary shares outstanding calculation for the nine months ended September 30, 2021 as their effect would be anti-dilutive given the net loss incurred in the period. Ordinary shares of 46,073,718 were excluded from diluted EPS for the three months ended September 30, 2021 as their inclusion would have been anti-dilutive.

The basic and diluted EPS computations for our ordinary shares are calculated as follows (in thousands, except share and per share amounts):

	Three Months Ended September 30,
	2021		2020 (As Restated)
Basic/Diluted EPS
Net income (loss) available to ordinary stockholders	$	23,312	$	(181,986)
Dividends on preferred shares	(22,431)		—
Net income (loss) attributable to ordinary shares	$	881	$	(181,986)
Basic weighted-average number of ordinary shares outstanding	640,834,827		387,845,438
Basic EPS	$	—	$	(0.47)
Effects of Dilutive Securities
Options	5,098,686		—
Diluted weighted-average number of ordinary shares outstanding	645,933,513		387,845,438
Diluted EPS	$	—	$	(0.47)
	Nine Months Ended September 30,
	2021		2020 (As Restated)
Basic/Diluted EPS
Net loss	$	(82,852)	$	(336,900)
Dividends on preferred shares	(22,431)		—
Net loss attributable to ordinary shares	$	(105,283)	$	(336,900)
Basic weighted-average number of ordinary shares outstanding	622,460,931		369,019,802
Basic EPS	$	(0.17)	$	(0.91)
Diluted weighted-average number of ordinary shares outstanding	622,460,931		369,019,802
Diluted EPS	$	(0.17)	$	(0.91)

48

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

Note 20: Other Operating Income (Expense), Net

Other operating income (expense), net, consisted of the following for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended September 30,
	2021		2020
Net foreign exchange gain (loss)	$	427	$	(3,550)
Miscellaneous (expense) income, net	(4,838)		3,412
Other operating (expense), net	$	(4,411)	$	(138)
	Nine Months Ended September 30,
	2021		2020
Net foreign exchange (loss) gain	$	(15,387)	$	10,373
Miscellaneous (expense) income, net	(4,354)		4,302
Other operating (expense) income, net	$	(19,741)	$	14,675

Note 21: Segment Information

The Chief Executive Officer is the Company’s Chief Operating Decision Maker (“CODM”). Prior to the fourth quarter of 2020, the Company’s CODM previously assessed the Company-wide performance and allocated resources based on consolidated financial information. During the fourth quarter of 2020, in connection with the CPA Global combination, the company realigned its reporting structure and changed the manner in which the CODM allocates resources and assesses performance. The CODM organizes the Company within products lines and, as a result, two new operating segments were created including the Science Group and Intellectual Property Group. The CODM evaluates segment performance based primarily on revenue and segment Adjusted EBITDA, as described below. The CODM does not review assets by operating segment for the purposes of assessing performance or allocated resources.

Each of the Company’s reportable segments, Science Group and Intellectual Property Group, recognizes revenue in accordance with the revenue recognition policy within Note 3 - Summary of Significant Accounting Policies in the Company's Form 10-K/A. Below is the overview of the product lines within each reportable segment.

Science: The Science segment consists of our Academic, Life Sciences and Healthcare Product Lines. Both provide curated, high-value, structured information and consulting services that is delivered and embedded into the workflows of our customers, which include research-intensive corporations, life science organizations and universities world-wide.

Intellectual Property: The Intellectual Property segment consists of our Patent, Trademark, Domain, and IP Management Product Lines. These Product Lines help manage customer’s end-to-end portfolio of intellectual property from patents to trademarks to corporate website domains.

Each of the two operating segments represent the segments for which discrete financial information is available and upon which operating results are regularly evaluated by the CODM in order to assess performance and allocate resources. The CODM evaluates performance based primarily on revenue and segment Adjusted EBITDA. Adjusted EBITDA represents net (loss) income before provision for income taxes, depreciation and amortization, interest income and expense adjusted to exclude acquisition or disposal-related transaction costs (such costs include net income from continuing operations before provision for income taxes, depreciation and amortization and interest income and expense from divestitures), losses on extinguishment of debt, stock-based compensation, unrealized foreign currency gains/(losses), costs associated with the transition services agreement with Thomson Reuters, separation and integration costs, transformational and restructuring expenses, acquisition-related adjustments to deferred revenues, costs related to our merger with Churchill Capital Corp in 2019, non-cash income/(loss) on equity and cost method investments, non-operating income or expense, the impact of certain non-cash, legal settlements and other items that are included in net income for the period that the Company does not consider indicative of its ongoing operating performance and certain unusual items impacting results in a particular period.

49

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

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

	Three Months Ended September 30,
	2021		2020
Science Segment	$	200,821	$	188,701
Intellectual Property Segment	241,296		95,659
Total Revenues	$	442,117	$	284,360
	Nine Months Ended September 30,
	2021		2020
Science Segment	$	594,380	$	514,774
Intellectual Property Segment	721,812		283,678
Total Revenues	$	1,316,192	$	798,452

Adjusted EBITDA by segment

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

50

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

	Three Months Ended September 30,
	2021		2020 (As Restated)
Science Segment Adjusted EBITDA	$	113,771	$	83,310
Intellectual Property Segment Adjusted EBITDA	76,225		24,897
Total Adjusted EBITDA	$	189,996	$	108,207
(Provision) benefit for income taxes	(3,579)		(4,325)
Depreciation and amortization	(130,683)		(68,614)
Interest, net	(65,194)		(20,244)
Deferred revenues adjustment	(72)		(2,107)
Transaction related costs	(11,851)		(34,938)
Share-based compensation expense	(11,997)		(6,796)
Restructuring and impairment	(15,621)		(3,192)
Mark to market adjustment on financial instruments	83,013		(144,753)
Other	(10,700)		(5,224)
Net income (loss)	$	23,312	$	(181,986)
Dividends on preferred shares	(22,431)		—
Net income (loss) attributable to ordinary shares	$	881	$	(181,986)
	Nine Months Ended September 30,
	2021		2020 (As Restated)
Science Segment Adjusted EBITDA	$	305,119	$	226,551
Intellectual Property Segment Adjusted EBITDA	238,696		59,997
Total Adjusted EBITDA	$	543,815	$	286,548
Provision for income taxes	(18,016)		(13,693)
Depreciation and amortization	(392,513)		(176,200)
Interest, net	(141,156)		(72,306)
Deferred revenues adjustment	(4,465)		(7,421)
Transaction related costs	1,599		(70,154)
Share-based compensation expense	(38,518)		(31,121)
Restructuring and impairment	(121,988)		(26,792)
Mark to market adjustment on financial instruments	113,207		(224,175)
Other	(24,817)		(1,586)
Net loss	$	(82,852)	$	(336,900)
Dividends on preferred shares	(22,431)		—
Net loss attributable to ordinary shares	$	(105,283)	$	(336,900)

Note 22: Commitments and Contingencies

The Company does not have any recorded or unrecorded guarantees of the indebtedness of others.

Lawsuits and Legal Claims

The Company is 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 all of the matters against the Company is subject to future resolution, including the uncertainties of litigation.

51

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

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. Our best estimate of the Company's potential liability for the larger legal claims is $69,000, which includes estimated legal costs and accrued interest. As of September 30, 2021, information was evaluated that led us to conclude that it is probable that insurance will cover the legal expenses related to one of our larger legal claims and a loss recovery asset of $2,290 was recorded, half within the Other current assets line item and half within the Other non-current assets line item within the Condensed Consolidated Balance Sheet. To date, $147 of the loss recovery asset has been recognized, $130 in relation to the Other current assets line item and $17 in relation to the Other non-current assets line item in the Condensed Consolidated Balance Sheet. The recorded probable loss is an estimate and the actual costs arising from our litigation could be materially lower or higher. We do not expect the outcome of such proceedings to have a material adverse effect on our results of operations or financial condition. We have and will continue to vigorously defend ourselves against these claims. We maintain appropriate insurance that we expect is likely to provide coverage for some of these liabilities or other losses that may arise from these litigation matters.

Warrant Liabilities

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.

Contingent Liabilities

In conjunction with the acquisition of Publons, the Company agreed to pay former shareholders up to an additional $9,500 through 2020. Amounts payable were contingent upon Publons’ achievement of certain milestones and performance metrics. As a result of Publons achieving the first tier of milestones and performance metrics during 2020, the earn-out was settled at that time. As such, the Company had an outstanding liability of $0 related to the estimated fair value of this contingent consideration as of December 31, 2020.

In conjunction with the acquisition of Kopernio, the Company paid former shareholders $2,184 during the nine months ended September 30, 2020, due to the achievement of certain milestones and performance metrics. As a result of the payment, no further obligations exist as of December 31, 2020.

In conjunction with the acquisition of TrademarkVision, the Company agreed to pay former shareholders a potential earn-out dependent upon achievement of certain milestones and financial performance metrics through 2020. Amounts payable were contingent upon TrademarkVision’s achievement of certain milestones and performance metrics. During the nine months ended September 30, 2020, the Company paid $8,000 of the contingent purchase price to complete the earn-out. Due to the earn-out being settled during 2020, the outstanding liability as of December 31, 2020 was $0.

In conjunction with the acquisition of DRG, the Company agreed to pay up to 2,895,638 shares as contingent stock consideration, valued at $58,897 on the closing date of the acquisition. See Note 4 - Business Combinations for more information on the contingent stock consideration. Amounts payable were contingent upon any indemnity losses or claims to indemnity losses occurring within that one-year period. During March 2021, the Company issued 2,895,638 shares as per the purchase agreement for the acquisition of DRG for a total of $61,619 which was satisfied. The issuance of these shares represents a non-cash financing activity on the statement of cash flows.

In conjunction with the acquisition of CPA Global, the Company agreed to pay up to 1,500,000 shares as contingent stock consideration, valued at $46,485 on the closing date of the acquisition. See Note 4 - Business Combinations for more information on the contingent stock consideration. The amount was payable 110 days after the acquisition date and was contingent upon any indemnity losses or claims for indemnity losses as defined in the purchase agreement. During January 2021, the Company issued 1,500,000 shares as per the purchase agreement for the acquisition of CPA Global related to a hold-back clause for a total of $43,890 which was satisfied. The issuance of these shares represents a non-cash financing activity on the statement of cash flows.

As of September 30, 2021, there were no outstanding contingent liabilities.

52

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

ProQuest Acquisition Contingent Fees

Upon consummation of the acquisition of ProQuest, which we announced on May 17, 2021, the Company agreed to pay 46,910,923 of our ordinary shares to the sellers to fund a portion of the estimated purchase price.

Additionally, certain payments are contingent upon the consummation of the ProQuest acquisition, including $25,336 associated with the discount on debt for the underwriter's fee, which once incurred, will be netted against the balance of funds received, as well as $83,250 of transaction-related fees.

MCPS Dividends

As noted in Note 16 - Shareholders’ Equity, dividends on our convertible preferred shares will be payable on a cumulative basis when, as and if declared by our board of directors, or an authorized committee of our board of directors, at an annual rate of 5.25% of the liquidation preference of $100.00 per share. Refer to Note 16 - Shareholder's Equity for further details.

Note 23: Related Party and Former Parent Transactions

The Company had an outstanding liability of $9 and $4 to Onex as of September 30, 2021 and December 31, 2020, respectively.

In connection with the 2016 Transaction, Bidco and a subsidiary of the Former Parent entered into the Transition Service Agreement, which became effective on October 3, 2016, pursuant to which such subsidiary of the Former Parent will, or will cause its affiliates and/or third-party service providers to, provide Bidco, its affiliates and/or third-party service providers with certain technology, facilities management, human resources, sourcing, financial, accounting, data management, marketing and other services to support the operation of the IP&S business as an independent company. Such services are provided by such subsidiary of the Former Parent or its affiliates and/or third-party service providers for various time periods and at various costs based upon the terms set forth in the Transition Service Agreement.

Two controlled affiliates of Baring are vendors of ours. Total expenses incurred for these vendors were $207 and $259 for the three months ended September 30, 2021 and 2020, respectively, and $675 and $519 for the nine months ended September 30, 2021 and 2020, respectively. The Company had an outstanding liability of $150 and $237 as of September 30, 2021 and December 31, 2020, respectively.

A controlled affiliate of Onex is a customer of ours. The net revenue from this customer during the period was $395 and $600 for the three months ended September 30, 2021 and 2020, respectively, and $1,203 and $1,536 for the nine months ended September 30, 2021 and 2020, respectively. The Company had an outstanding receivables of $745 and $0 as of September 30, 2021 and December 31, 2020.

Three controlled affiliates of Leonard Green & Partners, L.P. are customers of ours. The net revenue from these customers during the period was $32, $9,945 and $55 for the three months ended September 30, 2021 and $95, $30,591 and $125 for the nine months ended September 30, 2021. The Company had an outstanding receivable of $0, $69,431 and $0 as of September 30, 2021 and $31, $54,656 and $264 as of December 31, 2020. These customers were not a related party for the three and nine months ended September 30, 2020.

Three controlled affiliates of Leonard Green & Partners, L.P. are vendors of ours. Total expenses incurred for these vendors were $346, $7,573 and $2,096 for the three months ended September 30, 2021 and $974, $23,058 and $4,077 for the nine months ended September 30, 2021. The Company had an outstanding liability of $13, $0 and $0 as of September 30, 2021 and $0, $0 and $1,995 as of December 31, 2020. These vendors were not a related party for the three and nine months ended September 30, 2020.

One of our independent directors has an immediate family member who is a member of management within one of Clarivate’s customers. Total revenue from the Customer was $273 and $546 for the three months ended September 30, 2021 and 2020, respectively, and $772 and $1,075 for the nine months ended September 30, 2021 and 2020, respectively. The Company had $0 and $100 outstanding receivables as of September 30, 2021 and December 31, 2020, respectively.

53

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

On May 15, 2021, Clarivate entered into an agreement with Capri Acquisition Topco Limited (“Capri”) and Solaro ExchangeCo Limited (“NewCo”), and for certain limited purposes, LGP. Capri and NewCo are controlled by LGP and held the Clarivate ordinary shares beneficially owned by LGP and certain other existing shareholders. Under the agreement, Capri contributed 177,206,779 of its Clarivate ordinary shares to NewCo. Clarivate then acquired NewCo in exchange for the issuance of the same number of Clarivate ordinary shares to Capri. This transaction did not involve any change in beneficial ownership of Clarivate’s ordinary shares and the issuance of the new ordinary shares to Capri were exempt from the registration requirements of the Securities Act under Section 4(a)(2) thereof. Pursuant to authority granted to Clarivate by shareholders at its 2021 Annual General Meeting, following its acquisition of Newco, Clarivate purchased the ordinary shares held by Newco for a nominal price and then canceled such shares. This was a non-cash financing transaction that had a net immaterial impact on the Condensed Consolidated Financial Statements.

Note 24: Restructuring and Impairment

During 2020 and 2019, we engaged a strategic consulting firm to assist us in optimizing our structure and cost base. As a result, we have implemented several cost-saving and margin improvement programs designed to generate substantial incremental cash flow including the Operation, Simplification and Optimization Program, the DRG Acquisition Integration Program, the CPA Global Acquisition Integration and Optimization Program, and most recently the One Clarivate Program. In connection with the CPA Global Acquisition restructuring program, a social plan was entered into in Belgium. Liabilities for non-retirement post-employment benefits that fall under ASC 712 are recognized when the severance liability was determined to be probable of being paid and reasonably estimable.

Operation Simplification and Optimization Program

During the fourth quarter of 2019, the Company approved restructuring actions designed to streamline our operations by simplifying our organization and focusing on two segments in planned phases. Restructuring charges included actions to reduce operational costs. Components of the pre-tax charges include $888 and $472 in severance costs and $(18) and $1,361 in other costs incurred during the three months ended September 30, 2021 and 2020, respectively. Costs incurred during the nine months ended September 30, 2021 and 2020 include $2,112 and $11,911 in severance costs and $393 and $10,198 in other costs. The Science and IP segments incurred $299 and $571 of the expense, respectively, during the three months ended September 30, 2021 and $873 and $1,631 during the nine months ended September 30, 2021, respectively. The table below summarizes the activity related to the restructuring reserves across each of Clarivate's cost-saving's programs.

DRG Acquisition Integration Program

During the second quarter of 2020, the Company approved restructuring actions designed to eliminate duplicative costs following the acquisition of DRG in planned phases. Restructuring charges included actions to reduce operational costs. Components of the pre-tax charges include $(43) and $1,210 in severance costs and $0 and $149 in other costs incurred during the three months ended September 30, 2021 and 2020, respectively. Costs incurred during the nine months ended September 30, 2021 and 2020 include $384 and $4,522 in severance costs and $75 and $161 in other costs. The Science and IP segments incurred $(15) and $(28) of the expense, respectively, during the three months ended September 30, 2021 and $162 and $298 during the nine months ended September 30, 2021, respectively. The table below summarizes the activity related to the restructuring reserves across each of Clarivate's cost-saving's programs.

CPA Global Acquisition Integration and Optimization Program

During the fourth quarter of 2020, the Company approved restructuring actions designed to eliminate duplicative costs following the acquisition of CPA Global and to streamline our operations simplifying our organization and reducing our leasing portfolio. Restructuring charges included actions to reduce operational costs. Components of the pre-tax charges include $50 and $0 in severance costs and $2,634 and $0 in other costs incurred during the three months ended September 30, 2021 and 2020, respectively. Costs incurred during the nine months ended September 30, 2021 and 2020 include $32,596 and $0 in severance costs and $72,170 and $0 in other costs. The Science and IP segments incurred $1,105 and $1,580 of the expense, respectively, during the three months ended September 30, 2021 and $37,280 and $67,486 during the nine months ended September 30, 2021. The table below summarizes the activity related to the restructuring reserves across each of Clarivate's cost-saving's programs.

54

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

One Clarivate Program

During the second quarter 2021, the Company approved restructuring actions to streamline operations within targeted areas of the Company. The program will result in a reduction in operational costs, with the primary cost savings driver being from a reduction in workforce. Components of the pre-tax charges include $10,071 and $0 in severance costs and $1,731 and $0 in other costs incurred during the three months ended September 30, 2021 and 2020, respectively. Costs incurred during the nine months ended September 30, 2021 and 2020 include $12,115 and $0 in severance costs and $1,731 and $0 in other costs. The Science and IP segments incurred $4,271 and $7,532 of the expense, respectively, during the three months ended September 30, 2021 and $4,978 and $8,869 during the nine months ended September 30, 2021. The table below summarizes the activity related to the restructuring reserves across each of Clarivate's cost-saving's programs.

Restructuring Programs	Severance and Related Benefit Costs		Costs Associated with Exit and Disposal Costs (1)		Total
Reserve Balance as of December 31, 2019	$	9,506	$	—	$	9,506
Expenses recorded	6,574		1,180		7,754
Payments made	(6,647)		—		(6,647)
Reserve Balance as of March 31, 2020	9,433		1,180		10,613
Expenses recorded	8,177		7,669		15,846
Payments made	(5,549)		(199)		(5,748)
Asset Impairment Charge	—		(4,908)		(4,908)
Reserve Balance as of June 30, 2020	$	12,061	$	3,742	$	15,803
Expenses recorded	1,682		1,510		3,192
Payments made	(3,952)		(2,592)		(6,544)
Asset Impairment Charge	—		—		—
Reserve Balance as of September 30, 2020	$	9,791	$	2,660	$	12,451
Reserve Balance as of December 31, 2020	$	17,169	$	4,475	$	21,644
Expenses recorded	19,008		45,659		64,667
Payments made	(15,926)		(1,111)		(17,037)
Asset Impairment Charge	(1,409)		(40,806)		(42,215)
Reserve Balance as of March 31, 2021	$	18,842	$	8,217	$	27,059
Expenses recorded	17,233		24,467		41,700
Payments made	(10,686)		(2,196)		(12,882)
Asset Impairment Charge	—		(20,584)		(20,584)
Reserve Balance as of June 30, 2021	$	25,389	$	9,904	$	35,293
Expenses recorded	11,247		4,373		15,621
Payments made(2)	(13,749)		(1,973)		(15,722)
Asset Impairment Charge	—		(812)		(812)
Reserve Balance as of September 30, 2021	$	22,887	$	11,493	$	34,380
(1) Relates primary to lease exit costs and legal and advisory fees.
(2) Severance and related benefit cost payments includes $(3,394) of non-cash adjustments, primarily related to the acceleration of stock based compensation awards.

The following table is a summary of charges incurred related to the Company's restructuring programs for the three and nine months ended September 30, 2021 and 2020.

55

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

	Three Months Ended September 30,
	2021		2020
Severance and related benefit costs	$	11,247	$	1,682
Costs associated with exit and disposal activities (1)	3,369		655
Costs associated with lease exit costs including impairment (2)	1,005		855
Total restructuring and impairment	$	15,621	$	3,192
	Nine Months Ended September 30,
	2021		2020
Severance and related benefit costs	$	47,488	$	16,433
Costs associated with exit and disposal activities (1)	5,602		4,596
Costs associated with lease exit costs including impairment (2)	68,898		5,763
Total restructuring and impairment	$	121,988	$	26,792
(1) Relates primarily to contract exit costs, legal and advisory fees.
(2) Relates primary to lease exit costs.

Note 25: Restatement of Previously Issued Condensed Financial Statements

As disclosed in the Form 10-K/A filed with the Securities and Exchange Commission on May 10, 2021, subsequent to the original issuance of its Consolidated Financial Statements, the Company identified certain errors in its historical annual Consolidated Financial Statements, related to the accounting treatment of warrants. As such the restated audited Consolidated Financial Statements for the years ended December 31, 2020 and 2019, and the unaudited interim Condensed Consolidated Financial Statements for the quarterly periods within these years commencing with the second quarter of 2019, are defined as the “Restated Periods."

See Note 2 - Basis of Presentation, Note 26 - Quarterly Financial Data (Unaudited), and Note 28 - Restatement of Prior Period Financial Statements, to the Consolidated Financial Statements in the Amended Form 10-K for additional information related to the restatements.

In connection with the filing of this Quarterly Report on Form 10-Q, the Company has restated the accompanying interim Condensed Consolidated Financial Statements as of and for the quarter ended September 30, 2020 to correct for the impact of the misstatements. The applicable notes to the accompanying financial statements have also been corrected to reflect the impact of the restatement. Below, we have presented a reconciliation from the "As Originally Reported" to the "As Restated" amounts for each of our interim Condensed Consolidated Financial Statements as of and for the three and nine months ended September 30, 2020. The amounts "As Originally Reported" are from the "As Originally Reported" amounts as disclosed in Note 26 - Quarterly Financial Data (Unaudited) in the Amended Form 10-K.

56

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

Interim Condensed Consolidated Statements of Operations (Unaudited)
	Three months ended September 30, 2020
	As Originally Reported		Reclassification (a)		Restatement Impacts		Restatement Reference	As Reclassified and Restated
Revenues, net	$	284,360	$	—	$	—		$	284,360
Operating expenses:
Cost of revenues	(91,805)		(1,749)		—			(93,554)
Selling, general and administrative costs	(91,319)		(40,207)		—			(131,526)
Share-based compensation expense	(6,796)		6,796		—			—
Depreciation	(2,918)		—		—			(2,918)
Amortization	(65,696)		—		—			(65,696)
Transaction expenses	(34,938)		34,938		—			—
Transition, integration and other related expenses	(222)		222		—			—
Restructuring and impairment	(3,192)		—		—			(3,192)
Other operating income, net	(138)		—		—			(138)
Total operating expenses	(297,024)		—		—			(297,024)
Loss from operations	(12,664)		—		—			(12,664)
Mark to market on financial instruments	—		—		(144,753)		(b)	(144,753)
Loss before interest expense and income tax	(12,664)		—		(144,753)			(157,417)
Interest expense and amortization of debt discount, net	(20,244)		—		—			(20,244)
Loss before income tax	(32,908)		—		(144,753)		(b)	(177,661)
Provision for income taxes	(4,325)		—		—			(4,325)
Net loss	$	(37,233)	$	—	$	(144,753)	(b)	$	(181,986)
Per share:
Basic and diluted	$	(0.10)			$	(0.37)		$	(0.47)
Weighted average shares used to compute earnings per share:
Basic and diluted	387,845,438				387,845,438			387,845,438

(a) Reclassifications - The reclassifications are needed to conform to the current financial statement line items on the Condensed Consolidated Statements of Operations.

(b) Mark to market adjustment on financial instruments - The correction of these misstatements resulted in an adjustment of $(144,753) that was recorded through the Statement of Operations, increasing the Net loss for the three months ended September 30, 2020.

57

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

Interim Condensed Consolidated Statements of Operations (Unaudited)
	Nine Months Ended September 30, 2020
	As Originally Reported		Reclassification (a)		Restatement Impacts		Restatement Reference	As Reclassified and Restated
Revenues, net	$	798,452	$	—	$	—		$	798,452
Operating expenses:
Cost of revenues	(265,063)		(3,551)		—			(268,614)
Selling, general and administrative costs	(266,749)		(101,498)		—			(368,247)
Share-based compensation expense	(31,121)		31,121		—			—
Depreciation	(8,151)		—		—			(8,151)
Amortization	(168,049)		—		—			(168,049)
Transaction expenses	(70,154)		70,154		—			—
Transition, integration and other related expenses	(3,774)		3,774		—			—
Restructuring and impairment	(26,792)		—		—			(26,792)
Other operating income, net	14,675		—		—			14,675
Total operating expenses	(825,178)		—		—			(825,178)
Loss from operations	(26,726)		—		—			(26,726)
Mark to market on financial instruments	—		—		(224,175)		(b)	(224,175)
Loss before interest expense and income tax	(26,726)		—		(224,175)			(250,901)
Interest expense and amortization of debt discount, net	(72,306)		—		—			(72,306)
Loss before income tax	(99,032)		—		(224,175)		(b)	(323,207)
Provision for income taxes	(13,693)		—		—			(13,693)
Net loss	$	(112,725)	$	—	$	(224,175)	(b)	$	(336,900)
Per share:
Basic and diluted	$	(0.31)			$	(0.61)		$	(0.91)
Weighted average shares used to compute earnings per share:
Basic and diluted	369,019,802				369,019,802			369,019,802

(a) Reclassifications - The reclassifications are needed to conform to the current financial statement line items on the Condensed Consolidated Statements of Operations.

(b) Mark to market adjustment on financial instruments - The correction of these misstatements resulted in an adjustment of $(224,175) that was recorded through the Statement of Operations, increasing the Net loss for the nine months ended September 30, 2020.

58

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

Interim Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

	Three months ended September 30, 2020
	As Originally Reported		Restatement Impacts		As Restated
Net loss	$	(37,233)	(144,753)		$	(181,986)
Other comprehensive income (loss), net of tax:
Interest rate swaps	1,092		—		1,092
Defined benefit pension plans, net of tax	(15)		—		(15)
Foreign currency translation adjustment	9,359		—		9,359
Total other comprehensive loss, net of tax	10,436		—		10,436
Comprehensive loss	$	(26,797)	$	(144,753)	$	(171,550)
	Nine Months Ended September 30, 2020
	As Originally Reported		Restatement Impacts		As Restated
Net loss	$	(112,725)	$	(224,175)	$	(336,900)
Other comprehensive income (loss), net of tax:
Interest rate swaps	(2,052)		—		(2,052)
Defined benefit pension plans, net of tax	(57)		—		(57)
Foreign currency translation adjustment	1,795		—		1,795
Total other comprehensive loss, net of tax	(314)		—		(314)
Comprehensive loss	$	(113,039)	$	(224,175)	$	(337,214)

59

CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

Interim Condensed Consolidated Statement of Changes in Equity (Unaudited)
		Share Capital			Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total Shareholders’  Equity
	Restatement Reference	Shares	Amount
Balance at December 31, 2019		306,874,115	$	2,144,372	$	(4,879)	$	(890,894)	$	1,248,599
Adjustment to opening Accumulated deficit related to adoption of ASC Topic 326		—	—		—		(9,319)		(9,319)
Exercise of public warrants (As Restated)		28,880,098	277,526		—		—		277,526
Exercise of stock options		3,715,455	1,182		—		—		1,182
Vesting of restricted stock units		169,842	—		—		—		—
Shares returned to the Company for net share settlements		(2,301,458)	(10,302)		—		—		(10,302)
Issuance of ordinary shares, net		27,600,000	539,714		—		—		539,714
Share-based award activity		—	16,384		—		—		16,384
Net loss (As Restated)	(c)	—	—		—		(129,633)		(129,633)
Other comprehensive income (loss)		—	—		(8,470)		—		(8,470)
Balance at March 31, 2020 (As Restated)	(c)	364,938,052	2,968,876		(13,349)		(1,029,846)		1,925,681
Exercise of stock options		3,723,332	—		—		—		—
Vesting of restricted stock units		2,528	—		—		—		—
Shares returned to the Company for net share settlements		(2,311,293)	(15,118)		—		—		(15,118)
Issuance of ordinary shares, net		20,982,500	304,030		—		—		304,030
Share-based award activity		—	4,322		—		—		4,322
Net loss (As Restated)	(c)	—	—		—		(25,281)		(25,281)
Other comprehensive income (loss)		—	—		(2,280)		—		(2,280)
Balance at June 30, 2020 (As Restated)	(c)	387,335,119	3,262,110		(15,629)		(1,055,127)		2,191,354
Exercise of stock options		4,068,307	125		—		—		125
Vesting of restricted stock units		2,459	—		—		—		—
Shares returned to the Company for net share settlements		(2,184,918)	(3,136)		—		—		(3,136)
Share-based award activity		—	5,520		—		—		5,520
Net loss (As Restated)	(c)	—	—		—		(181,986)		(181,986)
Other comprehensive income (loss)		—	—		10,436		—		10,436
Balance at September 30, 2020 (As Restated)	(c)	389,220,967	$	3,264,619	$	(5,193)	$	(1,237,113)	$	2,022,313

(c) The correction of these misstatements include the mark to market adjustment on financial instruments. The correction of these misstatements resulted in an adjustment of $(144,753) and $(224,175) for the three and nine months ended September 30, 2020, respectively, that was recorded through the Statement of Operations, increasing the Net (loss).

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Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

Interim Condensed Consolidated Statement of Cash Flows (Unaudited)

	Nine months ended September 30, 2020
	As Originally Reported		Restatement Impacts		As Restated
Cash Flows From Operating Activities
Net loss	$	(112,725)	$	(224,175)	$	(336,900)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	176,200		—		176,200
Bad debt expense	1,830		—		1,830
Gain on sale of line of business	(1,052)				(1,052)
Restructuring and impairment	4,880		—		4,880
Gain on foreign currency forward contracts	(2,903)		—		(2,903)
Deferred income tax benefit	(7,420)		—		(7,420)
Share-based compensation	26,344		—		26,344
Mark to market adjustment on contingent and phantom shares (1)	30,839		—		30,839
Mark to market adjustment on financial instruments (As Restated)	—		224,175		224,175
Deferred finance charges	3,140		—		3,140
Other operating activities	(3,902)		—		(3,902)
Changes in operating assets and liabilities:
Accounts receivable	129,398		—		129,398
Prepaid expenses	(13,335)		—		(13,335)
Other assets	62,818		—		62,818
Accounts payable	(8,394)		—		(8,394)
Accrued expenses and other current liabilities	(65,062)		—		(65,062)
Deferred revenues	(93,926)		—		(93,926)
Operating lease right of use assets	5,826		—		5,826
Operating lease liabilities	(6,611)		—		(6,611)
Other liabilities	2,077		—		2,077
Net cash provided by operating activities	128,022		—		128,022
Cash Flows From Investing Activities
Capital expenditures	(78,597)		—		(78,597)
Acquisitions, net of cash acquired	(885,323)		—		(885,323)
Acquisition of intangible assets	(5,982)		—		(5,982)
Proceeds from sale of product line, net of restricted cash	3,751		—		3,751
Net cash used in investing activities	(966,151)		—		(966,151)
Cash Flows From Financing Activities
Principal payments on term loan	(9,450)		—		(9,450)
Repayments of revolving credit facility	(65,000)		—		(65,000)
Payment of debt issuance costs	(5,267)		—		(5,267)
Contingent purchase price payment	(4,115)		—		(4,115)
Proceeds from issuance of debt	360,000		—		360,000
Proceeds from issuance of ordinary shares	843,752		—		843,752

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CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

Proceeds from warrant exercises	277,526		—		277,526
Proceeds from stock options exercised	1,307		—		1,307
Payments related to tax withholding for stock-based compensation	(28,674)		—		(28,674)
Net cash provided by (used in) financing activities	1,370,079		—		1,370,079
Effects of exchange rates	(6,447)		—		(6,447)
Net increase in cash and cash equivalents, and restricted cash	525,503		—		525,503
Beginning of period:
Cash and cash equivalents	76,130		—		76,130
Restricted cash	9		—		9
Total cash and cash equivalents, and restricted cash, beginning of period	76,139		—		76,139
Cash and cash equivalents, and restricted cash, end of period	601,642		—		601,642
End of period:
Cash and cash equivalents	601,075		—		601,075
Restricted cash	567		—		567
Total cash and cash equivalents, and restricted cash, end of period	$	601,642	$	—	$	601,642
Supplemental Cash Flow Information
Cash paid for interest	$	61,796	$	—	$	61,796
Cash paid for income tax	$	20,147	$	—	$	20,147
Capital expenditures included in accounts payable	$	922	$	—	$	922

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CLARIVATE PLC

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(In thousands, except share and per share data, option prices, ratios or as noted)

Note 26: Subsequent Events

On October 14, 2021, the Company’s board of directors approved the extension of the previously announced $250,000 share repurchase program until January 31, 2022. There is approximately $185,000 remaining to be purchased under the program.

On October 25, 2021, the Company's board of directors declared a quarterly cash dividend of approximately $1.3125 per share on its 5.25% Series A Mandatory Convertible Preferred Shares, payable on December 1, 2021.

Management has evaluated the impact of events that have occurred subsequent to September 30, 2021. Based on this evaluation, other than disclosed within these Condensed Consolidated Financial Statements and related notes, the Company has determined no other events were required to be recognized or disclosed.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with our Annual Report on Form 10-K/A and the unaudited Condensed Consolidated Financial Statements, including the notes thereto, included elsewhere in this report. Certain statements in this section are forward-looking statements that involve risks and uncertainties, such as statements regarding our plans, objectives, expectations and intentions. Our future results and financial condition may differ materially from those we currently anticipate as a result of the factors we describe under Item 1A. Risk Factors. Certain income statement amounts discussed herein are presented on an actual and on a constant currency basis. We calculate constant currency by converting the non-U.S. dollar income statement balances for the most current year to U.S. dollars by applying the average exchange rates of the preceding year. Certain amounts that appear in this section may not sum due to rounding.

Restatement of Previously Issued Consolidated Financial Statements

As disclosed in our Amended Form 10-K, we have restated our previously issued consolidated financial statements contained in the Original Form 10-K. In addition, we have restated certain previously reported financial information at December 31, 2020 and for the three and nine months ended September 30, 2021 in this Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations, including but not limited to information within the Results of Operations, Non-GAAP Financial Measures and Liquidity and Capital Resource sections.

See Note 25 - Restatement of Previously Issued Condensed Financial Statements, in Item 1, Financial Statements and Supplementary Data, for additional information related to the restatement, including descriptions of the misstatements and the impacts to previously reported financial information.

Overview

We offer a collection of high quality, market leading information and analytic products and solutions through our Science segment and Intellectual Property (“IP”) segment, which are also our reportable segments. Our Science segment consists of our Academic and Life Sciences Product Lines, and our IP segment consists of our Patents, Trademarks, Domains and IP Management Product Lines. Our highly curated Web of Science products are offered primarily to universities, helping them navigate scientific literature, facilitate research and evaluate and measure the quality of researchers, institutions and scientific journals across various academic disciplines. Our Life Sciences Product Line offerings serve the content and analytical needs of pharmaceutical and biotechnology companies across the drug development lifecycle, including content on discovery and pre-clinical research, competitive intelligence, regulatory information and clinical trials. Our Patents Product Line offerings help patent and legal professionals in R&D intensive businesses evaluate the novelty and patentability of new ideas and products to help protect and research patents. Our Trademark Product Line allow businesses and legal professionals to access our comprehensive trademark database. Our Domains Product Line offerings include enterprise web domain portfolio management products and services. Finally, our IP Management Product Line provides technology solutions and legal support services across the IP lifecycle, including renewal and validation of IP rights on behalf of customers and the development and provision of IP management software, as well as other patent activities including patent searching, IP filing, prosecution support and trademark watching.

Factors Affecting the Comparability of Our Results of Operations

The disclosures set forth below updates, and should be read together with, the disclosures in the Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Factors Affecting the Comparability of Our Results of Operations section, in our Annual Report on Form 10-K/A.

Strategic Acquisitions

Acquisition of Decision Resources Group

On February 28, 2020, we acquired 100% of the assets, liabilities and equity interests of Decision Resources Group ("DRG"), a premier provider of high-value data, analytics and insights products and services to the healthcare industry, from Piramal Enterprises Limited ("PEL"), which is a part of global business conglomerate Piramal Group. The acquisition helps us expand our core businesses and provides us with the potential to grow in the Life Sciences Product Line.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

The aggregate consideration paid in connection with the closing of the DRG acquisition was $964,997, composed of $900,000 of base cash plus $6,100 of adjusted closing cash paid on the closing date and 2,895,638 of the Company's ordinary shares issued to PEL in March 2021. The contingent stock consideration was valued at $58,897 on the closing date and was revalued at each period end until its issuance date and was included in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets.

Acquisition of CPA Global

On October 1, 2020, we acquired 100% of the assets, liabilities and equity interests of CPA Global, a global leader in intellectual property software and tech-enabled services. Clarivate acquired all of the outstanding shares of CPA Global in a cash and stock transaction. The aggregate consideration in connection with the closing of the CPA Global acquisition was $8,740,324, net of $99,275 cash acquired, including an equity hold-back consideration of $46,485. The aggregate consideration was composed of (i) $6,761,515 from the issuance of up to 218,183,778 ordinary shares to Redtop Holdings Limited, a portfolio company of Leonard Green & Partners, L.P., representing approximately 35% pro forma fully diluted ownership of Clarivate and (ii) approximately $2,078,084 in cash to fund the repayment of CPA Global's parent company outstanding debt of $2,055,822 and related interest swap termination fee of $22,262. Of the 218,306,663 ordinary shares issuable in the acquisition, Clarivate issued 216,683,778 ordinary shares on October 1, 2020.

In conjunction with the closing of the transaction, the Company incurred an incremental $1,600,000 of term loans under our term loan facility and used the net proceeds from such borrowings, together with cash on hand, to fund the transaction.

As a result of the additional term loan and the additional term loan associated with the DRG acquisition, we had $2,825,950 outstanding on our term loan facility at September 30, 2021.

Acquisition of Beijing IncoPat Technology Co, Ltd.

On October 26, 2020, we acquired 100% of the assets, liabilities and equity interests of Beijing IncoPat Technology Co., Ltd. (“IncoPat”), a leading patent information service provider in China via cash on hand for $52,133. IncoPat is complementary to Clarivate’s intellectual property portfolio.

Dispositions

Disposition of Techstreet

On November 6, 2020, the Company completed the sale of certain assets and liabilities of certain non-core assets and liabilities within the IP segment for a total purchase price of $42,832. A gain of $28,140 was recognized in the Consolidated Statements of Operations within Other operating (expense) income, net during the fourth quarter of 2020.

Public Ordinary and Mandatory Convertible Preferred Share Offerings

In February 2020, we completed an underwritten public offering of 27,600,000 of our ordinary shares, generating proceeds of $540,736, which we used to fund a portion of the cash consideration for the DRG acquisition.

In June 2020, we completed an underwritten public offering of 50,400,000 of our ordinary shares (including 2,400,000 ordinary shares pursuant to the underwriters' option to purchase up to an additional 7,200,000 ordinary shares from certain selling shareholders) at a share price of $22.50.

In June 2021, we completed an underwritten public offering of 44,230,768 of our ordinary shares at a share price of $26.00, of which 28,846,154 ordinary shares were issued and sold by Clarivate and 15,384,614 were sold by selling shareholders (which included 5,769,230 ordinary shares that the underwriters purchased pursuant to their option to purchase additional shares). The ordinary shares sold by selling shareholders included 10,562,882 ordinary shares from Onex, 4,107,787 ordinary shares from Baring and 713,945 ordinary shares from Directors, Executive Officers and other shareholders.

See Note 1 - Background and Nature of Operations for further details on the public ordinary share offerings.

In June 2021, concurrently with the June 2021 Ordinary Share Offering, we completed an underwritten public offering of 14,375,000 of our 5.25% Series A Mandatory Convertible Preferred Shares (which included 1,875,000 of our MCPS that the underwriters purchased pursuant to their option to purchase additional shares). See note 16 - Stockholder's Equity for further details on the MCPS offering.

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CLARIVATE PLC

Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

Private Placement Notes Offering

2021 Senior Secured Notes and Senior Notes Offering

In June 2021, we issued a private placement offering of $1,000,000 in aggregate principal amount of Senior Secured Notes due June 30, 2028 (the "Old Secured Notes") and $1,000,000 in aggregate principle amount of Senior Notes due June 30, 2029 (the "Old Unsecured Notes" and, together with the Old Secured Notes, the "Old Notes") bearing interest at a rate of 3.875% and 4.875% per annum, respectively. The interest is payable semi-annually to holders of record on June 30 and December 30 of each year, commencing on December 30, 2021. The Notes due 2028 and 2029 were issued by Clarivate Science Holdings Corporation (the "Issuer"), an indirect wholly-owned subsidiary of Clarivate.

In August 2021, we (i) exchanged all of the outstanding, validly tendered and not withdrawn 3.875% Senior Secured Notes due 2028 (the “Old Secured Notes”) for the newly-issued 3.875% Senior Secured Notes due 2028 (the “New Secured Notes”), and (ii) exchanged all of the outstanding, validly tendered and not withdrawn 4.875% Senior Unsecured Notes due 2029 (the “Old Unsecured Notes” and, together with the Old Secured Notes, the “Old Notes”) for the Issuer’s newly-issued 4.875% Senior Notes due 2029 (the “New Unsecured Notes” and, together with the New Secured Notes, the “New Notes”). The initial aggregate principal amount of New Notes is equal to the aggregate principal amount of Old Notes that were validly tendered and not validly withdrawn for exchange, and that were accepted by the Issuer. The offers to exchange are referred to herein as the “Exchange Offers.” Pursuant to the Exchange Offers, the aggregate principal amounts of the Old Notes set forth as follows were validly tendered and not validly withdrawn, and were accepted by the Issuer and subsequently cancelled: (i) $921,177 aggregate principal amount of Old Secured Notes; and (ii) $921,399 aggregate principal amount of Old Unsecured Notes. Following such cancellation, (i) $78,823 aggregate principal amount of Old Secured Notes remained outstanding; and (ii) $78,601 aggregate principal amount of Old Unsecured Notes remained outstanding. The Issuer redeemed such remaining outstanding Old Secured Notes and Old Unsecured Notes at 100% of the principal amount thereof plus accrued and unpaid interest from June 24, 2021 to the redemption date in August 2021. In connection with the settlement of the Exchange Offers, the Issuer (i) issued $921,177 aggregate principal amount of its New Secured Notes; and (ii) issued $921,399 aggregate principal amount of its New Unsecured Notes. The interest is payable semi-annually to holders of record on June 30 and December 30 of each year, commencing on December 30, 2021. The exchange was treated as a debt modification in accordance with Accounting Standards Codification 470, Debt ("ASC 470").

We intend to use the net proceeds to finance a portion of the purchase price for the ProQuest acquisition, which we announced on May 17, 2021, and to pay related fees and expenses. Concurrently with the settlement of the Exchange Offers, the Issuer deposited (or caused to be deposited) an amount in cash equal to the aggregate principal amount of the New Notes of each series into segregated escrow accounts. If the escrow conditions (which include conditions relating to the consummation of the ProQuest acquisition) are not satisfied on or prior to April 29, 2022, or if it is otherwise determined that any of the applicable escrow release conditions will not be satisfied, the New Notes will be redeemed at a price equal to 100% of the principal amount of the New Notes, or, if an interest payment has been made on the New Notes, from the most recent payment date, up to, but excluding, the date of such special mandatory redemption. Prior to closing of the ProQuest acquisition, the New Notes are not guaranteed, but have been secured by a first-priority security interest in the escrow accounts.

Upon consummation of the ProQuest acquisition, the New Notes will be guaranteed on a joint and several basis by each of Clarivate’s indirect subsidiaries that is an obligor or guarantor under Clarivate’s existing credit facilities and senior secured notes due 2026. The New Secured Notes will be secured on a first-lien pari passu basis with borrowings under the existing credit facilities and senior secured notes, and the New Unsecured Notes will be the Issuer’s and such guarantors’ unsecured obligations.

Restructuring

During 2020 and 2019, we engaged a strategic consulting firm to assist us in optimizing our structure and cost base. As a result, we have implemented several cost-saving and margin improvement programs designed to generate substantial incremental cash flow including the Operation Simplification and Optimization Program, the DRG Acquisition Integration Program and the CPA Global Acquisition Integration and Optimization Program. During 2021, we approved the One Clarivate restructuring plan, which streamlines operations within targeted areas of the Company. The program is expected to result in a reduction in operational costs, with the primary driver of the cost saving being from a reduction in workforce.

Operation Simplification and Optimization Program

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Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

During the fourth quarter of 2019, the Company approved restructuring actions designed to streamline our operations by simplifying our organization and focusing on two segments in planned phases. Approximately $44,820 costs have been incurred to date under the program which was substantially complete as of September 30, 2021.

During the three months ended September 30, 2021 and 2020, the Company recorded pre-tax charges of $870 and $1,833 recognized within Restructuring and impairment in the Consolidated Statements of Operations. These charges were composed of $888 and $472 of severance and related benefit costs, $(18) and $506 of contract exit costs and legal and advisory fees, and $0 and $855 of lease impairment and location exit costs. During the nine months ended September 30, 2021 and 2020, the Company recorded pre-tax charges of $2,505 and $22,109 recognized within Restructuring and impairment in the Consolidated Statements of Operations. These charges were composed of $2,112 and $11,911 of severance and related benefit costs, $31 and $4,435 of contract exit costs and legal and advisory fees, and $362 and $5,763 of lease impairment and location exit costs.

DRG Acquisition Integration Program

During the second quarter of 2020, the Company approved restructuring actions designed to eliminate duplicative costs in planned phases following the acquisition of DRG. Approximately $7,056 of costs have been incurred to date under the program which was substantially complete as of September 30, 2021.

During the three months ended September 30, 2021 and 2020, the Company recorded pre-tax charges of $(43) and $1,359 recognized within Restructuring and impairment in the Consolidated Statements of Operations. These charges were composed of $(43) and $1,210 of severance and related benefit costs and $0 and $149 of contract exit costs and legal and advisory fees. During the nine months ended September 30, 2021 and 2020, the Company recorded pre-tax charges of $459 and $4,683 recognized within Restructuring and impairment in the Consolidated Statements of Operations. These charges were composed of $384 and $4,522 of severance and related benefit costs, $0 and $161 of contract exit costs and legal and advisory fees, and $75 and $0 of lease impairment and location exit costs.

CPA Global Acquisition Integration and Optimization Program

During the fourth quarter of 2020, the Company approved restructuring actions designed to eliminate duplicative costs following the acquisition of CPA Global and to streamline our operations simplifying our organization and reducing our leasing portfolio. As a result of these actions, the company expects to record total pre-tax restructuring charges of approximately $122,065 for all phases of the program. Approximately $119,118 of costs have been incurred to date under the program and $2,947 are expected to be incurred in a future period. This estimate includes approximately $745 for severance related charges, approximately $2,202 of estimated maximum lease exit costs.

During the three months ended September 30, 2021, and 2020, the Company recorded pre-tax charges of $2,684 and $0 recognized within Restructuring and impairment in the Consolidated Statements of Operations. These charges were composed of $50 and $0 of severance and related benefit costs, $1,629 and $0 of contract exit costs and legal and advisory fees, and $1,005 and $0 of lease impairment and location exit costs. During the nine months ended September 30, 2021, and 2020, the Company recorded pre-tax charges of $104,766 and $0 recognized within Restructuring and impairment in the Consolidated Statements of Operations. These charges were composed of $32,596 and $0 of severance and related benefit costs, $3,708 and $0 of contract exit costs and legal and advisory fees, and $68,462 and $0 of lease impairment and location exit costs.

One Clarivate Program

During the second quarter of 2021, the Company approved restructuring actions to streamline operations within targeted areas of the Company. The program will result in a reduction in operational costs, with the primary driver of the cost saving being from a reduction in workforce. As a result of these actions, the company expects to record total pre-tax restructuring charges of approximately $19,689 for all approved phases of the program. Approximately $13,847 of costs have been incurred to date under the program and $5,842 are expected to be incurred in a future period, all related to severance charges.

During the three months ended September 30, 2021, and 2020, the Company recorded pre-tax charges of $11,802 and $0 recognized within Restructuring and impairment in the Consolidated Statements of Operations. These charges were composed of $10,071 and $0 of severance and related benefit costs and $1,731 and $0 of contract exit costs and legal and

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Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

advisory fees. During the nine months ended September 30, 2021, and 2020, the Company recorded pre-tax charges of $13,846 and $0 recognized within Restructuring and impairment in the Consolidated Statements of Operations. These charges were composed of $12,115 and $0 of severance and related benefit costs and $1,731 and $0 of contract exit costs and legal and advisory fees.

Key Performance Indicators

We regularly monitor the following key performance indicators to evaluate our business and trends, measure our performance, prepare financial projections and make strategic decisions.

Adjusted Revenues

We present Adjusted Revenues, which excludes the impact of the deferred revenue purchase accounting adjustments, which is allowable under the Company's debt covenant calculation, and revenues from divestitures. We present these measures because we believe it is useful to readers to better understand the underlying trends in our operations. See - Certain Non-GAAP Measures - Adjusted Revenues below for important information on the limitations of Adjusted Revenues and their reconciliation to the respective revenues measures under U.S. GAAP.

Adjusted EBITDA and Adjusted EBITDA margin

Adjusted EBITDA is presented because it is a basis upon which our management assesses our performance, and we believe it is useful for investors to understand the underlying trends of our operations. See Certain Non-GAAP Measures - Adjusted EBITDA and Adjusted EBITDA margin for important information on the limitations of Adjusted EBITDA and its reconciliation to our Net loss under U.S. GAAP. Adjusted EBITDA represents net loss before provision for income taxes, depreciation and amortization, interest income and expense adjusted to exclude acquisition or disposal-related transaction costs (such costs include net income from continuing operations before provision for income taxes, depreciation and amortization and interest income and expense from divestitures), stock-based compensation, unrealized foreign currency gains/(losses), costs associated with the transition services agreement with Thomson Reuters, which we entered into in connection with our separation from Thomson Reuters in 2016, separation and integration costs, transformational and restructuring expenses, acquisition-related adjustments to deferred revenues, costs related to our merger with Churchill Capital Corp in 2019, non-operating income or expense, the impact of certain non-cash, mark to market adjustments on financial instruments and other items that are included in net income for the period that the Company does not consider indicative of its ongoing operating performance and certain unusual items impacting results in a particular period. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by Adjusted Revenues.

Annualized Contract Value

Annualized Contract Value (“ACV”), at a given point in time, represents the annualized value for the next 12 months of subscription-based client license agreements, assuming that all expiring license agreements during that period are renewed at their current price level. License agreements may cover more than one product and the standard subscription period for each license agreement typically runs for no less than 12 months. The renewal period for our subscriptions starts 90 days before the end of the current subscription period, during which customers must provide notice of whether they intend to renew or cancel the license agreement.

An initial subscription period for new customers may be for a term of less than 12 months, in certain circumstances. Most of our customers, however, opt to enter into a full 12-month initial subscription period, resulting in renewal periods spread throughout the calendar year. Customers that license more than one subscription-based product may, at any point during the renewal period, provide notice of their intent to renew only certain subscriptions within the license agreement and cancel other subscriptions, which we typically refer to as a downgrade. In other instances, customers may upgrade their license agreements by adding additional subscription-based products to the original agreement. Our calculation of ACV includes the impact of downgrades, upgrades, price increases, and cancellations that have occurred as of the reporting period. For avoidance of doubt, ACV does not include fees associated with transactional and re-occurring revenues.

We monitor ACV because it represents a leading indicator of the potential subscription revenues that may be generated from our existing customer base over the upcoming 12-month period. Measurement of subscription revenues as a key operating metric is particularly relevant because a majority of our revenues are generated through subscription-based and re-occurring revenues, which accounted for 80.7% and 77.5% of our total revenues for the three months ended September 30, 2021 and

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Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

2020 and 80.4% and 78.4% for the nine months ended September 30, 2021, and 2020, respectively. We calculate and monitor ACV for each of our segments, and use the metric as part of our evaluation of our business and trends.

The amount of actual subscription revenues that we earn over any 12-month period are likely to differ from ACV at the beginning of that period, sometimes significantly. This may occur for numerous reasons, including subsequent changes in annual revenue renewal rates, impact of price increases (or decreases), cancellations, upgrades and downgrades, and acquisitions and divestitures.

We calculate the ACV on a constant currency basis to exclude the effect of foreign currency fluctuations.

The following table presents ACV as of the dates indicated:

	September 30,				Change
(dollars in thousands)	2021		2020		2021 vs. 2020
Annualized Contract Value	$	936,726	$	860,932	$	75,794	8.8	%

Annual Revenue Renewal Rates

Our revenues are primarily subscription based, which leads to high revenue predictability. Our ability to retain existing subscription customers is a key performance indicator that helps explain the evolution of our historical results and is a leading indicator of our revenues and cash flows for the subsequent reporting period.

“Annual revenue renewal rate” is the metric we use to determine renewal levels by existing customers across all of our Segments, and is a leading indicator of renewal trends, which impact the evolution of our ACV and results of operations. We calculate the annual revenue renewal rate for a given period by dividing (a) the annualized dollar value of existing subscription product license agreements that are renewed during that period, including the value of any product downgrades, by (b) the annualized dollar value of existing subscription product license agreements that come up for renewal in that period. “Open renewals,” which we define as existing subscription product license agreements that come up for renewal, but are neither renewed nor canceled by customers during the applicable reposting period, are excluded from both the numerator and denominator of the calculation. We calculate the annual revenue renewal rate to reflect the value of product downgrades but not the value of product upgrades upon renewal, because upgrades reflect the purchase of additional services.

The impact of upgrades, new subscriptions and product price increases is reflected in ACV, but not in annual revenue renewal rates. Our annual revenue renewal rates were 90.6% and 91.0% for the nine months ended September 30, 2021 and 2020, respectively.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

Key Components of Our Results of Operations

Revenues, net

The Company disaggregates revenue based on revenue recognition pattern. Subscription based revenues recognize revenue over time, whereas our re-occurring and transactional revenues recognize revenue at a point in time. The Company believes subscription, re-occurring and transactional is reflective of how the Company manages the business.

Subscription-based revenues are recurring revenues that are earned under annual, multi-year, or evergreen contracts, pursuant to which we license the right to use our products to our customers or provide professional services. Revenues from the sale of subscription data and analytics solutions are typically invoiced annually in advance and recognized ratably over the year as revenues are earned. Subscription revenues are driven by annual revenue renewal rates, new subscription business, price increases on existing subscription business and subscription upgrades and downgrades from recurring customers. Substantially all of our historical deferred revenues purchase accounting adjustments are related to subscription revenues.

Re-occurring revenues are earned under contracts for specific deliverables that are typically quoted on a product, data set, or project basis and often derived from repeat customers purchasing cyclical products. These contracts include either evergreen clauses, in which at least six month advance notice is required prior to cancellation, or the contract is for multiple years. Due to the cyclical nature of the Company’s re-occurring products, and there typically being upfront setup time with the customer, the re-occurring revenue stream benefits from an established customer base, with minimal customer attrition. A primary driver of the re-occurring revenue stream is the ‘renewal’ business obtained from the CPA global acquisition. Revenue from this revenue stream is typically recognized upon delivery.

Transactional revenues are earned under contracts for specific deliverables that are typically quoted on a product, data set or project basis and often derived from repeat customers, including customers that also generate subscription-based revenues. Transactional products and services are invoiced according to the terms of the contract, typically in arrears. Transactional content revenues are usually delivered to the customer instantly or in a short period of time, at which time revenues are recognized. Transactional revenues also include, to a lesser extent, professional services, which are typically performed under contracts that vary in length from several months to years for multi-year projects and are typically invoiced based on the achievement of milestones. The most significant components of our transactional revenues include our “clearance searching” and “backfiles” products. Recurring revenues are earned under contracts for specific deliverables that are typically quoted on a product, data set or project basis and often derived from repeat customers. These contracts include either evergreen clauses, in which at least six month advance notice is required prior to cancellation, or the contract is for multiple years.

Cost of Revenues

Cost of revenues consists of costs related to the production, servicing and maintenance of our products and are composed primarily of related personnel costs, such as salaries, benefits and bonuses for employees, fees for contracted labor, and data center services and licensing costs. Cost of revenues also includes the costs to acquire or produce content, royalties payable and non-capitalized R&D expenses. Cost of revenues does not include production costs related to internally generated software, which are capitalized.

Selling, General and Administrative

Selling, general and administrative costs consist primarily of salaries, benefits, commission and bonuses for the executive, finance and accounting, human resources, administrative, sales and marketing personnel, third-party professional services fees, such as legal and accounting expenses, facilities rent and utilities and technology costs associated with our corporate infrastructure. Also included within these costs are transaction expenses including costs incurred to complete business combination transactions, including acquisitions, dispositions and capital market activities and include advisory, legal, and other professional and consulting costs.

Depreciation

Depreciation expense relates to our fixed assets, including mainly computer hardware and leasehold improvements, furniture and fixtures. These assets are depreciated over their expected useful lives, and in the case of leasehold improvements over the shorter of their useful life or the duration of the related lease.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

Amortization

Amortization expense relates to our finite-lived intangible assets, including mainly databases and content, customer relationships, internally generated computer software and trade names. These assets are amortized over periods of between two and twenty-three years. Definite-lived intangible assets are tested for impairment when indicators are present, and, if impaired, are written down to fair value based on discounted cash flows.

Restructuring and Impairment

Restructuring and impairment expense includes costs associated with involuntary termination benefits provided to employees under the terms of a one-time benefit arrangement, ongoing benefit arrangements, certain contract termination costs, other costs associated with an exit or disposal activity and impairment charges associated with right of use assets in which the Company has ceased the use of during the period.

Other Operating Income (Expense), Net

Other operating income (expense), net consists of gains or losses related to the disposal of our assets, asset impairments or write-downs and the consolidated impact of re-measurement of the assets and liabilities of our company, sublease income, gain recognized on foreign exchange contract settlement and our subsidiaries that are denominated in currencies other than each relevant entity's functional currency.

Mark to Market Adjustment on Financial Instruments

Mark to market adjustment on financial instruments consists of the mark to market accounting adjustments related to certain of the Company's warrants issued to the founders of Churchill Capital Corp, a special purpose acquisition company or “SPAC” with which the Company consummated a business combination transaction in May 2019.

Interest Expense and Amortization of Debt Discount, Net

Interest expense, net consists of expense related to interest on our borrowings under our term loan facility and our secured notes due 2026, senior unsecured notes due in 2029 and senior secured notes due in 2028, the amortization and write off of debt issuance costs and original discount, and interest related to certain derivative instruments.

Provision for Income Taxes

A provision for income tax is calculated for each of the jurisdictions in which we operate. The benefit or provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The benefit or provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the book and tax bases of assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Interest accrued related to unrecognized tax benefits and income tax related penalties are included in the provision for income taxes.

Dividends on preferred shares

Dividends on our convertible preferred shares are calculated at an annual rate of 5.25% of the liquidation preference of $100.00 per share. We may pay declared dividends on March 1, June 1, September 1 and December 1 of each year, commencing on September 1, 2021 and ending on, and including, June 1, 2024.

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CLARIVATE PLC

Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

Results of Operations

The following table presents the results of operations for the three months ended September 30, 2021, and 2020:

	Three Months Ended September 30,				Change 2021 vs. 2020
(in thousands, except percentages)	2021		2020 (As Restated)		$		%
Revenues, net	$	442,117	$	284,360	$	157,757	55.5	%
Operating expenses:
Cost of revenues	(141,111)		(93,554)		47,557		50.8	%
Selling, general and administrative costs	(141,219)		(131,526)		9,693		7.4	%
Depreciation	(2,657)		(2,918)		(261)		(8.9)	%
Amortization	(128,026)		(65,696)		62,330		94.9	%
Restructuring and impairment	(15,621)		(3,192)		12,429		389.4	%
Other operating expense, net	(4,411)		(138)		4,273		3,096.4	%
Total operating expenses	(433,045)		(297,024)		136,021		45.8	%
Income (loss) from operations	9,072		(12,664)		21,736		171.6	%
Mark to market adjustment on financial instruments	83,013		(144,753)		(227,766)		(157.3)	%
Income (loss) before interest expense and income tax	92,085		(157,417)		249,502		158.5	%
Interest expense and amortization of debt discount, net	(65,194)		(20,244)		44,950		222.0	%
Income (loss) before income tax	26,891		(177,661)		204,552		115.1	%
Provision for income taxes	(3,579)		(4,325)		(746)		(17.2)	%
Net income (loss)	23,312		(181,986)		205,298		112.8	%
Dividends on preferred shares	(22,431)		—		22,431		100.0	%
Net income (loss) attributable to ordinary shares	$	881	$	(181,986)	$	182,867	100.5	%

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CLARIVATE PLC

Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

The following table presents the results of operations for the nine months ended September 30, 2021, and 2020:

	Nine Months Ended September 30,				Change 2021 vs. 2020
(in thousands, except percentages)	2021		2020 (As Restated)		$		%
Revenues, net	$	1,316,192	$	798,452	$	517,740	64.8	%
Operating expenses:
Cost of revenues	(416,459)		(268,614)		147,845		55.0	%
Selling, general and administrative costs	(402,378)		(368,247)		34,131		9.3	%
Depreciation	(9,243)		(8,151)		1,092		13.4	%
Amortization	(383,270)		(168,049)		215,221		128.1	%
Restructuring and impairment	(121,988)		(26,792)		95,196		355.3	%
Other operating (expense) income, net	(19,741)		14,675		34,416		234.5	%
Total operating expenses	(1,353,079)		(825,178)		527,901		64.0	%
Loss from operations	(36,887)		(26,726)		10,161		38.0	%
Mark to market adjustment on financial instruments	113,207		(224,175)		(337,382)		(150.5)	%
Income (loss) before interest expense and income tax	76,320		(250,901)		327,221		(130.4)	%
Interest expense and amortization of debt discount, net	(141,156)		(72,306)		68,850		95.2	%
Loss before income tax	(64,836)		(323,207)		(258,371)		(79.9)	%
Provision for income taxes	(18,016)		(13,693)		4,323		31.6	%
Net loss	(82,852)		(336,900)		(254,048)		(75.4)	%
Dividends on preferred shares	(22,431)		—		22,431		(100.0)	%
Net loss attributable to ordinary shares	$	(105,283)	$	(336,900)	$	(231,617)	(68.7)	%

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Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

Revenues, net

Total Revenue

Revenues, net of $442,117 for the three months ended September 30, 2021, increased by $157,757, or 55.5%, from $284,360 for the three months ended September 30, 2020. On a constant currency basis, Revenues, net increased by $155,362, or 54.6% for the three months ended September 30, 2021. Revenues, net of $1,316,192 for the nine months ended September 30, 2021, increased by $517,740, or 64.8%, from $798,452 for the nine months ended September 30, 2020. On a constant currency basis, Revenues, net increased by $495,416, or 62.0% for the nine months ended September 30, 2021.

Adjusted Revenues of $442,189, which excludes the impact of the deferred revenues adjustment as a result of purchase accounting, in the three months ended September 30, 2021 increased by $155,722, or 54.4%, from $286,467 for the three months ended September 30, 2020. On a constant currency basis, Adjusted Revenues increased by $153,327, or 53.5% for the three months ended September 30, 2021. Adjusted Revenues of $1,320,657, for the nine months ended September 30, 2021 increased by $514,784, or 63.9%, from $805,873 for the nine months ended September 30, 2020. On a constant currency basis, Adjusted Revenues increased by $492,460, or 61.1% for the nine months ended September 30, 2021. For an explanation of our calculation of Adjusted Revenues and the limitations as to its usefulness, see Certain Non-GAAP Measures - Adjusted Revenues.

Revenue by Transaction Type

The following tables present the amounts of our subscription, transactional and re-occurring revenues for the periods indicated, as well the drivers of the variances between periods, including as a percentage of such revenues.

					Variance Increase/(Decrease)				Percentage of Factors Increase/(Decrease)
	Three Months Ended September 30,				Total Variance (Dollars)		Total Variance (Percentage)		Acquisitions		Disposals		FX Impact		Organic
(in thousands, except percentages)	2021		2020
Subscription revenues	$	246,467	$	222,069	$	24,398	11.0	%	11.2	%	(4.4)	%	1.0	%	3.2	%
Re-occurring revenues	110,368		—		110,368		100.0	%	100.0	%	—	%	—	%	—	%
Transactional revenues	85,354		64,398		20,956		32.5	%	37.3	%	(7.9)	%	0.4	%	2.7	%
Deferred revenues adjustment (1)	(72)		(2,107)		2,035		96.6	%	(2.4)	%	—	%	—	%	99.0	%
Revenues, net	$	442,117	$	284,360	$	157,757	55.5	%	56.0	%	(5.2)	%	0.8	%	3.9	%
Deferred revenues adjustment (1)	72		2,107		(2,035)		(96.6)	%	2.4	%	—	%	—	%	(99.0)	%
Adjusted revenues, net	$	442,189	$	286,467	$	155,722	54.4	%	55.6	%	(5.2)	%	0.8	%	3.1	%

(1)Reflects the deferred revenues adjustment made as a result of purchase accounting

Subscription revenues of $246,467 for the three months ended September 30, 2021, increased by $24,398, or 11.0% from $222,069 for the three months ended September 30, 2020. On a constant currency basis, subscription revenues increased by $22,268, or 10.0%. Acquisitive subscription growth was primarily generated from the CPA Global Transaction. Disposal subscription revenues reduction was derived from the Techstreet Transaction. Organic subscription revenues increased 3.2% primarily due to price increases and the benefit of net installations in prior year. For the first nine months ended September 30, 2021, organic subscription revenues increased 3.5% at constant currency, compared to the prior year period.

Re-occurring revenues of $110,368 for the three months ended September 30, 2021, increased by $110,368, or 100% from the three months ended September 30, 2020 due to acquisitive growth generated from the CPA Global Transaction.

Transactional revenues of $85,354 for the three months ended September 30, 2021, increased by $20,956, or 32.5% from $64,398 for the three months ended September 30, 2020. On a constant currency basis, transactional revenues increased by $20,691, or 32.1%. Acquisitive transactional growth was primarily generated from the CPA Global Transaction. Disposal transactional reduction was derived from the Techstreet Transaction. Organic transactional revenues increased due to an increase in trademark search volumes and stronger back file and custom data sales.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

					Variance Increase/(Decrease)				Percentage of Factors Increase/(Decrease)
	Nine Months Ended September 30,				Total Variance (Dollars)		Total Variance (Percentage)		Acquisitions		Disposals		FX Impact		Organic
(in thousands, except percentages)	2021		2020
Subscription revenues	$	725,121	$	631,873	$	93,248	14.8	%	12.7	%	(4.4)	%	3.0	%	3.5	%
Re-occurring revenues	336,236		—		336,236		100.0	%	100.0	%	—	%	—	%	—	%
Transactional revenues	259,300		174,000		85,300		49.0	%	46.6	%	(9.0)	%	2.1	%	9.4	%
Deferred revenues adjustment (1)	(4,465)		(7,421)		2,956		39.8	%	(59.3)	%	—	%	—	%	99.1	%
Revenues, net	$	1,316,192	$	798,452	$	517,740	64.8	%	61.7	%	(5.4)	%	2.8	%	5.7	%
Deferred revenues adjustment (1)	4,465		7,421		(2,956)		(39.8)	%	59.3	%	—	%	—	%	(99.1)	%
Adjusted revenues, net	$	1,320,657	$	805,873	$	514,784	63.9	%	61.7	%	(5.4)	%	2.8	%	4.8	%

(1)Reflects the deferred revenues adjustment made as a result of purchase accounting

Subscription revenues of $725,121 for the nine months ended September 30, 2021, increased by $93,248, or 14.8% from $631,873 for the nine months ended September 30, 2020. On a constant currency basis, subscription revenues increased by $74,559, or 11.8%. Acquisitive subscription growth was primarily generated from the CPA Global Transaction and the DRG Transaction. Disposal subscription revenues reduction was derived from the Techstreet Transaction. Organic subscription revenues increased primarily due to price increases and the benefit of net installations in prior year.

Re-occurring revenues of $336,236 for the nine months ended September 30, 2021, increased by $336,236, or 100% from the nine months ended September 30, 2020 due to acquisitive growth generated from the CPA Global Transaction.

Transactional revenues of $259,300 for the nine months ended September 30, 2021, increased by $85,300, or 49.0% from $174,000 for the nine months ended September 30, 2020. On a constant currency basis, transactional revenues increased by $81,665, or 46.9%. Acquisitive transactional growth was primarily generated from the DRG Transaction and CPA Global Transaction. Disposal transactional reduction was derived from the Techstreet Transaction. Organic transactional revenues increased due to an increase in trademark search volumes, stronger back file and custom data sales and strength in our professional services business lines.

Revenue by Geography

The below tables present our revenues split by geographic region, separating the impacts of the deferred revenues adjustment:

					Variance Increase/(Decrease)					Percentage of Factors Increase/(Decrease)
	Three Months Ended September 30,					Total Variance (Dollars)		Total Variance (Percentage)		Acquisitions		Disposals		FX Impact		Organic
(in thousands, except percentages)	2021		2020
Americas	$	217,732	$	146,213		$	71,519	48.9	%	51.7	%	(7.4)	%	0.1	%	4.5	%
Europe/Middle East/Africa	131,112		77,552			53,560		69.1	%	68.0	%	(2.7)	%	2.4	%	1.4	%
Asia Pacific	93,345		62,702			30,643		48.9	%	49.6	%	(3.1)	%	0.5	%	1.8	%
Deferred revenues adjustment (1)	(72)		(2,107)			2,035		96.6	%	(2.4)	%	—	%	—	%	99.0	%
Revenues, net	$	442,117	$	284,360		$	157,757	55.5	%	56.0	%	(5.2)	%	0.8	%	3.9	%
Deferred revenues adjustment (1)	72		2,107			(2,035)		(96.6)	%	2.4	%	—	%	—	%	(99.0)	%
Adjusted revenues, net	$	442,189	$	286,467		$	155,722	54.4	%	55.6	%	(5.2)	%	0.8	%	3.1	%

(1)Reflects the deferred revenues adjustment made as a result of purchase accounting

Acquisitive growth for all regions was primarily related to the CPA Global Transaction. Disposal reduction for all regions was derived from the Techstreet Transaction. On a constant currency basis, Americas revenues increased by $71,343, or 48.8%, with organic growth due to improved subscription and transactional revenues. Transactional revenue increased primarily due to stronger back file and custom data sales. On a constant currency basis, Europe/Middle East/Africa revenues

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Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

increased by $51,672, or 66.6%, primarily due to acquisitive growth and improved subscription revenues. On a constant currency basis, Asia Pacific revenues increased by $30,312, or 48.3%, primarily due to acquisitive growth.

					Variance Increase/(Decrease)					Percentage of Factors Increase/(Decrease)
	Nine Months Ended September 30,					Total Variance (Dollars)		Total Variance (Percentage)		Acquisitions		Disposals		FX Impact		Organic
(in thousands, except percentages)	2021		2020
Americas	$	642,352	$	405,791		$	236,561	58.3	%	59.1	%	(7.9)	%	0.4	%	6.7	%
Europe/Middle East/Africa	396,658		218,195			178,463		81.8	%	75.7	%	(2.9)	%	6.3	%	2.7	%
Asia Pacific	281,647		181,887			99,760		54.8	%	50.8	%	(2.7)	%	3.9	%	2.9	%
Deferred revenues adjustment (1)	(4,465)		(7,421)			2,956		39.8	%	(59.3)	%	—	%	—	%	99.1	%
Revenues, net	$	1,316,192	$	798,452		$	517,740	64.8	%	61.7	%	(5.4)	%	2.8	%	5.7	%
Deferred revenues adjustment (1)	4,465		7,421			(2,956)		(39.8)	%	59.3	%	—	%	—	%	(99.1)	%
Adjusted revenues, net	$	1,320,657	$	805,873		$	514,784	63.9	%	61.7	%	(5.4)	%	2.8	%	4.8	%

(1)Reflects the deferred revenues adjustment made as a result of purchase accounting

Acquisitive growth for all regions was primarily related to the DRG Transaction and CPA Global Transaction. Americas growth in particular benefited from DRG transaction with over 80% of DRG revenue in Americas. Disposal reduction for all regions was derived from the Techstreet Transaction. On a constant currency basis, Americas revenues increased by $234,926, or 57.9%, with organic growth due to improved subscription and transactional revenues. Transactional revenue increased primarily due to improved trademark search volumes, stronger back file, and custom data sales and strength in our professional services business lines. On a constant currency basis, Europe/Middle East/Africa revenues increased by $164,819, or 75.5%, primarily due to acquisitive growth and improved subscription revenues and transactional revenues. Subscription revenue growth reflects the benefit of price increases, new products coming into market and net installations in prior year. On a constant currency basis, Asia Pacific revenues increased by $92,715, or 51.0%, primarily due to acquisitive growth and improved subscription and transactional revenues.

Revenue by Segment

The following tables, and the discussions that follow, present our revenues by segment for the periods indicated.

					Variance Increase/(Decrease)				Percentage of Factors Increase/(Decrease)
	Three Months Ended September 30,				Total Variance (Dollars)		Total Variance (Percentage)		Acquisitions		Disposals		FX Impact		Organic
(in thousands, except percentages)	2021		2020
Science Segment	$	200,843	$	190,718	$	10,125	5.3	%	0.3	%	—	%	1.0	%	4.1	%
IP Segment	241,346		95,749		145,597		152.1	%	165.9	%	(15.6)	%	0.6	%	1.2	%
Deferred revenues adjustment (1)	(72)		(2,107)		2,035		96.6	%	(2.4)	%	—	%	—	%	99.0	%
Revenues, net	$	442,117	$	284,360	$	157,757	55.5	%	56.0	%	(5.2)	%	0.8	%	3.9	%
Deferred revenues adjustment (1)	72		2,107		(2,035)		(96.6)	%	2.4	%	—	%	—	%	(99.0)	%
Adjusted revenues, net	$	442,189	$	286,467	$	155,722	54.4	%	55.6	%	(5.2)	%	0.8	%	3.1	%

(1)Reflects the deferred revenues adjustment made as a result of purchase accounting

Science Segment: Revenues of $200,843 for the three months ended September 30, 2021 increased by $10,125, or 5.3%, from $190,718 for the three months ended September 30, 2020. On a constant currency basis, revenues increased by $8,278, or 4.3%. Acquisitive growth was generated from the Bioinfogate Transaction. Organic subscription revenue growth reflects the benefit of price increases and net installations in prior year. Transactional revenue growth is primarily due to stronger back file and custom data sales.

Intellectual Property Segment: Revenues of $241,346 for the three months ended September 30, 2021, increased by $145,597, or 152.1%, from $95,749 for the three months ended September 30, 2020. On a constant currency basis, revenues

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Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

increased by $145,049, or 151.5%. Acquisitive growth was generated from the CPA Global Transaction, IncoPat Transaction, and the Hanlim Transaction. Disposal reduction was derived from the Techstreet Transaction. Organic revenues, on a constant currency basis grew due to growth in transactional revenue primarily due to improved trademark search volumes.

					Variance Increase/(Decrease)				Percentage of Factors Increase/(Decrease)
	Nine Months Ended September 30,				Total Variance (Dollars)		Total Variance (Percentage)		Acquisitions		Disposals		FX Impact		Organic
(in thousands, except percentages)	2021		2020
Science Segment	$	594,422	$	521,649	$	72,773	14.0	%	4.6	%	—	%	3.1	%	6.2	%
IP Segment	726,235		284,224		442,011		155.5	%	166.5	%	(15.2)	%	2.1	%	2.1	%
Deferred revenues adjustment (1)	(4,465)		(7,421)		2,956		39.8	%	(59.3)	%	—	%	—	%	99.1	%
Revenues, net	$	1,316,192	$	798,452	$	517,740	64.8	%	61.7	%	(5.4)	%	2.8	%	5.7	%
Deferred revenues adjustment (1)	4,465		7,421		(2,956)		(39.8)	%	59.3	%	—	%	—	%	(99.1)	%
Adjusted revenues, net	$	1,320,657	$	805,873	$	514,784	63.9	%	61.7	%	(5.4)	%	2.8	%	4.8	%

(1)Reflects the deferred revenues adjustment made as a result of purchase accounting

Science Segment: Revenues of $594,422 for the nine months ended September 30, 2021 increased by $72,773, or 14.0%, from $521,649 for the nine months ended September 30, 2020. On a constant currency basis, revenues increased by $56,432, or 10.8%, primarily due to acquisitive growth and organic subscription and transactional revenue growth. Acquisitive growth was generated from the DRG Transaction, including a full nine months of growth in 2021 compared to seven months in 2020, and the Bioinfogate Transaction. Organic revenues increased due to growth resulting from stronger back file and custom data sales and strength in our professional services business lines.

Intellectual Property Segment: Revenues of $726,235 for the nine months ended September 30, 2021, increased by $442,011, or 155.5%, from $284,224 for the nine months ended September 30, 2020. On a constant currency basis, revenues increased by $436,028, or 153.4%. Acquisitive growth was generated from the CPA Global Transaction, IncoPat Transaction, and the Hanlim Transaction. Disposal reduction was derived from the Techstreet Transaction. Organic revenues, on a constant currency basis increased primarily due to growth in transactional revenue on improved trademark search transactional volumes.

Cost of Revenues

Cost of revenues of $141,111 for the three months ended September 30, 2021, increased by $47,557, or 50.8%, from $93,554 for the three months ended September 30, 2020. On a constant currency basis, cost of revenues increased by $46,501, or 49.7%, for the three months ended September 30, 2021. The increase for the three months ended September 30, 2021 was primarily due to the additional costs of revenues for CPA Global, which was acquired in October 2020, as well as an increase in share-based compensation expenses, partially offset by a reduction in cost of revenues for the Techstreet divestiture in Q4 2020. Cost of revenues as a percentage of revenues, net decreased by 1.0% to 31.9% for the three months ended September 30, 2021 compared to 32.9% for the three months ended September 30, 2020 primarily driven by the cost-saving and margin improvement programs designed to generate substantial incremental cash flow including the Operation Simplification and Optimization Program, the DRG Acquisition Integration Program, and CPA Global Acquisition Integration and Optimization Program.

Cost of revenues of $416,459 for the nine months ended September 30, 2021, increased by $147,845, or 55.0%, from $268,614 for the nine months ended September 30, 2020. On a constant currency basis, cost of revenues increased by $142,260, or 53.0%, for the nine months ended September 30, 2021. The increase for the nine months ended September 30, 2021 was primarily due to additional costs of revenues for CPA Global, which was acquired in October 2020, two additional months of costs related to DRG, increased share-based compensation expenses, partially offset by a reduction in cost of revenues for the Techstreet divestiture in Q4 2020. Cost of revenues as a percentage of revenues, net decreased by 2.0% to 31.6% for the nine months ended September 30, 2021 compared to 33.6% for the nine months ended September 30, 2020 primarily driven by the cost-saving and margin improvement programs designed to generate substantial incremental cash flow including the Operation Simplification and Optimization Program, the DRG Acquisition Integration Program, CPA Global Acquisition Integration and Optimization Program.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

Selling, General and Administrative

Selling, general and administrative expense of $141,219 for the three months ended September 30, 2021, increased by $9,693, or 7.4%, from $131,526 for the three months ended September 30, 2020. On a constant currency basis, selling, general and administrative expense increased by $8,937, or 6.8%, for the three months ended September 30, 2021. The increase for the three months ended September 30, 2021 was primarily due to additional costs related to the CPA Global Transaction, which was acquired in October 2020, an increase in share-based compensation expenses, partially offset by the Techstreet divestiture in Q4 2020. Selling, general and administrative costs as a percentage of revenues, net decreased by 14.3% to 31.9% for the three months ended September 30, 2021 compared to 46.3% for the three months ended September 30, 2020 primarily driven by the cost-saving and margin improvement programs designed to generate substantial incremental cash flow including the Operation Simplification and Optimization Program, the DRG Acquisition Integration Program, CPA Global Acquisition Integration and Optimization Program, as well as the One Clarivate restructuring plan, which streamlines operations within targeted areas of the Company. The program is expected to result in a reduction in operational costs, with the primary driver of the cost saving being from a reduction in workforce.

Selling, general and administrative expense of $402,378 for the nine months ended September 30, 2021, increased by $34,131, or 9.3%, from $368,247 for the nine months ended September 30, 2020. On a constant currency basis, selling, general and administrative expense increased by $29,016, or 7.9%, for the nine months ended September 30, 2021. The increase for the nine months ended September 30, 2021 was primarily due to increased costs associated with the CPA Global Transaction, partially offset by a reduction in transaction expenses associated with the DRG acquisition in Q1 of 2020, the Techstreet divestiture in Q4 2020, a gain associated with the mark to market adjustment on contingent and phantom shares, and a reduction in employee related costs and outside services including consulting fees and marketing costs. Selling, general and administrative costs as a percentage of revenues, net decreased by 15.5% to 30.6% for the nine months ended September 30, 2020 compared to 46.1% for the nine months ended September 30, 2020 primarily driven by the reductions highlighted above, as well as cost-saving and margin improvement programs designed to generate substantial incremental cash flow including the Operation Simplification and Optimization Program, the DRG Acquisition Integration Program, CPA Global Acquisition Integration and Optimization Program, as well as the One Clarivate restructuring plan, which streamlines operations within targeted areas of the Company. The program is expected to result in a reduction in operational costs, with the primary driver of the cost saving being from a reduction in workforce.

Depreciation

Depreciation expense of $2,657 for the three months ended September 30, 2021, decreased by $261, or 8.9%, from $2,918 for the three months ended September 30, 2020. Depreciation expense of $9,243 for the nine months ended September 30, 2021, increased by $1,092, or 13.4%, from $8,151 for the nine months ended September 30, 2020. The balance for the three months ended September 30, 2021 remained consistent with the prior period. The increase for the nine months ended September 30, 2021 was driven by the additional depreciation on assets acquired through the DRG Transaction and CPA Global Transaction.

Amortization

Amortization expense of $128,026 for the three months ended September 30, 2021, increased by $62,330, or 94.9%, from $65,696 for the three months ended September 30, 2020. Amortization expense of $383,270 for the nine months ended September 30, 2021, increased by $215,221, or 128.1%, from $168,049 for the nine months ended September 30, 2020. The increase for the three and nine months ended September 30, 2021 was driven by an increase in the amortization of intangible assets acquired through the DRG Transaction, CPA Global Transaction, IncoPat Transaction, and Hanlim Transaction. This increase was offset by a decrease in amortization related to the Techstreet divestiture in Q4 2020.

Restructuring and Impairment

Restructuring and impairment charges of $15,621 for the three months ended September 30, 2021, increased by $12,429, or 389.4%, from $3,192 for the three months ended September 30, 2020. Restructuring and impairment charges of $121,988 for the nine months ended September 30, 2021, increased by $95,196, or 355.3%, from $26,792 for the nine months ended September 30, 2020. The increase for the three and nine months ended September 30, 2021 was primarily driven by cost-saving and margin improvement programs designed to generate substantial incremental cash flow including the CPA Global Acquisition Integration and Optimization Program implemented in Q4 2020, as well as the One Clarivate restructuring plan, which streamlines operations within targeted areas of the Company implemented in Q2 2021. The increase was partially

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CLARIVATE PLC

Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

offset by the wind down of costs associated with the Operation Simplification and Optimization Program and the DRG Acquisition Integration Program.

Other Operating Income (Expense), Net

Other operating expense of $4,411 for the three months ended September 30, 2021, increased by $4,273, or 3,096.4%, from other operating expense of $138 for the three months ended September 30, 2020. Other operating expense of $19,741 for the nine months ended September 30, 2021, decreased by $34,416, or 234.5%, from other operating income of $14,675 for the nine months ended September 30, 2020. The fluctuations were primarily driven by the consolidated impact of the remeasurement of the assets and liabilities of our Company that are denominated in currencies other than each relevant entity’s functional currency.

Mark to Market Adjustment on Financial Instruments

The mark to market adjustment relates to the Private Placement Warrants issued in a private placement concurrently with the Churchill Capital Corp initial public offering and still held by the initial holders. The mark to market adjustment on financial instruments resulted in a gain of $83,013 for the three months ended September 30, 2021, a change of $227,766, or 157.3%, compared to a loss of $144,753 for the three months ended September 30, 2020. The mark to market adjustment on financial instruments resulted in a gain of $113,207 for the nine months ended September 30, 2021, a change of $337,382, or 150.5%, compared to a loss of $224,175 for the nine months ended September 30, 2020. The fluctuations were primarily driven by the Black-Scholes option valuation model and change in the Company's share price for the three and nine months ended September 30, 2021 compared to the three and nine months ended September 30, 2020.

Interest Expense, Net

Interest expense, net of $65,194 for the three months ended September 30, 2021, increased by $44,950, or 222.0%, from $20,244 for the three months ended September 30, 2020. Interest expense, net of $141,156 for the nine months ended September 30, 2021, increased by $68,850, or 95.2%, from $72,306 for the nine months ended September 30, 2020. The increase was primarily attributed to the additional $360,000 incremental term loan borrowing in connection with the DRG Transaction in February 2020, the $1,600,000 incremental term loan borrowing in connection with the CPA Global Transaction in October 2020, and the June 2021 private placement offering of $1,000,000 in aggregate principal amount of Old Secured Notes due June 30, 2028 and $1,000,000 in aggregate principle amount of Old Unsecured Notes due June 30, 2029. In August 2021, the Old Secured Notes and Old Unsecured Notes were exchanged for the 3.875% New Secured Notes due July 1, 2028 and 4.875% New Unsecured Notes due July 1, 2029.

Provision (benefit) for Income Taxes

Provision for income taxes of $3,579 on pre-tax book income of $26,891 for the three months ended September 30, 2021, decreased by $746 from a provision of $4,325 on a pre-tax book loss of $177,661 for the three months ended September 30, 2020. Provision for income taxes of $18,016 on a pre-tax book loss of $64,836 for the nine months ended September 30, 2021, increased by $4,323 from a provision of $13,693 on a pre-tax book loss of $323,207 for the nine months ended September 30, 2020. The effective tax rate being 27.8% for the nine months ended September 30, 2021, compared to 4.2% for the nine months ended September 30, 2020. The overall increase in tax expense is due to the mix of taxing jurisdictions in which pre-tax profits and losses were recognized. The current year effective tax rate may not be indicative of our effective tax rates for future periods.

Dividends on preferred shares

Dividends on preferred shares of $22,431 for the three and nine months ended September 30, 2021 increased 100% compared to the three and nine months ended September 30, 2020. In July 2021, The Company's board of directors declared a quarterly dividend of approximately $1.12 per share on its 5.25% Series A Mandatory Convertible Preferred Shares, payable on September 1, 2021 to shareholders of record at the close of business on August 15, 2021. The number of ordinary shares deliverable in respect of such dividend was 664,730, which was determined based on the average volume-weighted average price per ordinary shares over the five consecutive trading day period ending on, and including, the trading day prior to September 1, 2021, which had a value of $16,141. As of September 30, 2021, we recognized an additional $6,289 of accrued preferred share dividends. While the dividends on the MCPS are cumulative, they will not be paid until declared by the Company’s board of directors. If no dividends are declared and paid, they will continue to accumulate as the agreement contains a backstop to it being paid even if never declared by the board.

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CLARIVATE PLC

Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

Certain Non-GAAP Measures

We include non-GAAP measures in this quarterly report, including Adjusted Revenues, Adjusted EBITDA, Adjusted EBITDA margin and Free Cash Flow because they are a basis upon which our management assesses our performance and we believe they reflect the underlying trends and indicators of our business by allowing management to focus on the most meaningful indicators of our continuous operational performance.

Although we believe these measures are useful for investors for the same reasons, we recommend users of the financial statements to note these measures are not a substitute for GAAP financial measures or disclosures. We provide reconciliations of these non-GAAP measures to the corresponding most closely related GAAP measure.

Adjusted Revenues

We present Adjusted Revenues, which excludes the impact of the deferred revenues purchase accounting adjustments as a result of businesses that we have acquired. We present this measure because we believe it is useful to readers to better understand the underlying trends in our operations. Our presentation of Adjusted Revenues is for informational purposes only and is not necessarily indicative of our future results.

The following table presents our calculation of Adjusted Revenues for the three and nine months ended September 30, 2021 and 2020, and a reconciliation of this measure to our Revenues, net for the same periods:

	Three Months Ended September 30,				Variance
(in thousands, except percentages)	2021		2020		$		%
Revenues, net	$	442,117	$	284,360	$	157,757	55.5	%
Deferred revenues adjustment	72		2,107		(2,035)		(96.6)	%
Adjusted revenues	$	442,189	$	286,467	$	155,722	54.4	%
	Nine Months Ended September 30,				Variance
(in thousands, except percentages)	2021		2020		$		%
Revenues, net	$	1,316,192	$	798,452	$	517,740	64.8	%
Deferred revenues adjustment	4,465		7,421		(2,956)		(39.8)	%
Adjusted revenues	$	1,320,657	$	805,873	$	514,784	63.9	%

Adjusted EBITDA and Adjusted EBITDA margin

Adjusted EBITDA is presented because it is a basis upon which our management assesses our performance, and we believe it is useful for investors to understand the underlying trends of our operations. See Certain Non-GAAP Measures - Adjusted EBITDA and Adjusted EBITDA margin for important information on the limitations of Adjusted EBITDA and its reconciliation to our Net loss under GAAP. Adjusted EBITDA represents net (loss) income before provision for income taxes, depreciation and amortization, interest income and expense adjusted to exclude acquisition or disposal-related transaction costs (such costs include net income from continuing operations before provision for income taxes, depreciation and amortization and interest income and expense from divestitures), stock-based compensation, unrealized foreign currency gains/(losses), costs associated with the transition services agreement with Thomson Reuters, which we entered into in connection with our separation from Thomson Reuters in 2016, separation and integration costs, transformational and restructuring expenses, acquisition-related adjustments to deferred revenues, costs related to our merger with Churchill Capital Corp in 2019, non-operating income or expense, the impact of certain non-cash, mark to market adjustments on financial instruments and other items that are included in net income for the period that the Company does not consider indicative of its ongoing operating performance and certain unusual items impacting results in a particular period. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by Adjusted Revenues.

Our presentation of Adjusted EBITDA and Adjusted EBITDA margin should not be construed as an inference that our future results will be unaffected by any of the adjusted items, or that our projections and estimates will be realized in their entirety or at all. In addition, because of these limitations, Adjusted EBITDA should not be considered as a measure of liquidity or discretionary cash available to us to fund our cash needs, including investing in the growth of our business and meeting our obligations.

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CLARIVATE PLC

Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

The following table presents our calculation of Adjusted EBITDA for the three and nine months ended September 30, 2021 and 2020, and reconciles these measures to our Net loss for the same periods:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except percentages)	2021		2020 (As Restated)		2021		2020 (As Restated)
Net income (loss) attributable to ordinary shares	$	881	$	(181,986)	$	(105,283)	$	(336,900)
Dividends on preferred shares	22,431		—		22,431		—
Net income (loss)	23,312		(181,986)		(82,852)		(336,900)
Provision (benefit) for income taxes	3,579		4,325		18,016		13,693
Depreciation and amortization	130,683		68,614		392,513		176,200
Interest expense and amortization of debt discount, net	65,194		20,244		141,156		72,306
Deferred revenues adjustment (1)	72		2,107		4,465		7,421
Transaction related costs (2)	11,851		34,938		(1,599)		70,154
Share-based compensation expense	11,997		6,796		38,518		31,121
Restructuring and impairment (3)	15,621		3,192		121,988		26,792
Mark to market adjustment on financial instruments (4)	(83,013)		144,753		(113,207)		224,175
Other (5)	10,700		5,224		24,817		1,586
Adjusted EBITDA	$	189,996	$	108,207	$	543,815	$	286,548
Adjusted EBITDA margin	43.0%		37.8%		41.2%		35.6%

(1)Reflects the deferred revenues adjustment as a result of purchase accounting associated with businesses that were acquired.

(2)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, as well as the mark to market adjustment associated with the CPA phantom share liability plan.

(3)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 two segments. During 2021, the CPA Global plan continued as well as the addition of a new One Clarivate Program, which was an approved restructuring action to streamline operations within targeted areas of the Company. Additionally, during the three and nine months ended September 30, 2021, we incurred impairment charges taken on right-of-use assets of $757 and $60,232, respectively, relating the exit and ceased use of leased properties.

(4)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.

(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 and 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 December 31, 2020.

Free Cash Flow

We use free cash flow in our operational and financial decision-making and believe free cash flow is useful to investors because similar measures are frequently used by securities analysts, investors, ratings agencies and other interested parties to evaluate our competitors and to measure the ability of companies to service their debt. Our presentation of free cash flow

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Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

should not be construed as a measure of liquidity or discretionary cash available to us to fund our cash needs, including investing in the growth of our business and meeting our obligations.

We define free cash flow as net cash provided by operating activities less capital expenditures. For further discussion on free cash flow, including a reconciliation to cash flows provided by operating activities, refer to Liquidity and Capital Resources - Cash Flows below.

Liquidity and Capital Resources

Liquidity describes the ability of a company to generate sufficient cash flows to meet the cash requirements of its business operations, including working capital needs, capital expenditures, debt service, acquisitions, other commitments and contractual obligations. Our principal sources of liquidity include cash from operating activities, cash and cash equivalents on our Consolidated Balance Sheets and amounts available under our revolving credit facility. We consider liquidity in terms of the sufficiency of these resources to fund our operating, investing and financing activities for a period of 12 months after the financial statement issuance date.

Our cash flows from operations are generated primarily from payments from our subscription and re-occurring transaction customers. As described above, the standard term of a subscription is typically 12 months. When a customer enters into a new subscription agreement, or submits a notice to renew their subscription, we typically invoice for the full amount of the subscription period, record the balance to deferred revenues, and ratably recognize the deferral throughout the subscription period. As a result, we experience cash flow seasonality throughout the year, with a heavier weighting of operating cash inflows occurring during the first half, and particularly first quarter, of the year, when most subscription invoices are sent, as compared to the second half of the year.

We require and will continue to need significant cash resources to, among other things, meet our debt service requirements under our credit facilities, the new unsecured notes due 2029, the new secured notes due 2028, the secured notes due 2026, and any future indebtedness, fund our working capital requirements, make capital expenditures (including related to product development), and expand our business through acquisitions. Based on our forecasts, we believe that cash flow from operations, available cash on hand and available borrowing capacity under our revolving credit facility will be adequate to service debt, meet liquidity needs and fund necessary capital expenditures for at least the next 12 months. Our future capital requirements will depend on many factors, including the number of future acquisitions and the timing and extent of spending to support product development efforts. We could be required, or could elect, to seek additional funding through public or private equity or debt financings; however, additional funds may not be available on terms acceptable to us.

Unrestricted cash and cash equivalents was $2,479,880 and $257,730 as of September 30, 2021 and December 31, 2020, respectively. Restricted cash increased from $11,278 as of December 31, 2020 to $1,854,257 as of September 30, 2021 due to the restrictive conditions placed on the use of cash received from our 2021 New Senior Secured Notes and New Senior Notes. The gross proceeds were deposited by the Issuer, and are currently held, in segregated escrow accounts. Refer to Note 14 - Debt in Item 1, Financial Statements and Supplementary Data, for additional information. As of September 30, 2021, we had approximately $5,368,526 of debt, consisting primarily of $2,825,950 in borrowings under our term loan facility, $921,399 in outstanding principal of our new senior notes due 2029, $921,177 in outstanding principal of our new senior secured notes due 2028, $700,000 in outstanding principal of senior secured notes due 2026 and $0 of borrowings under our revolving credit facility.

On June 24, 2021, we issued a private placement offering of $1,000,000 in aggregate principal amount of Senior Secured Notes due June 30, 2028 (the "Old Secured Notes") and $1,000,000 in aggregate principle amount of Senior Notes due June 30, 2029 bearing interest at a rate of 3.875% and 4.875% per annum, respectively. In August 2021, we exchanged all of the outstanding, validly tendered and not withdrawn Old Secured Notes for the newly-issued 3.875% Senior Secured Notes due 2028, and exchanged all of the outstanding, validly tendered and not withdrawn Old Unsecured Notes for the Issuer’s newly-issued 4.875% Senior Notes due 2029. The exchange was treated as a debt modification in accordance with Accounting Standards Codification 470, Debt ("ASC 470"). See Note 14 - Debt for further details.

We intend to use the net proceeds to finance a portion of the purchase price for the ProQuest acquisition, which we announced on May 17, 2021.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

On October 1, 2020, in connection with the CPA Global acquisition, the Company incurred an incremental $1,600,000 of borrowings under our term loan facility and used the net proceeds from such borrowings to fund a portion of the repayment of CPA Global's outstanding debt. See Debt Profile below.

In August 2021, the Company's board of directors authorized a share repurchase program allowing the Company to purchase up to $250,000 of its outstanding ordinary shares, subject to market conditions. During the three months ended September 30, 2021, the Company purchased 2,599,700 shares for a total of $65,215. As of September 30, 2021, the Company had approximately $184,785 of availability remaining under this program The share repurchase program was suspended temporarily due to the secondary offering in September 2021.

Cash Flows

The following table discloses our consolidated cash flows provided by (used in) operating, investing and financing activities for the periods presented:

	Nine Months Ended September 30,				Change 2021 vs. 2020
(in thousands)	2021		2020		$		%
Net cash provided by operating activities	$	305,515	$	128,022	$	177,493	139	%
Net cash used in investing activities	(100,511)		(966,151)		(865,640)		(90)	%
Net cash provided by financing activities	3,864,985		1,370,079		2,494,906		182	%
Effect of exchange rates	(4,860)		(6,447)		1,587		25	%
Net increase in cash and cash equivalents, and restricted cash	4,065,129		525,503		3,539,626		674	%
Cash and cash equivalents, and restricted cash beginning of the year	269,008		76,139		192,869		253	%
Cash and cash equivalents, and restricted cash end of the period	$	4,334,137	$	601,642	$	3,732,495	620	%

Cash Flows Provided by Operating Activities

Net cash provided by operating activities consists of net loss adjusted for non-cash items, such as: depreciation and amortization of property and equipment and intangible assets, deferred income taxes, share-based compensation, mark to market adjustments on financial instruments, mark to market adjustment on contingent and phantom shares, deferred finance charges and for changes in net working capital assets and liabilities.

Net cash provided by operating activities was $305,515 and $128,022 for the nine months ended September 30, 2021 and 2020, respectively. The increase of $177,493 in net cash provided by operating activities was primarily due to an increase in the source of cash for net working capital, increased accounts receivable collections from acquired businesses as well as an increase in net income after adjustment for non-cash items such as the mark to market adjustment on financial instruments, the mark to market adjustment on contingent and phantom shares, restructuring and impairment charges, and share-based compensation.

Net Working Capital
(in thousands, except ratio)	September 30, 2021	December 31, 2020	September 30, 2020	December 31, 2019
Current assets	5,189,246	1,327,508	944,251	493,076
Current liabilities	3,161,236	1,569,767	662,676	650,998
Net Working Capital	2,028,010	(242,259)	281,575	(157,922)

Cash Flows Used in Investing Activities

Net cash used in investing activities was $100,511 and $966,151 for the nine months ended September 30, 2021 and 2020, respectively. The $865,640 decrease in cash used in investing activities was primarily due to acquisitions, net of cash

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Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

acquired due to the acquisition of DRG in February 2020 and acquisition of intangible assets due to key business intangible assets acquired from CustomersFirst Now in June 2020, partially offset by the acquisition of Bioinfogate in August 2021. The decrease in cash used in investing activities was offset by an increase in capital expenditures and cash flows provided by the divestiture related to the sale of MarkMonitor AntiFraud, Antipiracy, and Brand Protection Products in January 2020.

Our capital expenditures in both 2021 and 2020 consisted primarily of capitalized labor, consulting and other costs associated with product development.

Cash Flows Provided by Financing Activities

Net cash provided by financing activities was $3,864,985 and $1,370,079 for the nine months ended September 30, 2021 and 2020, respectively. The $2,494,907 increase in cash provided by financing activities was primarily due: (i) increase in proceeds from the issuance of debt due to the private placement offering of $921,177 in aggregate principal amount of Old Senior Secured Notes due 2028 and $921,399 in aggregate principle amount of Old Senior Notes due 2029 in June 2021 compared to the $360,000 of borrowings under our term loan facility in February 2020; (ii) increase in proceeds of $1,392,671 from the issuance of our 5.25% Series A MCPS in June 2021; (iii) decrease in repayment of borrowings under the revolving credit facility; (iv) increase in proceeds from the issuance of stock options; (v) decrease in payments related to tax withholdings for share-based compensation; and (vi) decrease in contingent purchase price payments related to the TradeMark Vision contingent earn out in the first quarter of 2020. The increase in cash provided by financing activities was offset by: (i) decrease in proceeds from the exercise of the Company's outstanding public warrants in the first quarter of 2020; (ii) repayment due to the redemption on the remaining outstanding $78,823 of Old Secured Notes and $78,601 of Old Unsecured Notes in August 2021; (iii) decrease in proceeds from the issuance of ordinary shares driven by the Company's public offerings of 27,600,000 ordinary shares at $20.25 per share in February 2020 and 50,400,000 of our ordinary shares at a share price of $22.50 per share, of which 14,000,000 were ordinary shares offered by Clarivate and 36,400,000 were ordinary shares offered by selling shareholders in June 2020 compared to the public offering of 44,230,768 of our ordinary shares at a share price of $26.00, of which 28,846,154 ordinary shares were issued and sold by Clarivate and 15,384,614 were sold by selling shareholders in June 2021; (iv) use of proceeds to repurchase 2,599,700 of the Company's ordinary shares for a total of $65,215 in Q3 2021; (v) increase in principal payments on the term loan; and (vi) increase in the payment of debt issuance costs compared to the prior period.

In February 2020, we completed an underwritten public offering of 27,600,000 of our ordinary shares, generating net proceeds of $540,736, which we used to fund a portion of the cash consideration for the DRG acquisition. In addition, we incurred an incremental $360,000 of term loans under our term loan facility and used the net proceeds from such borrowings, together with cash on hand, to fund the remainder of the cash consideration for the DRG acquisition and to pay related fees and expenses.

In June 2020, we completed an underwritten public offering of 50,400,000 of our ordinary shares at a share price of $22.50. Of the 50,400,000 ordinary shares, 14,000,000 were primary ordinary shares offered by Clarivate and 36,400,000 were secondary ordinary shares offered by selling shareholders including 20,821,765 ordinary shares from Onex, 8,097,354 ordinary shares from Baring and 7,480,881 ordinary shares from Directors, Executive Officers and other shareholders. The Company did not receive any proceeds from the sale of secondary ordinary shares by the selling shareholders. The Company received approximately $304,030 in net proceeds from the sale of ordinary shares offered by the Company, after deducting underwriting discounts and estimated offering expenses payable, for general corporate purposes.

In June 2021, we completed an underwritten public offering of 44,230,768 of our ordinary shares at a share price of $26.00, of which 28,846,154 ordinary shares were issued and sold by Clarivate and 15,384,614 were sold by selling shareholders (which included 5,769,230 ordinary shares that the underwriters purchased pursuant to their option to purchase additional shares). The ordinary shares sold by selling shareholders included 10,562,882 ordinary shares from Onex, 4,107,787 ordinary shares from Baring and 713,945 ordinary shares from Directors, Executive Officers and other shareholders. The Company received approximately $728,080 in net proceeds from the sale of ordinary shares offered by the Company, after deducting underwriting discounts and estimated offering expenses payable. We intend to use the net proceeds to finance a portion of the purchase price for the ProQuest acquisition, which we announced on May 17, 2021. If the ProQuest acquisition is not consummated, Clarivate intends to use the net proceeds received by it from the Offerings for general corporate purposes. The Company did not receive any proceeds from the secondary ordinary shares sold by the selling shareholders.

84

CLARIVATE PLC

Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

In June 2021, concurrently with the June 2021 Ordinary Share Offering, we completed an underwritten public offering of 14,375,000 of our 5.25% Series A MCPS (which included 1,875,000 of our MCPS that the underwriters purchased pursuant to their option to purchase additional shares). The Company received approximately $1,392,671 in net proceeds from the sale of our MCPS offered by the Company, after deducting underwriting discounts and estimated offering expenses payable. We intend to use the net proceeds to finance a portion of the purchase price for the ProQuest acquisition, which we announced on May 17, 2021. If the ProQuest acquisition is not consummated, Clarivate intends to use the net proceeds received by it from the Offerings for general corporate purposes.

Dividends on the MCPS are payable on a cumulative basis when declared by Clarivate’s board of directors, or an authorized committee of Clarivate’s board of directors, at an annual rate of 5.25% of the liquidation preference of $100.00 per share. Clarivate may pay declared dividends in cash or, subject to certain limitations, in Clarivate ordinary shares, or in any combination of cash and ordinary shares, on March 15, June 15, September 15 and December 15 of each year, commencing on September 15, 2021 and ending on June 1, 2024.

In July 2021, The Company's board of directors declared a quarterly dividend of approximately $1.12 per share on its 5.25% Series A Mandatory Convertible Preferred Shares, payable on September 1, 2021 to shareholders of record at the close of business on August 15, 2021. As permitted by the Statement of Rights governing its 5.25% Series A Mandatory Convertible Preferred Shares, such dividend was paid by delivery of ordinary shares (other than $1 paid in cash in lieu of any fractional ordinary share). The number of ordinary shares deliverable in respect of such dividend was 664,730, which was determined based on the average volume-weighted average price per ordinary shares over the five consecutive trading day period ending on, and including, the trading day prior to September 1, 2021, which had a value of $16,141. As of September 30, 2021, we recognized $6,289 of accrued preferred share dividends within accrued expenses and other current liabilities. While the dividends on the MCPS are cumulative, they will not be paid until declared by the Company’s board of directors. If no dividends are declared and paid, they will continue to accumulate as the agreement contains a backstop to it being paid even if never declared by the board.

During the period January 1, 2020 through February 21, 2020, 24,132,666 of the Company’s outstanding warrants were exercised for one ordinary share per whole warrant at a price of $11.50 per share. On February 20, 2020, we announced the redemption of all of our outstanding public warrants to purchase our ordinary shares that were issued as part of the units sold in the Churchill Capital Corp initial public offering that remained outstanding at 5:00 p.m. New York City time on March 23, 2020, for a redemption price of $0.01 per public warrant. In addition, our board of directors elected that, upon delivery of the notice of the redemption on February 20, 2020, all public warrants were to be exercised only on a “cashless basis.” Accordingly, by virtue of the cashless exercise of public warrants, exercising public warrant holders received 0.4626 of an ordinary share for each public warrant, and 4,747,432 ordinary shares were issued for public warrants exercised on a cashless basis and 4,649 public warrants were redeemed for $0.01 per public warrant. As of September 30, 2021, no public warrants were outstanding.

Free Cash Flow (non-GAAP measure)

The following table reconciles free cash flow measure, which is a non-GAAP measure, to net cash provided by operating activities:

	Nine Months Ended September 30,
	2021		2020
Net cash provided by operating activities	$	305,515	$	128,022
Capital expenditures	(86,197)		(78,597)
Free cash flow	$	219,318	$	49,425

Free cash flow was $219,318 for the nine months ended September 30, 2021, compared to $49,425 for the nine months ended September 30, 2020. The increase in free cash flow was primarily due to higher net cash provided by operating activities due to an increase in the source of cash for net working capital, as well as an increase in net income after adjustment for non-cash items such as mark to market adjustment on financial instruments, mark to market adjustment on contingent and phantom shares, restructuring and impairment, and share-based compensation. The increase in free cash flow was partially offset by an increase in capital expenditures primarily driven by the acquired CPA business in Q4 2020.

85

CLARIVATE PLC

Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

Required Reported Data - Standalone Adjusted EBITDA

We are required to report Standalone Adjusted EBITDA, which is identical to Consolidated EBITDA and EBITDA as such terms are defined under our credit facilities, dated as of October 31, 2019, the indentures governing our secured notes due 2026 issued by Camelot Finance S.A. and guaranteed by certain of our subsidiaries, and the indentures governing the New Notes issued by the Issuer in August 2021, respectively. In addition, the credit facilities and the indentures contain certain restrictive covenants that govern debt incurrence and the making of restricted payments, among other matters. These restrictive covenants utilize Standalone Adjusted EBITDA as a primary component of the compliance metric governing our ability to undertake certain actions otherwise proscribed by such covenants. Standalone Adjusted EBITDA reflects further adjustments to Adjusted EBITDA for cost savings already implemented and excess standalone costs.

Because Standalone Adjusted EBITDA is required pursuant to the terms of the reporting covenants under the credit facilities and the indentures and because this metric is relevant to lenders and noteholders, management considers Standalone Adjusted EBITDA to be relevant to the operation of its business. It is also utilized by management and the compensation committee of the Board as an input for determining incentive payments to employees.

Excess standalone costs are the difference between our actual standalone company infrastructure costs, and our estimated steady state standalone infrastructure costs. We make an adjustment for the difference because we have had to incur costs under the transition services agreement with Thomson Reuters after we had implemented the infrastructure to replace the services provided pursuant to the transition services agreement, thereby incurring dual running costs. Furthermore, there has been a ramp up period for establishing and optimizing the necessary standalone infrastructure. Since our separation from Thomson Reuters, we have had to transition quickly to replace services provided under the transition services agreement, with optimization of the relevant standalone functions typically following thereafter. Cost savings reflect the annualized “run rate” expected cost savings, net of actual cost savings realized, related to restructuring and other cost savings initiatives undertaken during the relevant period. These costs wound down at the end of December 31, 2020.

Standalone Adjusted EBITDA is calculated under the credit facilities and the indentures by using our consolidated net income (loss) for the trailing 12-month period (defined in the credit facilities and the indenture as our U.S. GAAP net income adjusted for certain items specified in the credit facilities and the indenture) adjusted for items including: taxes, interest expense, depreciation and amortization, non-cash charges, expenses related to capital markets transactions, acquisitions and dispositions, restructuring and business optimization charges and expenses, consulting and advisory fees, run-rate cost savings to be realized as a result of actions taken or to be taken in connection with an acquisition, disposition, restructuring or cost savings or similar initiatives, “run rate” expected cost savings, operating expense reductions, restructuring charges and expenses and synergies related to the transition projected by us, costs related to any management or equity stock plan, other adjustments of the type that were presented in the offering memorandum used in connection with the issuance of the secured notes due 2026 and earn-out obligations incurred in connection with an acquisition or investment.

86

CLARIVATE PLC

Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

The following table reconciles Standalone Adjusted EBITDA to our Net loss for the periods presented:

	Twelve months ended September 30,
	2021		2020 (As Restated)
(in thousands)
Net loss attributable to ordinary shares	$	(80,252)	$	(421,321)
Dividends on preferred shares	22,431		—
Net loss	(57,821)		(421,321)
Provision for income taxes	2,021		18,298
Depreciation and amortization	519,463		231,585
Interest, net	180,764		136,057
Deferred revenues adjustment (1)	20,145		7,497
Transaction related costs (2)	25,746		74,295
Share-based compensation expense	49,047		35,829
Gain on sale of Techstreet	(28,140)		—
Restructuring and impairment (3)	142,791		42,462
Impairment on assets held for sale	—		18,431
Mark to market adjustment on financial instruments (4)	(132,320)		223,809
Other (5)	22,171		4,157
Adjusted EBITDA	743,867		371,099
Realized foreign exchange gain	4,609		(5,730)
DRG Adjusted EBITDA impact (6)	—		26,580
Bioinfogate Adjusted EBITDA impact(6)	325		—
Cost savings (7)	59,039		36,345
Excess standalone costs (8)	—		29,959
Standalone Adjusted EBITDA	$	807,840	$	458,253

(1)Reflects the deferred revenues adjustments recorded as a result of purchase accounting for acquired businesses.

(2)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.

(3)Reflects costs related to restructuring and impairment of right of use assets associated with the acquisition of DRG and CPA Global in 2020, and related lease optimization plans, as well as the approved One Clarivate restructuring program in 2021. 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 two segments.

(4)Reflects mark to market adjustments on financial instruments recorded 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.

(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 and 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 December 31, 2020.

87

CLARIVATE PLC

Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

(6)Represents the acquisition Adjusted EBITDA for the period beginning October 1, 2020 through the acquisition date of August 3, 2021 for Bioinfogate to reflect the company's Standalone Adjusted EBITDA as though acquisitions occurred at the beginning of the presented period.

(7)Reflects the estimated annualized run-rate cost savings, net of actual cost savings realized, related to restructuring and other cost savings initiatives undertaken during the period (exclusive of any cost reductions in our estimated standalone operating costs), including synergies related to acquisitions.

(8)Reflects the difference between our actual standalone company infrastructure costs, and our estimated steady operating costs, which were summarized in the below table. These costs wound down by the end of fiscal year 2020.

	Twelve months ended September 30,
(in thousands)	2021		2020
Actual standalone company infrastructure costs	$	—	$	164,896
Steady state standalone cost estimate	—		(134,937)
Excess standalone costs	$	—	$	29,959

The foregoing adjustments (6) , (7) and (8) are estimates and are not intended to represent pro forma adjustments presented within the guidance of Article 11 of Regulation S-X. Although we believe these estimates are reasonable, actual results may differ from these estimates, and any difference may be material. See Cautionary Statement Regarding Forward-Looking Statements.

Debt Profile

There have been no material changes to the debt profile associated with our business previously disclosed in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity section in our Annual Report on Form 10-K/A, except as set forth below. The disclosures set forth below updates, and should be read together with, the disclosures in the Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity - Debt Profile section, in our Annual Report on Form 10-K/A.

Senior Secured Notes and Senior Notes due 2028 and 2029, respectively

In June 2021, we issued a private placement offering of $1,000,000 in aggregate principal amount of Senior Secured Notes due June 30, 2028 and $1,000,000 in aggregate principle amount of Senior Notes due June 30, 2029 bearing interest at a rate of 3.875% and 4.875% per annum, respectively. The interest is payable semi-annually to holders of record on June 30 and December 30 of each year, commencing on December 30, 2021. The Old Notes due 2028 and 2029 were issued by Clarivate Science Holdings Corporation (the "Issuer"), an indirect wholly-owned subsidiary of Clarivate.

In August 2021, we (i) exchanged all of the outstanding, validly tendered and not withdrawn 3.875% Senior Secured Notes due 2028 for the newly-issued 3.875% Senior Secured Notes due 2028, and (ii) exchanged all of the outstanding, validly tendered and not withdrawn 4.875% Unsecured Senior Notes due 2029 for the Issuer’s newly-issued 4.875% Senior Notes due 2029. The initial aggregate principal amount of New Notes is equal to the aggregate principal amount of Old Notes that were validly tendered and not validly withdrawn for exchange, and that were accepted by the Issuer. The offers to exchange are referred to herein as the “Exchange Offers.” Pursuant to the Exchange Offers, the aggregate principal amounts of the Old Notes set forth as follows were validly tendered and not validly withdrawn, and were accepted by the Issuer and subsequently cancelled: (i) $921,177 aggregate principal amount of Old Secured Notes; and (ii) $921,399 aggregate principal amount of Old Unsecured Notes. Following such cancellation, (i) $78,823 aggregate principal amount of Old Secured Notes remained outstanding; and (ii) $78,601 aggregate principal amount of Old Unsecured Notes remained outstanding. The Issuer redeemed such remaining outstanding Old Secured Notes and Old Unsecured Notes at 100% of the principal amount thereof plus accrued and unpaid interest from June 24, 2021 to the redemption date in August 2021. In connection with the settlement of the Exchange Offers, the Issuer (i) issued $921,177 aggregate principal amount of its New Secured Notes; and (ii) issued $921,399 aggregate principal amount of its New Unsecured Notes. The interest is payable semi-annually to holders of record on June 30 and December 30 of each year, commencing on December 30, 2021. The exchange was treated as a debt modification in accordance with Accounting Standards Codification 470, Debt ("ASC 470").

88

CLARIVATE PLC

Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

We intend to use the net proceeds to finance a portion of the purchase price for the ProQuest acquisition, which we announced on May 17, 2021, and to pay related fees and expenses. Concurrently with the settlement of the Exchange Offers, the Issuer deposited into segregated escrow accounts. If the escrow conditions (which include conditions relating to the consummation of the ProQuest acquisition) are not satisfied on or prior to April 29, 2022, or if it is otherwise determined that any of the applicable escrow release conditions will not be satisfied, the New Notes will be redeemed at a price equal to 100% of the principal amount of the New Notes, plus accrued and unpaid interest, if any, from June 24, 2021 (the "Issue Date" of the Old Notes), or, if an interest payment has been made on the New Notes, from the most recent interest payment date, up to, but excluding, the date of such special mandatory redemption. Prior to closing of the ProQuest acquisition, the New Notes are not guaranteed, but have been secured by a first-priority security interest in the escrow accounts.

Upon consummation of the ProQuest acquisition, the Notes will be guaranteed on a joint and several basis by each of Clarivate’s indirect subsidiaries that is an obligor or guarantor under Clarivate’s existing credit facilities and senior secured notes due 2026. The New Secured Notes will be secured on a first-lien pari passu basis with borrowings under the existing credit facilities and senior secured notes, and the New Unsecured Notes will be the Issuer’s and such guarantors’ unsecured obligations.

The indentures governing the New Notes due 2028 and 2029 contain covenants which, among other things, limit the occurrence of additional indebtedness (including acquired indebtedness), issuance of certain preferred stock, the payment of dividends, making restricted payments and investments, the purchase or acquisition or retirement for value of any equity interests, the provision of loans or advances to restricted subsidiaries, the sale or lease or transfer of any properties to any restricted subsidiaries, the transfer or sale of assets, and the creation of certain liens. As of the date of this quarterly report, we believe we were in compliance with the indentures' covenants.

Credit Facilities

The credit facilities are secured by substantially all of our assets and the assets of all of our U.S. restricted subsidiaries and certain of our non-U.S. subsidiaries, including those that are or may be borrowers or guarantors under the Credit Facilities, subject to customary exceptions. As Clarivate Science Holdings Corporation remains an unrestricted subsidiary until the consummation of the ProQuest acquisition, the current debt recorded on their balance sheet as of September 30, 2021 is excluded from our consolidated coverage and leverage ratios. The credit facilities contain customary events of default and restrictive covenants that limit us from, among other things, incurring certain additional indebtedness, issuing preferred stock, making certain restricted payments and investments, certain transfers or sales of assets, entering into certain affiliate transactions or incurring certain liens. These credit facilities limitations are subject to customary baskets, including certain limitations on debt incurrence and issuance of preferred stock, subject to compliance with a consolidated coverage ratio of Consolidated EBITDA (as defined in the credit facilities), a measure identical to our Standalone Adjusted EBITDA disclosed above under - Required Reported Data - Standalone Adjusted EBITDA, to interest and other fixed charges on certain debt (as defined in the credit facilities) of 2.00 to 1.00. In addition, the credit facilities require us to comply with a springing financial covenant pursuant to which, as of the third quarter of 2019, we must not exceed a total first lien net leverage ratio (as defined under the credit facilities) of 7.25 to 1.00, to be tested on the last day of any quarter only when more than 30% of the revolving credit facility (excluding (i) non-cash collateralized, issued and undrawn letters of credit in an amount up to $10,000 and (ii) any cash collateralized letters of credit) is utilized at such date. As of September 30, 2021, our consolidated coverage ratio was 5.77 to 1.00 and our consolidated leverage ratio was 1.29 to 1.00. As of the date of this Report, we are in compliance with the covenants in the credit facilities. During the nine months ended September 30, 2021, the Company paid down $0 drawn on the revolving credit facility. On February 28, 2020, we incurred an incremental $360,000 of term loans under our term loan facility and used the net proceeds from such borrowings to fund a portion of the cash consideration for the DRG acquisition. On October 1, 2020, in connection with the CPA Global acquisition, the Company incurred an incremental $1,600,000 of borrowings under our term loan facility and used the net proceeds from such borrowings to fund the repayment of CPA Global's parent company outstanding debt.

Commitments and Contingencies

Our contingent liabilities consist primarily of letters of credit and performance bonds and other similar obligations in the ordinary course of business.

The Company maintained a contingent stock liability based on observable market data relating to the CPA Global acquisition that occurred on October 1, 2020. The amount was settled on January 21, 2021 through the issuance of ordinary shares. The contingent stock liability was $0 and $44,565 as of September 30, 2021 and December 31, 2020, recorded in

89

CLARIVATE PLC

Management’s Discussion and Analysis of Financial Condition and Results of Operations

(In thousands, except share and per share data, option prices, ratios or as noted)

Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheet. The Company recognized a gain related to the changes in the contingent stock liability of $0 and $0 for the three months ended September 30, 2021 and 2020, respectively, and $675 and $0 for the nine months ended September 30, 2021 and 2020, respectively, recorded within Selling, general and administrative costs on the Condensed Consolidated Statement of Operations.

The Company maintained a contingent stock liability based on observable market data relating to the DRG acquisition that occurred on February 28, 2020. The amount was settled on March 5, 2021 through the issuance of ordinary shares. The contingent stock liability was $0 and $86,029 as of September 30, 2021 and December 31, 2020, recorded in Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheet. The Company recognized (income) expense related to the changes in the contingent stock liability of $0 and $4,576 for the three months ended September 30, 2021 and 2020, respectively, and $(24,410) and $5,763 for the nine months ended September 30, 2021 and 2020, respectively, recorded within Selling, general and administrative costs on the Condensed Consolidated Statement of Operations.

The Company will be subject to certain payments that are contingent upon the consummation of the ProQuest acquisition. See Note 22 - Commitments and Contingencies in Item 1, Financial Statements and Supplementary Data, for additional information.

Dividends on our convertible preferred shares are payable, as and if declared by our board of directors, at an annual rate of 5.25% of the liquidation preference of $100.00 per share. We may pay declared dividends in cash or, subject to certain limitations, in our ordinary shares, or in any combination of cash and ordinary shares, on March 1, June 1, September 1 and December 1 of each year, commencing on September 1, 2021 and ending on, and including, June 1, 2024. See Note 22 - Commitments and Contingencies in Item 1, Financial Statements and Supplementary Data, for additional information.

The Company is engaged in various legal proceedings and claims that have arisen in the ordinary course of business. We have taken what we believe to be adequate reserves related to the litigation and threatened claims. We maintain appropriate insurance policies in place, which are likely to provide some coverage for these liabilities or other losses that may arise from these litigation matters. See Note 22 - Commitments and Contingencies in Item 1, Financial Statements and Supplementary Data, for additional information.

Off Balance Sheet Arrangements

We do not currently have any off-balance sheet arrangements.

Contractual Obligations

We have various contractual obligations and commercial commitments that are recorded as liabilities in our financial statements. Other items, such as purchase obligations and other executory contracts, are not recognized as liabilities in our consolidated financial statements, but are required to be disclosed.

There have been no other material changes, outside of the ordinary course of business, to our contractual obligations as previously disclosed in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity - Contractual Obligations section, in our Annual Report on Form 10-K/A.

Critical Accounting Policies, Estimates and Assumptions

There have been no material changes from the critical accounting policies, estimates, and assumptions previously disclosed in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies, Estimates and Assumptions section in our Annual Report on Form 10-K/A.

Recently Issued and Adopted Accounting Pronouncements

For recently issued and adopted accounting pronouncements, see Note 3 - Summary of Significant Accounting Policies in Item 1, Financial Statements and Supplementary Data.

90

Item 3. Quantitative and Qualitative Disclosures About Market Risk

For information regarding our exposure to certain market risks, see “Item 7A. Quantitative and Qualitative Disclosures About Market Risk,” in the Annual Report on Form 10-K/A.

Interest Rate Risk

Our interest rate risk arises primarily from our borrowings at floating interest rates. Borrowings under our credit facilities are subject to floating base interest rates, plus a margin. As of September 30, 2021, we had $2,825,950 of floating rate debt outstanding under our credit facilities, consisting of borrowings under the revolving and term loan facilities for which the base rate was one-month LIBOR (subject, with respect to the term loan facility only, to a floor of 0.00% for $1,237,950 and 1.00% for $1,588,000), which stood at 0.08% at September 30, 2021. Of this amount, we hedged $449,500 of our principal amount of our floating rate debt under hedges using interest rate derivatives. As a result, $2,376,450 of our outstanding borrowings effectively bore interest at floating rates. A 1/8th basis point increase or decrease in the applicable base interest rate under our credit facilities would have an impact of $388 and $1,113 on our cash interest expense for the three and nine months ended September 30, 2021, respectively. For additional information on our outstanding debt and related hedging, see Item 1. Financial Statements and Supplementary Data - Notes to the Consolidated Financial Statements - Note 10 - Derivative Instruments and Note 14 - Debt.

Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures

Pursuant to Rules 13a-15(b) and 15d-15(b) under the Securities Exchange Act, we have evaluated, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective to ensure that the information required to be disclosed in the reports required to be filed or submitted under the Securities Exchange Act is (i) recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and (ii) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Remediation of Material Weakness Plan

To address the previously reported material weakness in internal control over financial reporting as disclosed in Part II, Item 9A in our 2020 Annual Report on Form 10-K/A, we designed and implemented a new control to evaluate settlement features used to determine the classification of any new warrant instruments. Based on the actions taken, as well as the evaluation of the design of the new control, and the fact that there have been no new warrant instruments issued recently nor in the foreseeable future, we determined that the material weakness has been remediated as of September 30, 2021.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. Other Information

Item 1. Legal Proceedings

From time to time, we are a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of our business. While the outcomes of these matters are uncertain, management does not expect that the ultimate costs to resolve these matters will have a material adverse effect on our consolidated financial position, results of operations or cash flows. For additional discussion of legal proceedings, see Item 1. Financial Statements and Supplementary Data - Notes to Condensed Consolidated Financial Statements - Note 22 in this Report.

91

Item 1A. Risk Factors

There have been no material changes to the risk factors associated with our business as disclosed in Part I, Item 1A of our 2020 annual report on Form 10-K/A.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

Period	Total Number of Shares Purchased (1)	Price Paid Per Share		Total Number of Shares Purchased As Part of Publicly Announced Plans or Programs	Number of Shares that May Yet Be Purchased Under Plans or Programs
January 1, 2021-January 31, 2021	8,250	$	16.98	—	—
February 1, 2021-February 28, 2021	33,559	$	13.05	—	—
March 1, 2021-March 31, 2021	311,640	$	12.65	—	—
April 1, 2021-April 30, 2021	200,199	$	10.97	—	—
May 1, 2021-May 31, 2021	298,624	$	13.00	—	—
June 1, 2021-June 30, 2021	310,821	$	16.56	—	—
July 1, 2021-July 31, 2021	17,648	$	33.92	—	10,965,000
August 1, 2021-August 31, 2021	137,783	$	5.45	1,769,000	9,196,000
September 1, 2021-September 9, 2021	22,050	$	5.72	830,700	8,365,300
September 10, 2021-September 31, 2021				—	—
Total	1,340,574			2,599,700	—

(1) Includes shares withheld to satisfy tax withholding obligations on behalf of employees that occur upon vesting and delivery of outstanding shares underlying stock options and restricted stock units under the 2019 Incentive Award Plan.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

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Item 6. Exhibits and Financial Statement Schedules

EXHIBIT INDEX

2.1	Amendment to ProQuest Transaction Agreement (incorporated by reference to Exhibit 2.1 to Clarivate’s Form 8-K filed July 29, 2021).
4.1	Indenture, dated August 19, 2021, between the Issuer and Wilmington Trust, National Association, as trustee and collateral agent, relating to the Issuer’s 3.875% senior secured notes due 2028 (incorporated by reference to Exhibit 4.1 to Clarivate's Form 8-K filed August 19, 2021).
4.2	Indenture, dated August 19, 2021, between the Issuer and Wilmington Trust, National Association, as trustee, relating to the Issuer’s 4.875% senior notes due 2029 (incorporated by reference to Exhibit 4.2 to Clarivate's Form 8-K filed August 19, 2021).
4.3	Form of 3.875% senior secured note due 2028 (included in Exhibit 4.1).
4.4	Form of 4.875% senior note due 2029 (included in Exhibit 4.2).
10.1	Offer Letter, dated October 4, 2021, by and between Clarivate Plc and Heather Matzke-Hamlin (incorporated by reference to Exhibit 10.1 to Clarivate’s Form 8-K filed October 5, 2021).
31*	Certification of our Chief Executive Officer and our Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32*	Certification of our Chief Executive Officer and our Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101*	The following information from our Form 10-Q for the quarterly period ended September 30, 2021, formatted in Inline eXtensible Business Reporting Language: (i) Condensed Consolidated Statement of Comprehensive Income (unaudited), (ii) Condensed Consolidated Balance Sheet (unaudited), (iii) Condensed Consolidated Statement of Changes in Equity (unaudited), (iv) Condensed Consolidated Statement of Cash Flows (unaudited), and (v) the Notes to the Condensed Consolidated Financial Statements (unaudited).
104*	The cover page from the Company's Annual Report on Form 10-Q for the quarter ended September 30, 2021, formatted in Inline XBRL

*    Filed herewith.

93

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized in the City of London, United Kingdom on October 28, 2021.

CLARIVATE PLC
By:	/s/ Richard Hanks
	Name: Richard Hanks
	Title: Chief Financial Officer

94

EX-31

Exhibit 31

CERTIFICATION

I, Jerre Stead, certify that:

1.    I have reviewed this Report on Form 10-Q of Clarivate Plc;

2.    Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;

3.    Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Report;

4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report based on such evaluation; and

d)    Disclosed in this Report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 28, 2021	/s/ Jerre Stead
	Jerre Stead
	Executive Chairman and Chief Executive Officer

CERTIFICATION

I, Richard Hanks, certify that:

1.    I have reviewed this Report on Form 10-Q of Clarivate Plc;

2.    Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;

3.    Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Report;

4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report based on such evaluation; and

d)    Disclosed in this Report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 28, 2021	/s/ Richard Hanks
	Richard Hanks
	Chief Financial Officer

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Clarivate Plc (the “Company”) on Form 10-Q for the quarter ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jerre Stead, Executive Chairman and Chief Executive Officer of the Company, certify to my knowledge, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), that:

1.    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 28, 2021	/s/ Jerre Stead
	Jerre Stead
	Executive Chairman and Chief Executive Officer

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Clarivate Plc (the “Company”) on Form 10-Q for the quarter ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Richard Hanks, Chief Financial Officer of the Company, certify to my knowledge, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), that:

1.    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 28, 2021	/s/ Richard Hanks
	Richard Hanks
	Chief Financial Officer

XML

Cover - shares	9 Months Ended
	Sep. 30, 2021	Oct. 25, 2021
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Sep. 30, 2021
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 Two	Friars House,
Entity Address, Address Line One	160 Blackfriars Road
Entity Address, City or Town	London
Entity Address, Postal Zip Code	SE1 8EZ
Entity Address, Country	GB
Country Region	44
City Area Code	207
Local Phone Number	4334000
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		639,776,102
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Central Index Key	0001764046
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Ordinary Shares
Cover [Abstract]
Title of 12(b) Security	Ordinary Shares, no par value
Trading Symbol	CLVT
Security Exchange Name	NYSE
Document Information [Line Items]
Trading Symbol	CLVT
Title of 12(b) Security	Ordinary Shares, no par value
Security Exchange Name	NYSE
Preferred Shares
Cover [Abstract]
Title of 12(b) Security	5.25% Series A Mandatory Convertible Preferred Shares, no par value
Trading Symbol	CLVT PR A
Security Exchange Name	NYSE
Document Information [Line Items]
Trading Symbol	CLVT PR A
Title of 12(b) Security	5.25% Series A Mandatory Convertible Preferred Shares, no par value
Security Exchange Name	NYSE

XML

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 2,479,880	$ 257,730
Restricted cash	1,854,257	11,278
Accounts receivable, net of allowance of $8,642 and $8,745 at September 30, 2021 and December 31, 2020, respectively	610,755	737,733
Prepaid expenses	58,056	58,273
Other current assets	186,298	262,494
Total current assets	5,189,246	1,327,508
Property and equipment, net	27,948	36,267
Other intangible assets, net	6,964,081	7,370,350
Goodwill	6,198,701	6,252,636
Other non-current assets	41,808	47,944
Deferred income taxes	30,110	29,786
Operating lease right-of-use assets	45,880	132,356
Total Assets	18,497,774	15,196,847
Current liabilities:
Accounts payable	94,494	82,038
Accrued expenses and other current liabilities	592,721	716,356
Current portion of deferred revenues	579,935	707,318
Current portion of operating lease liability	28,459	35,455
Current portion of long-term debt	1,865,627	28,600
Total current liabilities	3,161,236	1,569,767
Long-term debt	3,443,578	3,457,900
Warrants and Rights Outstanding	195,952	312,751
Non-current portion of deferred revenues	44,934	41,399
Other non-current liabilities	58,332	67,722
Deferred income taxes	324,959	362,261
Operating lease liabilities	58,443	104,324
Total liabilities	7,287,434	5,916,124
Commitments and contingencies
Preferred Stock, Value, Issued	$ 1,392,671	$ 0
Preferred Stock, Shares Outstanding	14,375,000	0
Preferred Stock, Shares Issued	14,375,000	0
Preferred Stock, Shares Authorized	14,375,000
Capital stock, issued (in shares)	639,750,620	606,329,598
Capital stock, par value (in dollars per share)	$ 0	$ 0
Shareholders’ equity:
Ordinary Shares, no par value; unlimited shares authorized at September 30, 2021 and December 31, 2020; 639,750,620 and 606,329,598 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	$ 10,810,130	$ 9,989,284
Accumulated other comprehensive income	324,904	503,521
Accumulated deficit	(1,317,365)	(1,212,082)
Total shareholders’ equity	11,210,340	9,280,723
Total Liabilities and Shareholders’ Equity	$ 18,497,774	$ 15,196,847
Capital stock, outstanding (in shares)	639,750,620	606,329,598
Preferred Stock, Par or Stated Value Per Share	$ 0

XML

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Balance at beginning of year	$ 8,642		$ 8,745	$ 16,511
Capital stock, par value (in dollars per share)	$ 0		$ 0
Capital stock, issued (in shares)	639,750,620	641,419,578	606,329,598

XML

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenues, net	$ 442,117	$ 284,360	$ 1,316,192	$ 798,452
Operating expenses:
Selling, general and administrative costs	(141,219)	(131,526)	(402,378)	(368,247)
Depreciation	(2,657)	(2,918)	(9,243)	(8,151)
Amortization	(128,026)	(65,696)	(383,270)	(168,049)
Restructuring and impairment	15,621	3,192	121,988	26,792
Income (Loss) from Continuing Operations before Interest Expense, Interest Income, Income Taxes, Noncontrolling Interests, Net	92,085	(157,417)	76,320	(250,901)
Other operating (expense) income, net	(4,411)	(138)	(19,741)	14,675
Loss from operations	9,072	(12,664)	(36,887)	(26,726)
Fair Value Adjustment of Warrants	83,013	(144,753)	113,207	(224,175)
Interest expense and amortization of debt discount, net	(65,194)	(20,244)	(141,156)	(72,306)
Income (loss) before income tax	26,891	(177,661)	(64,836)	(323,207)
Provision for income taxes	(3,579)	(4,325)	(18,016)	(13,693)
Net loss	$ 23,312	$ (181,986)	$ (82,852)	$ (336,900)
Per share:
Basic (usd per share)	$ 0	$ (0.47)	$ (0.17)	$ (0.91)
Weighted-average shares outstanding:
Weighted Average Number of Shares Outstanding, Basic	640,834,827	387,845,438	622,460,931	369,019,802
Revenues	$ 442,117	$ 284,360	$ 1,316,192	$ 798,452
Cost of Revenue	(141,111)	(93,554)	(416,459)	(268,614)
Selling, General and Administrative Expense	141,219	131,526	402,378	368,247
Depreciation	2,657	2,918	9,243	8,151
Amortization of intangible assets	128,026	65,696	383,270	168,049
Restructuring and impairment	15,621	3,192	121,988	26,792
Other operating (expense) income, net	(4,411)	(138)	(19,741)	14,675
Total operating expenses	433,045	297,024	1,353,079	825,178
Income (loss) from operations	9,072	(12,664)	(36,887)	(26,726)
Income (Loss) from Continuing Operations before Interest Expense, Interest Income, Income Taxes, Noncontrolling Interests, Net	92,085	(157,417)	76,320	(250,901)
Interest Expense	65,194	20,244	141,156	72,306
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	26,891	(177,661)	(64,836)	(323,207)
Income Tax Expense (Benefit)	3,579	4,325	18,016	13,693
Net loss	23,312	(181,986)	(82,852)	(336,900)
Preferred Stock Dividends, Income Statement Impact	22,431		22,431
Net Income (Loss) Available to Common Stockholders, Diluted	881	(181,986)	(105,283)	(336,900)
Net Income (Loss) Available to Common Stockholders, Basic, Total	$ 881	$ (181,986)	$ (105,283)	$ (336,900)
Diluted (usd per share)	$ 0	$ (0.47)	$ (0.17)	$ (0.91)
Basic (usd per share)	$ 0	$ (0.47)	$ (0.17)	$ (0.91)
Weighted Average Number of Shares Outstanding, Diluted	645,933,513	387,845,438	622,460,931	369,019,802
Weighted Average Number of Shares Outstanding, Basic	640,834,827	387,845,438	622,460,931	369,019,802

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ 23,312	$ (82,210)	$ (23,954)	$ (181,986)	$ (25,281)	$ (129,633)	$ (82,852)	$ (336,900)
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Interest rate swaps	333			1,092			1,884	(2,052)
Defined benefit pension plans	(4)			(15)			(12)	(57)
Foreign currency translation adjustment	(246,979)			9,359			(180,489)	1,795
Total other comprehensive loss, net of tax	(246,650)	48,195	19,838	10,436	(2,280)	(8,470)	(178,617)	(314)
Comprehensive loss	(223,338)			(171,550)			(261,469)	(337,214)
Net loss	23,312	(82,210)	(23,954)	(181,986)	(25,281)	(129,633)	(82,852)	(336,900)
Interest rate swaps	333			1,092			1,884	(2,052)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	4			15			12	57
Foreign currency translation adjustment	(246,979)			9,359			(180,489)	1,795
Other Comprehensive Income (Loss), Net of Tax	(246,650)	$ 48,195	$ 19,838	10,436	$ (2,280)	$ (8,470)	(178,617)	(314)
Other comprehensive loss	$ (223,338)			$ (171,550)			$ (261,469)	$ (337,214)

XML

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Affiliated Entity	Ordinary Shares	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Preferred Stock	Treasury Stock	Previously Reported	Previously Reported Ordinary Shares	Previously Reported Accumulated Other Comprehensive Income (Loss)	Previously Reported Accumulated Deficit	Revision of Prior Period, Accounting Standards Update, Adjustment	Revision of Prior Period, Accounting Standards Update, Adjustment Accumulated Deficit
Balance at beginning of the period (in shares) at Dec. 31, 2019			306,874,115
Balance at beginning of the period at Dec. 31, 2019	$ 1,248,599		$ 2,144,372	$ (4,879)	$ (890,894)
Increase (Decrease) in Shareholders' Equity
Issuance of common stock, net (in shares)			27,600,000
Issuance of ordinary shares, net	539,714		$ 539,714
Share-based award activity	16,384		$ 16,384
Balance at end of the period (in shares) at Mar. 31, 2020			364,938,052
Balance at end of the period at Mar. 31, 2020	1,925,681		$ 2,968,876	(13,349)	(1,029,846)							$ (9,319)	$ (9,319)
Increase (Decrease) in Shareholders' Equity
Other Comprehensive Income (Loss), Net of Tax	(8,470)			(8,470)	0
Net loss	(129,633)				(129,633)
Stock Issued During Period, Shares, Warrants Exercised			28,880,098
Stock Issued During Period, Value, Warrants Exercised	277,526		$ 277,526
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			3,715,455
Stock Issued During Period, Value, Stock Options Exercised	1,182		$ 1,182
Vesting of Restricted Stock Units			169,842
Shares Issued, Shares, Share-based Payment Arrangement, Forfeited			(2,301,458)
Shares Issued, Value, Share-based Payment Arrangement, Forfeited	(10,302)		$ (10,302)
Net loss	(129,633)				(129,633)
Stock Issued During Period, Shares, Warrants Exercised			28,880,098
Stock Issued During Period, Value, Warrants Exercised	277,526		$ 277,526
Balance at beginning of the period (in shares) at Dec. 31, 2019			306,874,115
Balance at beginning of the period at Dec. 31, 2019	1,248,599		$ 2,144,372	(4,879)	(890,894)
Balance at end of the period (in shares) at Sep. 30, 2020			389,220,967
Balance at end of the period at Sep. 30, 2020	2,022,313		$ 3,264,619	(5,193)	(1,237,113)
Increase (Decrease) in Shareholders' Equity
Other Comprehensive Income (Loss), Net of Tax	(314)							$ (314)
Net loss	$ (336,900)							(112,725)
Exercise of Private Placement Warrants	0
Net loss	$ (336,900)							(112,725)
Balance at beginning of the period (in shares) at Mar. 31, 2020			364,938,052
Balance at beginning of the period at Mar. 31, 2020	1,925,681		$ 2,968,876	(13,349)	(1,029,846)							$ (9,319)	$ (9,319)
Increase (Decrease) in Shareholders' Equity
Issuance of common stock, net (in shares)			20,982,500
Issuance of ordinary shares, net	304,030		$ 304,030
Share-based award activity	4,322		$ 4,322
Balance at end of the period (in shares) at Jun. 30, 2020			387,335,119
Balance at end of the period at Jun. 30, 2020	2,191,354		$ 3,262,110	(15,629)	(1,055,127)
Increase (Decrease) in Shareholders' Equity
Other Comprehensive Income (Loss), Net of Tax	(2,280)			(2,280)	0
Net loss	(25,281)				(25,281)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			3,723,332
Stock Issued During Period, Value, Stock Options Exercised	0		$ 0
Vesting of Restricted Stock Units			2,528
Shares Issued, Shares, Share-based Payment Arrangement, Forfeited			(2,311,293)
Shares Issued, Value, Share-based Payment Arrangement, Forfeited	(15,118)		$ (15,118)
Net loss	(25,281)				(25,281)
Share-based award activity	5,520		$ 5,520
Balance at end of the period (in shares) at Sep. 30, 2020			389,220,967
Balance at end of the period at Sep. 30, 2020	2,022,313		$ 3,264,619	(5,193)	(1,237,113)
Increase (Decrease) in Shareholders' Equity
Other Comprehensive Income (Loss), Net of Tax	10,436			10,436	0			10,436
Net loss	(181,986)				(181,986)			(37,233)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			4,068,307
Stock Issued During Period, Value, Stock Options Exercised	125		$ 125
Vesting of Restricted Stock Units			2,459
Shares Issued, Shares, Share-based Payment Arrangement, Forfeited			(2,184,918)
Shares Issued, Value, Share-based Payment Arrangement, Forfeited	(3,136)		$ (3,136)
Net loss	$ (181,986)				(181,986)			$ (37,233)
Capital stock, outstanding (in shares)	606,329,598
Capital stock, issued (in shares)	606,329,598
Balance at beginning of the period (in shares) at Dec. 31, 2020									606,329,598
Balance at beginning of the period at Dec. 31, 2020	$ 9,280,723								$ 9,989,284	$ 503,521	$ (1,212,082)
Increase (Decrease) in Shareholders' Equity
Issuance of common stock, net (in shares)			4,395,638
Issuance of ordinary shares, net	105,509		$ 105,509
Share-based award activity	10,479		$ 10,479
Balance at end of the period (in shares) at Mar. 31, 2021			611,355,226
Balance at end of the period at Mar. 31, 2021	9,396,772		$ 10,109,449	523,359	(1,236,036)
Increase (Decrease) in Shareholders' Equity
Other Comprehensive Income (Loss), Net of Tax	19,838			19,838	0
Net loss	(23,954)				(23,954)
Exercise of Private Placement Warrants			212,174
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			835,917
Stock Issued During Period, Value, Stock Options Exercised	5,074		$ 5,074
Vesting of Restricted Stock Units			15,958
Shares Issued, Shares, Share-based Payment Arrangement, Forfeited			(434,059)
Shares Issued, Value, Share-based Payment Arrangement, Forfeited	(4,489)		$ (4,489)
Stock Issued During Period, Value, Private Warrants Exercised	3,592
Net loss	(23,954)				(23,954)
Balance at beginning of the period (in shares) at Dec. 31, 2020									606,329,598
Balance at beginning of the period at Dec. 31, 2020	9,280,723								$ 9,989,284	$ 503,521	$ (1,212,082)
Balance at end of the period (in shares) at Sep. 30, 2021			639,750,620			14,375,000
Balance at end of the period at Sep. 30, 2021	11,210,340		$ 10,810,130	324,904	(1,317,365)	$ 1,392,671
Increase (Decrease) in Shareholders' Equity
Other Comprehensive Income (Loss), Net of Tax	(178,617)
Net loss	$ (82,852)
Exercise of Private Placement Warrants	212,174
Stock Issued	$ 62,724
Treasury Stock, Retired, Cost Method, Amount	(5,117,380)
Net loss	(82,852)
Balance at beginning of the period (in shares) at Mar. 31, 2021			611,355,226
Balance at beginning of the period at Mar. 31, 2021	9,396,772		$ 10,109,449	523,359	(1,236,036)
Increase (Decrease) in Shareholders' Equity
Issuance of common stock, net (in shares)			206,052,933			14,375,000
Issuance of ordinary shares, net			$ 5,780,933			$ 1,393,222
Share-based award activity	12,816		$ 12,816
Treasury Stock, Common, Value		$ (5,052,165)
Treasury Stock, Shares, Acquired		(177,206,779)
Balance at end of the period (in shares) at Jun. 30, 2021			641,419,578			14,375,000
Balance at end of the period at Jun. 30, 2021	11,490,079		$ 10,843,549	571,554	(1,318,246)	$ 1,393,222
Increase (Decrease) in Shareholders' Equity
Other Comprehensive Income (Loss), Net of Tax	48,195			48,195	0
Net loss	(82,210)				(82,210)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			1,581,518
Stock Issued During Period, Value, Stock Options Exercised	9,761		$ 9,761
Vesting of Restricted Stock Units			446,324
Shares Issued, Shares, Share-based Payment Arrangement, Forfeited			(809,644)
Shares Issued, Value, Share-based Payment Arrangement, Forfeited	(17,245)		$ (17,245)
Treasury Stock, Retired, Cost Method, Amount	0	$ (5,052,165)
Treasury Stock, Shares, Retired		(177,206,779)
Stock Retired During Period, Shares		(177,206,779)
Stock Repurchased and Retired During Period, Value		$ (5,052,165)
Net loss	$ (82,210)				(82,210)
Capital stock, outstanding (in shares)	641,419,578
Capital stock, issued (in shares)	641,419,578
Issuance of common stock, net (in shares)			0			0
Issuance of ordinary shares, net		$ 5,052,165	$ (688)			$ (551)
Common Stock Dividends, Shares			664,730
Preferred Stock Dividends, Income Statement Impact	$ (6,290)		$ 16,141		(22,431)
Share-based award activity	13,649		$ 13,649
Treasury Stock, Common, Value	(65,215)						$ (65,215)
Treasury Stock, Shares, Acquired							(2,599,700)
Balance at end of the period (in shares) at Sep. 30, 2021			639,750,620			14,375,000
Balance at end of the period at Sep. 30, 2021	11,210,340		$ 10,810,130	324,904	(1,317,365)	$ 1,392,671
Increase (Decrease) in Shareholders' Equity
Other Comprehensive Income (Loss), Net of Tax	(246,650)			$ (246,650)
Net loss	23,312				23,312
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			328,531
Stock Issued During Period, Value, Stock Options Exercised	2,415		$ 2,415
Vesting of Restricted Stock Units			114,962
Shares Issued, Shares, Share-based Payment Arrangement, Forfeited			(177,481)
Shares Issued, Value, Share-based Payment Arrangement, Forfeited	279		$ 279
Treasury Stock, Retired, Cost Method, Amount			$ (65,215)				$ 65,215
Treasury Stock, Shares, Retired			(2,599,700)				2,599,700
Net loss	$ 23,312				$ 23,312
Capital stock, outstanding (in shares)	639,750,620
Capital stock, issued (in shares)	639,750,620

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flows From Operating Activities
Net loss	$ (82,852)	$ (336,900)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	392,513	176,200
Bad debt expense	6,832	1,830
Deferred income tax benefit	(11,084)	(7,420)
Share-based compensation	36,944	26,344
Gain (Loss) on Disposition of Business	0	(1,052)
Deferred finance charges	9,050	3,140
Other operating activities	3,565	(3,902)
Changes in operating assets and liabilities:
Accounts receivable	114,038	129,398
Prepaid expenses	(887)	(13,335)
Other assets	60,749	62,818
Accounts payable	13,550	(8,394)
Accrued expenses and other current liabilities	(14,208)	(65,062)
Deferred revenues	(116,312)	(93,926)
Operating lease right of use assets	16,838	5,826
Operating lease liabilities	(37,362)	(6,611)
Other liabilities	(2,407)	2,077
Net cash provided by operating activities	305,515	128,022
Cash Flows From Investing Activities
Capital expenditures	(86,197)	(78,597)
Acquisitions, net of cash acquired	(14,314)	(885,323)
Acquisition of intangible assets	0	(5,982)
Proceeds from sale of product line, net of restricted cash	0	3,751
Net cash used in investing activities	(100,511)	(966,151)
Cash Flows From Financing Activities
Proceeds from Issuance of Long-term Debt	2,000,000
Principal payments on term loan	(21,450)	(9,450)
Repayments of revolving credit facility	0	(65,000)
Payment of debt issuance costs	(7,471)	(5,267)
Contingent purchase price payment	0	(4,115)
Proceeds from issuance of debt		360,000
Extinguishment of debt	(157,424)
Payments for Repurchase of Equity	(65,215)
Payments of Dividends	(1)
Proceeds from issuance of ordinary shares	728,080	843,752
Proceeds from Issuance of Convertible Preferred Stock	1,392,671
Proceeds from warrant exercises	0	277,526
Proceeds from stock options exercised	17,250	1,307
Payments related to tax withholding for stock-based compensation	(21,455)	(28,674)
Net cash provided by financing activities	3,864,985	1,370,079
Effects of exchange rates	(4,860)	(6,447)
Net increase in cash and cash equivalents, and restricted cash	4,065,129	525,503
Cash:
Cash and cash equivalents	2,479,880	601,075
Restricted cash	1,854,257	567
Total cash and cash equivalents, and restricted cash	4,334,137	601,642
Supplemental Cash Flow Information:
Cash paid for interest	97,401	61,796
Cash paid for income tax	22,387	20,147
Capital expenditures included in accounts payable	6,612	922
Stock Issued	62,724
Noncash Financing Items [Abstract]
Treasury Stock, Retired, Cost Method, Amount	(5,117,380)
Gain (Loss) on Foreign Currency Forward Contracts	4,026	(2,903)
Mark to Market Loss on Contingent Shares	(34,503)	30,839
Fair Value Adjustment of Warrants	(113,207)	224,175
Noncash Impairment, Leases	60,232	$ 4,880
DRG
Noncash Financing Items [Abstract]
Value of stock issued	$ 61,619

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Background and Nature of Operations

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Background and Nature of Operations

Background and Nature of Operations

Clarivate Plc (“Clarivate,” “us,” “we,” “our,” or the “Company”), is a public limited company organized under the laws of Jersey, Channel Islands. We were initially registered on January 7, 2019, and at our 2020 annual general meeting, our shareholders approved a change of our corporate name from “Clarivate Analytics Plc” to “Clarivate Plc”. Pursuant to the definitive agreement entered into to effect a merger between Camelot Holdings (Jersey) Limited ("Jersey") and Churchill Capital Corp, a Delaware corporation, ("Churchill") (the “2019 Transaction”), the Company was formed for the purposes of completing the 2019 Transaction and related transitions and carrying on the business of Jersey and its subsidiaries.

The Company is a provider of proprietary and comprehensive content, analytics, professional services and workflow solutions that enable users across government and academic institutions, life science companies and research and development (“R&D”) intensive corporations to discover, protect and commercialize their innovations. Clarivate has two reportable segments: Science and Intellectual Property ("IP"). Our segment structure is organized to address customer needs by product line. Our Science segment consists of our Academic and Life Sciences Product Lines. Both provide curated, high-value, structured information that is delivered and embedded into the workflows of our customers, which include research intensive corporations, life science organizations and universities world-wide. Our IP segment consists of our Patent, Trademark, Domain and IP Management Product Lines. These Product Lines help manage customer's end-to-end portfolios of intellectual property from patents to trademarks to corporate website domains. See Note 21 - Segment Information, for additional information on the Company's reportable segments.

In January 2019, we entered into an Agreement and Plan of Merger (as amended by Amendment No. 1 to the Agreement and Plan of Merger, dated February 26, 2019, and Amendment No. 2 to the Agreement and Plan of Merger, dated March 29, 2019, collectively, the “Merger Agreement”) by and among Churchill, Jersey, CCC Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Clarivate (“Delaware Merger Sub”), Camelot Merger Sub (Jersey) Limited, a private limited company organized under the laws of Jersey, Channel Islands and wholly owned subsidiary of Clarivate (“Jersey Merger Sub”), and the Company, which, among other things, provided for (i) Jersey Merger Sub to be merged with and into Jersey with Jersey being the surviving company in the merger (the “Jersey Merger”) and (ii) Delaware Merger Sub to be merged with and into Churchill with Churchill being the surviving corporation in the merger (the “Delaware Merger”), and together with the Jersey Merger, the “Mergers”.

On May 13, 2019, the 2019 Transaction was consummated, and Clarivate became the sole managing member of Jersey, operating and controlling all of the business and affairs of Jersey, through Jersey and its subsidiaries. Following the consummation of the 2019 Transaction on May 13, 2019, the Company’s ordinary shares and warrants began trading on the New York Stock Exchange. All of the Company’s public warrants have subsequently been redeemed. See Note 16 - Shareholders’ Equity for further information regarding the redemption of the Company’s public warrants.

The 2019 Transaction was accounted for as a reverse recapitalization in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Under this method of accounting, Churchill was treated as the "acquired" company for financial reporting purposes. This determination was primarily based on post 2019 Transaction relative voting rights, composition of the governing board, size of the two entities pre-merger, and intent of the 2019 Transaction. Accordingly, for accounting purposes, the 2019 Transaction was treated as the equivalent of the Company issuing stock for the net assets of Churchill. The net assets of Churchill were stated at historical cost, with no goodwill or other intangible assets resulting from the 2019 Transaction. Reported amounts from operations included herein prior to the 2019 Transaction are those of Jersey.

In February 2020, the Company consummated a public offering of 27,600,000 ordinary shares at $20.25 per share. In June 2020, the Company consummated a public offering of 50,400,000 of our ordinary shares at a share price of $22.50 per share. Of the 50,400,000 ordinary shares, 14,000,000 were ordinary shares offered by Clarivate and 36,400,000 were ordinary shares offered by selling shareholders. The Company received approximately $304,030 in net proceeds from the sale of its ordinary shares, after deducting underwriting discounts and estimated offering expenses payable. We used the net proceeds, in conjunction with the new $1,600,000 incremental term loan facility available to Clarivate on October 1, 2020, and cash on the balance sheet to fund the repayment of CPA Global's parent company outstanding debt of $2,055,822. The Company did not receive any proceeds from the sale of ordinary shares by the selling shareholders. Additionally, in connection with the acquisition of CPA Global, on October 1, 2020, the Company issued 216,683,778 shares to Redtop Holdings Limited, a portfolio company of Leonard Green & Partners, L.P. representing approximately 35% ownership of Clarivate.

In June 2020, we completed an underwritten public offering of 50,400,000 of our ordinary shares (including 2,400,000 ordinary shares pursuant to the underwriters' option to purchase up to an additional 7,200,000 ordinary shares from certain selling shareholders) at a share price of $22.50. Of the 50,400,000 ordinary shares, 14,000,000 ordinary shares were offered by Clarivate and 36,400,000 ordinary shares were offered by selling shareholders, including 20,821,765 ordinary shares from Onex, 8,097,354 ordinary shares from Baring and 7,480,881 ordinary shares from Directors, Executive Officers and other shareholders. The underwriters' option to purchase the remaining 4,800,000 ordinary shares from certain selling shareholders expired on July 3, 2020.

The Company received approximately $304,030 in net proceeds from the sale of ordinary shares offered by the Company, after deducting underwriting discounts and estimated offering expenses payable. We used the net proceeds, in conjunction with the new $1,600,000 incremental term loan facility available to Clarivate on October 1, 2020, to fund the repayment of CPA Global parent company's outstanding debt. The Company did not receive any proceeds from the secondary ordinary shares sold by the selling shareholders.

In June 2021, we completed an underwritten public offering of 44,230,768 of our ordinary shares at a share price of $26.00, of which 28,846,154 ordinary shares were issued and sold by Clarivate and 15,384,614 were sold by selling shareholders (which included 5,769,230 ordinary shares that the underwriters purchased pursuant to their option to purchase additional shares). The ordinary shares sold by selling shareholders included 10,562,882 ordinary shares from Onex, 4,107,787 ordinary shares from Baring and 713,945 ordinary shares from Directors, Executive Officers and other shareholders. The Company received approximately $728,080 in net proceeds from the sale of ordinary shares offered by the Company, after deducting underwriting discounts and estimated offering expenses payable. The Company did not receive any proceeds from the secondary ordinary shares sold by the selling shareholders. We intend to use the net proceeds received to finance a portion of the purchase price for the ProQuest acquisition, which we announced on May 17, 2021. If the ProQuest acquisition is not consummated, we intend to use the net proceeds received for general corporate purposes.

In June 2021, concurrently with the June 2021 Ordinary Share Offering, we completed an underwritten public offering of 14,375,000 of our 5.25% Series A Mandatory Convertible Preferred Shares ("MCPS") which included 1,875,000 of our mandatory convertible preferred shares that the underwriters purchased pursuant to their option to purchase additional shares. The Company received approximately $1,392,671 in net proceeds from the mandatory convertible preferred share offering, after deducting underwriting discounts and estimated offering expenses payable. We intend to use the net proceeds received to finance a portion of the purchase price for the ProQuest acquisition, which we announced on May 17, 2021. If the ProQuest acquisition is not consummated, we intend to use the net proceeds received for general corporate purposes.

In September 2021, certain selling shareholders completed an underwritten public offering of 25,000,000 of our ordinary shares at a share price of $25.25, The ordinary shares sold by selling shareholders included 18,000,000 ordinary shares from Onex and 7,000,000 ordinary shares from Baring. The Company did not receive any proceeds from the sale of ordinary shares by the selling shareholders. After giving effect to the offering, Onex and Baring owned approximately 6.7% and 2.6%, respectively, of the Company's ordinary shares.

Risks and Uncertainties

In March 2020, the World Health Organization characterized COVID-19 as a pandemic. The rapid spread of COVID-19 and the continuously evolving responses to combat it have had an increasingly negative impact on the global economy. In view of the rapidly changing business environment, market volatility and heightened degree of uncertainty resulting from COVID-19, we are currently unable to fully determine its future impact on our business. However, we continue to assess the potential effect on our financial position, results of operations, and cash flows. If the global pandemic continues to evolve into a prolonged crisis, the effects could have an adverse impact on the Company's results of operations, financial condition and cash flows.

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Basis of Presentation

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of PresentationThe accompanying unaudited Condensed Consolidated Financial Statements were prepared in conformity with U.S. GAAP. The Condensed Consolidated Financial Statements do not include all of the information or notes necessary for a complete presentation in accordance with U.S. GAAP. Accordingly, these Condensed Consolidated Financial Statements should be read in conjunction with the Company’s annual financial statements as of and for the year ended December 31, 2020. The results of operations for the three and nine months ended September 30, 2021 and 2020 are not necessarily indicative of the operating results for the full year.

In the opinion of management, the quarterly financial data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the quarterly periods presented. The Condensed Consolidated Financial Statements of the Company include the accounts of all of its subsidiaries. Subsidiaries are entities over which the Company has control, where control is defined as the power to govern financial and operating policies. Generally, the Company has a shareholding of more than 50% of the voting rights in its subsidiaries. The effect of potential voting rights that are currently exercisable is considered when assessing whether control exists. Subsidiaries are fully consolidated from the date control is transferred to the Company, and are de-consolidated from the date control ceases. Intercompany accounts and transactions have been eliminated in consolidation.

During the fourth quarter of 2020, the Company realigned its reporting structure and changed the manner in which performance is assessed. The two operating segments created include the Science Group and the Intellectual Property Group. Certain reclassifications of prior year's data have been made to conform to the current year's presentation of reportable segment information as disclosed in Note 21 - Segment Information and financial statement line items within the Condensed Consolidated Statements of Operations.

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Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of 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 Item 8. – Financial Statements and Supplementary Data – Notes to the Consolidated Financial Statements – Note 3 of our Annual Report on Form 10-K/A for the fiscal year ended December 31, 2020, which was filed with the SEC on May 10, 2021 (the "Amended Form 10-K").

Newly Adopted Accounting Standards

In June 2016, the Financial Accounting Standards Board ("FASB") issued new guidance, ASU 2016-13, related to measurement of credit losses on financial instruments which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This new guidance replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. The Company has determined that the impact of this new accounting guidance primarily affects our accounts receivable. The Company prospectively adopted the standard on January 1, 2020. The adoption of this standard had an impact of $10,097 on the beginning Accumulated deficit balance in the Condensed Consolidated Balance Sheets as of January 1, 2020. In April 2019 and November 2019, the FASB issued ASU 2019-05 and ASU 2019-11, respectively, effective for the same period as ASU 2016-03. These updates offered options to entities intended to bring transition relief and offered clarification on the previously issued standard, respectively. The Company's accounting for credit losses did not change as a result of these two updates.

In August 2018, the FASB issued guidance, ASU 2018-14, which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The guidance is effective for all entities for fiscal years beginning after December 15, 2020. The Company's January 1, 2021 adoption of this standard did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

In August 2018, the FASB issued guidance, ASU 2018-15, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this update. The Company prospectively adopted the standard on January 1, 2020. The adoption of this standard did not have a material impact on the Company’s Condensed Consolidated Financial Statements. All future capitalized implementation costs incurred related to these hosting arrangements will be recorded as a prepaid asset and as a charge to operating expenses over the expected life of the contract.

In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, which provides targeted improvements or clarification and correction to the ASU 2016-01 Financial Instruments Overall, ASU 2016-13 Financial Instruments Credit Losses, and ASU 2017-12 Derivatives and Hedging, accounting standards updates that were previously issued. The guidance is effective upon adoption of the related standards. The Company prospectively adopted the standard

on January 1, 2020. This standard did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

In November 2019, the FASB issued ASU 2019-10, Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), which provides improvements or clarification and correction to the ASU 2016-02 Leases, ASU 2016-13 Financial Instruments Credit Losses, and ASU 2017-12 Derivatives and Hedging, accounting standards updates. The guidance is effective upon adoption of the three ASUs, all of which the Company had already adopted. This standard did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

In December 2019, the FASB issued ASU 2019-12, which enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. The guidance is effective for all entities for fiscal years beginning after December 15, 2020. The Company's January 1, 2021 adoption of this standard did not have a material impact on the Company's Condensed Consolidated Financial Statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The guidance is effective for all entities from the period March 12, 2020 through December 31, 2022. Beginning with the quarter ended September 30, 2020, the Company adopted this standard and elected the optional expedients for its interest rate swap agreements and debt agreements with reference to LIBOR. Upon meeting the specified criteria in the guidance, the Company will continue to account for its interest rate swaps in accordance with hedge accounting and will not apply modification accounting to its debt agreements. In January 2021, the FASB issued ASU 2021-01, which made clarifications relating to the previously issued Reference Rate Reform guidance effective for the same period as ASU 2020-04. This clarification did not have an effect on how the Company accounts for its interest rate swaps and debt agreements.

Recently Issued Accounting Standards

In June 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity as a result of complexity associated with GAAP for certain financial instruments with characteristics of liabilities and equity. This guidance is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods. The Company will adopt ASU 2020-06 effective January 1, 2022, and it is expected that the adoption will not have a material impact to the Company's Condensed Consolidated Financial Statements.

In April 2021, the FASB issued ASU 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options, which provides guidance regarding the accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. This guidance is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company will adopt ASU 2021-04 effective January 1, 2022, and it is expected that the adoption will not have a material impact to the Company's Condensed Consolidated Financial Statements.

In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842) Lessors – Certain Leases with Variable Lease Payments, in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities as well as disclosing key information about leasing transactions. This guidance is effective for all entities for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years for public business entities. The Company will adopt ASU 2021-05 effective January 1, 2022, and is still evaluating the impact to the Company’s Condensed Consolidated Financial Statements.

There were no other new accounting standards or updates issued or effective as of September 30, 2021, that have, or are expected to have, a material impact on the Company's Condensed Consolidated Financial Statements.

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Business Combinations

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Business Combinations

Business Combinations

Acquisition of Decision Resources Group

On February 28, 2020, we acquired 100% of the assets, liabilities and equity interests of Decision Resources Group ("DRG"), a premier provider of high-value data, analytics and insights products and services to the healthcare industry, from

Piramal Enterprises Limited ("PEL"), which is a part of global business conglomerate Piramal Group. The acquisition helps us expand our core businesses and provides us with the potential to grow in the Life Sciences Product Line.

The aggregate consideration paid in connection with the closing of the DRG acquisition was $964,997, comprised of $900,000 of base cash plus $6,100 of adjusted closing cash paid on the closing date and 2,895,638 of the Company's ordinary shares issued to PEL on March 5, 2021. The contingent stock consideration was valued at $58,897 on the closing date and was revalued at each period end until the issuance date. For the nine months ended September 30, 2021, the fair value of the contingent stock consideration decreased by $24,410, which was recorded to selling, general and administrative costs in the Condensed Consolidated Statements of Operations. The corresponding liability was $86,029 as of December 31, 2020 and recorded to Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. As the liability settled on March 5, 2021 with the Company issuing 2,895,638 ordinary shares valued at $61,619, there was no liability captured within the September 30, 2021 Condensed Consolidated Balance Sheet. See Note 22 - Commitments and Contingencies for more information. The DRG acquisition was accounted for using the acquisition method of accounting. The excess of the purchase price over the net tangible and intangible assets was recorded to Goodwill and primarily reflected the assembled workforce and expected synergies. Goodwill was not deductible for tax purposes. Due to the decrease to the fair value of the contingent stock consideration between December 31, 2020 and March 5, 2021, during the three and nine months ended September 30, 2021, total transaction costs incurred in connection with the acquisition of DRG were $0 and a net gain of $24,410, respectively. Total transaction costs during the three and nine months ended September 30, 2020 were $25,237 and $50,702, respectively.

The amount of Revenues, net and Net loss resulting from the acquisition that are attributable to the Company's stockholders and included in the Condensed Consolidated Statements of Operations and Comprehensive Loss were as follows:

	Three Months Ended September 30,
	2021		2020
Revenues, net (1)	$	51,626	$	49,499
Net income (loss) attributable to the Company's stockholders	$	7,868	$	(454)
(1) Includes $2,017 of a deferred revenue adjustment recognized during the three months ended September 30, 2020.

	Nine Months Ended September 30,
	2021		2020
Revenues, net (1)	$	150,911	$	113,206
Net income (loss) attributable to the Company's stockholders	$	18,275	$	(9,971)
(1) Includes $6,822 of a deferred revenue adjustment recognized during the nine months ended September 30, 2020. The nine months ended September 30, 2020 includes seven months of revenue as the business was acquired in February of 2020.

The following table summarizes the final purchase price allocation for this acquisition:

	Total
Accounts receivable	$	52,193
Prepaid expenses	4,295
Other current assets	68,001
Property and equipment, net	4,136
Other intangible assets(1)	491,366
Other non-current assets	2,960
Operating lease right-of-use assets	25,099
Total assets	$	648,050
Accounts payable	3,474
Accrued expenses and other current liabilities	88,561
Current portion of deferred revenue	35,126
Current portion of operating lease liabilities	5,188
Deferred income taxes	47,467
Non-current portion of deferred revenue	936
Operating lease liabilities	20,341
Total liabilities	201,093
Fair value of acquired identifiable assets and liabilities	$	446,957
Purchase price, net of cash(2)	944,220
Less: Fair value of acquired identifiable assets and liabilities	446,957
Goodwill	$	497,263
(1) Includes $3,966 of internally developed software in progress acquired.
(2) The Company acquired cash of $20,777.

The identifiable intangible assets acquired are amortized on a straight-line basis over their estimated useful lives. The following table summarizes the estimated fair value of DRG’s identifiable intangible assets acquired and their remaining amortization period (in years):

	Fair Value as of February 28, 2020		Remaining Range of Years
Customer relationships	$	381,000	10-21
Database and content	50,200		2-7
Trade names	5,200		4-7
Purchased software	23,000		3-8
Backlog	28,000		4
Total identifiable intangible assets	$	487,400

During the year ended December 31, 2020, there were additional purchase accounting adjustments of $1,804. These adjustments were related to fixed assets, deferred revenue and legal accrual with a corresponding net decrease to goodwill.

Unaudited pro forma information for the Company for the periods presented as if the acquisition had occurred January 1, 2019 is as follows:

	Three Months Ended September 30,
	2021		2020
Pro forma revenues, net	$	442,117	$	286,377
Pro forma net income (loss) attributable to the Company's stockholders(1)	$	23,312	$	(180,333)
(1) The Pro forma net loss attributable to the Company's stockholders for the three months ended September 30, 2020 has been restated. See Note 25 - Restatement of Previously Issued Condensed Financial Statements for more information.

	Nine Months Ended September 30,
	2021		2020
Pro forma revenues, net	$	1,316,192	$	828,489
Pro forma net loss attributable to the Company's stockholders(1)	$	(82,852)	$	(322,268)
(1) The Pro forma net loss attributable to the Company's stockholders for the nine months ended September 30, 2020 has been restated. See Note 25 - Restatement of Previously Issued Condensed Financial Statements for more information.

The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of results of operations that would have been achieved had the acquisition taken place on the date indicated, or the future consolidated results of operations of the Company. The pro forma financial information presented above has been derived from the historical condensed consolidated financial statements of the Company and from the historical accounting records of DRG.

The unaudited pro forma results include certain pro forma adjustments to revenue and net loss that were directly attributable to the acquisition, assuming the acquisition had occurred on January 1, 2019, including the following: (i) additional amortization expense that would have been recognized relating to the acquired intangible assets, (ii) adjustments to interest expense to reflect the removal of DRG debt and the additional Company borrowings in conjunction with the acquisition, (iii) acquisition-related transaction costs and other one-time non-recurring costs which reduced expenses by $161 and $26,348 for the three and nine months ended September 30, 2020.

Acquisition of CPA Global

On October 1, 2020, we acquired 100% of the assets, liabilities and equity interests of CPA Global, a global leader in intellectual property software and tech-enabled services from Redtop Holdings Limited ("Redtop"). The acquisition helps Clarivate create a true end-to-end platform supporting the full IP lifecycle from idea generation to commercialization and protection.

Clarivate acquired all of the outstanding shares of CPA Global in a cash and stock transaction. The aggregate consideration in connection with the closing of the CPA Global acquisition was $8,740,324, net of $99,275 cash acquired and including an equity holdback consideration of $46,485. The aggregate consideration was composed of (i) $6,761,515 from the issuance of up to 218,183,778 ordinary shares to Redtop Holdings Limited, a portfolio company of Leonard Green & Partners, L.P., representing approximately 35% pro forma fully diluted ownership of Clarivate and (ii) approximately $2,078,084 in cash to fund the repayment of CPA Global's parent company outstanding debt of $2,055,822 and related interest swap termination fee of $22,262. Of the 218,306,663 ordinary shares issuable in the acquisition, Clarivate issued 216,683,778 ordinary shares as of October 1, 2020.

Issuance of 218,183,778 shares	$	6,761,515
Cash paid for repayment of CPA Global's parent company debt and related interest rate swap termination charge	2,078,084
Total purchase price	8,839,599
Cash acquired	(99,275)
Total purchase price, net of cash acquired	$	8,740,324

The excess of the purchase price over the net tangible and intangible assets is recorded to Goodwill and primarily reflects the assembled workforce and expected synergies. Goodwill is not deductible for tax purposes. During the three and nine

months ended September 30, 2021, total transaction costs incurred in connection with the acquisition of CPA Global resulted in a net gain of $2,682 and $4,860, respectively. Total transaction costs during the three and nine months ended September 30, 2020 were $8,521.

The amount of Revenues, net and Net loss resulting from the acquisition that are attributable to the Company's stockholders and included in the Condensed Consolidated Statements of Operations and Comprehensive Loss were as follows:

	Three Months Ended September 30, 2021
Revenues, net (1)	$	155,869
Net income attributable to the Company's stockholders	$	18,357
(1) Includes $50 of a deferred revenue haircut recognized during the three months ended September 30, 2021.
	Nine Months Ended September 30, 2021
Revenues, net (1)	$	465,073
Net income attributable to the Company's stockholders	$	5,372
(1) Includes $4,399 of a deferred revenue adjustment recognized during the nine months ended September 30, 2021.

The purchase price allocation for the CPA Global acquisition as of the close date of October 1, 2020 is final. The following table summarizes the final purchase price allocation for this acquisition:

	Total
Accounts receivable	$	380,259
Prepaid expenses	27,437
Other current assets	215,734
Property and equipment, net	13,290
Other intangible assets	4,920,317
Deferred income taxes	21,027
Other non-current assets	25,736
Operating lease right-of-use assets	30,649
Total assets	$	5,634,449
Accounts payable	53,791
Accrued expenses and other current liabilities	458,551
Current portion of deferred revenue	181,365
Current portion of operating lease liabilities	7,738
Non-current portion of deferred revenue	16,771
Deferred income taxes	288,541
Other non-current liabilities	43,785
Operating lease liabilities	23,615
Total liabilities	1,074,157
Fair value of acquired identifiable assets and liabilities	$	4,560,292
Purchase price, net of cash(1)	$	8,740,324
Less: Fair value of acquired identifiable assets and liabilities	4,560,292
Goodwill	$	4,180,032
(1) The Company acquired cash of $99,275.

During the nine months ended September 30, 2021, the Company recorded measurement period adjustments to the purchase price allocation recorded as of the close date of October 1, 2020. The following table summarizes the measurement period adjustments recorded through September 30, 2021:

	Total
Accounts receivable(1)	$	7,135
Prepaid expenses	(158)
Other current assets	370
Property and equipment, net	1,002
Other non-current assets	1,123
Deferred income taxes(3)	1,717
Total assets	$	11,189
Accounts payable	290
Accrued expenses and other current liabilities(2)	44,488
Current portion of deferred revenue	989
Non-current portion of deferred revenue	(15)
Deferred income taxes(3)	(13,405)
Total liabilities	$	32,347
Fair value of acquired identifiable assets and liabilities	$	(21,158)
Purchase price, net of cash	$	(665)
Less: Fair value of acquired identifiable assets and liabilities	(21,158)
Goodwill	$	20,493
(1) The $7,135 account receivable measurement period adjustment is due to a change in the fair value of CPA Global's accounts receivable, with there being a $9,306 increase in the valuation increase offset by a $2,171 decrease.
(2) The Company recorded measurement period adjustments of $44,488 increasing accrued expenses and other current liabilities, of which, $61,000 relates to adjustments to CPA Global's accrual for claims existing prior to the date of acquisition, offset by a $16,512 reduction to CPA Global's other accruals. See Note 22 - Commitments and Contingencies for further information.
(3) The $15,122 deferred income tax measurement period adjustment is due to the tax impact of CPA Global's other measurement period adjustments detailed in the chart above.

The identifiable intangible assets acquired are amortized on a straight-line basis over their estimated useful lives. The following table summarizes the estimated fair value of CPA Global’s identifiable intangible assets acquired and their remaining amortization period (in years):

	Fair Value as of October 1, 2020		Remaining Range of Years
Customer relationships	$	4,643,306	17-23
Technology	266,224		6-14
Trademarks	10,787		2-17
Total identifiable intangible assets	$	4,920,317

Acquisition of Beijing IncoPat

On October 26, 2020, the Company acquired 100% of the equity voting interest in Beijing IncoPat Technology Co., Ltd. (“IncoPat”). IncoPat is a leading patent information service provider in China via cash on hand. IncoPat is complementary to Clarivate’s intellectual property portfolio. The Company paid $52,133 in cash to acquire IncoPat. As of September 30, 2021 and December 31, 2020, $6,313 of the consideration is held in escrow and will be paid in a future period. Until this balance is paid it will be held in restricted cash with the offsetting liability within accrued expenses and other current liabilities. The excess of the purchase price over the net tangible and intangible assets is recorded to Goodwill and primarily reflects the

assembled workforce and expected synergies. Goodwill is not deductible for tax purposes. The total transaction costs were immaterial during the three and nine months ended September 30, 2021, and did not have an impact on September 30, 2020 results. IncoPat contributed revenues of $2,470 and $6,801 for the three and nine months ended September 30, 2021, respectively and a net income (loss) of $126 and $(853) for the three and nine months ended September 30, 2021, respectively, and did not have an impact on September 30, 2020 results.

The purchase price allocation for the IncoPat acquisition as of the close date of October 26, 2020 is preliminary and may change upon completion of the determination of the fair value of assets acquired and liabilities assumed. The following table summarizes the preliminary purchase price allocation for the acquisition:

	Total
Accounts receivable	$	1,107
Prepaid expenses	168
Other current assets	100
Property and equipment, net	354
Other intangible assets	21,957
Other non-current assets	283
Total assets	$	23,969
Accounts payable	73
Accrued expenses and other current liabilities	843
Current portion of deferred revenue	6,445
Deferred income taxes	4,802
Other non-current liabilities	283
Total liabilities	$	12,446
Fair value of acquired identifiable assets and liabilities	$	11,523
Purchase price, net of cash(1)	52,133
Less: Fair value of acquired identifiable assets and liabilities	11,523
Goodwill	$	40,610
(1) The Company acquired cash of $844.

During the nine months ended September 30, 2021, the Company recorded measurement period adjustments related to the valuation of accounts receivables and deferred revenue with a corresponding net increase to goodwill in the amount of $136.

The identifiable intangible assets acquired are amortized on a straight-line basis over their estimated useful lives. The following table summarizes the estimated fair value of Beijing IncoPat’s identifiable intangible assets acquired and their remaining weighted-average amortization period (in years):

	Fair Value as of October 26, 2020		Remaining Amortization Period (in years)
Customer relationships	$	19,989	11
Existing technology	1,892		6
Trade names	76		2
Total identifiable intangible assets	$	21,957

Acquisition of Hanlim IPS Co., LTC

On November 23, 2020, the Company acquired 100% of the equity voting interest in Hanlim IPS Co., LTC ("Hanlim IPS"). Hanlim IPS is a patent research and consulting services provider in South Korea. The acquisition's purpose is to accelerate

innovation in South Korea by offering a more comprehensive range of IP information and insights solutions. The Company paid $9,254 in cash to acquire Hanlim IPS. The excess of the purchase price over the net tangible and intangible assets is recorded to Goodwill and primarily reflects the assembled workforce and expected synergies. Goodwill is not deductible for tax purposes. The total transaction costs were immaterial during the three and nine months ended September 30, 2021, and did not have an impact on September 30, 2020 results. Hanlim IPS contributed revenue of $417 and $1,393 for the three and nine months ended September 30, 2021, respectively, and net income of $35 and $596 for the three and nine months ended September 30, 2021, respectively, and did not have an impact on September 30, 2020 results.

The purchase price allocation for the Hanlim IPS acquisition as of the close date of November 23, 2020 is preliminary and may change upon completion of the determination of the fair value of assets acquired and liabilities assumed. The following table summarizes the preliminary purchase price allocation for this acquisition:

	Total
Accounts receivable	$	44
Prepaid expenses	7
Other current assets	844
Property and equipment, net	75
Other intangible assets	8,805
Other non-current assets	94
Total assets	$	9,869
Accounts payable	27
Accrued expenses and other current liabilities	1,512
Deferred income taxes	1,937
Total liabilities	3,476
Fair value of acquired identifiable assets and liabilities	$	6,393
Purchase price, net of cash(1)	9,254
Less: Fair value of acquired identifiable assets and liabilities	6,393
Goodwill	$	2,861
(1) The Company acquired cash of $2,191.

The identifiable intangible assets acquired are amortized on a straight-line basis over their estimated useful lives. The following table summarizes the estimated fair value of Hanlim’s identifiable intangible assets acquired and their remaining amortization period (in years):

	Fair Value as of November 23, 2020		Remaining Range of Years
Customer relationships	$	7,832	11-13
Trade name	15		2
Non-compete agreements	958		5
Total identifiable intangible assets	$	8,805

Acquisition of Bioinfogate

On August 3, 2021, we acquired 100% of the assets, liabilities and equity interests of Bioinfogate, a leading provider of analytics solutions in life sciences via cash on hand for $16,918, inclusive of a $1,941 holdback and will be paid on the first anniversary of the closing date subject to customary provisions of the sale and purchase agreement. As of September 30, 2021, the holdback is recorded in accrued expenses and other liabilities line item with the Condensed Consolidated Balance Sheet. Bioinfogate is complementary to Clarivate's science portfolio. The excess of the purchase price over the net tangible and intangible assets is recorded to Goodwill and primarily reflects the assembled workforce and expected synergies. Goodwill is not deductible for tax purposes. The total transaction costs were immaterial during the three and nine months ended September 30, 2021 and did not have an impact on September 30, 2020 results. Bioinfogate contributed revenue of $533 and $533 for the three and nine months ended September 30, 2021, respectively, and net income of $221 and $221 for the three and nine months ended September 30, 2021, respectively, and did not have an impact on September 30, 2020 results.

The purchase price allocation for the Bioinfogate acquisition as of the close date of August 3, 2021 is preliminary and may change upon completion of the determination of the fair value of assets acquired and liabilities assumed. The following table summarizes the preliminary purchase price allocation for this acquisition:

	Total
Accounts receivable	$	366
Prepaid expenses	3
Other current assets	102
Property and equipment, net	21
Other intangible assets	6,280
Other non-current assets	6
Deferred income taxes	184
Total assets	$	6,962
Accounts payable	12
Accrued expenses and other current liabilities	82
Current portion of deferred revenues	1,247
Total liabilities	1,341
Fair value of acquired identifiable assets and liabilities	$	5,621
Purchase price, net of cash(1)	$	16,918
Less: Fair value of acquired identifiable assets and liabilities	5,621
Goodwill	$	11,297
(1) The Company acquired cash of $2,069.

The identifiable intangible assets acquired are amortized on a straight-line basis over their estimated useful lives. The following table summarizes the estimated fair value of Bioinfogate's identifiable intangible assets acquired and their remaining amortization period (in years):

	Fair Value as of August 3, 2021		Remaining Range of Years
Customer relationships	$	5,224	10
Technology	1,020		6
Trade name	36		2
Total identifiable intangible assets	$	6,280

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Assets Held for Sale and Divested Operations

9 Months Ended

Sep. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale and Divested Operations

Assets Held for Sale and Divested Operations

On November 6, 2020, the Company completed the sale of certain assets and liabilities of the Techstreet business to The International Society of Interdisciplinary Engineers LLC for a total purchase price of $42,832, of which $4,300 will be held in escrow and paid to the Company in a future period. As a result of the sale, the Company recorded a net gain on sale of $28,140, inclusive of incurred transaction costs of $115 in connection with the divestiture during the fourth quarter of 2020. The gain on sale is included in Other operating (expense) income, net within the Consolidated Statements of Operations during the year ended December 31, 2020. As a result of the sale, the Company wrote off balances associated with Techstreet including intangible assets of $10,179 and Goodwill in the amount of $9,129. The Company used the proceeds for general business purposes.

On November 3, 2019, the Company entered into an agreement with OpSec Security for the sale of certain assets and liabilities of its MarkMonitor Product Line within its IP Group. The divestiture closed on January 1, 2020 for a total purchase price of $3,751. An impairment charge of $18,431 was recognized in the Consolidated Statements of Operations during the year ended December 31, 2019, to write down the Assets and Liabilities of the disposal group to fair value. Of the total impairment charge, $17,967 related to the write down of intangible assets and $468 to the write down of goodwill. There was an immaterial loss on the divestiture recorded to Other operating income (expense), net during the nine months ended September 30, 2020. The Company used the proceeds for general business purposes.

The divestitures of Techstreet and certain assets and liabilities of MarkMonitor did not represent a strategic shift and are not expected to have a major effect on the Company’s operations or financial results, as defined by ASC 205-20, Discontinued Operations; as a result, the divestitures do not meet the criteria to be classified as discontinued operations.

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Accounts Receivable

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Accounts Receivable

Accounts Receivable

Our accounts receivable balance consists of the following as of September 30, 2021 and December 31, 2020:

	September 30,		December 31,
	2021		2020
Accounts receivable	$	619,397	$	746,478
Less: Accounts receivable allowance	(8,642)		(8,745)
Accounts receivable, net	$	610,755	$	737,733

The Company estimates credit losses for trade receivables by aggregating similar customer types together, because they tend to share similar credit risk characteristics, taking into consideration the number of days the receivable is past due. Provision rates for the allowance for doubtful accounts are based upon the historical loss method by evaluating factors such as the length of time receivables that are past due and historical collection experience. Additionally, provision rates are based upon current and future economic and competitive environment factors that could impact the collectability of the receivable. Trade and other receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include past due status greater than 360 days or bankruptcy of the debtor. The activity in our accounts receivable allowance consists of the following for the nine months ended September 30, 2021 and year ended December 31, 2020, respectively:

	September 30,		December 31,
	2021		2020
Balance at beginning of year	$	8,745	$	16,511
Additional provisions	6,532		4,339
Write-offs	(6,405)		(22,205)
Opening balance sheet adjustment related to ASU 2016 -13 adoption	—		10,097
Exchange differences	(230)		3
Balance at the end of year	$	8,642	$	8,745

The potential for credit losses is mitigated because customer creditworthiness is evaluated before credit is extended.

The Company recorded write-offs against the reserve of $6,405 and $22,205 for the nine months ended September 30, 2021 and year ended December 31, 2020, respectively.

We continue to monitor any impacts from the COVID-19 pandemic on our customers and various counterparties. During the nine months ended September 30, 2021 and year ended December 31, 2020, the Company’s allowance for doubtful accounts and credit losses considered additional risk related to the pandemic. However, this risk to-date was not considered material.

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Leases

3 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

Leases

The Company has multiple agreements to sublease operating lease right of use assets and recognized $1,518 and $397 of sublease income for the three months ended September 30, 2021, and 2020, respectively, and $2,288 and $1,106 of sublease income for the nine months ended September 30, 2021, and 2020, respectively, within Selling, general and administrative costs in the Condensed Consolidated Statements of Operations.

The Company evaluates long-lived assets for indicators of impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company considers a triggering event to have occurred upon exiting a facility if the expected undiscounted cash flows for the sublease period are less than the carrying value of the assets group. An impairment charge is recorded in the excess of each operating lease right-of-use asset's carrying amount over its estimated fair value. In connection with the Company's digital workplace transformation initiative to enable colleagues to work remotely, the Company ceased the use of select leased sites during the nine months ended September 30, 2021. As a result, the Company recorded a non-cash impairment charge to restructuring and impairment within the Condensed Consolidated Statement of Operations based on the estimate of future recoverable cash flows of $757 and $110 for the three months ended September 30, 2021, and 2020, respectively, and $60,232 and $4,880 for the nine months ended September 30, 2021, and 2020, respectively. As part of the impairment charge, the carrying value of the Operating lease right of use asset was reduced by $60,232, which are non-cash charges. Additionally, the Company incurred $166 and $745 in lease termination fees during the three months ended September 30, 2021, and 2020, respectively, and $3,270 and $882 during the nine months ended September 30, 2021, and 2020, respectively. See Note 24 - Restructuring and Impairment for further information.

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Computer Hardware and Other Property, Net

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Computer Hardware and Other Property, Net

Property and Equipment, Net

Property and equipment, net consisted of the following:

	September 30,		December 31,
	2021		2020
Computer hardware	$	43,438	$	38,253
Leasehold improvements	12,013		21,614
Furniture, fixtures and equipment	16,240		13,201
Total property and equipment, gross	71,691		73,068
Accumulated depreciation	(43,743)		(36,801)
Total property and equipment, net	$	27,948	$	36,267

Depreciation amounted to $2,657 and $2,918 for the three months ended September 30, 2021, and 2020, respectively, and $9,243 and $8,151 for the nine months ended September 30, 2021, and 2020, respectively. There were $257 and $5,491 of impairments to leasehold improvements during the three and nine months ended September 30, 2021.

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Other Intangible Assets, net and Goodwill

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Other Intangible Assets, net and Goodwill

Other Intangible Assets, net and Goodwill

Other Intangible Assets, net

The following tables summarize the gross carrying amounts and accumulated amortization of the Company’s identifiable intangible assets by major class:

	September 30, 2021						December 31, 2020
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Finite-lived intangible assets
Customer relationships	$	5,501,710	$	(443,814)	$	5,057,896	$	5,598,175	$	(261,350)	$	5,336,825
Databases and content	1,853,364		(555,447)		1,297,917		1,848,041		(464,683)		1,383,358
Computer software	714,904		(298,333)		416,571		658,976		(209,611)		449,365
Trade names	14,742		(5,190)		9,552		18,606		(2,360)		16,246
Backlog	29,100		(9,894)		19,206		29,216		(5,905)		23,311
Finite-lived intangible assets	8,113,820		(1,312,678)		6,801,142		8,153,014		(943,909)		7,209,105
Indefinite-lived intangible assets
Trade names	162,939		—		162,939		161,245		—		161,245
Total intangible assets	$	8,276,759	$	(1,312,678)	$	6,964,081	$	8,314,259	$	(943,909)	$	7,370,350

Amortization amounted to $128,026 and $65,696 for the three months ended September 30, 2021, and 2020, respectively, and $383,270 and $168,049 for the nine months ended September 30, 2021, and 2020, respectively.

In June 2020, the Company acquired the assets of CustomersFirst Now for a purchase price of $6,446, which was accounted for as an asset acquisition. As a result, the Company's identifiable intangible assets increased by $6,446, which consisted of $5,446 of databases and content and $1,000 of computer software. At the time of acquisition, the databases and process methodology and the computer software had a remaining weighted average amortization period of 5.0 years and 3.0 years, respectively, resulting in a total remaining weighted average amortization period of 4.7 years.

Goodwill

The change in the carrying amount of goodwill is shown below:

	Science Segment		Intellectual Property Segment		Consolidated Total
Balance as of December 31, 2019	$	909,937	$	418,108	$	1,328,045
Acquisition	497,263		4,202,875		4,700,138
Divestiture	—		(9,129)		(9,129)
Impact of foreign currency fluctuations and other	607		232,975		233,582
Balance as of December 31, 2020	$	1,407,807	$	4,844,829	$	6,252,636
Acquisition(1)	11,297		20,629		31,926
Impact of foreign currency fluctuations and other	(702)		(85,159)		(85,861)
Balance as of September 30, 2021	$	1,418,402	$	4,780,299	$	6,198,701

(1) Balance represents $20,493 in purchase accounting adjustments associated with the CPA Global acquisition and $136 in purchase accounting adjustments associated with the IncoPat acquisition. Refer to Note 4 - Business Combinations for additional disclosures.

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Derivative Instruments

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative Instruments

Effective March 31, 2017, the Company entered into interest rate swap arrangements with counterparties to reduce its exposure to variability in cash flows relating to interest payments on $300,000 of its outstanding Term Loan arrangements. Additionally, effective February 28, 2018, the Company entered into another interest rate swap relating to interest payments on $50,000 of its outstanding Term Loan arrangements. These hedging instruments matured on March 31, 2021. The Company applies hedge accounting by designating the interest rate swaps as a hedge on applicable future quarterly interest payments.

In April 2019, the Company entered into interest rate swap arrangements with counterparties to reduce its exposure to variability in cash flows relating to interest payments on $50,000 of its term loans, effective April 30, 2021. Additionally, in

May 2019, the Company entered into additional interest rate swap arrangements with counterparties to reduce its exposure to variability in cash flows relating to interest payments on $100,000 of its term loan, effective March 2021. Both of these derivatives have notional amounts that amortize downward, and both have a maturity of September 2023. The Company will apply hedge accounting by designating the interest rate swaps as a hedge in applicable future quarterly interest payments.

Changes in the fair value are recorded in Accumulated other comprehensive income(loss) ("AOCI") and the amounts reclassified out of AOCI are recorded to Interest expense, net. The fair value of the interest rate swaps is recorded in Other current assets or Accrued expenses and other current liabilities and Other non-current assets or liabilities, according to the duration of related cash flows. The total fair value of the interest rate swaps was a liability of $2,651 as of September 30, 2021 and a liability of $5,159 as of December 31, 2020.

In March 2020, the Company amended all of its interest rate derivatives to reduce the 1% LIBOR floor to a 0% LIBOR floor. For the current derivatives, all other terms and conditions remain unchanged. The Company collected $1,737 in the year ended December 31, 2020, for the amendments of these derivatives. For the two forward starting swaps, an adjustment was made to reduce the weighted average fixed rate from 2.183% at December 31, 2019 to 1.695% at the amendment date.

The Company had a period of ineffectiveness related to the cash flow hedges in the three months ended March 31, 2020. The ineffectiveness was due to a drop in LIBOR rates below the LIBOR floor defined per the credit facilities, which were amended on March 31, 2020, resulting in a highly effective hedge. As a result of the ineffectiveness, the Company recognized a loss of $0 and $978 for the three and nine months ended September 30, 2020, respectively, which was recorded to Interest expense, net on the Consolidated Statements of Operations. As of September 30, 2021, there was no hedge ineffectiveness associated with the Company’s interest rate swaps.

In March 2021, the Company entered into interest rate swap arrangements with counterparties to reduce its exposure to variability in cash flows relating to interest payments on $350,000 of its term loans and replaced the interest rate swaps that matured during March 2021. These interest rate swap arrangements are effective March 31, 2021 and have a maturity date of March 31, 2024.

The following table summarizes the changes in AOCI (net of tax) related to cash flow hedges for the three and nine months ended September 30, 2021:

AOCI Balance at December 31, 2020	$	(3,756)
Derivative gains recognized in Other comprehensive loss	192
Amount reclassified out of Other comprehensive loss to Net loss	1,148
AOCI Balance at March 31, 2021	$	(2,416)
Derivative losses recognized in Other comprehensive loss	(403)
Amount reclassified out of Other comprehensive loss to Net loss	614
AOCI Balance at June 30, 2021	$	(2,205)
Derivative losses recognized in Other comprehensive loss	(299)
Amount reclassified out of Other comprehensive loss to Net loss	632
AOCI Balance at September 30, 2021	$	(1,872)

The following table summarizes the changes in AOCI (net of tax) related to cash flow hedges for the three and nine months ended September 30, 2020:

AOCI Balance at December 31, 2019	$	(2,778)
Derivative losses recognized in Other comprehensive loss	(3,160)
Amount reclassified out of Other comprehensive loss to Net loss	270
AOCI Balance at March 31, 2020	$	(5,668)
Derivative losses recognized in Other comprehensive loss	(1,109)
Amount reclassified out of Other comprehensive loss to Net loss	855
AOCI Balance at June 30, 2020	$	(5,922)
Derivative losses recognized in Other comprehensive loss	(66)
Amount reclassified out of Other comprehensive loss to Net loss	1,158
AOCI Balance at September 30, 2020	$	(4,830)

Foreign Currency Forward Contracts

The Company periodically enters into foreign currency contracts. The purpose of these derivative instruments is to help manage the Company’s exposure to foreign exchange rate risks within the acquired CPA Global business. These contracts generally do not exceed 180 days in duration. The Company recognized a loss from the mark to market adjustment of $(5,811) and $0, for the three months ended September 30, 2021, and 2020, respectively, and $(4,026) and $0 for the nine months ended September 30, 2021, and 2020, respectively, in Other operating income, net on the Condensed Consolidated Statements of Operations. The nominal amount of outstanding foreign currency contracts was $224,382 and $354,751 as of September 30, 2021, and December 31, 2020, respectively.

The Company accounts for these forward contracts at fair value and recognizes the associated realized and unrealized gains and losses in Other operating (expense) income, net in the Condensed Consolidated Statements of Operations, as the contracts are not designated as accounting hedges under the applicable sections of ASC Topic 815. The total fair value of the forward contracts represented an asset balance of $15 and $8,574 and a liability balance of $4,626 and $106 as of September 30, 2021, and December 31, 2020, respectively, which was classified within Other current assets and Accrued expenses and other current liabilities, respectively, on the Condensed Consolidated Balance Sheets. The Company recognized (loss) gains from the mark to market adjustment of $(5,811) and $2,903 for the three months ended September 30, 2021 and 2020, respectively, and $(4,026) and $2,903 for the nine months ended September 30, 2021 and 2020, respectively, in Other operating (expense) income, net on the Condensed Consolidated Statements of Operations.    

See Note 11 - Fair Value Measurements for additional information on derivative instruments.

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Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The Company records certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy that prioritizes the inputs used to measure fair value is described below. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

•Level 1 — Quoted prices in active markets for identical assets or liabilities.

•Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

•Level 3 — Unobservable inputs that are supported by little or no market activity. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

Below is a summary of the valuation techniques used in determining fair value:

Derivatives - Derivatives consist of foreign exchange contracts and interest rate swaps. The fair value of foreign exchange contracts is based on observable market inputs of spot and forward rates or using other observable rates. The fair value of the interest rate swaps is the estimated amount that the Company would receive or pay to terminate such agreements, taking into account market interest rates and the remaining time to maturities or using market inputs with mid-market pricing as a practical expedient for bid-ask spread. See Note 10 - Derivative Instruments for additional information.

Contingent Consideration - The Company values contingent cash consideration related to business combinations using a weighted probability calculation of potential payment scenarios discounted at rates reflective of the risks associated with the expected future cash flows. Key assumptions used to estimate the fair value of contingent consideration include revenue, net new business and operating forecasts and the probability of achieving the specific targets. The Company values contingent stock consideration related to business combinations using observable market data, adjusted for indemnity losses and claims for indemnity losses valued using other indirect market inputs observable in the marketplace.

Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, Accounts Payable, and Other Accruals - The carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and other accruals readily convertible into cash approximate fair value because of the short-term nature of the instruments.

Debt - The carrying value of the Company's variable interest rate debt, excluding unamortized debt issuance costs and original issue discount, approximates fair value due to the short-term nature of the interest rate benchmark rates. The fair value of the fixed rate debt is estimated based on market observable data for debt with similar prepayment features. The fair value of the Company's debt was $5,404,344 and $3,574,282 at September 30, 2021 and December 31, 2020, respectively. The fair value is considered Level 2 under the fair value hierarchy.

Private Placement Warrants - The Company has determined that the Private Placement Warrants are subject to accounting treatment as a liability. The Company has determined that the fair value of each Private Placement Warrant issued using a Monte Carlo simulation approach for valuations performed through the August 14, 2019 modification described in Note 17 - Employment and Compensation Arrangements, and a Black-Scholes option valuation model thereafter. Accordingly, the warrants issued are classified as Level 3 financial instruments. The assumptions in the models include, but are not limited to, risk-free interest rate, expected volatility of the Company’s and the peer group’s stock prices, dividend yield, and a discount for lack of marketability (“DLOM”) was applied to shares that are subject to remaining post vesting lock up restrictions.

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

Forward Contracts and Interest Rate Swaps - The Company has determined that its forward contracts, included in other current assets, along with its interest rate swaps, included in Accrued expenses and other current liabilities and Other non-current liabilities according to the duration of related cash flows, reside within Level 2 of the fair value hierarchy.

The Company enters into foreign currency contracts that are not designated as hedges as defined under ASC 815. The purpose of these derivative instruments is to help manage the Company's exposure to foreign exchange rate risks. These contracts are initially recognized at fair value at the date the contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. These contracts generally do not exceed 180 days in duration, and these instruments are carried as assets when the fair value is positive (Other current assets on the Consolidated Balance Sheets), and as liabilities when the fair value is negative (Other current liabilities on the Consolidated Balance Sheets) The resulting gain or loss is recognized in profit or loss (other operating income (expense), net) immediately.

The Company assesses the fair value of these instruments, considering current and anticipated movements in future interest rates and the relevant currency spot and future rates available in the market. The Company receives third party valuation reports to corroborate our determination of fair value. Accordingly, these instruments are classified as Level 2 inputs.

Earn-Outs - In accordance with ASC 805, we estimated the fair value of the earn-outs using a Monte Carlo simulation. The amount of the earn-outs approximates fair value due to the short term nature of their remaining payments as of September 30, 2021 and December 31, 2020. This fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined in ASC 820. As of December 31, 2020, the Company paid the remaining earn-out liabilities related to Publons and TrademarkVision. These acquisitions occurred in 2017 and 2018, respectively. The amounts payable were contingent upon the achievement of certain company specific milestones and performance metrics including number of cumulative users, cumulative reviews and annual revenue over a 1-year and 3-

year period. Changes in the earn-out are recorded to Selling, general and administrative costs in the Consolidated Statements of Operations.

As part of the DRG acquisition, the Company maintained a contingent stock liability based on observable market data relating to the DRG acquisition that occurred on February 28, 2020. Changes in the contingent stock liability were recorded to Selling, general and administrative costs in the Consolidated Statements of Operations. The contingent stock liability was recorded in Accrued expenses and other current liabilities and is classified as Level 2 in the fair value hierarchy. The liability was settled by the issuance of ordinary shares on March 5, 2021. This fair value measurement is based on observable market data and other indirect observable market inputs and thus represents a Level 2 measurement as defined in ASC 820.

As part of the CPA Global acquisition, the Company maintained a contingent stock liability based on observable market data relating to the CPA Global acquisition that occurred on October 1, 2020. Changes in the contingent stock liability were recorded to Selling, general and administrative costs in the Consolidated Statements of Operations. The contingent stock liability was recorded in Accrued expenses and other current liabilities and is classified as Level 2 in the fair value hierarchy. The liability was settled by the issuance of ordinary shares on January 21, 2021. This fair value measurement is based on observable market data and other indirect observable market inputs and thus represents a Level 2 measurement as defined in ASC 820.

For the three and nine months ended September 30, 2021, there was no earn-out liability related to Publons and TrademarkVision (see Note 22 - Commitments and Contingencies for further details). The following table presents the changes in the Level 3 earn-out for the three and nine months ended September 30, 2020:

Balance at December 31, 2019	$	11,100
Payment of earn-out liability (1)	(8,000)
Revaluations included in earnings	380
Balance at March 31, 2020	$	3,480
Payment of earn-out liability	—
Revaluations included in earnings	130
Balance at June 30, 2020	$	3,610
Payment of earn-out liability	—
Revaluations included in earnings	91
Balance at September 30, 2020	$	3,701
(1) See Note 22 - Commitments and Contingencies for further details.

As of September 30, 2021, no earn-outs are outstanding.

Employee Phantom Share Plan - As of September 30, 2021 and December 31, 2020, the Company maintains an employee phantom share plan receivable asset and liability, including an accrued liability for the employer's portion of payroll withholding taxes, which was recorded in connection with the acquisition of CPA Global's opening balance sheet. The legacy CPA Global phantom share plan contained a change in control provision for an exit event which included the sale of CPA Global. Upon the exit event, the phantom shares converted into the Company's ordinary shares and the funds were placed into an employee benefit trust to be passed to the Company for payment to the respective employees via Clarivate payroll. The Company is required to withhold employee payroll taxes and will be required to fund and pay employer payroll taxes. The associated asset and liability balances are based on observable market data relating to the CPA Global acquisition that occurred on October 1, 2020. Changes in the receivable asset and liability are recorded to Selling, general and administrative costs in the Consolidated Statements of Operations. The current and non-current portions of the liability are recorded in Accrued expenses and other current liabilities and Other non-current liabilities, respectively. The current and non-current portions of the receivable asset is recorded in Other current assets and Other non-current assets, respectively. The balances are classified as Level 2 in the fair value hierarchy. This fair value measurement is based on observable market data and other indirect observable market inputs and thus represents a Level 2 measurement as defined in ASC 820.

Private Placement Warrants - The following table summarizes the changes in Private Placement Warrant liability for the three and nine months ended September 30, 2021 and 2020:

Balance at December 31, 2020	$	312,751
Mark to market adjustment on financial instruments	(51,215)
Exercise of Private Placement Warrants	(3,592)
Balance at March 31, 2021	$	257,944
Mark to market adjustment on financial instruments	21,021
Exercise of Private Warrants	—
Balance at June 30, 2021	$	278,965
Mark to market adjustment on financial instruments	(83,013)
Exercise of Private Warrants	—
Balance at September 30, 2021	$	195,952
Balance at December 31, 2019	$	111,813
Mark to market adjustment on financial instruments	55,632
Exercise of Private Placement Warrants	—
Balance at March 31, 2020	$	167,445
Mark to market adjustment on financial instruments	23,790
Exercise of Private Warrants	—
Balance at June 30, 2020	$	191,235
Mark to market adjustment on financial instruments	144,753
Exercise of Private Warrants	—
Balance at September 30, 2020	$	335,988

The following table provides a summary of the Company’s assets and liabilities that were recognized at fair value on a recurring basis as at September 30, 2021 and December 31, 2020:

	September 30, 2021
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Forward contracts asset	$	—	$	15	$	—	$	15
Employee phantom share receivable asset	—		148,334		—		148,334
	—		148,349		—		148,349
Liabilities
Warrant liability	—		—		195,952		195,952
Employee phantom share liability - current	—		147,744		—		147,744
Employee phantom share liability - non-current	—		14,234		—		14,234
Forward contracts liability	—		4,626		—		4,626
Interest rate swap liability	—		2,651		—		2,651
Total	$	—	$	169,255	$	195,952	$	365,207

	December 31, 2020
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Forward contracts asset	$	—	$	8,574	$	—	$	8,574
Employee phantom share receivable asset	—		188,770		—		188,770
	—		197,344		—		197,344
Liabilities
Warrant liability	—		—		312,751		312,751
Employee phantom share liability - current	—		193,162		—		193,162
Employee phantom share liability - non-current	—		18,670		—		18,670
Forward contracts liability	—		106		—		106
Interest rate swap liability	—		5,159		—		5,159
Contingent stock liability	—		130,594		—		130,594
Total	$	—	$	347,691	$	312,751	$	660,442

Non-Financial Assets Valued on a Non-Recurring Basis

The Company’s long-lived assets, including goodwill, indefinite-lived intangible and finite-lived intangible assets subject to amortization, are measured at fair value on a non-recurring basis. These assets are measured at cost but are written-down to fair value, if necessary, as a result of impairment.

Finite-lived Intangible Assets — If a triggering event occurs, the Company determines the estimated fair value of finite-lived intangible assets by determining the present value of the expected cash flows.

Indefinite-lived Intangible Asset — If a qualitative analysis indicates that it is more likely than not that the estimated fair value is less than the carrying value of an indefinite-lived intangible asset, the Company determines the estimated fair value of the indefinite-lived intangible asset (trade name) by determining the present value of the estimated royalty payments on an after-tax basis that it would be required to pay the owner for the right to use such trade name. If the carrying amount exceeds the estimated fair value, an impairment loss is recognized in an amount equal to the excess.

Goodwill — Goodwill represents the difference between the purchase price and the fair value of the identifiable tangible and intangible net assets resulting from business combinations. The Company evaluates its goodwill for impairment at the reporting unit level, defined as an operating segment or one level below an operating segment, annually as of October 1 or more frequently if impairment indicators arise in accordance with ASC Topic 350. The Company performs qualitative analysis of macroeconomic conditions, industry and market considerations, internal cost factors, financial performance, fair value history and other company specific events. If this qualitative analysis indicates that it is more likely than not that the estimated fair value is less than the book value for the respective reporting unit, the Company applies a one-step impairment test in which the Company determines whether the estimated fair value of the reporting unit is in excess of its carrying value. If the carrying value of the net assets assigned to the reporting unit exceeds the estimated fair value of the reporting unit, the Company performs the second step of the impairment test to determine the implied estimated fair value of the reporting unit’s goodwill. The Company determines the implied estimated fair value of goodwill by determining the present value of the estimated future cash flows for each reporting unit and comparing the reporting unit’s risk profile and growth prospects to selected, reasonably similar publicly traded companies.

Right of Use Asset — The guidance in ASC 360-10 requires three steps to identify, recognize and measure the impairment of a long-lived asset (asset group) to be held and used. The Company evaluates whether there are indicators of impairment present (i.e., whether there are any events or changes in circumstances that indicate that the carrying amount of the long-lived asset (group) might not be recoverable, including the ceased use of the leased property). The Company performs tests for recoverability and if indicators of impairment are present, the Company perform a recoverability test by comparing the sum of the estimated undiscounted future cash flows attributable to the long-lived asset (asset group) in question to the carrying amount of the long-lived asset (asset group). If the undiscounted cash flows used in the test for recoverability are

less than the carrying amount of the long-lived asset (asset group), the Company determines the fair value of the long-lived asset (asset group) and recognizes an impairment loss if the carrying amount of the long-lived asset (asset group) exceeds its fair value. For the nine months ended September 30, 2021, an impairment charge was recorded where the carrying value of the operating lease right of use asset was reduced by $60,232, which are non-cash charges. Additionally, the Company incurred $166 and $745 in lease termination fees during the three months ended September 30, 2021 and 2020, respectively, and $3,270 and $882 during the nine months ended September 30, 2021 and 2020, respectively. Fair value assumptions including sublease probabilities and the present value factor were used in the impairment calculation.

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Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2021

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 as of September 30, 2021 and December 31, 2020:

	September 30,		December 31,
	2021		2020
Employee phantom share plan liability (1)	$	147,744	$	193,162
Contingent stock liability (2)	—		130,594
Employee related accruals (3)	81,177		98,481
Accrued professional fees (4)	50,403		67,628
Accrued legal liability (5)	79,346		—
Tax related accruals (6)	37,052		45,119
Other accrued expenses and other current liabilities (7)	196,999		181,372
Total accrued expenses and other current liabilities	$	592,721	$	716,356

(1)See Note 11 - Fair Value Measurements for further information with respect to the employee phantom share plan liabilities.

(2)Represents contingent stock consideration associated with the CPA Global and DRG acquisitions. See Note 4 - Business Combinations and Note 22 - Commitments and Contingencies for further information.

(3)Employee related accruals include accrued payroll, bonus and employee commissions.

(4)Professional and outside service-related fees include accrued legal fees, audit fees, outside services, technology, and contractor fees.

(5)Comprised of accrued estimated legal costs of $10,346 and probable claim reserves of $69,000. See Note 22 - Commitments and Contingencies for further information with respect to the probable claim reserves.

(6)Tax related accruals include value-added tax payable and other current taxes payable.

(7)Includes current liabilities due to customers, royalty accruals, interest payable, and a collection of miscellaneous other current liabilities.

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Pension and Other Post-Retirement Benefits

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

Pension and Other Post-Retirement Benefits

Pension and Other Post‑Retirement Benefits The components of net periodic benefit cost changes in plan assets and benefit obligations recognized as follows:

	Three Months Ended September 30,
	2021		2020
Service cost	$	368	$	226
Interest cost	82		79
Expected return on plan assets	(52)		(40)
Amortization of actuarial gains	(4)		(19)
Net periodic benefit cost	$	394	$	246
	Nine Months Ended September 30,
	2021		2020
Service cost	$	1,104	$	661
Interest cost	246		235
Expected return on plan assets	(156)		(118)
Amortization of actuarial gains	(12)		(57)
Net periodic benefit cost	$	1,182	$	721

Interest cost and expected return on plan assets are recorded in Interest expense, net on the accompanying Interim Condensed Consolidated Statements of Operations.

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Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt

Debt

The following is a summary of the Company’s debt:

		September 30, 2021				December 31, 2020
Type	Maturity	Effective Interest Rate		Carrying Value		Effective Interest Rate		Carrying Value
Senior Notes (2029)	2029	4.875	%	$	921,399	—	%	$	—
Senior Secured Notes (2028)	2028	3.875	%	921,177		—	%	—
Senior Secured Notes (2026)	2026	4.500	%	700,000		4.500	%	700,000
Term Loan Facility (2026)	2026	3.598	%	2,825,950		3.626	%	2,847,400
Revolving Credit Facility	2024	—	%	—		—	%	—
Total debt outstanding				5,368,526				3,547,400
Debt issuance costs				(50,528)				(51,309)
Term Loan Facility, discount				(8,793)				(9,591)
Short-term debt, including current portion of long-term debt				(1,865,627)				(28,600)
Long-term debt, net of current portion and debt issuance costs				$	3,443,578			$	3,457,900

Term Loan Facility (2026)

In connection with the DRG acquisition, the Company incurred an incremental $360,000 of borrowings under our term loan facility and used the net proceeds from such borrowings to fund a portion of the DRG acquisition and to pay related fees and expenses.

In addition, the Company secured the backstop of a $950,000 fully committed bridge facility in connection with the DRG acquisition. However, the Company obtained all required financing with proceeds from the additional term loan borrowings and through a primary equity offering in February 2020. As such, the bridge facility remained undrawn through its expiration on closing of the acquisition.

On October 1, 2020, in connection with the CPA Global acquisition, the Company incurred an incremental $1,600,000 of borrowings under our term loan facility and used the net proceeds from such borrowings to fund the repayment of CPA Global's parent company outstanding debt of $2,055,822. Previously, the Company had secured the backstop of a $1,500,000 fully committed bridge facility. However, the Company obtained all required financing with proceeds from the additional term loan borrowings and the bridge facility remained undrawn through its expiration on closing of the acquisition.

Revolving Credit Facility

On October 1, 2020, the Company borrowed $60,000 on the existing Revolving Credit Facility and used the net proceeds from such borrowings to fund the debt extinguishment costs in connection with funding of the repayment of CPA Global's parent company outstanding debt. The amount was repaid in the fourth quarter of 2020 and the revolving credit facility has remained undrawn in the period subsequent to the pay down. The revolving credit facility is subject to a commitment fee of 0.375% per annum.

With respect to the credit facilities, the Company may be subject to certain negative covenants, including either a fixed charge coverage ratio, total first lien net leverage ratio, or total net leverage ratio if certain conditions are met. As of September 30, 2021, the company was not required to perform these covenants as we are in compliance with the conditions for the credit facilities.

The obligations of the borrowers under the Credit Agreement are guaranteed by UK Holdco and certain of its restricted subsidiaries and are collateralized by substantially all of UK Holdco’s and certain of its restricted subsidiaries’ assets (with customary exceptions described in the Credit Agreement). UK Holdco and its restricted subsidiaries are subject to certain covenants including restrictions on UK Holdco’s ability to pay dividends, incur indebtedness, grant a lien over its assets, merge or consolidate, make investments, or make payments to affiliates.

As of September 30, 2021, letters of credit totaling $7,714 were collateralized by the Revolving Credit Facility. Notwithstanding the Revolving Credit Facility, as of September 30, 2021 the Company had an unsecured corporate guarantee outstanding for $10,644 and cash collateralized letters of credit totaling $1,551, all of which were not collateralized by the Revolving Credit Facility. The Company did not have any borrowings against the Revolving Credit Facility as of September 30, 2021 and December 31, 2020, to support current operations.

Senior Unsecured Notes (2029) and Senior Secured Notes (2028)

In June 2021, we issued a private placement offering of $1,000,000 in aggregate principal amount of Senior Secured Notes due June 30, 2028 (the " Old Secured Notes") and $1,000,000 in aggregate principle amount of Senior Notes due June 30, 2029 (the "Old Unsecured Notes" and, together with the Old Secured Notes, the "Old Notes") bearing interest at a rate of 3.875% and 4.875% per annum, respectively. The interest is payable semi-annually to holders of record on June 30 and December 30 of each year, commencing on December 30, 2021. The Notes were issued by Clarivate Science Holdings Corporation (the "Issuer"), an indirect wholly-owned subsidiary of Clarivate.

In August 2021, we (i) exchanged all of the outstanding, validly tendered and not withdrawn Old Secured Notes for the newly-issued 3.875% Senior Secured Notes due 2028 (the “New Secured Notes”), and (ii) exchanged all of the outstanding, validly tendered and not withdrawn Old Unsecured Notes for the newly-issued 4.875% Senior Unsecured Notes due 2029 (the “New Unsecured Notes” and, together with the New Secured Notes, the “New Notes”). The initial aggregate principal amount of the New Notes is equal to the aggregate principal amount of Old Notes that were validly tendered and not validly withdrawn for exchange, and that were accepted by the Issuer. The offers to exchange are referred to herein as the “Exchange Offers.” Pursuant to the Exchange Offers, the aggregate principal amounts of the Old Notes set forth as follows were validly tendered and not validly withdrawn, and were accepted by the Issuer and subsequently cancelled: (i) $921,177 aggregate principal amount of Old Secured Notes; and (ii) $921,399 aggregate principal amount of Old Unsecured Notes. Following such cancellation, (i) $78,823 aggregate principal amount of Old Secured Notes remained outstanding; and (ii) $78,601 aggregate principal amount of Old Unsecured Notes remained outstanding. The Issuer redeemed such remaining outstanding Old Secured Notes and Old Unsecured Notes at 100% of the principal amount thereof plus accrued and unpaid interest from June 24, 2021 to the redemption date in August 2021. In connection with the settlement of the Exchange Offers, the Issuer (i) issued $921,177 aggregate principal amount of its New Secured Notes; and (ii) issued $921,399 aggregate principal amount of its New Unsecured Notes. The interest is payable semi-annually to holders of record on June 30 and December 30 of each year, commencing on December 30, 2021. The exchange was treated as a debt modification in accordance with Accounting Standards Codification 470, Debt ("ASC 470").

We intend to use the net proceeds to finance a portion of the purchase price for the ProQuest acquisition, which we announced on May 17, 2021, and to pay related fees and expenses. Concurrently with the settlement of the Exchange Offers the Issuer deposited (or caused to be deposited) an amount in cash equal to the aggregate principal amount of the New Notes of each series into segregated escrow accounts. If the escrow conditions (which include conditions relating to the consummation of the ProQuest acquisition) are not satisfied on or prior to April 29, 2022, or if it is otherwise determined that any of the applicable escrow release conditions will not be satisfied, the New Notes will be redeemed at a price equal to 100% of the principal amount of the New Notes, plus accrued and unpaid interest, if any, from June 24, 2021 (the "Issue Date" of the Old Notes), or, if an interest payment has been made on New Notes, from the most recent interest payment date, up to, but excluding, the date of such special mandatory redemption. Prior to closing of the ProQuest acquisition, the New Notes are not guaranteed, but have been secured by a first-priority security interest in the escrow accounts.

Upon consummation of the ProQuest acquisition, the New Notes will be guaranteed on a joint and several basis by each of Clarivate’s indirect subsidiaries that is an obligor or guarantor under Clarivate’s existing credit facilities and senior secured notes due 2026. The New Secured Notes will be secured on a first-lien pari passu basis with borrowings under the existing credit facilities and senior secured notes, and the New Unsecured Notes will be the Issuer’s and such guarantors’ unsecured obligations. At this time, the debt will be reclassified as Long-term debt on our Condensed Consolidated Balance Sheet and the amount released from escrow as Cash and cash equivalents.

The carrying value of the Company’s 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 the fixed rate debt is estimated based on market observable data for debt with similar prepayment features. The fair value of the Company’s debt was $5,404,344 and $3,574,282 at September 30, 2021 and December 31, 2020, respectively. The debt is considered a Level 2 liability under the fair value hierarchy.

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Revenue

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Disaggregated Revenues

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

	Three Months Ended September 30,
	2021		2020
Subscription revenues	$	246,467	$	222,069
Transactional revenues	85,354		64,398
Re-occurring revenues	110,368		—
Total revenues, gross	442,189		286,467
Deferred revenues adjustment (1)	(72)		(2,107)
Total revenues, net	$	442,117	$	284,360
(1) Reflects the deferred revenue adjustment as a result of purchase accounting.
	Nine Months Ended September 30,
	2021		2020
Subscription revenues	$	725,121	$	631,873
Transactional revenues	259,300		174,000
Re-occurring revenues	336,236		—
Total revenues, gross	1,320,657		805,873
Deferred revenues adjustment (1)	(4,465)		(7,421)
Total revenues, net	$	1,316,192	$	798,452
(1) Reflects the deferred revenue adjustment as a result of purchase accounting.

Contract Balances

	Accounts receivable, net		Current portion of deferred revenues		Non-current portion of deferred revenues
Opening (1/1/2021)	$	737,733	$	707,318	$	41,399
Closing (09/30/2021)	610,755		579,935		44,934
(Increase)/decrease	$	126,978	$	127,383	$	(3,535)
Opening (1/1/2020)	$	333,858	$	407,325	$	19,723
Closing (09/30/2020)	238,638		326,098		24,080
(Increase)/decrease	$	95,220	$	81,227	$	(4,357)

The amount of revenue recognized in the period that was included in the opening deferred revenues balances was $485,682 and $339,589 for the nine months ended September 30, 2021 and 2020, respectively. This revenue consists primarily of subscription revenues.

Transaction Price Allocated to the Remaining Performance Obligation

As of September 30, 2021, approximately $78,124 of revenue is expected to be recognized in the future from remaining performance obligations, excluding contracts with duration of one year or less. The Company expects to recognize revenue on approximately 52.8% of these performance obligations over the next 12 months. Of the remaining 47.2%, 23.6% is expected to be recognized within the following year, 17.5% is expected to be recognized within three to five years, with the final 6.2% expected to be recognized within six to ten years.

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Shareholders' Equity

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Pre-2019 Transaction

In March 2017, the Company formed the Management Incentive Plan under which certain employees of the Company may be eligible to purchase shares of the Company. In exchange for each share purchase subscription, the purchaser is entitled to a fully vested right to an ordinary share. Additionally, along with a subscription, employees receive a corresponding number of options to acquire additional ordinary shares subject to five years vesting. See Note 17 - Employment and Compensation Arrangements for additional detail related to the options. There were no share subscriptions received prior to or following the close of the 2019 Transaction for the three and nine months ended September 30, 2021.

Post-2019 Transaction

Immediately prior to the closing of the 2019 Transaction, there were 87,749,999 shares of Churchill ordinary stock issued and outstanding, consisting of (i) 68,999,999 public shares (Class A) and (ii) 18,750,000 founder shares (Class B). On May 13, 2019, in connection with the 2019 Transaction, all of the Class B ordinary stock converted into Class A ordinary stock of the post-combination company on a one-for-one basis, and effected the reclassification and conversion of all of the Class A ordinary stock and Class B ordinary stock into a single class of ordinary stock of Clarivate Plc. One stockholder elected to have one share redeemed in connection with the 2019 Transaction.

In June 2019, the Company formed the 2019 Incentive Award Plan under which employees of the Company may be eligible to purchase shares of the Company. See Note 17 - Employment and Compensation Arrangements for additional detail related to the 2019 Incentive Award Plan. In exchange for each share subscription purchased, the purchaser is entitled to a fully vested right to an ordinary share. At September 30, 2021 there were unlimited shares of ordinary stock authorized, and 639,750,620 shares issued and outstanding, with a par value of $0.00. The Company did not hold any shares as treasury shares as of September 30, 2021 or December 31, 2020. The Company’s ordinary stockholders are entitled to one vote per share.

Warrants

Upon consummation of the 2019 Transaction, the Company had warrants outstanding to purchase an aggregate of 52,800,000 ordinary shares. Each outstanding whole warrant of Churchill represented the right to purchase one ordinary share of the Company in lieu of one share of Churchill ordinary stock upon closing of the 2019 Transaction. During the period January 1, 2020 through February 21, 2020, 24,132,666 of the Company’s outstanding public warrants were exercised for one ordinary share per whole public warrant at a price of $11.50 per share. On February 20, 2020, we announced the redemption of all of our outstanding public warrants to purchase our ordinary shares that were issued as part of the units sold in the Churchill Capital Corp initial public offering. As of December 31, 2020, no public warrants were outstanding.

Merger Shares

Upon consummation of the 2019 Transaction, there were 7,000,000 ordinary shares of Clarivate that are issuable to persons designated by Messrs. Stead and Klein, including themselves, if the last sale price of Clarivate’s ordinary shares is at least $20.00 for 40 days over a 60 consecutive trading day period on or before the sixth anniversary of the closing of the 2019 Transaction. On January 31, 2020, our Board agreed to waive all performance vesting conditions associated with the Merger Shares (as defined below). The Merger Shares were issued as ordinary shares to persons designated by Jerre Stead and Michael Klein on June 1, 2020 as part of the June 2020 underwritten public offering. These shares were issued during the year ended December 31, 2020. See Note 17 - Employment and Compensation Arrangements for additional detail related to the Merger Shares.

DRG Acquisition Shares

In connection with the DRG acquisition, 2,895,638 ordinary shares of the Company were issued to PEL in March 2021. See Note 4 - Business Combinations for additional details.

CPA Global Acquisition Shares

In connection with the CPA Global acquisition, on October 1, 2020, the Company issued as part of the purchase consideration, 216,683,778 ordinary shares of the Company. In January 2021, the Company issued 1,500,000 ordinary shares to Redtop pursuant to a holdback clause within the purchase agreement. See Note 4 - Business Combinations for additional details.

MCPS Offering

In June 2021, concurrently with the June 2021 Ordinary Share Offering (see Note 1 - Background and Nature of Operations), we completed an underwritten public offering of 14,375,000 of our 5.25% Series A MCPS (which included 1,875,000 of our MCPS that the underwriters purchased pursuant to their option to purchase additional shares). Based upon the agreement provisions and accounting guidance in ASC 480 - Distinguishing Liabilities from Equity and ASC 815-40 - Derivatives and Hedging, the Company concluded that the preferred stock should be classified as permanent equity within the Condensed Consolidated Balance Sheet.

Dividends on our convertible preferred shares are payable, as and if declared by our board of directors, at an annual rate of 5.25% of the liquidation preference of $100.00 per share. We may pay declared dividends on March 1, June 1, September 1 and December 1 of each year, commencing on September 1, 2021 and ending on, and including, June 1, 2024. Each of our convertible preferred shares has a liquidation preference of $100.00. See Note 22 - Commitments and Contingencies for further details.

In July 2021, the Company's board of directors declared a quarterly dividend of approximately $1.12 per share on its 5.25% Series A Mandatory Convertible Preferred Shares, payable on September 1, 2021 to shareholders of record at the close of business on August 15, 2021. As permitted by the Statement of Rights governing its 5.25% Series A Mandatory Convertible Preferred Shares, such dividend was paid by delivery of ordinary shares (other than $1 paid in cash in lieu of any fractional ordinary share). The number of ordinary shares deliverable in respect of such dividend was 664,730, which was determined based on the average volume-weighted average price per ordinary shares over the five consecutive trading day period ending on, and including, the trading day prior to September 1, 2021, which had a value of $16,141. As of September 30, 2021, we recognized $6,289 of accrued preferred share dividends within accrued expenses and other current liabilities. While the dividends on the MCPS are cumulative, they will not be paid until declared by the Company’s board of directors. If no dividends are declared and paid, they will continue to accumulate as the agreement contains a backstop to it being paid even if never declared by the board.

Each of our MCPS will automatically convert on the second business day immediately following the last trading day of the "Settlement Period" (the 30 consecutive Trading Day period commencing on, and including, the 31st Scheduled Trading Day immediately preceding June 1, 2024) into between 3.2052 and 3.8462 of our ordinary shares (respectively, the “Minimum Conversion Rate” and “Maximum Conversion Rate”), each subject to anti-dilution adjustments. The number of our ordinary shares issuable on conversion of the convertible preferred shares will be determined based on an Average VWAP per ordinary share over the Settlement Period. At any time prior to June 1, 2024, holders may elect to convert each convertible preferred share into ordinary shares at the Minimum Conversion Rate.

Holders of the Preferred Stock have the right to convert all or any portion of their shares at any time until the close of business on the mandatory conversion date. Early conversions that are not in connection with a “Make-Whole Fundamental Change” will be settled at the minimum conversion rate. If a Make-Whole Fundamental Change occurs, holders of the Preferred Stock will, in certain circumstances, be entitled to convert their shares at an increased conversion rate for a specified period of time and receive an amount to compensate them for certain unpaid accumulated dividends and any remaining future scheduled dividend payments.

The Preferred Stock will not be redeemable at our election before the mandatory conversion date. The holders of the Preferred Stock will not have any voting rights, with limited exceptions. In the event that Preferred Stock dividends have not been declared and paid in an aggregate amount corresponding to six or more dividend periods, whether or not consecutive, the holders of the Preferred Stock will have the right to elect two new directors until all accumulated and unpaid Preferred Stock dividends have been paid in full, at which time that right will terminate.

Share Repurchase Program and Share Retirements

In August 2021, the Company's board of directors authorized a share repurchase program allowing the Company to purchase up to $250,000 of its outstanding ordinary shares, subject to market conditions. During the three months ended September

30, 2021, the Company purchased 2,599,700 shares for a total of $65,215. As of September 30, 2021, the Company had approximately $184,785 of availability remaining under this program.In September 2021, the Company retired the 2,599,700 shares repurchased during the three months ended September 30, 2021 and restored them to authorized but unissued ordinary shares. The retired treasury shares had a carrying value of $65,215. Upon formal retirement and in accordance with Financial Accounting Standards Board's Accounting Standards Codification ("ASC") Topic 505, Equity, the Company reduced our ordinary shares account by the carrying amount of the treasury shares. The share repurchase program was suspended temporarily due to the secondary offering in September 2021.

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Employment and Compensation Arrangements

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Employment and Compensation Arrangements

Employment and Compensation Arrangements

Employee Incentive Plans

Prior to the 2019 Transaction, the Company operated under its 2016 Equity Incentive Plan, which provided for certain employees of the Company to be eligible to participate in equity ownership in the Company. On May 8, 2019, in anticipation of the 2019 Transaction, the Board adopted the 2019 Incentive Award Plan, which was an amendment, restatement and continuation of the 2016 Equity Incentive Plan. Upon closing of the 2019 Transaction, awards under the 2016 Equity Incentive Plan were converted using the exchange ratio established during the 2019 Transaction and assumed into the 2019 Incentive Award Plan (See Note 4 - Business Combinations). The 2019 Incentive Award Plan permits the granting of awards in the form of incentive stock options, non-qualified stock options, share appreciation rights, restricted shares, restricted share units and other stock-based or cash-based awards. Equity awards may be issued in the form of restricted shares or restricted share units with dividend rights or dividend equivalent rights subject to vesting terms and conditions specified in individual award agreements. The Company’s Management Incentive Plan provides for employees of the Company to be eligible to purchase shares of the Company. See Note 16 - Shareholders’ Equity for additional information.

A maximum aggregate amount of 60,000,000 ordinary shares are reserved for issuance under the 2019 Incentive Award Plan. Equity awards under the 2019 Incentive Award Plan may be issued in the form of options to purchase shares of the Company which are exercisable upon the occurrence of conditions specified within individual award agreements. As of September 30, 2021 and December 31, 2020, 41,271,255 and 42,785,926, respectively, awards have not been granted.

Total share-based compensation expense, inclusive of cash and non-cash expense, included in the Consolidated Statements of Operations amounted to $11,997 and $6,796 for the three months ended September 30, 2021 and 2020, respectively, and $38,518 and $31,121 for the nine months ended September 30, 2021 and 2020, respectively. The total associated tax benefits recognized amounted to $1,027 and $0 for the three months ended September 30, 2021 and 2020, respectively, and $6,862 and $0 for the nine months ended September 30, 2021 and 2020, respectively.

In the nine months ended September 30, 2021 and 2020, the Company recognized additional Share-based compensation expense related to the modification of certain awards under the 2019 Incentive Award Plan. As of September 30, 2021 and December 31, 2020, there was no unrecognized compensation cost related to outstanding stock options.

Stock Options

The Company’s stock option activity is summarized below:

	Number of Options	Weighted Average Exercise Price per Share		Weighted-Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Balance at December 31, 2020	7,860,618	$	12.95	6.2	$	131,956
Granted	—	—		0	—
Expired	—	—		0	—
Forfeited	—	—		0	—
Exercised	(2,745,966)	12.12		0	(39,737)
Outstanding as of September 30, 2021	5,114,652	$	13.40	5.6	$	45,015
Vested and exercisable at September 30, 2021	5,114,652	$	13.40	5.6	$	45,015

The aggregate intrinsic value in the table above represents the difference between the Company’s most recent valuation and the exercise price of each in-the-money option on the last day of the period presented. 328,531 and 4,068,307 stock options were exercised in the three months ended September 30, 2021 and 2020, respectively, and 2,745,966 and 11,507,094 stock options were exercised during the nine months ended September 30, 2021 and 2020, respectively. The total intrinsic value of stock options exercised was approximately $39,737 and $141,143 during the nine months ended September 30, 2021 and 2020, respectively.

The Company accounts for awards issued under the 2019 Incentive Award Plan as additional contributions to equity. Share-based compensation includes expense associated with stock option grants which is estimated based on the grant date fair value of the award issued.

The Company uses the Black-Scholes option pricing model to estimate the fair value of options granted. The Black-Scholes model considers the fair value of an ordinary share and the contractual and expected term of the stock option, expected volatility, dividend yield, and risk-free interest rate. Prior to becoming a public company, the fair value of the Company’s ordinary shares were determined utilizing an external third-party pricing specialist.

The contractual term of the option ranges from one year to ten years. Expected volatility is the average volatility over the expected terms of comparable public entities from the same industry. The risk-free interest rate is based on a treasury rate with a remaining term similar to the contractual term of the option. The Company is recently formed and at this time does not expect to distribute any dividends to the holders of the Company's ordinary shares. The Company recognizes forfeitures as they occur.

Restricted Stock Units (“RSUs”)

RSUs typically vest from one year to three years and are generally subject to either cliff vesting or graded vesting. RSUs do not have non-forfeitable rights to dividends or dividend equivalents. The fair value of RSUs is typically based on the fair value of our ordinary shares on the date of grant. We amortize the value of these awards to expense over the vesting period on a graded-scale basis. The Company recognizes forfeitures as they occur.

	Number of Shares	Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2020	1,810,546	$	19.30
Granted	2,856,222	24.11
Vested	(571,617)	$	21.03
Forfeited	(438,225)	23.45
Outstanding as of September 30, 2021	3,656,926	$	23.68

The total fair value of RSUs that vested during the three months ended September 30, 2021 and 2020 was $2,525 and $76, respectively, and $12,021 and $2,996 during the nine months ended September 30, 2021 and 2020, respectively.

Performance Stock Units (“PSUs”)

The Company began granting PSUs (the "Original PSUs") to certain members of management on April 1, 2020 under the 2019 Incentive Award Plan. The Original PSUs typically vest over three years and are subject to performance conditions with a modifier of relative TSR as compared to the S&P 500 for vesting. The fair value of the PSUs is based on the fair value of our ordinary shares on the date of grant and valued using a Monte Carlo simulation. In years one and two of the three year vesting period, it was not possible to predict the likelihood of achieving the target and therefore, the performance condition was deemed not probable as of September 30, 2021. Accordingly, no compensation expense was recognized for the three and nine months ended September 30, 2021.

During December of 2020, the Human Resources and Compensation Committee (the “HRCC”) considered the need to continue to align the interests of our named executive officers with those of Clarivate’s shareholders and to compensate our named executive officers for the significant value created for shareholders in 2020. In addition, the HRCC considered the effects of the Covid-19 pandemic on the value of the Original PSUs granted to our named executive officers earlier in 2020,

which are eligible to vest based on the achievement of certain three-year financial performance metrics. In choosing the primary performance goals for the Original PSUs, the HRCC had not anticipated the Covid-19 pandemic and its impact on certain elements of performance, which significantly reduced the anticipated value of the Original PSUs.

The Company made a one-time grant of additional PSUs to certain key employees, including its named executive officers on December 17, 2020 under the 2019 Incentive Award Plan. The PSUs are eligible to vest based upon Clarivate’s three-year total shareholder return (“TSR”) as compared to the TSR of the S&P 500 for the same period (the “TSR PSUs”). The TSR PSUs cover the period from January 1, 2020 to December 31, 2022 and have a payout range of 0% to 120% of target. The TSR PSU grants vest over three years and are subject to market conditions for vesting. The probability of achieving the market conditions are incorporated into the fair value of the award, and related expense is recognized over the vesting period. The fair value of the PSUs is based on the fair value of our ordinary shares on the date of grant and valued using a Monte Carlo simulation. Accordingly, the Company recognized $790 and $3,048 of compensation expense for the three and nine months ended September 30, 2021. In the event that the Original PSUs vest, the TSR PSUs will be forfeited.

On March 1, 2021, May 15, 2021, and August 15, 2021 the Company granted 499,141, 28,577, and 38,178 PSUs, respectively, to key employees under the 2019 Incentive Award Plan. These PSUs are eligible to vest based on Clarivate's three-year total shareholder return ("TSR") as compared to the TSR of the S&P 500 for the same period as well as the Company's performance against forecasted results. These PSUs cover from January 1, 2021 through December 31, 2023 and have a payout range of 0% to 200%. These PSUs vest over three years and are subject to market conditions. The probability of achieving the market conditions are incorporated into the fair value of the award, and related expense is recognized over the vesting period. The fair value of the PSUs is based on the fair value of our ordinary shares on the date of grant and valued using a Monte Carlo simulation. Accordingly, the Company recognized $306 and $741 of compensation expense for the three and nine months ended September 30, 2021.

	Number of Shares (1)	Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2020	873,325	$	25.84
Granted	565,896	23.70
Vested	(5,633)	32.50
Forfeited	(128,642)	24.43
Outstanding as of September 30, 2021	1,304,946	$	25.02

(1) The PSUs number of shares are at grant amount and are not reflective of the maximum shares that may ultimately be issued, if any.

Warrants

In connection with the acquisition of Churchill Capital Corp consummated on May 13, 2019, the Company had warrants outstanding for certain individuals to purchase an aggregate of 52,800,000 ordinary shares with an exercise price of $11.50 per share, consisting of 34,500,000 public warrants and 18,300,000 Private Placement Warrants. As of December 31, 2020, no public warrants were outstanding. On January 21, 2021, one warrant holder exercised warrants for 212,174 ordinary shares through a cashless redemption in which 80,610 shares were withheld to cover the exercise price. The net impact of the redemption was an issuance of 131,564 shares. As of September 30, 2021, there were 17,813,826 ordinary shares outstanding for Private Placement Warrants.

The following table summarizes the changes in Private Placement Warrant shares outstanding as of September 30, 2021 and September 30, 2020.

	Number of Shares	Weighted Average Fair Value per Share
Outstanding at December 31, 2019	18,300,000	$	6.11
Exercise of Private Placement Warrants	—	—
Outstanding at September 30, 2020	18,300,000	$	18.36
Outstanding at December 31, 2020	18,026,000	$	17.35
Exercise of Private Placement Warrants	(212,174)	16.93
Outstanding at September 30, 2021	17,813,826	$	11.00

2019 Transaction Related Awards

Upon consummation of the 2019 Transaction, there were 7,000,000 ordinary shares of Clarivate (the "Merger Shares") issuable if the last sale price of Clarivate’s ordinary shares is at least $20.00 for 40 days over a 60 consecutive trading day period on or before the sixth anniversary of the closing of the 2019 Transaction. In accordance with the terms of the Sponsor Agreement and in connection with our merger with Churchill in 2019, the Merger Shares were issued to persons designated by Messrs. Stead and Klein. On January 31, 2020, our Board agreed to waive the performance vesting condition, and the Merger Shares became issuable on or prior to December 31, 2020 to persons designated by Messrs. Stead and Klein. We engaged a third party specialist to fair value the awards at the modification date using the Monte Carlo simulation approach. The assumptions in the model included, but were not limited to, risk-free interest rate, 1.33%; expected volatility of the Company's and its peer group's stock prices, 20.00%; and dividend yield, 0.00%. The Company has evaluated and recorded additional stock compensation expense as required upon the assignment of Merger Shares as applicable. The Merger Shares were issued as ordinary shares to persons designated by Jerre Stead and Michael Klein on June 1, 2020 as part of the June 2020 underwritten public offering. The Company recognized $13,720 of expense during the year ended December 31, 2020, in Share-based compensation expense as a result of the waived performance vesting conditions.

The Sponsor Agreement provided that certain ordinary shares of Clarivate available for distribution to persons designated in the Sponsor Agreement in connection with the Transactions, and certain Clarivate warrants available for distribution to such persons, in each case, were subject to certain time and performance-based vesting provisions described below.

The vesting conditions added to certain ordinary shares include the following:

5,309,713 ordinary shares of Clarivate held by persons designated in the Sponsor Agreement, will vest in three equal annual installments on the first, second and third anniversaries of the closing of the 2019 Transaction, respectively, and are not contingent on continuing or future service of the respective holders to the Company.

2,654,856 ordinary shares of Clarivate held by such persons will vest at such time as the last sale price of Clarivate’s ordinary shares is at least $15.25 on or before the date that is 42 months after the closing of the 2019 Transaction; provided that none of such Clarivate ordinary shares will vest prior to the first anniversary of the closing of the 2019 Transaction, not more than 1/3 of such Clarivate warrants will vest prior to the second anniversary of the closing of the 2019 Transaction, and not more than 2/3 of such Clarivate warrants will vest prior to the third anniversary of the closing of the 2019 Transaction. Further, such vesting is not contingent on continuing or future service of the respective holders to the Company.

2,654,856 ordinary shares of Clarivate held by such persons will vest at such time as the last sale price of Clarivate’s ordinary shares is at least $17.50 on or before the fifth anniversary of the closing of the 2019 Transaction; provided that none of such Clarivate ordinary shares will vest prior to the first anniversary of the closing of the 2019 Transaction, not more than 1/3 of such Clarivate warrants will vest prior to the second anniversary of the closing of the 2019 Transaction, and not more than 2/3 of such Clarivate warrants will vest prior to the third anniversary of the closing of the 2019 Transaction. Further, such vesting is not contingent on continuing or future service of the respective holders to the Company.

The vesting conditions added to certain warrants include the following:

17,265,826 of certain warrants held by persons designated in the Sponsor Agreement, will vest at such time as the last sale price of Clarivate’s ordinary shares is at least $17.50 on or before the fifth anniversary of the closing of the 2019 Transaction; provided that none of such Clarivate warrants will vest prior to the first anniversary of the closing of the 2019 Transaction, not more than 1/3 of such Clarivate warrants will vest prior to the second anniversary of the closing of the 2019 Transaction, and not more than 2/3 of such Clarivate warrants will vest prior to the third anniversary of the closing of the 2019 Transaction. Further, such vesting is not contingent on continuing or future service of the respective holders to the Company.

In considering the terms of the transaction related awards, the Company notes that the time-based vesting restrictions were not conditioned on any continuing or future service of the holders to the Company, and reflect “lock-up” periods of the issuable shares. Further, the above mentioned performance-based restrictions were considered market conditions pursuant to ASC 718, and are contemplated in the value of the awards. As such vesting restrictions were contemplated in conjunction with the granting of the merger shares (See Note 16 - Shareholders’ Equity), the Company considered such terms of the total basket of transaction awards in determination of the fair value of the awards. As no continued or future service was required by the holders of such awards, the Company recognized compensation expense in the second quarter of 2019 based on the fair value of such awards upon closing of the 2019 Transaction. The Company recognized $25,013 expense, net in Share-based compensation expense as of the date of the 2019 Transaction in accordance with the issuance of the merger shares offset by the addition of vesting terms to certain ordinary shares and warrants, as described above. The expense included the increases in value of $48,102 for the granting of merger shares, the increase in value of $1,193 for ordinary shares with only time vesting conditions, and the increase in value of shares purchased by the Founders immediately prior to the transaction of $4,411, all offset by the reduction in value of $9,396 for ordinary shares with performance vesting condition of $15.25, the reduction in value of $13,101 for ordinary shares with performance vesting condition of $17.50 and the reduction in value of $6,297 related to warrants. Pursuant to the Sponsor Agreement, certain founders of Churchill Capital Corp purchased an aggregate of 1,500,000 shares of Class B ordinary stock of Churchill immediately prior to the closing of the 2019 Transaction for an aggregate purchase price of $15,000.

We used a third-party specialist to fair value the awards at the 2019 Transaction close date of May 13, 2019 using the Monte Carlo simulation approach. The assumptions included in the model include, but are not limited to, risk-free interest rate, 2.20%; expected volatility of the Company’s and the peer group’s stock prices, 20.00%; and dividend yield, 0.00%. A discount for lack of marketability (“DLOM”) was applied to shares that are subject to remaining post vesting lock up restrictions. The DLOM was between 3% - 7% dependent on the length of the post vesting restriction period.

On August 14, 2019, Clarivate (on its behalf and on behalf of its subsidiaries) agreed to waive the performance and time vesting conditions, described above, subject to the consummation of the secondary offering. These shares and warrants nevertheless remain subject to a lock-up for a period ranging from two years to three years following the closing of the Mergers. We used a third-party specialist to fair value the awards at the modification date using the Monte Carlo simulation approach. The assumptions included in the model include, but are not limited to, risk-free interest rate, 1.42%; expected volatility of the Company’s and the peer group’s stock prices, 20.00%; and dividend yield, 0.00%. A DLOM was applied to shares that are subject to remaining post vesting lock up restrictions. The DLOM was between 3% - 7% dependent on the length of the post vesting restriction period.

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Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesDuring the three months ended September 30, 2021 and 2020, the Company recognized an income tax provision of $3,579 on income before income tax of $26,891 and $4,325 on loss before income tax of $177,661, respectively. During the nine months ended September 30, 2021 and 2020, the Company recognized an income tax provision of $18,016 on loss before income tax of $64,836 and $13,693 on loss before income tax of $323,207, respectively. The tax provision in each period three and nine months ended September 30, 2021 and 2020, respectively, reflects the mix of taxing jurisdictions in which pre-tax profits and losses were recognized.

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Earnings per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings per Share

Earnings Per Share Basic net earnings per ordinary share from continuing operations (“EPS”) is calculated by taking Income (loss) available to ordinary stockholders divided by the weighted average number of ordinary shares outstanding for the applicable period. Diluted net EPS is computed by taking net earnings divided by the weighted average number of ordinary shares outstanding increased by the number of additional shares which have a dilutive effect. The Company was in a net income position for the three months ended September 30, 2021. Certain potentially dilutive instruments were determined to be anti-dilutive and

excluded from the dilutive calculation for the three months ended September 30, 2021. Due to the Company being in a loss position during the nine months ended September 30, 2021, all potentially dilutive instruments were seen to be anti-dilutive and excluded from the dilutive calculation for the nine months ended September 30, 2021.

Potential ordinary shares of 27,575,398 and 31,871,520 of Private Placement Warrants, options, RSUs, and PSUs related to the 2019 Incentive Award Plan were excluded from diluted EPS for the nine months ended September 30, 2021 and three and nine months ended September 30, 2020, respectively, as the Company had a net loss and their inclusion would have been anti-dilutive or their performance metric was not met. Potential ordinary shares of 17,813,826 of Private Placement Warrants, 3,294,188 of RSUs, and 415,969 of PSUs were excluded from diluted EPS for the three months ended September 30, 2021 as their inclusion would have been anti-dilutive. See Note 16 - Shareholders’ Equity and Note 17 - Employment and Compensation Arrangements for additional information.

The potential dilutive effect of our MCPS outstanding during the period was calculated using the if-converted method assuming the conversion as of the earliest period reported or at the date of issuance, if later. The resulting ordinary shares related to our MCPS are not included in the dilutive weighted-average ordinary shares outstanding calculation for the nine months ended September 30, 2021 as their effect would be anti-dilutive given the net loss incurred in the period. Ordinary shares of 46,073,718 were excluded from diluted EPS for the three months ended September 30, 2021 as their inclusion would have been anti-dilutive.

The basic and diluted EPS computations for our ordinary shares are calculated as follows (in thousands, except share and per share amounts):

	Three Months Ended September 30,
	2021		2020 (As Restated)
Basic/Diluted EPS
Net income (loss) available to ordinary stockholders	$	23,312	$	(181,986)
Dividends on preferred shares	(22,431)		—
Net income (loss) attributable to ordinary shares	$	881	$	(181,986)
Basic weighted-average number of ordinary shares outstanding	640,834,827		387,845,438
Basic EPS	$	—	$	(0.47)
Effects of Dilutive Securities
Options	5,098,686		—
Diluted weighted-average number of ordinary shares outstanding	645,933,513		387,845,438
Diluted EPS	$	—	$	(0.47)
	Nine Months Ended September 30,
	2021		2020 (As Restated)
Basic/Diluted EPS
Net loss	$	(82,852)	$	(336,900)
Dividends on preferred shares	(22,431)		—
Net loss attributable to ordinary shares	$	(105,283)	$	(336,900)
Basic weighted-average number of ordinary shares outstanding	622,460,931		369,019,802
Basic EPS	$	(0.17)	$	(0.91)
Diluted weighted-average number of ordinary shares outstanding	622,460,931		369,019,802
Diluted EPS	$	(0.17)	$	(0.91)

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Other Operating Income, Net

9 Months Ended

Sep. 30, 2021

Other Income and Expenses [Abstract]

Other Operating Income, Net

Other Operating Income (Expense), Net

Other operating income (expense), net, consisted of the following for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended September 30,
	2021		2020
Net foreign exchange gain (loss)	$	427	$	(3,550)
Miscellaneous (expense) income, net	(4,838)		3,412
Other operating (expense), net	$	(4,411)	$	(138)
	Nine Months Ended September 30,
	2021		2020
Net foreign exchange (loss) gain	$	(15,387)	$	10,373
Miscellaneous (expense) income, net	(4,354)		4,302
Other operating (expense) income, net	$	(19,741)	$	14,675

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Product and Geographic Sales Information

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Product and Geographic Sales Information

Segment Information

The Chief Executive Officer is the Company’s Chief Operating Decision Maker (“CODM”). Prior to the fourth quarter of 2020, the Company’s CODM previously assessed the Company-wide performance and allocated resources based on consolidated financial information. During the fourth quarter of 2020, in connection with the CPA Global combination, the company realigned its reporting structure and changed the manner in which the CODM allocates resources and assesses performance. The CODM organizes the Company within products lines and, as a result, two new operating segments were created including the Science Group and Intellectual Property Group. The CODM evaluates segment performance based primarily on revenue and segment Adjusted EBITDA, as described below. The CODM does not review assets by operating segment for the purposes of assessing performance or allocated resources.

Each of the Company’s reportable segments, Science Group and Intellectual Property Group, recognizes revenue in accordance with the revenue recognition policy within Note 3 - Summary of Significant Accounting Policies in the Company's Form 10-K/A. Below is the overview of the product lines within each reportable segment.

Science: The Science segment consists of our Academic, Life Sciences and Healthcare Product Lines. Both provide curated, high-value, structured information and consulting services that is delivered and embedded into the workflows of our customers, which include research-intensive corporations, life science organizations and universities world-wide.

Intellectual Property: The Intellectual Property segment consists of our Patent, Trademark, Domain, and IP Management Product Lines. These Product Lines help manage customer’s end-to-end portfolio of intellectual property from patents to trademarks to corporate website domains.

Each of the two operating segments represent the segments for which discrete financial information is available and upon which operating results are regularly evaluated by the CODM in order to assess performance and allocate resources. The CODM evaluates performance based primarily on revenue and segment Adjusted EBITDA. Adjusted EBITDA represents net (loss) income before provision for income taxes, depreciation and amortization, interest income and expense adjusted to exclude acquisition or disposal-related transaction costs (such costs include net income from continuing operations before provision for income taxes, depreciation and amortization and interest income and expense from divestitures), losses on extinguishment of debt, stock-based compensation, unrealized foreign currency gains/(losses), costs associated with the transition services agreement with Thomson Reuters, separation and integration costs, transformational and restructuring expenses, acquisition-related adjustments to deferred revenues, costs related to our merger with Churchill Capital Corp in 2019, non-cash income/(loss) on equity and cost method investments, non-operating income or expense, the impact of certain non-cash, legal settlements and other items that are included in net income for the period that the Company does not consider indicative of its ongoing operating performance and certain unusual items impacting results in a particular period.

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

	Three Months Ended September 30,
	2021		2020
Science Segment	$	200,821	$	188,701
Intellectual Property Segment	241,296		95,659
Total Revenues	$	442,117	$	284,360
	Nine Months Ended September 30,
	2021		2020
Science Segment	$	594,380	$	514,774
Intellectual Property Segment	721,812		283,678
Total Revenues	$	1,316,192	$	798,452

Adjusted EBITDA by segment

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

	Three Months Ended September 30,
	2021		2020 (As Restated)
Science Segment Adjusted EBITDA	$	113,771	$	83,310
Intellectual Property Segment Adjusted EBITDA	76,225		24,897
Total Adjusted EBITDA	$	189,996	$	108,207
(Provision) benefit for income taxes	(3,579)		(4,325)
Depreciation and amortization	(130,683)		(68,614)
Interest, net	(65,194)		(20,244)
Deferred revenues adjustment	(72)		(2,107)
Transaction related costs	(11,851)		(34,938)
Share-based compensation expense	(11,997)		(6,796)
Restructuring and impairment	(15,621)		(3,192)
Mark to market adjustment on financial instruments	83,013		(144,753)
Other	(10,700)		(5,224)
Net income (loss)	$	23,312	$	(181,986)
Dividends on preferred shares	(22,431)		—
Net income (loss) attributable to ordinary shares	$	881	$	(181,986)
	Nine Months Ended September 30,
	2021		2020 (As Restated)
Science Segment Adjusted EBITDA	$	305,119	$	226,551
Intellectual Property Segment Adjusted EBITDA	238,696		59,997
Total Adjusted EBITDA	$	543,815	$	286,548
Provision for income taxes	(18,016)		(13,693)
Depreciation and amortization	(392,513)		(176,200)
Interest, net	(141,156)		(72,306)
Deferred revenues adjustment	(4,465)		(7,421)
Transaction related costs	1,599		(70,154)
Share-based compensation expense	(38,518)		(31,121)
Restructuring and impairment	(121,988)		(26,792)
Mark to market adjustment on financial instruments	113,207		(224,175)
Other	(24,817)		(1,586)
Net loss	$	(82,852)	$	(336,900)
Dividends on preferred shares	(22,431)		—
Net loss attributable to ordinary shares	$	(105,283)	$	(336,900)

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

The Company does not have any recorded or unrecorded guarantees of the indebtedness of others.

Lawsuits and Legal Claims

The Company is 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 all of the matters against the Company is 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. Our best estimate of the Company's potential liability for the larger legal claims is $69,000, which includes estimated legal costs and accrued interest. As of September 30, 2021, information was evaluated that led us to conclude that it is probable that insurance will cover the legal expenses related to one of our larger legal claims and a loss recovery asset of $2,290 was recorded, half within the Other current assets line item and half within the Other non-current assets line item within the Condensed Consolidated Balance Sheet. To date, $147 of the loss recovery asset has been recognized, $130 in relation to the Other current assets line item and $17 in relation to the Other non-current assets line item in the Condensed Consolidated Balance Sheet. The recorded probable loss is an estimate and the actual costs arising from our litigation could be materially lower or higher. We do not expect the outcome of such proceedings to have a material adverse effect on our results of operations or financial condition. We have and will continue to vigorously defend ourselves against these claims. We maintain appropriate insurance that we expect is likely to provide coverage for some of these liabilities or other losses that may arise from these litigation matters.

Warrant Liabilities

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.

Contingent Liabilities

In conjunction with the acquisition of Publons, the Company agreed to pay former shareholders up to an additional $9,500 through 2020. Amounts payable were contingent upon Publons’ achievement of certain milestones and performance metrics. As a result of Publons achieving the first tier of milestones and performance metrics during 2020, the earn-out was settled at that time. As such, the Company had an outstanding liability of $0 related to the estimated fair value of this contingent consideration as of December 31, 2020.

In conjunction with the acquisition of Kopernio, the Company paid former shareholders $2,184 during the nine months ended September 30, 2020, due to the achievement of certain milestones and performance metrics. As a result of the payment, no further obligations exist as of December 31, 2020.

In conjunction with the acquisition of TrademarkVision, the Company agreed to pay former shareholders a potential earn-out dependent upon achievement of certain milestones and financial performance metrics through 2020. Amounts payable were contingent upon TrademarkVision’s achievement of certain milestones and performance metrics. During the nine months ended September 30, 2020, the Company paid $8,000 of the contingent purchase price to complete the earn-out. Due to the earn-out being settled during 2020, the outstanding liability as of December 31, 2020 was $0.

In conjunction with the acquisition of DRG, the Company agreed to pay up to 2,895,638 shares as contingent stock consideration, valued at $58,897 on the closing date of the acquisition. See Note 4 - Business Combinations for more information on the contingent stock consideration. Amounts payable were contingent upon any indemnity losses or claims to indemnity losses occurring within that one-year period. During March 2021, the Company issued 2,895,638 shares as per the purchase agreement for the acquisition of DRG for a total of $61,619 which was satisfied. The issuance of these shares represents a non-cash financing activity on the statement of cash flows.

In conjunction with the acquisition of CPA Global, the Company agreed to pay up to 1,500,000 shares as contingent stock consideration, valued at $46,485 on the closing date of the acquisition. See Note 4 - Business Combinations for more information on the contingent stock consideration. The amount was payable 110 days after the acquisition date and was contingent upon any indemnity losses or claims for indemnity losses as defined in the purchase agreement. During January 2021, the Company issued 1,500,000 shares as per the purchase agreement for the acquisition of CPA Global related to a hold-back clause for a total of $43,890 which was satisfied. The issuance of these shares represents a non-cash financing activity on the statement of cash flows.

As of September 30, 2021, there were no outstanding contingent liabilities.

ProQuest Acquisition Contingent Fees

Upon consummation of the acquisition of ProQuest, which we announced on May 17, 2021, the Company agreed to pay 46,910,923 of our ordinary shares to the sellers to fund a portion of the estimated purchase price.

Additionally, certain payments are contingent upon the consummation of the ProQuest acquisition, including $25,336 associated with the discount on debt for the underwriter's fee, which once incurred, will be netted against the balance of funds received, as well as $83,250 of transaction-related fees.

MCPS Dividends

As noted in Note 16 - Shareholders’ Equity, dividends on our convertible preferred shares will be payable on a cumulative basis when, as and if declared by our board of directors, or an authorized committee of our board of directors, at an annual rate of 5.25% of the liquidation preference of $100.00 per share. Refer to Note 16 - Shareholder's Equity for further details.

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Related Party and Former Parent Transactions

9 Months Ended

Sep. 30, 2021

Related Party Transactions [Abstract]

Related Party and Former Parent Transactions

Related Party and Former Parent Transactions

The Company had an outstanding liability of $9 and $4 to Onex as of September 30, 2021 and December 31, 2020, respectively.

In connection with the 2016 Transaction, Bidco and a subsidiary of the Former Parent entered into the Transition Service Agreement, which became effective on October 3, 2016, pursuant to which such subsidiary of the Former Parent will, or will cause its affiliates and/or third-party service providers to, provide Bidco, its affiliates and/or third-party service providers with certain technology, facilities management, human resources, sourcing, financial, accounting, data management, marketing and other services to support the operation of the IP&S business as an independent company. Such services are provided by such subsidiary of the Former Parent or its affiliates and/or third-party service providers for various time periods and at various costs based upon the terms set forth in the Transition Service Agreement.

Two controlled affiliates of Baring are vendors of ours. Total expenses incurred for these vendors were $207 and $259 for the three months ended September 30, 2021 and 2020, respectively, and $675 and $519 for the nine months ended September 30, 2021 and 2020, respectively. The Company had an outstanding liability of $150 and $237 as of September 30, 2021 and December 31, 2020, respectively.

A controlled affiliate of Onex is a customer of ours. The net revenue from this customer during the period was $395 and $600 for the three months ended September 30, 2021 and 2020, respectively, and $1,203 and $1,536 for the nine months ended September 30, 2021 and 2020, respectively. The Company had an outstanding receivables of $745 and $0 as of September 30, 2021 and December 31, 2020.

Three controlled affiliates of Leonard Green & Partners, L.P. are customers of ours. The net revenue from these customers during the period was $32, $9,945 and $55 for the three months ended September 30, 2021 and $95, $30,591 and $125 for the nine months ended September 30, 2021. The Company had an outstanding receivable of $0, $69,431 and $0 as of September 30, 2021 and $31, $54,656 and $264 as of December 31, 2020. These customers were not a related party for the three and nine months ended September 30, 2020.

Three controlled affiliates of Leonard Green & Partners, L.P. are vendors of ours. Total expenses incurred for these vendors were $346, $7,573 and $2,096 for the three months ended September 30, 2021 and $974, $23,058 and $4,077 for the nine months ended September 30, 2021. The Company had an outstanding liability of $13, $0 and $0 as of September 30, 2021 and $0, $0 and $1,995 as of December 31, 2020. These vendors were not a related party for the three and nine months ended September 30, 2020.

One of our independent directors has an immediate family member who is a member of management within one of Clarivate’s customers. Total revenue from the Customer was $273 and $546 for the three months ended September 30, 2021 and 2020, respectively, and $772 and $1,075 for the nine months ended September 30, 2021 and 2020, respectively. The Company had $0 and $100 outstanding receivables as of September 30, 2021 and December 31, 2020, respectively.

On May 15, 2021, Clarivate entered into an agreement with Capri Acquisition Topco Limited (“Capri”) and Solaro ExchangeCo Limited (“NewCo”), and for certain limited purposes, LGP. Capri and NewCo are controlled by LGP and held the Clarivate ordinary shares beneficially owned by LGP and certain other existing shareholders. Under the agreement, Capri contributed 177,206,779 of its Clarivate ordinary shares to NewCo. Clarivate then acquired NewCo in exchange for the issuance of the same number of Clarivate ordinary shares to Capri. This transaction did not involve any change in beneficial ownership of Clarivate’s ordinary shares and the issuance of the new ordinary shares to Capri were exempt from the registration requirements of the Securities Act under Section 4(a)(2) thereof. Pursuant to authority granted to Clarivate by shareholders at its 2021 Annual General Meeting, following its acquisition of Newco, Clarivate purchased the ordinary shares held by Newco for a nominal price and then canceled such shares. This was a non-cash financing transaction that had a net immaterial impact on the Condensed Consolidated Financial Statements.

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Restructuring

9 Months Ended

Sep. 30, 2021

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring and Impairment

During 2020 and 2019, we engaged a strategic consulting firm to assist us in optimizing our structure and cost base. As a result, we have implemented several cost-saving and margin improvement programs designed to generate substantial incremental cash flow including the Operation, Simplification and Optimization Program, the DRG Acquisition Integration Program, the CPA Global Acquisition Integration and Optimization Program, and most recently the One Clarivate Program. In connection with the CPA Global Acquisition restructuring program, a social plan was entered into in Belgium. Liabilities for non-retirement post-employment benefits that fall under ASC 712 are recognized when the severance liability was determined to be probable of being paid and reasonably estimable.

Operation Simplification and Optimization Program

During the fourth quarter of 2019, the Company approved restructuring actions designed to streamline our operations by simplifying our organization and focusing on two segments in planned phases. Restructuring charges included actions to reduce operational costs. Components of the pre-tax charges include $888 and $472 in severance costs and $(18) and $1,361 in other costs incurred during the three months ended September 30, 2021 and 2020, respectively. Costs incurred during the nine months ended September 30, 2021 and 2020 include $2,112 and $11,911 in severance costs and $393 and $10,198 in other costs. The Science and IP segments incurred $299 and $571 of the expense, respectively, during the three months ended September 30, 2021 and $873 and $1,631 during the nine months ended September 30, 2021, respectively. The table below summarizes the activity related to the restructuring reserves across each of Clarivate's cost-saving's programs.

DRG Acquisition Integration Program

During the second quarter of 2020, the Company approved restructuring actions designed to eliminate duplicative costs following the acquisition of DRG in planned phases. Restructuring charges included actions to reduce operational costs. Components of the pre-tax charges include $(43) and $1,210 in severance costs and $0 and $149 in other costs incurred during the three months ended September 30, 2021 and 2020, respectively. Costs incurred during the nine months ended September 30, 2021 and 2020 include $384 and $4,522 in severance costs and $75 and $161 in other costs. The Science and IP segments incurred $(15) and $(28) of the expense, respectively, during the three months ended September 30, 2021 and $162 and $298 during the nine months ended September 30, 2021, respectively. The table below summarizes the activity related to the restructuring reserves across each of Clarivate's cost-saving's programs.

CPA Global Acquisition Integration and Optimization Program

During the fourth quarter of 2020, the Company approved restructuring actions designed to eliminate duplicative costs following the acquisition of CPA Global and to streamline our operations simplifying our organization and reducing our leasing portfolio. Restructuring charges included actions to reduce operational costs. Components of the pre-tax charges include $50 and $0 in severance costs and $2,634 and $0 in other costs incurred during the three months ended September 30, 2021 and 2020, respectively. Costs incurred during the nine months ended September 30, 2021 and 2020 include $32,596 and $0 in severance costs and $72,170 and $0 in other costs. The Science and IP segments incurred $1,105 and $1,580 of the expense, respectively, during the three months ended September 30, 2021 and $37,280 and $67,486 during the nine months ended September 30, 2021. The table below summarizes the activity related to the restructuring reserves across each of Clarivate's cost-saving's programs.

One Clarivate Program

During the second quarter 2021, the Company approved restructuring actions to streamline operations within targeted areas of the Company. The program will result in a reduction in operational costs, with the primary cost savings driver being from a reduction in workforce. Components of the pre-tax charges include $10,071 and $0 in severance costs and $1,731 and $0 in other costs incurred during the three months ended September 30, 2021 and 2020, respectively. Costs incurred during the nine months ended September 30, 2021 and 2020 include $12,115 and $0 in severance costs and $1,731 and $0 in other costs. The Science and IP segments incurred $4,271 and $7,532 of the expense, respectively, during the three months ended September 30, 2021 and $4,978 and $8,869 during the nine months ended September 30, 2021. The table below summarizes the activity related to the restructuring reserves across each of Clarivate's cost-saving's programs.

Restructuring Programs	Severance and Related Benefit Costs		Costs Associated with Exit and Disposal Costs (1)		Total
Reserve Balance as of December 31, 2019	$	9,506	$	—	$	9,506
Expenses recorded	6,574		1,180		7,754
Payments made	(6,647)		—		(6,647)
Reserve Balance as of March 31, 2020	9,433		1,180		10,613
Expenses recorded	8,177		7,669		15,846
Payments made	(5,549)		(199)		(5,748)
Asset Impairment Charge	—		(4,908)		(4,908)
Reserve Balance as of June 30, 2020	$	12,061	$	3,742	$	15,803
Expenses recorded	1,682		1,510		3,192
Payments made	(3,952)		(2,592)		(6,544)
Asset Impairment Charge	—		—		—
Reserve Balance as of September 30, 2020	$	9,791	$	2,660	$	12,451
Reserve Balance as of December 31, 2020	$	17,169	$	4,475	$	21,644
Expenses recorded	19,008		45,659		64,667
Payments made	(15,926)		(1,111)		(17,037)
Asset Impairment Charge	(1,409)		(40,806)		(42,215)
Reserve Balance as of March 31, 2021	$	18,842	$	8,217	$	27,059
Expenses recorded	17,233		24,467		41,700
Payments made	(10,686)		(2,196)		(12,882)
Asset Impairment Charge	—		(20,584)		(20,584)
Reserve Balance as of June 30, 2021	$	25,389	$	9,904	$	35,293
Expenses recorded	11,247		4,373		15,621
Payments made(2)	(13,749)		(1,973)		(15,722)
Asset Impairment Charge	—		(812)		(812)
Reserve Balance as of September 30, 2021	$	22,887	$	11,493	$	34,380
(1) Relates primary to lease exit costs and legal and advisory fees.
(2) Severance and related benefit cost payments includes $(3,394) of non-cash adjustments, primarily related to the acceleration of stock based compensation awards.

The following table is a summary of charges incurred related to the Company's restructuring programs for the three and nine months ended September 30, 2021 and 2020.

	Three Months Ended September 30,
	2021		2020
Severance and related benefit costs	$	11,247	$	1,682
Costs associated with exit and disposal activities (1)	3,369		655
Costs associated with lease exit costs including impairment (2)	1,005		855
Total restructuring and impairment	$	15,621	$	3,192
	Nine Months Ended September 30,
	2021		2020
Severance and related benefit costs	$	47,488	$	16,433
Costs associated with exit and disposal activities (1)	5,602		4,596
Costs associated with lease exit costs including impairment (2)	68,898		5,763
Total restructuring and impairment	$	121,988	$	26,792
(1) Relates primarily to contract exit costs, legal and advisory fees.
(2) Relates primary to lease exit costs.

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Subsequent Events

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On October 14, 2021, the Company’s board of directors approved the extension of the previously announced $250,000 share repurchase program until January 31, 2022. There is approximately $185,000 remaining to be purchased under the program.

On October 25, 2021, the Company's board of directors declared a quarterly cash dividend of approximately $1.3125 per share on its 5.25% Series A Mandatory Convertible Preferred Shares, payable on December 1, 2021.

Management has evaluated the impact of events that have occurred subsequent to September 30, 2021. Based on this evaluation, other than disclosed within these Condensed Consolidated Financial Statements and related notes, the Company has determined no other events were required to be recognized or disclosed.

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Restatement of Previously Issued Condensed Financial Statements

9 Months Ended

Sep. 30, 2021

Accounting Changes and Error Corrections [Abstract]

Restatement of Previously Issued Condensed Financial Statements

Restatement of Previously Issued Condensed Financial Statements

As disclosed in the Form 10-K/A filed with the Securities and Exchange Commission on May 10, 2021, subsequent to the original issuance of its Consolidated Financial Statements, the Company identified certain errors in its historical annual Consolidated Financial Statements, related to the accounting treatment of warrants. As such the restated audited Consolidated Financial Statements for the years ended December 31, 2020 and 2019, and the unaudited interim Condensed Consolidated Financial Statements for the quarterly periods within these years commencing with the second quarter of 2019, are defined as the “Restated Periods."

See Note 2 - Basis of Presentation, Note 26 - Quarterly Financial Data (Unaudited), and Note 28 - Restatement of Prior Period Financial Statements, to the Consolidated Financial Statements in the Amended Form 10-K for additional information related to the restatements.

In connection with the filing of this Quarterly Report on Form 10-Q, the Company has restated the accompanying interim Condensed Consolidated Financial Statements as of and for the quarter ended September 30, 2020 to correct for the impact of the misstatements. The applicable notes to the accompanying financial statements have also been corrected to reflect the impact of the restatement. Below, we have presented a reconciliation from the "As Originally Reported" to the "As Restated" amounts for each of our interim Condensed Consolidated Financial Statements as of and for the three and nine months ended September 30, 2020. The amounts "As Originally Reported" are from the "As Originally Reported" amounts as disclosed in Note 26 - Quarterly Financial Data (Unaudited) in the Amended Form 10-K.

Interim Condensed Consolidated Statements of Operations (Unaudited)
	Three months ended September 30, 2020
	As Originally Reported		Reclassification (a)		Restatement Impacts		Restatement Reference	As Reclassified and Restated
Revenues, net	$	284,360	$	—	$	—		$	284,360
Operating expenses:
Cost of revenues	(91,805)		(1,749)		—			(93,554)
Selling, general and administrative costs	(91,319)		(40,207)		—			(131,526)
Share-based compensation expense	(6,796)		6,796		—			—
Depreciation	(2,918)		—		—			(2,918)
Amortization	(65,696)		—		—			(65,696)
Transaction expenses	(34,938)		34,938		—			—
Transition, integration and other related expenses	(222)		222		—			—
Restructuring and impairment	(3,192)		—		—			(3,192)
Other operating income, net	(138)		—		—			(138)
Total operating expenses	(297,024)		—		—			(297,024)
Loss from operations	(12,664)		—		—			(12,664)
Mark to market on financial instruments	—		—		(144,753)		(b)	(144,753)
Loss before interest expense and income tax	(12,664)		—		(144,753)			(157,417)
Interest expense and amortization of debt discount, net	(20,244)		—		—			(20,244)
Loss before income tax	(32,908)		—		(144,753)		(b)	(177,661)
Provision for income taxes	(4,325)		—		—			(4,325)
Net loss	$	(37,233)	$	—	$	(144,753)	(b)	$	(181,986)
Per share:
Basic and diluted	$	(0.10)			$	(0.37)		$	(0.47)
Weighted average shares used to compute earnings per share:
Basic and diluted	387,845,438				387,845,438			387,845,438

(a) Reclassifications - The reclassifications are needed to conform to the current financial statement line items on the Condensed Consolidated Statements of Operations.

(b) Mark to market adjustment on financial instruments - The correction of these misstatements resulted in an adjustment of $(144,753) that was recorded through the Statement of Operations, increasing the Net loss for the three months ended September 30, 2020.

Interim Condensed Consolidated Statements of Operations (Unaudited)
	Nine Months Ended September 30, 2020
	As Originally Reported		Reclassification (a)		Restatement Impacts		Restatement Reference	As Reclassified and Restated
Revenues, net	$	798,452	$	—	$	—		$	798,452
Operating expenses:
Cost of revenues	(265,063)		(3,551)		—			(268,614)
Selling, general and administrative costs	(266,749)		(101,498)		—			(368,247)
Share-based compensation expense	(31,121)		31,121		—			—
Depreciation	(8,151)		—		—			(8,151)
Amortization	(168,049)		—		—			(168,049)
Transaction expenses	(70,154)		70,154		—			—
Transition, integration and other related expenses	(3,774)		3,774		—			—
Restructuring and impairment	(26,792)		—		—			(26,792)
Other operating income, net	14,675		—		—			14,675
Total operating expenses	(825,178)		—		—			(825,178)
Loss from operations	(26,726)		—		—			(26,726)
Mark to market on financial instruments	—		—		(224,175)		(b)	(224,175)
Loss before interest expense and income tax	(26,726)		—		(224,175)			(250,901)
Interest expense and amortization of debt discount, net	(72,306)		—		—			(72,306)
Loss before income tax	(99,032)		—		(224,175)		(b)	(323,207)
Provision for income taxes	(13,693)		—		—			(13,693)
Net loss	$	(112,725)	$	—	$	(224,175)	(b)	$	(336,900)
Per share:
Basic and diluted	$	(0.31)			$	(0.61)		$	(0.91)
Weighted average shares used to compute earnings per share:
Basic and diluted	369,019,802				369,019,802			369,019,802

(a) Reclassifications - The reclassifications are needed to conform to the current financial statement line items on the Condensed Consolidated Statements of Operations.

(b) Mark to market adjustment on financial instruments - The correction of these misstatements resulted in an adjustment of $(224,175) that was recorded through the Statement of Operations, increasing the Net loss for the nine months ended September 30, 2020.

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

	Three months ended September 30, 2020
	As Originally Reported		Restatement Impacts		As Restated
Net loss	$	(37,233)	(144,753)		$	(181,986)
Other comprehensive income (loss), net of tax:
Interest rate swaps	1,092		—		1,092
Defined benefit pension plans, net of tax	(15)		—		(15)
Foreign currency translation adjustment	9,359		—		9,359
Total other comprehensive loss, net of tax	10,436		—		10,436
Comprehensive loss	$	(26,797)	$	(144,753)	$	(171,550)
	Nine Months Ended September 30, 2020
	As Originally Reported		Restatement Impacts		As Restated
Net loss	$	(112,725)	$	(224,175)	$	(336,900)
Other comprehensive income (loss), net of tax:
Interest rate swaps	(2,052)		—		(2,052)
Defined benefit pension plans, net of tax	(57)		—		(57)
Foreign currency translation adjustment	1,795		—		1,795
Total other comprehensive loss, net of tax	(314)		—		(314)
Comprehensive loss	$	(113,039)	$	(224,175)	$	(337,214)

Interim Condensed Consolidated Statement of Changes in Equity (Unaudited)
		Share Capital			Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total Shareholders’  Equity
	Restatement Reference	Shares	Amount
Balance at December 31, 2019		306,874,115	$	2,144,372	$	(4,879)	$	(890,894)	$	1,248,599
Adjustment to opening Accumulated deficit related to adoption of ASC Topic 326		—	—		—		(9,319)		(9,319)
Exercise of public warrants (As Restated)		28,880,098	277,526		—		—		277,526
Exercise of stock options		3,715,455	1,182		—		—		1,182
Vesting of restricted stock units		169,842	—		—		—		—
Shares returned to the Company for net share settlements		(2,301,458)	(10,302)		—		—		(10,302)
Issuance of ordinary shares, net		27,600,000	539,714		—		—		539,714
Share-based award activity		—	16,384		—		—		16,384
Net loss (As Restated)	(c)	—	—		—		(129,633)		(129,633)
Other comprehensive income (loss)		—	—		(8,470)		—		(8,470)
Balance at March 31, 2020 (As Restated)	(c)	364,938,052	2,968,876		(13,349)		(1,029,846)		1,925,681
Exercise of stock options		3,723,332	—		—		—		—
Vesting of restricted stock units		2,528	—		—		—		—
Shares returned to the Company for net share settlements		(2,311,293)	(15,118)		—		—		(15,118)
Issuance of ordinary shares, net		20,982,500	304,030		—		—		304,030
Share-based award activity		—	4,322		—		—		4,322
Net loss (As Restated)	(c)	—	—		—		(25,281)		(25,281)
Other comprehensive income (loss)		—	—		(2,280)		—		(2,280)
Balance at June 30, 2020 (As Restated)	(c)	387,335,119	3,262,110		(15,629)		(1,055,127)		2,191,354
Exercise of stock options		4,068,307	125		—		—		125
Vesting of restricted stock units		2,459	—		—		—		—
Shares returned to the Company for net share settlements		(2,184,918)	(3,136)		—		—		(3,136)
Share-based award activity		—	5,520		—		—		5,520
Net loss (As Restated)	(c)	—	—		—		(181,986)		(181,986)
Other comprehensive income (loss)		—	—		10,436		—		10,436
Balance at September 30, 2020 (As Restated)	(c)	389,220,967	$	3,264,619	$	(5,193)	$	(1,237,113)	$	2,022,313

(c) The correction of these misstatements include the mark to market adjustment on financial instruments. The correction of these misstatements resulted in an adjustment of $(144,753) and $(224,175) for the three and nine months ended September 30, 2020, respectively, that was recorded through the Statement of Operations, increasing the Net (loss).

Interim Condensed Consolidated Statement of Cash Flows (Unaudited)

	Nine months ended September 30, 2020
	As Originally Reported		Restatement Impacts		As Restated
Cash Flows From Operating Activities
Net loss	$	(112,725)	$	(224,175)	$	(336,900)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	176,200		—		176,200
Bad debt expense	1,830		—		1,830
Gain on sale of line of business	(1,052)				(1,052)
Restructuring and impairment	4,880		—		4,880
Gain on foreign currency forward contracts	(2,903)		—		(2,903)
Deferred income tax benefit	(7,420)		—		(7,420)
Share-based compensation	26,344		—		26,344
Mark to market adjustment on contingent and phantom shares (1)	30,839		—		30,839
Mark to market adjustment on financial instruments (As Restated)	—		224,175		224,175
Deferred finance charges	3,140		—		3,140
Other operating activities	(3,902)		—		(3,902)
Changes in operating assets and liabilities:
Accounts receivable	129,398		—		129,398
Prepaid expenses	(13,335)		—		(13,335)
Other assets	62,818		—		62,818
Accounts payable	(8,394)		—		(8,394)
Accrued expenses and other current liabilities	(65,062)		—		(65,062)
Deferred revenues	(93,926)		—		(93,926)
Operating lease right of use assets	5,826		—		5,826
Operating lease liabilities	(6,611)		—		(6,611)
Other liabilities	2,077		—		2,077
Net cash provided by operating activities	128,022		—		128,022
Cash Flows From Investing Activities
Capital expenditures	(78,597)		—		(78,597)
Acquisitions, net of cash acquired	(885,323)		—		(885,323)
Acquisition of intangible assets	(5,982)		—		(5,982)
Proceeds from sale of product line, net of restricted cash	3,751		—		3,751
Net cash used in investing activities	(966,151)		—		(966,151)
Cash Flows From Financing Activities
Principal payments on term loan	(9,450)		—		(9,450)
Repayments of revolving credit facility	(65,000)		—		(65,000)
Payment of debt issuance costs	(5,267)		—		(5,267)
Contingent purchase price payment	(4,115)		—		(4,115)
Proceeds from issuance of debt	360,000		—		360,000
Proceeds from issuance of ordinary shares	843,752		—		843,752

Proceeds from warrant exercises	277,526		—		277,526
Proceeds from stock options exercised	1,307		—		1,307
Payments related to tax withholding for stock-based compensation	(28,674)		—		(28,674)
Net cash provided by (used in) financing activities	1,370,079		—		1,370,079
Effects of exchange rates	(6,447)		—		(6,447)
Net increase in cash and cash equivalents, and restricted cash	525,503		—		525,503
Beginning of period:
Cash and cash equivalents	76,130		—		76,130
Restricted cash	9		—		9
Total cash and cash equivalents, and restricted cash, beginning of period	76,139		—		76,139
Cash and cash equivalents, and restricted cash, end of period	601,642		—		601,642
End of period:
Cash and cash equivalents	601,075		—		601,075
Restricted cash	567		—		567
Total cash and cash equivalents, and restricted cash, end of period	$	601,642	$	—	$	601,642
Supplemental Cash Flow Information
Cash paid for interest	$	61,796	$	—	$	61,796
Cash paid for income tax	$	20,147	$	—	$	20,147
Capital expenditures included in accounts payable	$	922	$	—	$	922

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Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Newly Adopted Accounting Standards and Recently Issued Accounting Standards

Newly Adopted Accounting Standards

In June 2016, the Financial Accounting Standards Board ("FASB") issued new guidance, ASU 2016-13, related to measurement of credit losses on financial instruments which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This new guidance replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. The Company has determined that the impact of this new accounting guidance primarily affects our accounts receivable. The Company prospectively adopted the standard on January 1, 2020. The adoption of this standard had an impact of $10,097 on the beginning Accumulated deficit balance in the Condensed Consolidated Balance Sheets as of January 1, 2020. In April 2019 and November 2019, the FASB issued ASU 2019-05 and ASU 2019-11, respectively, effective for the same period as ASU 2016-03. These updates offered options to entities intended to bring transition relief and offered clarification on the previously issued standard, respectively. The Company's accounting for credit losses did not change as a result of these two updates.

In August 2018, the FASB issued guidance, ASU 2018-14, which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The guidance is effective for all entities for fiscal years beginning after December 15, 2020. The Company's January 1, 2021 adoption of this standard did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

In August 2018, the FASB issued guidance, ASU 2018-15, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this update. The Company prospectively adopted the standard on January 1, 2020. The adoption of this standard did not have a material impact on the Company’s Condensed Consolidated Financial Statements. All future capitalized implementation costs incurred related to these hosting arrangements will be recorded as a prepaid asset and as a charge to operating expenses over the expected life of the contract.

In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, which provides targeted improvements or clarification and correction to the ASU 2016-01 Financial Instruments Overall, ASU 2016-13 Financial Instruments Credit Losses, and ASU 2017-12 Derivatives and Hedging, accounting standards updates that were previously issued. The guidance is effective upon adoption of the related standards. The Company prospectively adopted the standard

on January 1, 2020. This standard did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

In November 2019, the FASB issued ASU 2019-10, Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), which provides improvements or clarification and correction to the ASU 2016-02 Leases, ASU 2016-13 Financial Instruments Credit Losses, and ASU 2017-12 Derivatives and Hedging, accounting standards updates. The guidance is effective upon adoption of the three ASUs, all of which the Company had already adopted. This standard did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

In December 2019, the FASB issued ASU 2019-12, which enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. The guidance is effective for all entities for fiscal years beginning after December 15, 2020. The Company's January 1, 2021 adoption of this standard did not have a material impact on the Company's Condensed Consolidated Financial Statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The guidance is effective for all entities from the period March 12, 2020 through December 31, 2022. Beginning with the quarter ended September 30, 2020, the Company adopted this standard and elected the optional expedients for its interest rate swap agreements and debt agreements with reference to LIBOR. Upon meeting the specified criteria in the guidance, the Company will continue to account for its interest rate swaps in accordance with hedge accounting and will not apply modification accounting to its debt agreements. In January 2021, the FASB issued ASU 2021-01, which made clarifications relating to the previously issued Reference Rate Reform guidance effective for the same period as ASU 2020-04. This clarification did not have an effect on how the Company accounts for its interest rate swaps and debt agreements.

Recently Issued Accounting Standards

In June 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity as a result of complexity associated with GAAP for certain financial instruments with characteristics of liabilities and equity. This guidance is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods. The Company will adopt ASU 2020-06 effective January 1, 2022, and it is expected that the adoption will not have a material impact to the Company's Condensed Consolidated Financial Statements.

In April 2021, the FASB issued ASU 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options, which provides guidance regarding the accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. This guidance is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company will adopt ASU 2021-04 effective January 1, 2022, and it is expected that the adoption will not have a material impact to the Company's Condensed Consolidated Financial Statements.

In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842) Lessors – Certain Leases with Variable Lease Payments, in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities as well as disclosing key information about leasing transactions. This guidance is effective for all entities for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years for public business entities. The Company will adopt ASU 2021-05 effective January 1, 2022, and is still evaluating the impact to the Company’s Condensed Consolidated Financial Statements.

There were no other new accounting standards or updates issued or effective as of September 30, 2021, that have, or are expected to have, a material impact on the Company's Condensed Consolidated Financial Statements.

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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Property and Equipment

Property and equipment, net consisted of the following:

	September 30,		December 31,
	2021		2020
Computer hardware	$	43,438	$	38,253
Leasehold improvements	12,013		21,614
Furniture, fixtures and equipment	16,240		13,201
Total property and equipment, gross	71,691		73,068
Accumulated depreciation	(43,743)		(36,801)
Total property and equipment, net	$	27,948	$	36,267

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Business Combinations (Tables)

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Revenue, Net Loss and Unaudited Pro Forma Information

The amount of Revenues, net and Net loss resulting from the acquisition that are attributable to the Company's stockholders and included in the Condensed Consolidated Statements of Operations and Comprehensive Loss were as follows:

	Three Months Ended September 30, 2021
Revenues, net (1)	$	155,869
Net income attributable to the Company's stockholders	$	18,357
(1) Includes $50 of a deferred revenue haircut recognized during the three months ended September 30, 2021.
	Nine Months Ended September 30, 2021
Revenues, net (1)	$	465,073
Net income attributable to the Company's stockholders	$	5,372
(1) Includes $4,399 of a deferred revenue adjustment recognized during the nine months ended September 30, 2021.

Schedule of fair value of identifiable assets acquired and liabilities assumed for all acquisitions

The following table summarizes the final purchase price allocation for this acquisition:

	Total
Accounts receivable	$	52,193
Prepaid expenses	4,295
Other current assets	68,001
Property and equipment, net	4,136
Other intangible assets(1)	491,366
Other non-current assets	2,960
Operating lease right-of-use assets	25,099
Total assets	$	648,050
Accounts payable	3,474
Accrued expenses and other current liabilities	88,561
Current portion of deferred revenue	35,126
Current portion of operating lease liabilities	5,188
Deferred income taxes	47,467
Non-current portion of deferred revenue	936
Operating lease liabilities	20,341
Total liabilities	201,093
Fair value of acquired identifiable assets and liabilities	$	446,957
Purchase price, net of cash(2)	944,220
Less: Fair value of acquired identifiable assets and liabilities	446,957
Goodwill	$	497,263
(1) Includes $3,966 of internally developed software in progress acquired.
(2) The Company acquired cash of $20,777.

The following table summarizes the final purchase price allocation for this acquisition:

	Total
Accounts receivable	$	380,259
Prepaid expenses	27,437
Other current assets	215,734
Property and equipment, net	13,290
Other intangible assets	4,920,317
Deferred income taxes	21,027
Other non-current assets	25,736
Operating lease right-of-use assets	30,649
Total assets	$	5,634,449
Accounts payable	53,791
Accrued expenses and other current liabilities	458,551
Current portion of deferred revenue	181,365
Current portion of operating lease liabilities	7,738
Non-current portion of deferred revenue	16,771
Deferred income taxes	288,541
Other non-current liabilities	43,785
Operating lease liabilities	23,615
Total liabilities	1,074,157
Fair value of acquired identifiable assets and liabilities	$	4,560,292
Purchase price, net of cash(1)	$	8,740,324
Less: Fair value of acquired identifiable assets and liabilities	4,560,292
Goodwill	$	4,180,032
(1) The Company acquired cash of $99,275.

The purchase price allocation for the IncoPat acquisition as of the close date of October 26, 2020 is preliminary and may change upon completion of the determination of the fair value of assets acquired and liabilities assumed. The following table summarizes the preliminary purchase price allocation for the acquisition:

	Total
Accounts receivable	$	1,107
Prepaid expenses	168
Other current assets	100
Property and equipment, net	354
Other intangible assets	21,957
Other non-current assets	283
Total assets	$	23,969
Accounts payable	73
Accrued expenses and other current liabilities	843
Current portion of deferred revenue	6,445
Deferred income taxes	4,802
Other non-current liabilities	283
Total liabilities	$	12,446
Fair value of acquired identifiable assets and liabilities	$	11,523
Purchase price, net of cash(1)	52,133
Less: Fair value of acquired identifiable assets and liabilities	11,523
Goodwill	$	40,610
(1) The Company acquired cash of $844.

The following table summarizes the preliminary purchase price allocation for this acquisition:

	Total
Accounts receivable	$	44
Prepaid expenses	7
Other current assets	844
Property and equipment, net	75
Other intangible assets	8,805
Other non-current assets	94
Total assets	$	9,869
Accounts payable	27
Accrued expenses and other current liabilities	1,512
Deferred income taxes	1,937
Total liabilities	3,476
Fair value of acquired identifiable assets and liabilities	$	6,393
Purchase price, net of cash(1)	9,254
Less: Fair value of acquired identifiable assets and liabilities	6,393
Goodwill	$	2,861
(1) The Company acquired cash of $2,191.

The following table summarizes the preliminary purchase price allocation for this acquisition:

	Total
Accounts receivable	$	366
Prepaid expenses	3
Other current assets	102
Property and equipment, net	21
Other intangible assets	6,280
Other non-current assets	6
Deferred income taxes	184
Total assets	$	6,962
Accounts payable	12
Accrued expenses and other current liabilities	82
Current portion of deferred revenues	1,247
Total liabilities	1,341
Fair value of acquired identifiable assets and liabilities	$	5,621
Purchase price, net of cash(1)	$	16,918
Less: Fair value of acquired identifiable assets and liabilities	5,621
Goodwill	$	11,297
(1) The Company acquired cash of $2,069.

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The identifiable intangible assets acquired are amortized on a straight-line basis over their estimated useful lives. The following table summarizes the estimated fair value of DRG’s identifiable intangible assets acquired and their remaining amortization period (in years):

	Fair Value as of February 28, 2020		Remaining Range of Years
Customer relationships	$	381,000	10-21
Database and content	50,200		2-7
Trade names	5,200		4-7
Purchased software	23,000		3-8
Backlog	28,000		4
Total identifiable intangible assets	$	487,400

The following table summarizes the estimated fair value of CPA Global’s identifiable intangible assets acquired and their remaining amortization period (in years):

	Fair Value as of October 1, 2020		Remaining Range of Years
Customer relationships	$	4,643,306	17-23
Technology	266,224		6-14
Trademarks	10,787		2-17
Total identifiable intangible assets	$	4,920,317

The following table summarizes the estimated fair value of Beijing IncoPat’s identifiable intangible assets acquired and their remaining weighted-average amortization period (in years):

	Fair Value as of October 26, 2020		Remaining Amortization Period (in years)
Customer relationships	$	19,989	11
Existing technology	1,892		6
Trade names	76		2
Total identifiable intangible assets	$	21,957

The following table summarizes the estimated fair value of Hanlim’s identifiable intangible assets acquired and their remaining amortization period (in years):

	Fair Value as of November 23, 2020		Remaining Range of Years
Customer relationships	$	7,832	11-13
Trade name	15		2
Non-compete agreements	958		5
Total identifiable intangible assets	$	8,805

The following table summarizes the estimated fair value of Bioinfogate's identifiable intangible assets acquired and their remaining amortization period (in years):

	Fair Value as of August 3, 2021		Remaining Range of Years
Customer relationships	$	5,224	10
Technology	1,020		6
Trade name	36		2
Total identifiable intangible assets	$	6,280

Schedule of business acquisitions, by acquisition

Issuance of 218,183,778 shares	$	6,761,515
Cash paid for repayment of CPA Global's parent company debt and related interest rate swap termination charge	2,078,084
Total purchase price	8,839,599
Cash acquired	(99,275)
Total purchase price, net of cash acquired	$	8,740,324

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Accounts Receivable (Tables) - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Sep. 30, 2020

Dec. 31, 2019

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

Our accounts receivable balance consists of the following as of September 30, 2021 and December 31, 2020:

	September 30,		December 31,
	2021		2020
Accounts receivable	$	619,397	$	746,478
Less: Accounts receivable allowance	(8,642)		(8,745)
Accounts receivable, net	$	610,755	$	737,733

Accounts Receivable, before Allowance for Credit Loss, Current

$ 619,397

$ 746,478

Accounts receivable, net of allowance of $8,642 and $8,745 at September 30, 2021 and December 31, 2020, respectively

$ 610,755

$ 737,733

$ 238,638

$ 333,858

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Computer Hardware and Other Property, Net (Tables)

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of computer hardware and other property, net

Property and equipment, net consisted of the following:

	September 30,		December 31,
	2021		2020
Computer hardware	$	43,438	$	38,253
Leasehold improvements	12,013		21,614
Furniture, fixtures and equipment	16,240		13,201
Total property and equipment, gross	71,691		73,068
Accumulated depreciation	(43,743)		(36,801)
Total property and equipment, net	$	27,948	$	36,267

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Other Intangible Assets, net and Goodwill (Tables)

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of identifiable intangible assets

The following tables summarize the gross carrying amounts and accumulated amortization of the Company’s identifiable intangible assets by major class:

	September 30, 2021						December 31, 2020
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Finite-lived intangible assets
Customer relationships	$	5,501,710	$	(443,814)	$	5,057,896	$	5,598,175	$	(261,350)	$	5,336,825
Databases and content	1,853,364		(555,447)		1,297,917		1,848,041		(464,683)		1,383,358
Computer software	714,904		(298,333)		416,571		658,976		(209,611)		449,365
Trade names	14,742		(5,190)		9,552		18,606		(2,360)		16,246
Backlog	29,100		(9,894)		19,206		29,216		(5,905)		23,311
Finite-lived intangible assets	8,113,820		(1,312,678)		6,801,142		8,153,014		(943,909)		7,209,105
Indefinite-lived intangible assets
Trade names	162,939		—		162,939		161,245		—		161,245
Total intangible assets	$	8,276,759	$	(1,312,678)	$	6,964,081	$	8,314,259	$	(943,909)	$	7,370,350

Schedule of weighted-average amortization period for finite-lived intangible assets

Schedule of estimated amortization for five succeeding years

Schedule of change in the carrying amount of goodwill

The change in the carrying amount of goodwill is shown below:

	Science Segment		Intellectual Property Segment		Consolidated Total
Balance as of December 31, 2019	$	909,937	$	418,108	$	1,328,045
Acquisition	497,263		4,202,875		4,700,138
Divestiture	—		(9,129)		(9,129)
Impact of foreign currency fluctuations and other	607		232,975		233,582
Balance as of December 31, 2020	$	1,407,807	$	4,844,829	$	6,252,636
Acquisition(1)	11,297		20,629		31,926
Impact of foreign currency fluctuations and other	(702)		(85,159)		(85,861)
Balance as of September 30, 2021	$	1,418,402	$	4,780,299	$	6,198,701

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Derivative Instruments Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in AOCI (net of tax) related to cash flow hedges for the three and nine months ended September 30, 2021:

AOCI Balance at December 31, 2020	$	(3,756)
Derivative gains recognized in Other comprehensive loss	192
Amount reclassified out of Other comprehensive loss to Net loss	1,148
AOCI Balance at March 31, 2021	$	(2,416)
Derivative losses recognized in Other comprehensive loss	(403)
Amount reclassified out of Other comprehensive loss to Net loss	614
AOCI Balance at June 30, 2021	$	(2,205)
Derivative losses recognized in Other comprehensive loss	(299)
Amount reclassified out of Other comprehensive loss to Net loss	632
AOCI Balance at September 30, 2021	$	(1,872)

The following table summarizes the changes in AOCI (net of tax) related to cash flow hedges for the three and nine months ended September 30, 2020:

AOCI Balance at December 31, 2019	$	(2,778)
Derivative losses recognized in Other comprehensive loss	(3,160)
Amount reclassified out of Other comprehensive loss to Net loss	270
AOCI Balance at March 31, 2020	$	(5,668)
Derivative losses recognized in Other comprehensive loss	(1,109)
Amount reclassified out of Other comprehensive loss to Net loss	855
AOCI Balance at June 30, 2020	$	(5,922)
Derivative losses recognized in Other comprehensive loss	(66)
Amount reclassified out of Other comprehensive loss to Net loss	1,158
AOCI Balance at September 30, 2020	$	(4,830)

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of changes in the earn-out, Level 3

The following table presents the changes in the Level 3 earn-out for the three and nine months ended September 30, 2020:

Balance at December 31, 2019	$	11,100
Payment of earn-out liability (1)	(8,000)
Revaluations included in earnings	380
Balance at March 31, 2020	$	3,480
Payment of earn-out liability	—
Revaluations included in earnings	130
Balance at June 30, 2020	$	3,610
Payment of earn-out liability	—
Revaluations included in earnings	91
Balance at September 30, 2020	$	3,701
(1) See Note 22 - Commitments and Contingencies for further details.

As of September 30, 2021, no earn-outs are outstanding.

The following table summarizes the changes in Private Placement Warrant liability for the three and nine months ended September 30, 2021 and 2020:

Balance at December 31, 2020	$	312,751
Mark to market adjustment on financial instruments	(51,215)
Exercise of Private Placement Warrants	(3,592)
Balance at March 31, 2021	$	257,944
Mark to market adjustment on financial instruments	21,021
Exercise of Private Warrants	—
Balance at June 30, 2021	$	278,965
Mark to market adjustment on financial instruments	(83,013)
Exercise of Private Warrants	—
Balance at September 30, 2021	$	195,952
Balance at December 31, 2019	$	111,813
Mark to market adjustment on financial instruments	55,632
Exercise of Private Placement Warrants	—
Balance at March 31, 2020	$	167,445
Mark to market adjustment on financial instruments	23,790
Exercise of Private Warrants	—
Balance at June 30, 2020	$	191,235
Mark to market adjustment on financial instruments	144,753
Exercise of Private Warrants	—
Balance at September 30, 2020	$	335,988

Summary of the Company's assets and liabilities that were recognized at fair value on a recurring basis

The following table provides a summary of the Company’s assets and liabilities that were recognized at fair value on a recurring basis as at September 30, 2021 and December 31, 2020:

	September 30, 2021
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Forward contracts asset	$	—	$	15	$	—	$	15
Employee phantom share receivable asset	—		148,334		—		148,334
	—		148,349		—		148,349
Liabilities
Warrant liability	—		—		195,952		195,952
Employee phantom share liability - current	—		147,744		—		147,744
Employee phantom share liability - non-current	—		14,234		—		14,234
Forward contracts liability	—		4,626		—		4,626
Interest rate swap liability	—		2,651		—		2,651
Total	$	—	$	169,255	$	195,952	$	365,207

	December 31, 2020
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Forward contracts asset	$	—	$	8,574	$	—	$	8,574
Employee phantom share receivable asset	—		188,770		—		188,770
	—		197,344		—		197,344
Liabilities
Warrant liability	—		—		312,751		312,751
Employee phantom share liability - current	—		193,162		—		193,162
Employee phantom share liability - non-current	—		18,670		—		18,670
Forward contracts liability	—		106		—		106
Interest rate swap liability	—		5,159		—		5,159
Contingent stock liability	—		130,594		—		130,594
Total	$	—	$	347,691	$	312,751	$	660,442

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Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Accrued expenses and other current liabilities, consisted of the following as of September 30, 2021 and December 31, 2020:

	September 30,		December 31,
	2021		2020
Employee phantom share plan liability (1)	$	147,744	$	193,162
Contingent stock liability (2)	—		130,594
Employee related accruals (3)	81,177		98,481
Accrued professional fees (4)	50,403		67,628
Accrued legal liability (5)	79,346		—
Tax related accruals (6)	37,052		45,119
Other accrued expenses and other current liabilities (7)	196,999		181,372
Total accrued expenses and other current liabilities	$	592,721	$	716,356

(1)See Note 11 - Fair Value Measurements for further information with respect to the employee phantom share plan liabilities.

(2)Represents contingent stock consideration associated with the CPA Global and DRG acquisitions. See Note 4 - Business Combinations and Note 22 - Commitments and Contingencies for further information.

(3)Employee related accruals include accrued payroll, bonus and employee commissions.

(4)Professional and outside service-related fees include accrued legal fees, audit fees, outside services, technology, and contractor fees.

(5)Comprised of accrued estimated legal costs of $10,346 and probable claim reserves of $69,000. See Note 22 - Commitments and Contingencies for further information with respect to the probable claim reserves.

(6)Tax related accruals include value-added tax payable and other current taxes payable.

(7)Includes current liabilities due to customers, royalty accruals, interest payable, and a collection of miscellaneous other current liabilities.

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Pension and Other Post-Retirement Benefits (Tables)

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

Schedule of changes in projected benefit obligations, the plan assets, and the funded

Summary of the amounts recognized in the consolidated balance sheets

Schedule of accumulated benefit obligation in excess of plan assets and projected benefit obligations in excess of plan assets

Schedule of net periodic benefit cost changes in plan assets and benefit obligations recognized in other comprehensive loss

The components of net periodic benefit cost changes in plan assets and benefit obligations recognized as follows:

	Three Months Ended September 30,
	2021		2020
Service cost	$	368	$	226
Interest cost	82		79
Expected return on plan assets	(52)		(40)
Amortization of actuarial gains	(4)		(19)
Net periodic benefit cost	$	394	$	246
	Nine Months Ended September 30,
	2021		2020
Service cost	$	1,104	$	661
Interest cost	246		235
Expected return on plan assets	(156)		(118)
Amortization of actuarial gains	(12)		(57)
Net periodic benefit cost	$	1,182	$	721

Summary of weighted-average assumptions used to determine the benefit obligations

Schedule of fair value of our plan assets and the respective level in the far value hierarchy by asset category

Schedule of estimated pension benefit payments

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Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Summary of debt

The following is a summary of the Company’s debt:

		September 30, 2021				December 31, 2020
Type	Maturity	Effective Interest Rate		Carrying Value		Effective Interest Rate		Carrying Value
Senior Notes (2029)	2029	4.875	%	$	921,399	—	%	$	—
Senior Secured Notes (2028)	2028	3.875	%	921,177		—	%	—
Senior Secured Notes (2026)	2026	4.500	%	700,000		4.500	%	700,000
Term Loan Facility (2026)	2026	3.598	%	2,825,950		3.626	%	2,847,400
Revolving Credit Facility	2024	—	%	—		—	%	—
Total debt outstanding				5,368,526				3,547,400
Debt issuance costs				(50,528)				(51,309)
Term Loan Facility, discount				(8,793)				(9,591)
Short-term debt, including current portion of long-term debt				(1,865,627)				(28,600)
Long-term debt, net of current portion and debt issuance costs				$	3,443,578			$	3,457,900

Schedule of Senior Unsecured Notes redemption price as a percentage of principal

Schedule of maturities of outstanding borrowings

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Revenue (Tables)

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Schedule of disaggregated revenues

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

	Three Months Ended September 30,
	2021		2020
Subscription revenues	$	246,467	$	222,069
Transactional revenues	85,354		64,398
Re-occurring revenues	110,368		—
Total revenues, gross	442,189		286,467
Deferred revenues adjustment (1)	(72)		(2,107)
Total revenues, net	$	442,117	$	284,360
(1) Reflects the deferred revenue adjustment as a result of purchase accounting.
	Nine Months Ended September 30,
	2021		2020
Subscription revenues	$	725,121	$	631,873
Transactional revenues	259,300		174,000
Re-occurring revenues	336,236		—
Total revenues, gross	1,320,657		805,873
Deferred revenues adjustment (1)	(4,465)		(7,421)
Total revenues, net	$	1,316,192	$	798,452
(1) Reflects the deferred revenue adjustment as a result of purchase accounting.

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

	Three Months Ended September 30,
	2021		2020
Science Segment	$	200,821	$	188,701
Intellectual Property Segment	241,296		95,659
Total Revenues	$	442,117	$	284,360
	Nine Months Ended September 30,
	2021		2020
Science Segment	$	594,380	$	514,774
Intellectual Property Segment	721,812		283,678
Total Revenues	$	1,316,192	$	798,452

Schedule of contract balances

	Accounts receivable, net		Current portion of deferred revenues		Non-current portion of deferred revenues
Opening (1/1/2021)	$	737,733	$	707,318	$	41,399
Closing (09/30/2021)	610,755		579,935		44,934
(Increase)/decrease	$	126,978	$	127,383	$	(3,535)
Opening (1/1/2020)	$	333,858	$	407,325	$	19,723
Closing (09/30/2020)	238,638		326,098		24,080
(Increase)/decrease	$	95,220	$	81,227	$	(4,357)

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Employment and Compensation Arrangements (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Summary of stock option activity

The Company’s stock option activity is summarized below:

	Number of Options	Weighted Average Exercise Price per Share		Weighted-Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Balance at December 31, 2020	7,860,618	$	12.95	6.2	$	131,956
Granted	—	—		0	—
Expired	—	—		0	—
Forfeited	—	—		0	—
Exercised	(2,745,966)	12.12		0	(39,737)
Outstanding as of September 30, 2021	5,114,652	$	13.40	5.6	$	45,015
Vested and exercisable at September 30, 2021	5,114,652	$	13.40	5.6	$	45,015

Summary of assumption used to value options granted during the period presented and their expected lives

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

	Number of Shares	Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2020	1,810,546	$	19.30
Granted	2,856,222	24.11
Vested	(571,617)	$	21.03
Forfeited	(438,225)	23.45
Outstanding as of September 30, 2021	3,656,926	$	23.68

Schedule of Nonvested Performance-based Units Activity

	Number of Shares (1)	Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2020	873,325	$	25.84
Granted	565,896	23.70
Vested	(5,633)	32.50
Forfeited	(128,642)	24.43
Outstanding as of September 30, 2021	1,304,946	$	25.02

(1) The PSUs number of shares are at grant amount and are not reflective of the maximum shares that may ultimately be issued, if any.

Schedule Of Private Placement Warrant Activity

The following table summarizes the changes in Private Placement Warrant shares outstanding as of September 30, 2021 and September 30, 2020.

	Number of Shares	Weighted Average Fair Value per Share
Outstanding at December 31, 2019	18,300,000	$	6.11
Exercise of Private Placement Warrants	—	—
Outstanding at September 30, 2020	18,300,000	$	18.36
Outstanding at December 31, 2020	18,026,000	$	17.35
Exercise of Private Placement Warrants	(212,174)	16.93
Outstanding at September 30, 2021	17,813,826	$	11.00

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Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of basic and diluted EPS computations for our common stock

The basic and diluted EPS computations for our ordinary shares are calculated as follows (in thousands, except share and per share amounts):

	Three Months Ended September 30,
	2021		2020 (As Restated)
Basic/Diluted EPS
Net income (loss) available to ordinary stockholders	$	23,312	$	(181,986)
Dividends on preferred shares	(22,431)		—
Net income (loss) attributable to ordinary shares	$	881	$	(181,986)
Basic weighted-average number of ordinary shares outstanding	640,834,827		387,845,438
Basic EPS	$	—	$	(0.47)
Effects of Dilutive Securities
Options	5,098,686		—
Diluted weighted-average number of ordinary shares outstanding	645,933,513		387,845,438
Diluted EPS	$	—	$	(0.47)
	Nine Months Ended September 30,
	2021		2020 (As Restated)
Basic/Diluted EPS
Net loss	$	(82,852)	$	(336,900)
Dividends on preferred shares	(22,431)		—
Net loss attributable to ordinary shares	$	(105,283)	$	(336,900)
Basic weighted-average number of ordinary shares outstanding	622,460,931		369,019,802
Basic EPS	$	(0.17)	$	(0.91)
Diluted weighted-average number of ordinary shares outstanding	622,460,931		369,019,802
Diluted EPS	$	(0.17)	$	(0.91)

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Other Operating Income, Net (Tables)

9 Months Ended

Sep. 30, 2021

Other Income and Expenses [Abstract]

Schedule of other operating income, net

Other Operating Income (Expense), Net

Other operating income (expense), net, consisted of the following for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended September 30,
	2021		2020
Net foreign exchange gain (loss)	$	427	$	(3,550)
Miscellaneous (expense) income, net	(4,838)		3,412
Other operating (expense), net	$	(4,411)	$	(138)
	Nine Months Ended September 30,
	2021		2020
Net foreign exchange (loss) gain	$	(15,387)	$	10,373
Miscellaneous (expense) income, net	(4,354)		4,302
Other operating (expense) income, net	$	(19,741)	$	14,675

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Product and Geographic Sales Information (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Schedule of Revenue by reportable segment

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

	Three Months Ended September 30,
	2021		2020
Subscription revenues	$	246,467	$	222,069
Transactional revenues	85,354		64,398
Re-occurring revenues	110,368		—
Total revenues, gross	442,189		286,467
Deferred revenues adjustment (1)	(72)		(2,107)
Total revenues, net	$	442,117	$	284,360
(1) Reflects the deferred revenue adjustment as a result of purchase accounting.
	Nine Months Ended September 30,
	2021		2020
Subscription revenues	$	725,121	$	631,873
Transactional revenues	259,300		174,000
Re-occurring revenues	336,236		—
Total revenues, gross	1,320,657		805,873
Deferred revenues adjustment (1)	(4,465)		(7,421)
Total revenues, net	$	1,316,192	$	798,452
(1) Reflects the deferred revenue adjustment as a result of purchase accounting.

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

	Three Months Ended September 30,
	2021		2020
Science Segment	$	200,821	$	188,701
Intellectual Property Segment	241,296		95,659
Total Revenues	$	442,117	$	284,360
	Nine Months Ended September 30,
	2021		2020
Science Segment	$	594,380	$	514,774
Intellectual Property Segment	721,812		283,678
Total Revenues	$	1,316,192	$	798,452

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:

	Three Months Ended September 30,
	2021		2020 (As Restated)
Science Segment Adjusted EBITDA	$	113,771	$	83,310
Intellectual Property Segment Adjusted EBITDA	76,225		24,897
Total Adjusted EBITDA	$	189,996	$	108,207
(Provision) benefit for income taxes	(3,579)		(4,325)
Depreciation and amortization	(130,683)		(68,614)
Interest, net	(65,194)		(20,244)
Deferred revenues adjustment	(72)		(2,107)
Transaction related costs	(11,851)		(34,938)
Share-based compensation expense	(11,997)		(6,796)
Restructuring and impairment	(15,621)		(3,192)
Mark to market adjustment on financial instruments	83,013		(144,753)
Other	(10,700)		(5,224)
Net income (loss)	$	23,312	$	(181,986)
Dividends on preferred shares	(22,431)		—
Net income (loss) attributable to ordinary shares	$	881	$	(181,986)
	Nine Months Ended September 30,
	2021		2020 (As Restated)
Science Segment Adjusted EBITDA	$	305,119	$	226,551
Intellectual Property Segment Adjusted EBITDA	238,696		59,997
Total Adjusted EBITDA	$	543,815	$	286,548
Provision for income taxes	(18,016)		(13,693)
Depreciation and amortization	(392,513)		(176,200)
Interest, net	(141,156)		(72,306)
Deferred revenues adjustment	(4,465)		(7,421)
Transaction related costs	1,599		(70,154)
Share-based compensation expense	(38,518)		(31,121)
Restructuring and impairment	(121,988)		(26,792)
Mark to market adjustment on financial instruments	113,207		(224,175)
Other	(24,817)		(1,586)
Net loss	$	(82,852)	$	(336,900)
Dividends on preferred shares	(22,431)		—
Net loss attributable to ordinary shares	$	(105,283)	$	(336,900)

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Restructuring (Tables) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2020

Dec. 31, 2019

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

The table below summarizes the activity related to the restructuring reserves across each of Clarivate's cost-saving's programs.

DRG Acquisition Integration Program

During the second quarter of 2020, the Company approved restructuring actions designed to eliminate duplicative costs following the acquisition of DRG in planned phases. Restructuring charges included actions to reduce operational costs. Components of the pre-tax charges include $(43) and $1,210 in severance costs and $0 and $149 in other costs incurred during the three months ended September 30, 2021 and 2020, respectively. Costs incurred during the nine months ended September 30, 2021 and 2020 include $384 and $4,522 in severance costs and $75 and $161 in other costs. The Science and IP segments incurred $(15) and $(28) of the expense, respectively, during the three months ended September 30, 2021 and $162 and $298 during the nine months ended September 30, 2021, respectively. The table below summarizes the activity related to the restructuring reserves across each of Clarivate's cost-saving's programs.

CPA Global Acquisition Integration and Optimization Program

During the fourth quarter of 2020, the Company approved restructuring actions designed to eliminate duplicative costs following the acquisition of CPA Global and to streamline our operations simplifying our organization and reducing our leasing portfolio. Restructuring charges included actions to reduce operational costs. Components of the pre-tax charges include $50 and $0 in severance costs and $2,634 and $0 in other costs incurred during the three months ended September 30, 2021 and 2020, respectively. Costs incurred during the nine months ended September 30, 2021 and 2020 include $32,596 and $0 in severance costs and $72,170 and $0 in other costs. The Science and IP segments incurred $1,105 and $1,580 of the expense, respectively, during the three months ended September 30, 2021 and $37,280 and $67,486 during the nine months ended September 30, 2021. The table below summarizes the activity related to the restructuring reserves across each of Clarivate's cost-saving's programs.

One Clarivate Program

During the second quarter 2021, the Company approved restructuring actions to streamline operations within targeted areas of the Company. The program will result in a reduction in operational costs, with the primary cost savings driver being from a reduction in workforce. Components of the pre-tax charges include $10,071 and $0 in severance costs and $1,731 and $0 in other costs incurred during the three months ended September 30, 2021 and 2020, respectively. Costs incurred during the nine months ended September 30, 2021 and 2020 include $12,115 and $0 in severance costs and $1,731 and $0 in other costs. The Science and IP segments incurred $4,271 and $7,532 of the expense, respectively, during the three months ended September 30, 2021 and $4,978 and $8,869 during the nine months ended September 30, 2021. The table below summarizes the activity related to the restructuring reserves across each of Clarivate's cost-saving's programs.

Restructuring Programs	Severance and Related Benefit Costs		Costs Associated with Exit and Disposal Costs (1)		Total
Reserve Balance as of December 31, 2019	$	9,506	$	—	$	9,506
Expenses recorded	6,574		1,180		7,754
Payments made	(6,647)		—		(6,647)
Reserve Balance as of March 31, 2020	9,433		1,180		10,613
Expenses recorded	8,177		7,669		15,846
Payments made	(5,549)		(199)		(5,748)
Asset Impairment Charge	—		(4,908)		(4,908)
Reserve Balance as of June 30, 2020	$	12,061	$	3,742	$	15,803
Expenses recorded	1,682		1,510		3,192
Payments made	(3,952)		(2,592)		(6,544)
Asset Impairment Charge	—		—		—
Reserve Balance as of September 30, 2020	$	9,791	$	2,660	$	12,451
Reserve Balance as of December 31, 2020	$	17,169	$	4,475	$	21,644
Expenses recorded	19,008		45,659		64,667
Payments made	(15,926)		(1,111)		(17,037)
Asset Impairment Charge	(1,409)		(40,806)		(42,215)
Reserve Balance as of March 31, 2021	$	18,842	$	8,217	$	27,059
Expenses recorded	17,233		24,467		41,700
Payments made	(10,686)		(2,196)		(12,882)
Asset Impairment Charge	—		(20,584)		(20,584)
Reserve Balance as of June 30, 2021	$	25,389	$	9,904	$	35,293
Expenses recorded	11,247		4,373		15,621
Payments made(2)	(13,749)		(1,973)		(15,722)
Asset Impairment Charge	—		(812)		(812)
Reserve Balance as of September 30, 2021	$	22,887	$	11,493	$	34,380
(1) Relates primary to lease exit costs and legal and advisory fees.
(2) Severance and related benefit cost payments includes $(3,394) of non-cash adjustments, primarily related to the acceleration of stock based compensation awards.

The following table is a summary of charges incurred related to the Company's restructuring programs for the three and nine months ended September 30, 2021 and 2020.

	Three Months Ended September 30,
	2021		2020
Severance and related benefit costs	$	11,247	$	1,682
Costs associated with exit and disposal activities (1)	3,369		655
Costs associated with lease exit costs including impairment (2)	1,005		855
Total restructuring and impairment	$	15,621	$	3,192
	Nine Months Ended September 30,
	2021		2020
Severance and related benefit costs	$	47,488	$	16,433
Costs associated with exit and disposal activities (1)	5,602		4,596
Costs associated with lease exit costs including impairment (2)	68,898		5,763
Total restructuring and impairment	$	121,988	$	26,792
(1) Relates primarily to contract exit costs, legal and advisory fees.
(2) Relates primary to lease exit costs.

Restructuring and impairment

$ 15,621

$ 41,700

$ 64,667

$ 3,192

$ 15,846

$ 7,754

$ 121,988

$ 26,792

Payments made

(15,722)

(12,882)

(17,037)

(6,544)

(5,748)

(6,647)

Restructuring Reserve

34,380

35,293

27,059

12,451

15,803

$ 10,613

$ 34,380

$ 12,451

$ 21,644

$ 9,506

Noncash items and other adjustments

$ (812)

$ (20,584)

$ (42,215)

$ 0

$ (4,908)

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Restatement of Previously Issued Condensed Financial Statements (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

Interim Condensed Consolidated Statements of Operations (Unaudited)
	Three months ended September 30, 2020
	As Originally Reported		Reclassification (a)		Restatement Impacts		Restatement Reference	As Reclassified and Restated
Revenues, net	$	284,360	$	—	$	—		$	284,360
Operating expenses:
Cost of revenues	(91,805)		(1,749)		—			(93,554)
Selling, general and administrative costs	(91,319)		(40,207)		—			(131,526)
Share-based compensation expense	(6,796)		6,796		—			—
Depreciation	(2,918)		—		—			(2,918)
Amortization	(65,696)		—		—			(65,696)
Transaction expenses	(34,938)		34,938		—			—
Transition, integration and other related expenses	(222)		222		—			—
Restructuring and impairment	(3,192)		—		—			(3,192)
Other operating income, net	(138)		—		—			(138)
Total operating expenses	(297,024)		—		—			(297,024)
Loss from operations	(12,664)		—		—			(12,664)
Mark to market on financial instruments	—		—		(144,753)		(b)	(144,753)
Loss before interest expense and income tax	(12,664)		—		(144,753)			(157,417)
Interest expense and amortization of debt discount, net	(20,244)		—		—			(20,244)
Loss before income tax	(32,908)		—		(144,753)		(b)	(177,661)
Provision for income taxes	(4,325)		—		—			(4,325)
Net loss	$	(37,233)	$	—	$	(144,753)	(b)	$	(181,986)
Per share:
Basic and diluted	$	(0.10)			$	(0.37)		$	(0.47)
Weighted average shares used to compute earnings per share:
Basic and diluted	387,845,438				387,845,438			387,845,438

(a) Reclassifications - The reclassifications are needed to conform to the current financial statement line items on the Condensed Consolidated Statements of Operations.

(b) Mark to market adjustment on financial instruments - The correction of these misstatements resulted in an adjustment of $(144,753) that was recorded through the Statement of Operations, increasing the Net loss for the three months ended September 30, 2020.

Interim Condensed Consolidated Statements of Operations (Unaudited)
	Nine Months Ended September 30, 2020
	As Originally Reported		Reclassification (a)		Restatement Impacts		Restatement Reference	As Reclassified and Restated
Revenues, net	$	798,452	$	—	$	—		$	798,452
Operating expenses:
Cost of revenues	(265,063)		(3,551)		—			(268,614)
Selling, general and administrative costs	(266,749)		(101,498)		—			(368,247)
Share-based compensation expense	(31,121)		31,121		—			—
Depreciation	(8,151)		—		—			(8,151)
Amortization	(168,049)		—		—			(168,049)
Transaction expenses	(70,154)		70,154		—			—
Transition, integration and other related expenses	(3,774)		3,774		—			—
Restructuring and impairment	(26,792)		—		—			(26,792)
Other operating income, net	14,675		—		—			14,675
Total operating expenses	(825,178)		—		—			(825,178)
Loss from operations	(26,726)		—		—			(26,726)
Mark to market on financial instruments	—		—		(224,175)		(b)	(224,175)
Loss before interest expense and income tax	(26,726)		—		(224,175)			(250,901)
Interest expense and amortization of debt discount, net	(72,306)		—		—			(72,306)
Loss before income tax	(99,032)		—		(224,175)		(b)	(323,207)
Provision for income taxes	(13,693)		—		—			(13,693)
Net loss	$	(112,725)	$	—	$	(224,175)	(b)	$	(336,900)
Per share:
Basic and diluted	$	(0.31)			$	(0.61)		$	(0.91)
Weighted average shares used to compute earnings per share:
Basic and diluted	369,019,802				369,019,802			369,019,802

(a) Reclassifications - The reclassifications are needed to conform to the current financial statement line items on the Condensed Consolidated Statements of Operations.

(b) Mark to market adjustment on financial instruments - The correction of these misstatements resulted in an adjustment of $(224,175) that was recorded through the Statement of Operations, increasing the Net loss for the nine months ended September 30, 2020.

Interim Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

	Three months ended September 30, 2020
	As Originally Reported		Restatement Impacts		As Restated
Net loss	$	(37,233)	(144,753)		$	(181,986)
Other comprehensive income (loss), net of tax:
Interest rate swaps	1,092		—		1,092
Defined benefit pension plans, net of tax	(15)		—		(15)
Foreign currency translation adjustment	9,359		—		9,359
Total other comprehensive loss, net of tax	10,436		—		10,436
Comprehensive loss	$	(26,797)	$	(144,753)	$	(171,550)
	Nine Months Ended September 30, 2020
	As Originally Reported		Restatement Impacts		As Restated
Net loss	$	(112,725)	$	(224,175)	$	(336,900)
Other comprehensive income (loss), net of tax:
Interest rate swaps	(2,052)		—		(2,052)
Defined benefit pension plans, net of tax	(57)		—		(57)
Foreign currency translation adjustment	1,795		—		1,795
Total other comprehensive loss, net of tax	(314)		—		(314)
Comprehensive loss	$	(113,039)	$	(224,175)	$	(337,214)

Interim Condensed Consolidated Statement of Changes in Equity (Unaudited)
		Share Capital			Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total Shareholders’  Equity
	Restatement Reference	Shares	Amount
Balance at December 31, 2019		306,874,115	$	2,144,372	$	(4,879)	$	(890,894)	$	1,248,599
Adjustment to opening Accumulated deficit related to adoption of ASC Topic 326		—	—		—		(9,319)		(9,319)
Exercise of public warrants (As Restated)		28,880,098	277,526		—		—		277,526
Exercise of stock options		3,715,455	1,182		—		—		1,182
Vesting of restricted stock units		169,842	—		—		—		—
Shares returned to the Company for net share settlements		(2,301,458)	(10,302)		—		—		(10,302)
Issuance of ordinary shares, net		27,600,000	539,714		—		—		539,714
Share-based award activity		—	16,384		—		—		16,384
Net loss (As Restated)	(c)	—	—		—		(129,633)		(129,633)
Other comprehensive income (loss)		—	—		(8,470)		—		(8,470)
Balance at March 31, 2020 (As Restated)	(c)	364,938,052	2,968,876		(13,349)		(1,029,846)		1,925,681
Exercise of stock options		3,723,332	—		—		—		—
Vesting of restricted stock units		2,528	—		—		—		—
Shares returned to the Company for net share settlements		(2,311,293)	(15,118)		—		—		(15,118)
Issuance of ordinary shares, net		20,982,500	304,030		—		—		304,030
Share-based award activity		—	4,322		—		—		4,322
Net loss (As Restated)	(c)	—	—		—		(25,281)		(25,281)
Other comprehensive income (loss)		—	—		(2,280)		—		(2,280)
Balance at June 30, 2020 (As Restated)	(c)	387,335,119	3,262,110		(15,629)		(1,055,127)		2,191,354
Exercise of stock options		4,068,307	125		—		—		125
Vesting of restricted stock units		2,459	—		—		—		—
Shares returned to the Company for net share settlements		(2,184,918)	(3,136)		—		—		(3,136)
Share-based award activity		—	5,520		—		—		5,520
Net loss (As Restated)	(c)	—	—		—		(181,986)		(181,986)
Other comprehensive income (loss)		—	—		10,436		—		10,436
Balance at September 30, 2020 (As Restated)	(c)	389,220,967	$	3,264,619	$	(5,193)	$	(1,237,113)	$	2,022,313

(c) The correction of these misstatements include the mark to market adjustment on financial instruments. The correction of these misstatements resulted in an adjustment of $(144,753) and $(224,175) for the three and nine months ended September 30, 2020, respectively, that was recorded through the Statement of Operations, increasing the Net (loss).

Interim Condensed Consolidated Statement of Cash Flows (Unaudited)

	Nine months ended September 30, 2020
	As Originally Reported		Restatement Impacts		As Restated
Cash Flows From Operating Activities
Net loss	$	(112,725)	$	(224,175)	$	(336,900)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	176,200		—		176,200
Bad debt expense	1,830		—		1,830
Gain on sale of line of business	(1,052)				(1,052)
Restructuring and impairment	4,880		—		4,880
Gain on foreign currency forward contracts	(2,903)		—		(2,903)
Deferred income tax benefit	(7,420)		—		(7,420)
Share-based compensation	26,344		—		26,344
Mark to market adjustment on contingent and phantom shares (1)	30,839		—		30,839
Mark to market adjustment on financial instruments (As Restated)	—		224,175		224,175
Deferred finance charges	3,140		—		3,140
Other operating activities	(3,902)		—		(3,902)
Changes in operating assets and liabilities:
Accounts receivable	129,398		—		129,398
Prepaid expenses	(13,335)		—		(13,335)
Other assets	62,818		—		62,818
Accounts payable	(8,394)		—		(8,394)
Accrued expenses and other current liabilities	(65,062)		—		(65,062)
Deferred revenues	(93,926)		—		(93,926)
Operating lease right of use assets	5,826		—		5,826
Operating lease liabilities	(6,611)		—		(6,611)
Other liabilities	2,077		—		2,077
Net cash provided by operating activities	128,022		—		128,022
Cash Flows From Investing Activities
Capital expenditures	(78,597)		—		(78,597)
Acquisitions, net of cash acquired	(885,323)		—		(885,323)
Acquisition of intangible assets	(5,982)		—		(5,982)
Proceeds from sale of product line, net of restricted cash	3,751		—		3,751
Net cash used in investing activities	(966,151)		—		(966,151)
Cash Flows From Financing Activities
Principal payments on term loan	(9,450)		—		(9,450)
Repayments of revolving credit facility	(65,000)		—		(65,000)
Payment of debt issuance costs	(5,267)		—		(5,267)
Contingent purchase price payment	(4,115)		—		(4,115)
Proceeds from issuance of debt	360,000		—		360,000
Proceeds from issuance of ordinary shares	843,752		—		843,752

Proceeds from warrant exercises	277,526		—		277,526
Proceeds from stock options exercised	1,307		—		1,307
Payments related to tax withholding for stock-based compensation	(28,674)		—		(28,674)
Net cash provided by (used in) financing activities	1,370,079		—		1,370,079
Effects of exchange rates	(6,447)		—		(6,447)
Net increase in cash and cash equivalents, and restricted cash	525,503		—		525,503
Beginning of period:
Cash and cash equivalents	76,130		—		76,130
Restricted cash	9		—		9
Total cash and cash equivalents, and restricted cash, beginning of period	76,139		—		76,139
Cash and cash equivalents, and restricted cash, end of period	601,642		—		601,642
End of period:
Cash and cash equivalents	601,075		—		601,075
Restricted cash	567		—		567
Total cash and cash equivalents, and restricted cash, end of period	$	601,642	$	—	$	601,642
Supplemental Cash Flow Information
Cash paid for interest	$	61,796	$	—	$	61,796
Cash paid for income tax	$	20,147	$	—	$	20,147
Capital expenditures included in accounts payable	$	922	$	—	$	922

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Background and Nature of Operations - Sale of Stock (Details) - USD ($)				1 Months Ended				3 Months Ended					9 Months Ended
	Jan. 21, 2021	Oct. 01, 2020	Jul. 03, 2020	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Feb. 29, 2020	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Jun. 14, 2021
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)				25,000,000	44,230,768	50,400,000	27,600,000
Sale of stock, price per share (usd per share)				$ 25.25		$ 22.50	$ 20.25	$ 25.25			$ 22.50		$ 25.25	$ 26.00
Net proceeds after fees					$ 728,080,000	$ 304,030,000
Debt face amount		$ 1,600,000
Issuance of common stock, net (in shares)	131,564
Preferred Shares
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)					14,375,000
Net proceeds after fees					$ 1,392,671,000
Preferred Stock, Dividend Rate, Percentage													5.25%
CPA Global
Subsidiary, Sale of Stock [Line Items]
Cash		$ 2,078,084,000
Shares Issued Percentage of Ownership		35.00%
Clarivate
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)					28,846,154	14,000,000
Ordinary Shares
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock, net (in shares)								0	206,052,933	4,395,638	20,982,500	27,600,000
Selling Shareholders
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)					15,384,614	36,400,000
Onex
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)				18,000,000	10,562,882	20,821,765
Onex | Ordinary Shares
Subsidiary, Sale of Stock [Line Items]
Percentage of ownership after transaction													6.70%
Baring
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)				7,000,000	4,107,787	8,097,354
Baring | Ordinary Shares
Subsidiary, Sale of Stock [Line Items]
Percentage of ownership after transaction													2.60%
Directors, Director Nominees, Executive Officers and Other Shareholders
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)					713,945	7,480,881
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)					5,769,230	2,400,000
Maximum number of shares available to be issued (in shares)						7,200,000
Number of shares expired (in shares)			4,800,000
Over-Allotment Option | Preferred Shares
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)					1,875,000

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Summary of Significant Accounting Policies - Restricted Cash and Concentration of credit risk (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies
Restricted cash	$ 1,854,257	$ 11,278

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Summary of Significant Accounting Policies - Other Information (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Summary of Significant Accounting Policies
Aggregate principal amount	$ 5,368,526	$ 3,547,400
Impact of adoption of standard on Accumulated deficit	(11,210,340)	(9,280,723)	$ (11,490,079)	$ (9,396,772)	$ (2,022,313)	$ (2,191,354)	$ (1,925,681)		$ (1,248,599)
Acquisition	31,926	4,700,138
Science Segment
Summary of Significant Accounting Policies
Acquisition	11,297	497,263
Goodwill, Written off Related to Sale of Business Unit		0
Accumulated Deficit
Summary of Significant Accounting Policies
Impact of adoption of standard on Accumulated deficit	1,317,365		$ 1,318,246	$ 1,236,036	$ 1,237,113	$ 1,055,127	$ 1,029,846		$ 890,894
Cumulative Effect, Period of Adoption, Adjustment | Accumulated Deficit
Summary of Significant Accounting Policies
Impact of adoption of standard on Accumulated deficit								$ 10,097
Term Loan Facility
Summary of Significant Accounting Policies
Aggregate principal amount	$ 2,825,950	$ 2,847,400

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Business Combinations - General Narrative (Details) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2020 USD ($) shares	Mar. 31, 2021 shares	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) shares	Sep. 30, 2020 USD ($)	Nov. 23, 2020 USD ($)
Business Acquisition [Line Items]
Conversion ratio					1
Decision Resources Group
Business Acquisition [Line Items]
Total consideration	$ 964,997
Newly issued ordinary shares (in shares) | shares	2,895,638	2,895,638			2,895,638
Percentage of ownership	100.00%
Total assets	$ 648,050
Total liabilities	201,093
Fair value of acquired identifiable assets and liabilities	$ 446,957
Transaction costs			$ 0	$ 25,237	$ 24,410	$ 50,702
Hanlim IPS
Business Acquisition [Line Items]
Percentage of ownership							100.00%
Total assets							$ 9,869
Total liabilities							3,476
Fair value of acquired identifiable assets and liabilities							$ 6,393

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Business Combinations - Decision Resource Group Narrative (Details) - USD ($)				1 Months Ended		3 Months Ended		9 Months Ended		10 Months Ended
	Feb. 28, 2021	Oct. 01, 2020	Feb. 28, 2020	Mar. 31, 2021	Jan. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Decision Resources Group
Business Acquisition [Line Items]
Percentage of ownership			100.00%
Total consideration			$ 964,997,000
Cash			900,000,000
Adjusted closing cash			6,100,000
Contingent consideration			$ 58,897,000							$ 86,029,000
Increase in contingent consideration								$ (24,410,000)
Transaction costs						$ 0	$ 25,237,000	$ 24,410,000	$ 50,702,000
Newly issued ordinary shares (in shares)			2,895,638	2,895,638				2,895,638
Goodwill purchase accounting adjustments										$ 1,804,000
Goodwill deductible amount			$ 0
Deferred revenue haircut							2,017,000		6,822,000
Business Combination, Pro Forma, Expense Increase (Decrease)							161,000		26,348,000
Revenues, net						51,626,000	49,499,000	$ 150,911,000	113,206,000
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual						7,868,000	(454,000)	18,275,000	(9,971,000)
Pro forma revenues, net							286,377,000	1,316,192,000	828,489,000
Pro forma net income (loss) attributable to the Company's stockholders(1)							$ (180,333,000)		(322,268,000)
CPA Global
Business Acquisition [Line Items]
Percentage of ownership		100.00%
Total consideration		$ 8,839,599,000
Cash		$ 2,078,084,000
Transaction costs						2,682,000		$ 4,860,000	$ 8,521,000
Newly issued ordinary shares (in shares)		218,183,778						1,500,000
Goodwill purchase accounting adjustments								$ (20,493,000)
Goodwill deductible amount		$ 0
Value of stock issued					$ 43,890,000
Deferred revenue haircut						(50,000)		(4,399,000)
Revenues, net						155,869,000		465,073,000
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual						$ 18,357,000		5,372,000
CPA Global | Maximum
Business Acquisition [Line Items]
Newly issued ordinary shares (in shares)		218,306,663
DRG
Business Acquisition [Line Items]
Value of stock issued	$ 61,619,000							$ 61,619,000

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Business Combinations - Revenue and Net Loss Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Decision Resources Group
Business Acquisition [Line Items]
Revenues, net	$ 51,626	$ 49,499	$ 150,911	$ 113,206
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual	7,868	(454)	18,275	(9,971)
Deferred revenue haircut		$ 2,017		$ 6,822
CPA Global
Business Acquisition [Line Items]
Revenues, net	155,869		465,073
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual	18,357		5,372
Deferred revenue haircut	$ (50)		$ (4,399)

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Business Combinations - Purchase Price Allocation (Details) - USD ($) $ in Thousands						9 Months Ended
	Aug. 03, 2021	Nov. 23, 2020	Oct. 26, 2020	Oct. 01, 2020	Feb. 28, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Purchase price, net of cash						$ 14,314	$ 885,323
Goodwill		$ 2,861				$ 6,198,701		$ 6,252,636	$ 1,328,045
Decision Resources Group
Business Acquisition [Line Items]
Accounts receivable					$ 52,193
Prepaid expenses					4,295
Other current assets					68,001
Property and equipment, net					4,136
Other intangible assets					491,366
Other non-current assets					2,960
Operating lease right-of-use assets					25,099
Total assets					648,050
Accounts payable					3,474
Accrued expenses and other current liabilities					88,561
Current portion of deferred revenue					35,126
Current portion of operating lease liabilities					5,188
Deferred income taxes					47,467
Non-current portion of deferred revenue					936
Operating lease liabilities					20,341
Total liabilities					201,093
Fair value of acquired identifiable assets and liabilities					446,957
Goodwill					497,263
Cash acquired					20,777
Decision Resources Group | Software Development
Business Acquisition [Line Items]
Other intangible assets					3,966
CPA Global
Business Acquisition [Line Items]
Accounts receivable				$ 380,259
Prepaid expenses				27,437
Other current assets				215,734
Property and equipment, net				13,290
Other intangible assets				4,920,317
Deferred income taxes				21,027
Other non-current assets				25,736
Operating lease right-of-use assets				30,649
Total assets				5,634,449
Accounts payable				53,791
Accrued expenses and other current liabilities				458,551
Current portion of deferred revenue				181,365
Current portion of operating lease liabilities				7,738
Deferred income taxes				288,541
Non-current portion of deferred revenue				16,771
Other non-current liabilities				43,785
Operating lease liabilities				23,615
Total liabilities				1,074,157
Fair value of acquired identifiable assets and liabilities				4,560,292
Business Combination, Consideration Transferred, Net of Cash Acquired				8,740,324
Goodwill				4,180,032
Cash acquired				$ 99,275
IncoPat
Business Acquisition [Line Items]
Accounts receivable			$ 1,107
Prepaid expenses			168
Other current assets			100
Property and equipment, net			354
Other intangible assets			21,957
Other non-current assets			283
Total assets			23,969
Accounts payable			73
Accrued expenses and other current liabilities			843
Current portion of deferred revenue			6,445
Deferred income taxes			4,802
Other non-current liabilities			283
Total liabilities			12,446
Fair value of acquired identifiable assets and liabilities			11,523
Purchase price, net of cash			52,133
Goodwill			40,610
Cash acquired			$ 844
Hanlim IPS
Business Acquisition [Line Items]
Accounts receivable		44
Prepaid expenses		7
Other current assets		844
Property and equipment, net		75
Other intangible assets		8,805
Other non-current assets		94
Total assets		9,869
Accounts payable		27
Accrued expenses and other current liabilities		1,512
Deferred income taxes		1,937
Total liabilities		3,476
Fair value of acquired identifiable assets and liabilities		6,393
Purchase price, net of cash		9,254
Cash acquired		$ 2,191
DRG
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Net of Cash Acquired					$ 944,220
BioInfogate
Business Acquisition [Line Items]
Accounts receivable	$ 366
Prepaid expenses	3
Other current assets	102
Property and equipment, net	21
Other intangible assets	6,280
Deferred income taxes	184
Other non-current assets	6
Total assets	6,962
Accounts payable	12
Accrued expenses and other current liabilities	82
Current portion of deferred revenue	1,247
Total liabilities	1,341
Fair value of acquired identifiable assets and liabilities	5,621
Purchase price, net of cash	16,918
Goodwill	11,297
Cash acquired	$ 2,069

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Business Combinations - Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Aug. 03, 2021	Nov. 23, 2020	Oct. 26, 2020	Oct. 01, 2020	Feb. 28, 2020
Decision Resources Group
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets					$ 487,400
Cash acquired					20,777
Decision Resources Group | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets					$ 381,000
Decision Resources Group | Customer relationships | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Remaining Range of Years					10 years
Decision Resources Group | Customer relationships | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Remaining Range of Years					21 years
Decision Resources Group | Database and content
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets					$ 50,200
Decision Resources Group | Database and content | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Remaining Range of Years					2 years
Decision Resources Group | Database and content | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Remaining Range of Years					7 years
Decision Resources Group | Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets					$ 5,200
Decision Resources Group | Trade names | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Remaining Range of Years					4 years
Decision Resources Group | Trade names | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Remaining Range of Years					7 years
Decision Resources Group | Purchased software
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets					$ 23,000
Decision Resources Group | Purchased software | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Remaining Range of Years					3 years
Decision Resources Group | Purchased software | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Remaining Range of Years					8 years
Decision Resources Group | Backlog
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets					$ 28,000
Remaining Range of Years					4 years
CPA Global
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets				$ 4,920,317
Cash acquired				99,275
CPA Global | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets				$ 4,643,306
CPA Global | Customer relationships | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Remaining Range of Years				17 years
CPA Global | Customer relationships | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Remaining Range of Years				23 years
CPA Global | Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets				$ 266,224
CPA Global | Technology | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Remaining Range of Years				6 years
CPA Global | Technology | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Remaining Range of Years				14 years
CPA Global | Trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets				$ 10,787
CPA Global | Trademarks | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Remaining Range of Years				2 years
CPA Global | Trademarks | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Remaining Range of Years				17 years
IncoPat
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets			$ 21,957
Cash acquired			844
IncoPat | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets			$ 19,989
Remaining Range of Years			11 years
IncoPat | Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets			$ 76
Remaining Range of Years			2 years
IncoPat | Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets			$ 1,892
Remaining Range of Years			6 years
Hanlim IPS
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets		$ 8,805
Cash acquired		2,191
Hanlim IPS | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets		$ 7,832
Hanlim IPS | Customer relationships | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Remaining Range of Years		11 years
Hanlim IPS | Customer relationships | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Remaining Range of Years		13 years
Hanlim IPS | Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets		$ 15
Remaining Range of Years		2 years
Hanlim IPS | Non-compete agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets		$ 958
Remaining Range of Years		5 years
BioInfogate
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets	$ 6,280
Cash acquired	2,069
BioInfogate | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets	$ 5,224
Remaining Range of Years	10 years
BioInfogate | Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets	$ 36
Remaining Range of Years	2 years
BioInfogate | Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets	$ 1,020
Remaining Range of Years	6 years

XML

Business Combinations - Pro Forma Information (Details) - Decision Resources Group - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma revenues, net	$ 286,377	$ 1,316,192	$ 828,489
Pro forma net income (loss) attributable to the Company's stockholders(1)	$ (180,333)		$ (322,268)

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Business Combinations - CPA Global Narrative (Details) - USD ($)				1 Months Ended		3 Months Ended		9 Months Ended		10 Months Ended
	Jan. 21, 2021	Oct. 01, 2020	Feb. 28, 2020	Mar. 31, 2021	Jan. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Business Acquisition [Line Items]
Issuance of common stock, net (in shares)	131,564
CPA Global
Business Acquisition [Line Items]
Percentage of ownership		100.00%
Cash acquired		$ 99,275,000
Equity Holdback Consideration		46,485,000
Clarivate stock to be issued		$ 6,761,515,000
Shares Issued Percentage of Ownership		35.00%
Cash		$ 2,078,084,000
Newly issued ordinary shares (in shares)		218,183,778						1,500,000
Stock issued		216,683,778			1,500,000
Goodwill deductible amount		$ 0
Transaction costs						$ 2,682,000		$ 4,860,000	$ 8,521,000
Decrease to goodwill, measurement period adjustments								20,493,000
Fair value of acquired identifiable assets and liabilities						21,158,000		21,158,000
Business Combination, Provisional Information Initial Accounting Incomplete Adjustment, Payments to acquire business net of cash acquired						665,000		665,000
Deferred revenue haircut						50,000		4,399,000
CPA Global | Deferred Income Tax Charge
Business Acquisition [Line Items]
Decrease in legal accrual, measurement period adjustment								13,405,000
CPA Global | Accrued Liabilities
Business Acquisition [Line Items]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities, Valuation Change of Accruals for Others								(16,512,000)
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities, Valuation Change								61,000,000
Decrease in legal accrual, measurement period adjustment								44,488,000
CPA Global | Liabilities, Total
Business Acquisition [Line Items]
Decrease in legal accrual, measurement period adjustment								(32,347,000)
CPA Global | Accounts Payable
Business Acquisition [Line Items]
Decrease in legal accrual, measurement period adjustment								290,000
CPA Global | Long-term Contract with Customer
Business Acquisition [Line Items]
Decrease in legal accrual, measurement period adjustment								15,000
CPA Global | Short-term Contract with Customer
Business Acquisition [Line Items]
Decrease in legal accrual, measurement period adjustment								(989,000)
CPA Global | Deferred Income Tax Net
Business Acquisition [Line Items]
Decrease in legal accrual, measurement period adjustment								15,122,000
CPA Global | Accounts Receivable
Business Acquisition [Line Items]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets, Valuation Decrease								(2,171,000)
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets, Valuation Change								9,306,000
Increase in accounts receivable, measurement period adjustment								7,135,000
CPA Global | Other current assets
Business Acquisition [Line Items]
Increase in accounts receivable, measurement period adjustment								(370,000)
CPA Global | Assets, Total
Business Acquisition [Line Items]
Increase in accounts receivable, measurement period adjustment								(11,189,000)
CPA Global | Prepaid Expenses and Other Current Assets
Business Acquisition [Line Items]
Increase in accounts receivable, measurement period adjustment								(158,000)
CPA Global | Noncurrent assets
Business Acquisition [Line Items]
Increase in accounts receivable, measurement period adjustment								1,123,000
CPA Global | Property, Plant and Equipment
Business Acquisition [Line Items]
Decrease in legal accrual, measurement period adjustment								(1,002,000)
CPA Global | Deferred Tax Asset [Domain]
Business Acquisition [Line Items]
Decrease in legal accrual, measurement period adjustment								$ (1,717,000)
CPA Global | Interest rate swap
Business Acquisition [Line Items]
Loss on contract termination		22,262,000
CPA Global | Revolving Credit Facility
Business Acquisition [Line Items]
Long-term Debt		$ 2,055,822,000
CPA Global | Maximum
Business Acquisition [Line Items]
Issuance of common stock, net (in shares)		218,183,778
Newly issued ordinary shares (in shares)		218,306,663
Decision Resources Group
Business Acquisition [Line Items]
Percentage of ownership			100.00%
Cash acquired			$ 20,777,000
Cash			$ 900,000,000
Newly issued ordinary shares (in shares)			2,895,638	2,895,638				2,895,638
Goodwill deductible amount			$ 0
Transaction costs						$ 0	$ 25,237,000	$ 24,410,000	50,702,000
Decrease to goodwill, measurement period adjustments										$ (1,804,000)
Deferred revenue haircut							$ (2,017,000)		$ (6,822,000)

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Business Combinations - Purchase Price Composition (Details) - CPA Global - USD ($) $ in Thousands		9 Months Ended
	Oct. 01, 2020	Sep. 30, 2021
Business Acquisition [Line Items]
Newly issued ordinary shares (in shares)	218,183,778	1,500,000
Issuance of 218,183,778 shares	$ 6,761,515
Cash paid for repayment of CPA Global's parent company debt and related interest rate swap termination charge	2,078,084
Total purchase price	8,839,599
Cash acquired	(99,275)
Total purchase price, net of cash acquired	$ 8,740,324

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Business Combinations - IncoPat Narrative (Details) - USD ($)		3 Months Ended	9 Months Ended
	Oct. 26, 2020	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Total purchase price, net of cash acquired			$ 14,314,000	$ 885,323,000
Restricted cash		$ 1,854,257,000	1,854,257,000	$ 567,000	$ 11,278,000	$ 9,000
IncoPat
Business Acquisition [Line Items]
Percentage of ownership	100.00%
Total purchase price, net of cash acquired	$ 52,133,000
Restricted cash	6,313,000
Goodwill deductible amount	$ 0
Revenues, net		2,470,000	6,801,000
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual		$ 126,000	(853,000)
Goodwill purchase accounting adjustments			$ (136,000)

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Business Combinations - Hanlim IPS Narrative (Details) - USD ($)			3 Months Ended	9 Months Ended
	Nov. 23, 2020	Oct. 26, 2020	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition [Line Items]
Total purchase price, net of cash acquired				$ 14,314,000	$ 885,323,000
Hanlim IPS
Business Acquisition [Line Items]
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual			$ 35,000	596,000
Percentage of ownership	100.00%
Total purchase price, net of cash acquired	$ 9,254,000
Goodwill deductible amount	$ 0
Revenues, net			417,000	1,393,000
IncoPat
Business Acquisition [Line Items]
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual			126,000	(853,000)
Percentage of ownership		100.00%
Total purchase price, net of cash acquired		$ 52,133,000
Goodwill deductible amount		$ 0
Revenues, net			$ 2,470,000	$ 6,801,000

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Business Combinations - Prior Year Acquisitions (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Nov. 23, 2020	Sep. 30, 2020	Dec. 31, 2019	Jun. 01, 2017
Business Acquisition [Line Items]
Goodwill	$ 6,198,701	$ 6,252,636	$ 2,861		$ 1,328,045
TrademarkVision
Business Acquisition [Line Items]
Contingent stock liability		0
Kopernio
Business Acquisition [Line Items]
Contingent consideration				$ 2,184
Publons
Business Acquisition [Line Items]
Contingent stock liability		$ 0
Contingent consideration						$ 9,500

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Business Combinations - Bioinfogate Narrative (Details) - USD ($)			3 Months Ended	9 Months Ended
	Aug. 03, 2021	Nov. 23, 2020	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Total purchase price, net of cash acquired				$ 14,314,000	$ 885,323,000
Restricted cash			$ 1,854,257,000	1,854,257,000	$ 567,000	$ 11,278,000	$ 9,000
BioInfogate
Business Combination and Asset Acquisition [Abstract]
Percentage of ownership	100.00%
Business Acquisition [Line Items]
Percentage of ownership	100.00%
Total purchase price, net of cash acquired	$ 16,918,000
Restricted cash	1,941,000
Goodwill deductible amount	0
Revenues, net			533,000	533,000
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual			221,000	221,000
Cash	$ 16,918,000
Hanlim IPS
Business Combination and Asset Acquisition [Abstract]
Percentage of ownership		100.00%
Business Acquisition [Line Items]
Percentage of ownership		100.00%
Total purchase price, net of cash acquired		$ 9,254,000
Goodwill deductible amount		$ 0
Revenues, net			417,000	1,393,000
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual			$ 35,000	$ 596,000

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Assets Held for Sale and Divested Operations (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended		12 Months Ended
	Nov. 06, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Jan. 01, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds received excluded Cash and cash equivalents and Restricted cash			$ 0	$ 3,751
Impairment of Long-Lived Assets to be Disposed of		$ 18,431
Discontinued Operations, Disposed of by Sale | Brand Protection, AntiPiracy, and AntiFraud Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price						$ 3,751
Impairment of intangible assets				17,967
Goodwill, impairment loss				$ 468
Goodwill written off					$ 9,129
Discontinued Operations, Disposed of by Sale | Techstreet Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price	$ 42,832
Consideration held in escrow	4,300
Goodwill written off	9,129
Net gain on sale	28,140
Transaction costs	115
Intangible Assets, Written off Related to Sale of Business Unit	$ 10,179

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Assets Held for Sale and Divested Operations - Summary of Assets and Liabilities Held for Sale Related to Divestment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Nov. 06, 2020	Jan. 01, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 2,479,880	$ 601,075	$ 257,730			$ 76,130
Increase (Decrease) in Prepaid Expense	887	13,335
Increase (Decrease) in Other Noncurrent Assets	(60,749)	(62,818)
Increase (Decrease) Operating Lease Right Of Use Assets	$ (16,838)	$ (5,826)
Brand Protection, AntiPiracy, and AntiFraud Solutions | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price					$ 3,751
Techstreet Business | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price				$ 42,832

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Accounts Receivable (Details) - USD ($)
$ in Thousands

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Receivables [Abstract]

Accounts Receivable, Allowance for Credit Loss Roll Forward

The activity in our accounts receivable allowance consists of the following for the nine months ended September 30, 2021 and year ended December 31, 2020, respectively:

	September 30,		December 31,
	2021		2020
Balance at beginning of year	$	8,745	$	16,511
Additional provisions	6,532		4,339
Write-offs	(6,405)		(22,205)
Opening balance sheet adjustment related to ASU 2016 -13 adoption	—		10,097
Exchange differences	(230)		3
Balance at the end of year	$	8,642	$	8,745

Accounts Receivable, Allowance for Credit Loss, Current

$ 8,745

$ 16,511

Additional provisions

6,532

4,339

Write-offs

6,405

22,205

Opening balance sheet adjustment related to ASU 2016 -13 adoption

0

10,097

Exchange differences

(230)

3

Accounts Receivable, Allowance for Credit Loss, Current

$ 8,642

$ 8,745

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Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Lessee, Lease, Description [Line Items]
Noncash Impairment, Leases	$ 757			$ 110			$ 60,232	$ 4,880
Decrease in Operating Lease Right of Use Asset							60,232
Sublease Income	1,518			397			2,288	1,106
Lease termination fees	166			745			3,270	882
Restructuring and impairment	$ 15,621	$ 41,700	$ 64,667	$ 3,192	$ 15,846	$ 7,754	$ 121,988	$ 26,792

XML

Leases - Supplemental Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Cash Paid for amounts included in measurement of lease liabilities
Noncash Impairment, Leases	$ 757	$ 110	$ 60,232	$ 4,880

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Computer Hardware and Other Property, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total computer hardware and other property	$ 71,691		$ 71,691		$ 73,068
Accumulated depreciation	(43,743)		(43,743)		(36,801)
Total computer hardware and other property, net	27,948		27,948		36,267
Depreciation	2,657	$ 2,918	9,243	$ 8,151
Impairment of Leasehold	257		5,491
Computer hardware
Property, Plant and Equipment [Line Items]
Total computer hardware and other property	43,438		43,438		38,253
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total computer hardware and other property	12,013		12,013		21,614
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Total computer hardware and other property	$ 16,240		$ 16,240		$ 13,201

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Other Intangible Assets, net and Goodwill - Intangible Assets by Major Class (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Goodwill And Intangible Assets [Line Items]
Finite-lived intangible assets, Gross	$ 8,113,820	$ 8,153,014
Finite-lived intangible assets, Accumulated Amortization	(1,312,678)	(943,909)
Finite-lived intangible assets, Net	6,801,142	7,209,105
Total intangible assets, Gross	8,276,759	8,314,259
Total intangible assets, Net	6,964,081	7,370,350
Trade names
Goodwill And Intangible Assets [Line Items]
Indefinite-lived intangible assets	162,939	161,245
Customer relationships
Goodwill And Intangible Assets [Line Items]
Finite-lived intangible assets, Gross	5,501,710	5,598,175
Finite-lived intangible assets, Accumulated Amortization	(443,814)	(261,350)
Finite-lived intangible assets, Net	5,057,896	5,336,825
Database and content
Goodwill And Intangible Assets [Line Items]
Finite-lived intangible assets, Gross	1,853,364	1,848,041
Finite-lived intangible assets, Accumulated Amortization	(555,447)	(464,683)
Finite-lived intangible assets, Net	1,297,917	1,383,358
Computer software
Goodwill And Intangible Assets [Line Items]
Finite-lived intangible assets, Gross	714,904	658,976
Finite-lived intangible assets, Accumulated Amortization	(298,333)	(209,611)
Finite-lived intangible assets, Net	416,571	449,365
Trade names
Goodwill And Intangible Assets [Line Items]
Finite-lived intangible assets, Gross	14,742	18,606
Finite-lived intangible assets, Accumulated Amortization	(5,190)	(2,360)
Finite-lived intangible assets, Net	9,552	16,246
Backlog
Goodwill And Intangible Assets [Line Items]
Finite-lived intangible assets, Gross	29,100	29,216
Finite-lived intangible assets, Accumulated Amortization	(9,894)	(5,905)
Finite-lived intangible assets, Net	$ 19,206	$ 23,311

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Other Intangible Assets, net and Goodwill - Other Intangibles Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Jan. 01, 2020
Goodwill [Line Items]
Amortization of intangible assets		$ 128,026	$ 65,696	$ 383,270	$ 168,049
Customer First Now
Goodwill [Line Items]
Increase in intangible assets	$ 6,446
Asset acquisition, consideration transferred	$ 6,446
Remaining Range of Years	4 years 8 months 12 days
Discontinued Operations, Disposed of by Sale | Brand Protection, AntiPiracy, and AntiFraud Solutions
Goodwill [Line Items]
Purchase price							$ 3,751
Impairment of intangible assets					$ 17,967
Computer software | Customer First Now
Goodwill [Line Items]
Increase in intangible assets	$ 1,000
Remaining Range of Years	3 years
Database Rights | Customer First Now
Goodwill [Line Items]
Increase in intangible assets	$ 5,446
Remaining Range of Years	5 years
Trade names
Goodwill [Line Items]
Indefinite-lived intangible assets		$ 162,939		$ 162,939		$ 161,245

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Other Intangible Assets, net and Goodwill - Estimated Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-lived intangible assets, Net	$ 6,801,142	$ 7,209,105
Total intangible assets, Net	$ 6,964,081	$ 7,370,350

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Other Intangible Assets, net and Goodwill - Change in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
	Nov. 06, 2020	Sep. 30, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill, Beginning Balance		$ 6,252,636	$ 1,328,045
Acquisition		31,926	4,700,138
Impact of foreign currency fluctuations and other		(85,861)	233,582
Goodwill, Ending Balance		6,198,701	6,252,636
CPA Global
Goodwill [Line Items]
Decrease to goodwill, purchase accounting adjustments		20,493
IncoPat
Goodwill [Line Items]
Decrease to goodwill, purchase accounting adjustments		136
Discontinued Operations, Disposed of by Sale | Brand Protection, AntiPiracy, and AntiFraud Solutions
Goodwill [Line Items]
Goodwill, Written off Related to Sale of Business Unit			(9,129)
Discontinued Operations, Disposed of by Sale | Techstreet Business
Goodwill [Line Items]
Goodwill, Written off Related to Sale of Business Unit	$ (9,129)
Science Segment
Goodwill [Line Items]
Goodwill, Beginning Balance		1,407,807	909,937
Acquisition		11,297	497,263
Goodwill, Written off Related to Sale of Business Unit			0
Impact of foreign currency fluctuations and other		(702)	607
Goodwill, Ending Balance		1,418,402	1,407,807
Intellectual Property Segment
Goodwill [Line Items]
Goodwill, Beginning Balance		4,844,829	418,108
Acquisition		20,629	4,202,875
Goodwill, Written off Related to Sale of Business Unit			(9,129)
Impact of foreign currency fluctuations and other		(85,159)	232,975
Goodwill, Ending Balance		$ 4,780,299	$ 4,844,829

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Other Intangible Assets, net and Goodwill - Goodwill Narrative (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Jan. 01, 2020
Goodwill [Line Items]
Acquisition	$ 31,926	$ 4,700,138
Discontinued Operations, Disposed of by Sale | Brand Protection, AntiPiracy, and AntiFraud Solutions
Goodwill [Line Items]
Purchase price			$ 3,751
Goodwill, Written off Related to Sale of Business Unit		$ 9,129

XML

Derivative Instruments (Details) - USD ($) $ in Thousands			1 Months Ended			3 Months Ended						9 Months Ended		10 Months Ended
	Feb. 28, 2021	May 01, 2019	Mar. 31, 2021	Apr. 30, 2019	Apr. 30, 2017	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments
Derivative, Gain (Loss) on Derivative, Net									$ 0				$ 978	$ 1,737
Derivative, Fixed Interest Rate									1.695%				1.695%		2.183%
Stockholders' Equity Attributable to Parent			$ 9,396,772			$ 11,210,340	$ 11,490,079	$ 9,396,772	$ 2,022,313	$ 2,191,354	$ 1,925,681	$ 11,210,340	$ 2,022,313	9,280,723	$ 1,248,599
Other Comprehensive Income (Loss), Net of Tax						(246,650)	48,195	19,838	10,436	(2,280)	(8,470)	(178,617)	(314)
Debt Issuance Costs, Net						50,528						50,528		51,309
AOCI (net of tax) related to cash flow hedges
Derivative Instruments
Stockholders' Equity Attributable to Parent			(2,416)			(1,872)	(2,205)	(2,416)	(4,830)	(5,922)	(5,668)	(1,872)	(4,830)	(3,756)	$ (2,778)
Other Comprehensive Income (Loss), Net of Tax						(299)	(403)	192	(66)	(1,109)	(3,160)
AOCI (net of tax) related to cash flow hedges | Amount reclassified out of Other comprehensive income (loss)
Derivative Instruments
Other Comprehensive Income (Loss), Net of Tax						632	$ 614	$ 1,148	1,158	$ 855	$ 270
LIBOR
Derivative Instruments
Derivative, Basis Spread on Variable Rate											0.00%				1.00%
Interest rate swap asset
Derivative Instruments
Interest payments	$ 50,000	$ 100,000	$ 350,000	$ 50,000	$ 300,000
Interest rate swap liability						2,651						2,651		5,159
Foreign exchange forward
Derivative Instruments
Interest rate swap liability						(4,626)						(4,626)		(106)
Forward contracts asset						15						15		8,574
Foreign Exchange Contract
Derivative Instruments
Notional values						224,382						224,382		$ 354,751
Derivative, Gain (Loss) on Derivative, Net						$ (5,811)			2,903			$ 4,026	2,903
Derivative, Gain on Derivative									$ 0				$ 0

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Derivative Instruments Derivative Instruments - Changes in AOCI (net of tax) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of the period	$ 11,490,079	$ 9,396,772	$ 9,280,723	$ 2,191,354	$ 1,925,681	$ 1,248,599	$ 9,280,723	$ 1,248,599
Other Comprehensive Income (Loss), Net of Tax	(246,650)	48,195	19,838	10,436	(2,280)	(8,470)	(178,617)	(314)
Balance at end of the period	11,210,340	11,490,079	9,396,772	2,022,313	2,191,354	1,925,681	11,210,340	2,022,313
AOCI (net of tax) related to cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of the period	(2,205)	(2,416)	(3,756)	(5,922)	(5,668)	(2,778)	(3,756)	(2,778)
Other Comprehensive Income (Loss), Net of Tax	(299)	(403)	192	(66)	(1,109)	(3,160)
Balance at end of the period	(1,872)	(2,205)	(2,416)	(4,830)	(5,922)	(5,668)	$ (1,872)	$ (4,830)
AOCI (net of tax) related to cash flow hedges | Amount reclassified out of Other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax	$ 632	$ 614	$ 1,148	$ 1,158	$ 855	$ 270

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Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Jan. 01, 2020
Fair Value Measurements
Impairment of Long-Lived Assets to be Disposed of			$ 18,431
Tax benefits	$ 1,027	$ 0		$ 6,862	$ 0
Decrease in Operating Lease Right of Use Asset				60,232
Lease termination fees	166	$ 745		3,270	$ 882
Recurring
Fair Value Measurements
Employee Phantom Share Receivable Asset, Fair Value Disclosure						$ 188,770
Employee Phantom Share Receivable Liabilities, Fair Value Disclosure	147,744			147,744		193,162
Employee Phantom Share Receivable Non Current Liabilities, Fair Value Disclosure	14,234			14,234		18,670
Contingent stock liability						130,594
Total	365,207			365,207		660,442
Assets, Fair Value Disclosure	148,349			148,349		197,344
Warrant Liability, Fair Value Disclosure	195,952			195,952		312,751
Foreign exchange forward
Fair Value Measurements
Interest rate swap liability	(4,626)			(4,626)		(106)
Foreign exchange forward | Recurring
Fair Value Measurements
Foreign Currency Contract, Asset, Fair Value Disclosure	15			15		8,574
Foreign Currency Contracts, Liability, Fair Value Disclosure	4,626			4,626		106
Interest rate swap asset
Fair Value Measurements
Interest rate swap liability	2,651			2,651		5,159
Interest rate swap asset | Recurring
Fair Value Measurements
Interest rate swap liability	2,651			2,651		5,159
Level 2
Fair Value Measurements
Fair value of company's debt	5,404,344			5,404,344		3,574,282
Level 2 | Recurring
Fair Value Measurements
Employee Phantom Share Receivable Asset, Fair Value Disclosure	148,334			148,334		188,770
Employee Phantom Share Receivable Liabilities, Fair Value Disclosure	147,744			147,744		193,162
Employee Phantom Share Receivable Non Current Liabilities, Fair Value Disclosure	14,234			14,234		18,670
Contingent stock liability						130,594
Total	169,255			169,255		347,691
Assets, Fair Value Disclosure	148,349			148,349		197,344
Warrant Liability, Fair Value Disclosure	195,952			195,952
Level 2 | Foreign exchange forward | Recurring
Fair Value Measurements
Foreign Currency Contract, Asset, Fair Value Disclosure	15			15		8,574
Foreign Currency Contracts, Liability, Fair Value Disclosure	4,626			4,626		106
Level 3 | Recurring
Fair Value Measurements
Total	195,952			195,952		312,751
Warrant Liability, Fair Value Disclosure	$ 195,952			$ 195,952		$ 312,751
Discontinued Operations, Disposed of by Sale | Brand Protection, AntiPiracy, and AntiFraud Solutions
Fair Value Measurements
Purchase price							$ 3,751

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Fair Value Measurements - Changes in the earn-out, Level 3 (Details) - Recurring - Level 3 - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period	$ 3,610	$ 3,480	$ 11,100	$ 11,100
Revaluations included in earnings	91	130	380
Balance at the end of the period	3,701	3,610	3,480	3,701
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	$ 0	$ 0	$ (8,000)	$ (8,000)

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Fair Value Measurements - Assets and liabilities that were recognized at fair value on a recurring basis (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Recurring
Assets
Employee phantom share receivable asset	$ 148,349	$ 197,344
Liabilities
Contingent stock liability		130,594
Total	365,207	660,442
Employee Phantom Share Receivable Asset, Fair Value Disclosure		188,770
Employee Phantom Share Receivable Liabilities, Fair Value Disclosure	147,744	193,162
Employee Phantom Share Receivable Non Current Liabilities, Fair Value Disclosure	14,234	18,670
Warrant Liability, Fair Value Disclosure	195,952	312,751
Recurring | Level 2
Assets
Employee phantom share receivable asset	148,349	197,344
Liabilities
Contingent stock liability		130,594
Total	169,255	347,691
Employee Phantom Share Receivable Asset, Fair Value Disclosure	148,334	188,770
Employee Phantom Share Receivable Liabilities, Fair Value Disclosure	147,744	193,162
Employee Phantom Share Receivable Non Current Liabilities, Fair Value Disclosure	14,234	18,670
Warrant Liability, Fair Value Disclosure	195,952
Recurring | Level 3
Liabilities
Total	195,952	312,751
Warrant Liability, Fair Value Disclosure	195,952	312,751
Interest rate swap asset
Liabilities
Interest rate swap liability	2,651	5,159
Interest rate swap asset | Recurring
Liabilities
Interest rate swap liability	2,651	5,159
Foreign exchange forward
Assets
Forward contracts asset	15	8,574
Liabilities
Interest rate swap liability	(4,626)	(106)
Foreign exchange forward | Recurring
Liabilities
Foreign Currency Contract, Asset, Fair Value Disclosure	15	8,574
Foreign Currency Contracts, Liability, Fair Value Disclosure	4,626	106
Foreign exchange forward | Recurring | Level 2
Liabilities
Foreign Currency Contract, Asset, Fair Value Disclosure	15	8,574
Foreign Currency Contracts, Liability, Fair Value Disclosure	$ 4,626	$ 106

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Fair Value Measurements - Changes in Private Placement Warrants Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Adjustment of Warrants	$ (83,013)			$ 144,753			$ (113,207)	$ 224,175
Stock Issued During Period, Value, Private Warrants Exercised			$ (3,592)
Warrants and Rights Outstanding	195,952						195,952		$ 312,751
Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants and Rights Outstanding	195,952	$ 278,965	257,944	335,988	$ 191,235	$ 167,445	$ 195,952	$ 335,988	$ 312,751	$ 111,813
Level 3 | Recurring | Private Warrant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Adjustment of Warrants	(83,013)	21,021	(51,215)	$ 144,753	$ 23,790	$ 55,632
Stock Issued During Period, Value, Private Warrants Exercised	$ 0	$ 0	$ (3,592)

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Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Employee phantom share plan liability	$ 147,744	$ 193,162
Contingent stock liability		130,594
Employee related accruals	81,177	98,481
Accrued professional fees	50,403	67,628
Estimated Litigation Liability, Current	79,346
Tax related accruals	37,052	45,119
Other accrued expenses and other current liabilities	196,999	181,372
Accrued expenses and other current liabilities	592,721	$ 716,356
Accrued estimated legal costs	10,346
Reserve for probable claims	$ 69,000

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Pension and Other Post-Retirement Benefits - Projected benefit obligations, the plan assets, and the funded status (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Change in benefit obligation
Service costs	$ 368	$ 226	$ 1,104	$ 661
Interest cost	$ 82	$ 79	$ 246	$ 235

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Pension and Other Post-Retirement Benefits - Benefit costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Retirement Benefits [Abstract]
Service costs	$ 368	$ 226	$ 1,104	$ 661
Interest cost	82	79	246	235
Expected return on plan assets	(52)	(40)	(156)	(118)
Amortization of actuarial gains	(4)	(19)	(12)	(57)
Net periodic benefit cost	$ 394	$ 246	$ 1,182	$ 721

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Debt - Summary of Debt (Details) - USD ($)	Sep. 30, 2021	Aug. 31, 2021	Jun. 24, 2021	Dec. 31, 2020	Oct. 01, 2020	Feb. 28, 2020
Debt
Total debt outstanding	$ 5,368,526,000			$ 3,547,400,000
Debt issuance costs	(50,528,000)			(51,309,000)
Term Loan Facility, discount	(8,793,000)			(9,591,000)
Short-term debt, including current portion of long-term debt	(1,865,627,000)			(28,600,000)
Long-term debt, net of current portion and debt issuance costs	$ 3,443,578,000			$ 3,457,900,000
Term Loan Facility
Debt
Effective Interest Rate	3.598%			3.626%
Total debt outstanding	$ 2,825,950,000			$ 2,847,400,000
Revolving Credit Facility
Debt
Effective Interest Rate	0.00%			0.00%
Total debt outstanding	$ 0			$ 0
Senior Unsecured Notes 2029
Debt
Effective Interest Rate			4.875%
Total debt outstanding			$ 1,000,000,000
Senior Unsecured Notes 2028
Debt
Effective Interest Rate			3.875%
Total debt outstanding			$ 1,000,000,000
Senior Unsecured Notes 2026
Debt
Effective Interest Rate	4.50%			4.50%
Total debt outstanding	$ 700,000,000			$ 700,000,000
Bridge Facility - DRG Acquisition
Debt
Bridge Loan						$ 950,000
Bridge Facility - CPA Acquisition
Debt
Bridge Loan					$ 1,500,000
New Senior Unsecured Notes 2029
Debt
Effective Interest Rate	4.875%	4.875%
Total debt outstanding	$ 921,399,000
New Senior Secured Notes 2028
Debt
Effective Interest Rate	3.875%	3.875%
Total debt outstanding	$ 921,177,000

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Debt - Summary of Debt - Senior Unsecured Notes (Details) - USD ($)		1 Months Ended
	Oct. 01, 2020	Aug. 31, 2021	Sep. 30, 2021	Jun. 24, 2021	Dec. 31, 2020	Feb. 28, 2020
Debt
Total debt outstanding			$ 5,368,526,000		$ 3,547,400,000
Debt issuance costs			(50,528,000)		(51,309,000)
Term Loan Facility, discount			(8,793,000)		(9,591,000)
Redemption Price (as a percentage of principal)		100.00%
Debt face amount	$ 1,600,000
CPA Global
Debt
Cash	$ 2,078,084,000
Revolving Credit Facility
Debt
Total debt outstanding			$ 0		$ 0
Interest Rate			0.00%		0.00%
Term Loan Facility
Debt
Total debt outstanding			$ 2,825,950,000		$ 2,847,400,000
Interest Rate			3.598%		3.626%
DRG Acquisition - Term Loan
Debt
Total debt outstanding						$ 360,000
Senior Unsecured Notes 2029
Debt
Total debt outstanding				$ 1,000,000,000
Interest Rate				4.875%

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Debt - Summary of Debt - Senior Unsecured Notes - Redemption Price (Details)	1 Months Ended
	Aug. 31, 2021
Debt Instrument, Redemption
Redemption Price (as a percentage of principal)	100.00%

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Debt - Summary of Debt - Senior Secured Credit Facility (Details) - USD ($) $ in Thousands		9 Months Ended
	Oct. 01, 2020	Sep. 30, 2021	Dec. 31, 2020
Debt
Aggregate principal amount		$ 5,368,526	$ 3,547,400
Debt Issuance Costs, Net		50,528	51,309
Letter of credit
Debt
Collateralized amount		1,551
Revolving Credit Facility
Debt
Collateralized amount		$ 7,714
Proceeds from revolving credit facility	$ 60,000
Line of Credit Facility, Commitment Fee Percentage		0.375%
Term Loan Facility
Debt
Aggregate principal amount		$ 2,825,950	2,847,400
Revolving Credit Facility
Debt
Aggregate principal amount		0	$ 0
Senior Unsecured Notes
Debt
Collateralized amount		$ 10,644

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Debt - Summary of Debt - Senior Secured Credit Facility - Outstanding borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Total debt outstanding	$ 5,368,526	$ 3,547,400

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Debt - Senior Unsecured Notes (2029) and Senior Secured Notes (2028) (Details) - USD ($)	1 Months Ended	9 Months Ended
	Aug. 31, 2021	Sep. 30, 2021	Jun. 24, 2021	Dec. 31, 2020	Oct. 01, 2020
Debt
Long-term Debt, Gross		$ 5,368,526,000		$ 3,547,400,000
Payment for Debt Extinguishment or Debt Prepayment Cost		157,424,000
Redemption Price (as a percentage of principal)	100.00%
Debt face amount					$ 1,600,000
Senior Unsecured Notes 2028
Debt
Long-term Debt, Gross			$ 1,000,000,000
Effective Interest Rate			3.875%
Extinguishment of Debt, Amount	$ 921,177,000
Payment for Debt Extinguishment or Debt Prepayment Cost	78,823,000
Senior Unsecured Notes 2029
Debt
Long-term Debt, Gross			$ 1,000,000,000
Effective Interest Rate			4.875%
Extinguishment of Debt, Amount	921,399,000
Payment for Debt Extinguishment or Debt Prepayment Cost	$ 78,601,000
New Senior Secured Notes 2028
Debt
Long-term Debt, Gross		$ 921,177,000
Effective Interest Rate	3.875%	3.875%
Debt face amount	$ 921,177,000
New Senior Unsecured Notes 2029
Debt
Long-term Debt, Gross		$ 921,399,000
Effective Interest Rate	4.875%	4.875%
Debt face amount	$ 921,399,000

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Revenue - Disaggregated Revenues and Cost to Obtain a Contract (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of revenues
Total revenues, gross	$ 442,189	$ 286,467	$ 1,320,657	$ 805,873
Deferred revenues adjustment			485,682	339,589
Total revenues, net	442,117	284,360	1,316,192	798,452
Contract with Customer, Liability, Adjustments	(72)		(4,465)
Subscription revenues
Disaggregation of revenues
Total revenues, gross	246,467	222,069	725,121	631,873
Transaction revenues
Disaggregation of revenues
Total revenues, gross	85,354	64,398	259,300	174,000
Re-occurring Revenues
Disaggregation of revenues
Total revenues, gross	$ 110,368		$ 336,236
Contract with Customer, Liability, Adjustments		$ (2,107)		$ (7,421)

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Revenue - Contract Balances and Transaction Price Allocated to the Remaining Performance Obligation (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Accounts Receivable
Accounts Receivables - Opening	$ 737,733	$ 333,858
Accounts Receivables - Closing	610,755	238,638
(Increase)/decrease	126,978	95,220
Current portion of deferred revenues
Current portion of deferred revenues - Opening	707,318	407,325
Current portion of deferred revenues - Closing	579,935	326,098
(Increase)/decrease	127,383	81,227
Non-current portion of deferred revenues
Non-current portion of deferred revenues - Opening	41,399	19,723
Non-current portion of deferred revenues - Closing	44,934	24,080
(Increase)/decrease	$ (3,535)	$ (4,357)

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Revenue - Transaction Price Allocated to the Remaining Performance Obligation (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 78,124
Remaining performance obligation, percentage	47.20%
Expected to be recognized within the following year	23.60%
Expected to be recognized in 3 to 10 years	17.50%
Transaction Price Allocated to the Remaining Performance Obligation
Expected to be recognized in 3 to 10 years	17.50%
Revenue, Remaining Performance Obligation, Percentage, Expected to Be Recognized in 6 to 10 Years	6.20%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Transaction Price Allocated to the Remaining Performance Obligation
Percentage of remaining performance obligation	52.80%
Expected timing of satisfaction, period	12 months

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Shareholders' Equity (Details) $ / shares in Units, $ in Thousands						1 Months Ended			2 Months Ended	3 Months Ended	9 Months Ended
	Oct. 25, 2021 $ / shares	Jan. 21, 2021 shares	Oct. 01, 2020 shares	Feb. 28, 2020 shares	May 13, 2019 $ / shares shares	Jul. 31, 2021 USD ($) $ / shares shares	Mar. 31, 2021 shares	Jan. 31, 2021 shares	Feb. 21, 2020 $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Oct. 14, 2021 USD ($)	Aug. 31, 2021 USD ($)	Jun. 30, 2021 shares	Jun. 14, 2021 $ / shares	Dec. 31, 2020 $ / shares shares	Dec. 31, 2019 $ / shares shares
Shareholders' Equity
Vesting period					3 years
Subscribed number of shares											0
Capital stock, issued (in shares)										639,750,620	639,750,620			641,419,578		606,329,598
Capital stock, par value (in dollars per share) | $ / shares										$ 0	$ 0					$ 0
Treasury stock (in shares)										0	0					0
Number of shares called per warrant (in shares)					52,800,000											52,800,000
Warrant exercise price (usd per share) | $ / shares					$ 11.50
Class of Warrant or Right, Outstanding									24,132,666
Conversion ratio											1
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right																1
Issuance of common stock, net (in shares)		131,564
Common Stock, Voting Rights											one
Preferred Stock, Liquidation Preference Per Share | $ / shares															$ 100.00
Dividends, Cash | $						$ 1
Stock Issued During Period, Value, Stock Dividend | $						$ 16,141				$ 16,141
Stock Repurchase Program, Authorized Amount | $													$ 250,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $										184,785	$ 184,785
Common Stock Dividends, Shares						664,730
Subsequent Event
Shareholders' Equity
Preferred Stock, Dividends Per Share, Declared | $ / shares	$ 1.3125
Stock Repurchase Program, Authorized Amount | $												$ 250,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $												$ 185
CPA Global
Shareholders' Equity
Newly issued ordinary shares (in shares)			218,183,778								1,500,000
Stock issued			216,683,778					1,500,000
Decision Resources Group
Shareholders' Equity
Newly issued ordinary shares (in shares)				2,895,638			2,895,638				2,895,638
Warrant [Member]
Shareholders' Equity
Warrant exercise price (usd per share) | $ / shares									$ 11.50
Conversion ratio									1
Management Incentive Plan
Shareholders' Equity
Vesting period											5 years
Preferred Shares
Shareholders' Equity
Preferred Stock, Dividends Per Share, Declared | $ / shares						$ 1.12
Dividends Payable | $										$ 6,289	$ 6,289
Churchill Public Shareholders
Shareholders' Equity
Issued and outstanding (in shares)																87,749,999
Churchill Public Shareholders | Public shares
Shareholders' Equity
Issued and outstanding (in shares)																68,999,999
Churchill Public Shareholders | Founder shares
Shareholders' Equity
Issued and outstanding (in shares)																18,750,000
Minimum
Shareholders' Equity
Preferred Stock, Convertible, Conversion Ratio															3.2052
Maximum
Shareholders' Equity
Preferred Stock, Convertible, Conversion Ratio															3.8462
Maximum | CPA Global
Shareholders' Equity
Issuance of common stock, net (in shares)			218,183,778
Newly issued ordinary shares (in shares)			218,306,663
Sponsor agreement
Shareholders' Equity
Capital stock, issued (in shares)																	7,000,000
Capital stock, par value (in dollars per share) | $ / shares																	$ 20.00
Sponsor agreement | Minimum
Shareholders' Equity
Consecutive Trading Day Period											40 days
Sponsor agreement | Maximum
Shareholders' Equity
Consecutive Trading Day Period											60 days

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Employment and Compensation Arrangements (Details) - USD ($)				1 Months Ended		3 Months Ended			9 Months Ended
	Jan. 21, 2021	Aug. 14, 2019	May 13, 2019	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 14, 2021	Dec. 31, 2020	Feb. 29, 2020	Feb. 21, 2020	Dec. 31, 2019
Employment and Compensation Arrangements
Authorized grants												60,000,000
Share-based compensation expense						$ 11,997,000		$ 6,796,000	$ 38,518,000	$ 31,121,000
Tax benefits						$ 1,027,000		0	$ 6,862,000	0
Vesting period			3 years
Granted						$ 23.70
Options issued (in shares)									0
Non-option award granted (in shares)						565,896
Number of shares called per warrant (in shares)			52,800,000									52,800,000
Warrant exercise price (usd per share)			$ 11.50
Warrants exercised (in shares)	212,174
Shares withheld to cover exercise price (in shares)	80,610
Issuance of common stock, net (in shares)	131,564
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares			5,309,713
Sale of stock, price per share (usd per share)					$ 22.50	$ 25.25			$ 25.25		$ 26.00		$ 20.25
Capital stock, issued (in shares)				641,419,578		639,750,620			639,750,620			606,329,598
Net proceeds after fees				$ 728,080,000	$ 304,030,000
Class of Warrant or Right, Outstanding														24,132,666
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value						$ 2,525,000		$ 76,000	$ 12,021,000	$ 2,996,000
Public Warrant
Employment and Compensation Arrangements
Number of shares called per warrant (in shares)			34,500,000
Class of Warrant or Right, Outstanding												0
Private Warrant
Employment and Compensation Arrangements
Number of shares called per warrant (in shares)			18,300,000			17,813,826		18,300,000	17,813,826	18,300,000		18,026,000			18,300,000
Minimum
Employment and Compensation Arrangements
Contractual term									1 year
Maximum
Employment and Compensation Arrangements
Contractual term									10 years
Warrant [Member]
Employment and Compensation Arrangements
Warrant exercise price (usd per share)														$ 11.50
Restricted Stock Units (RSUs)
Employment and Compensation Arrangements
Granted									$ 24.11
Non-option award granted (in shares)									2,856,222
Restricted Stock Units (RSUs) | Minimum
Employment and Compensation Arrangements
Vesting period									1 year
Restricted Stock Units (RSUs) | Maximum
Employment and Compensation Arrangements
Vesting period									3 years
PSUs
Employment and Compensation Arrangements
Share-based compensation expense									$ 0
Vesting period									3 years
TSR PSUs
Employment and Compensation Arrangements
Share-based compensation expense						$ 790,000			$ 3,048,000
Vesting period									3 years
TSR PSUs | Minimum
Employment and Compensation Arrangements
Share-based Compensation Arrangement by Share-based Payment Award, Payout As A Percent Of Target									0.00%
TSR PSUs | Maximum
Employment and Compensation Arrangements
Share-based Compensation Arrangement by Share-based Payment Award, Payout As A Percent Of Target									120.00%
Sponsor agreement
Employment and Compensation Arrangements
Capital stock, issued (in shares)															7,000,000
Share-based Payment Arrangement, Tranche One
Employment and Compensation Arrangements
Share Price			$ 15.25
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares			2,654,856
Period After Closing for Sale Price of Share			42 months
Share-based Payment Arrangement, Tranche Two
Employment and Compensation Arrangements
Share Price			$ 17.50		$ 17.50
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares					17,265,826
Management Incentive Plan
Employment and Compensation Arrangements
Vesting period									5 years
Incentive Award Plan 2019
Employment and Compensation Arrangements
Stock options not granted						41,271,255			41,271,255			42,785,926
Transaction Related Awards 2019
Employment and Compensation Arrangements
Authorized grants			7,000,000
Share-based compensation expense							$ 13,720,000
Share Price			$ 20.00
Weighted-average risk-free interest rate			1.33%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate			20.00%
Weighted-average expected dividend yield			0.00%
Transaction Related Awards 2019 | Sponsor agreement
Employment and Compensation Arrangements
Share-based compensation expense										$ 25,013,000
Weighted-average risk-free interest rate		1.42%	2.20%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate		20.00%	20.00%
Weighted-average expected dividend yield		0.00%	0.00%
Increase (Decrease) In Expense Relating Granting Of Incentive Shares										48,102,000
Increase (Decrease) In Expense Relating To Shares Purchased By Founders										4,411,000
Transaction Related Awards 2019 | Sponsor agreement | Minimum
Employment and Compensation Arrangements
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Discount For Lack Of Marketability		3.00%	3.00%
Contractual term		2 years
Transaction Related Awards 2019 | Sponsor agreement | Maximum
Employment and Compensation Arrangements
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Discount For Lack Of Marketability		7.00%	7.00%
Contractual term		3 years
Transaction Related Awards 2019 | Sponsor agreement | Warrant [Member]
Employment and Compensation Arrangements
Increase (Decrease) In Expense Relating To Vesting Of Ordinary Shares										6,297
Transaction Related Awards 2019 | Sponsor agreement | Common Stock Issued Price at least $15.25
Employment and Compensation Arrangements
Increase (Decrease) In Expense Relating To Vesting Of Ordinary Shares										9,396,000
Sale of stock, price per share (usd per share)												$ 15.25
Transaction Related Awards 2019 | Sponsor agreement | Common Stock Issued Price at least $17.50
Employment and Compensation Arrangements
Increase (Decrease) In Expense Relating To Vesting Of Ordinary Shares										13,101,000
Sale of stock, price per share (usd per share)												$ 17.50
Transaction Related Awards 2019 | Sponsor agreement | Founder shares
Employment and Compensation Arrangements
Capital stock, issued (in shares)												1,500,000
Net proceeds after fees										15,000
Transaction Related Awards 2019 | Sponsor agreement | Share Capital
Employment and Compensation Arrangements
Increase (Decrease) In Expense Relating To Vesting Of Ordinary Shares										$ 1,193,000

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Employment and Compensation Arrangements - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Number of Options
Granted			0
Outstanding at end of year	5,114,652		5,114,652
Weighted Average Exercise Price per Share
Granted			$ 0
Employee Stock Option
Number of Options
Outstanding at beginning of year			7,860,618
Expired			0
Forfeited			0
Exercised	(328,531)	(4,068,307)	(2,745,966)	(11,507,094)
Outstanding at end of year					7,860,618
Vested and exercisable at September 30, 2021	5,114,652		5,114,652
Weighted Average Exercise Price per Share
Outstanding at beginning of year			$ 12.95
Expired			0
Forfeited			0
Exercised			12.12
Outstanding at end of year	$ 13.40		13.40		$ 12.95
Vested and exercisable	$ 13.40		$ 13.40
Weighted-Average Remaining Contractual Life (in years)
Outstanding at beginning of year			5 years 7 months 6 days		6 years 2 months 12 days
Outstanding at end of year			5 years 7 months 6 days		6 years 2 months 12 days
Aggregate Intrinsic Value
Outstanding at beginning of year			$ 131,956
Outstanding at end of year	$ 45,015		45,015		$ 131,956
Vested and exercisable at September 30, 2021	$ 45,015		45,015
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Aggregate Intrinsic Value Exercised			$ 39,737	$ 141,143

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Employment and Compensation Arrangements - Assumptions (Details)		9 Months Ended
	May 13, 2019	Sep. 30, 2021
Employment and Compensation Arrangements
Vesting period	3 years
Maximum
Employment and Compensation Arrangements
Contractual term		10 years
Minimum
Employment and Compensation Arrangements
Contractual term		1 year

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Employment and Compensation Arrangements - RSU activity (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	May 13, 2019	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Shareholders' Equity
Granted		565,896
Granted		$ 23.70
Forfeited				(128,642)
Forfeited				$ 24.43
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value		$ 2,525	$ 76	$ 12,021	$ 2,996
Vesting period	3 years
Restricted Stock Units (RSUs)
Shareholders' Equity
Outstanding as of December 31, 2020				1,810,546
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 23.68		$ 23.68		$ 19.30
Granted				2,856,222
Granted				$ 24.11
Vested				(571,617)
Exercise of Private Placement Warrants				$ 21.03
Forfeited				(438,225)
Forfeited				$ 23.45
Outstanding as of September 30, 2021		3,656,926		3,656,926
Restricted Stock Units (RSUs) | Minimum
Shareholders' Equity
Vesting period				1 year
Restricted Stock Units (RSUs) | Maximum
Shareholders' Equity
Vesting period				3 years

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Employment and Compensation Arrangements - PSU activity (Details) - USD ($)					3 Months Ended			9 Months Ended
	Aug. 15, 2021	May 15, 2021	Mar. 01, 2021	May 13, 2019	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Shareholders' Equity
Granted					565,896
Granted					$ 23.70
Vesting period				3 years
Authorized grants										60,000,000
Share-based compensation expense					$ 11,997,000		$ 6,796,000	$ 38,518,000	$ 31,121,000
Transaction Related Awards 2019
Shareholders' Equity
Authorized grants				7,000,000
Share-based compensation expense						$ 13,720,000
PSUs
Shareholders' Equity
Outstanding as of December 31, 2020						873,325		873,325
Vested								(5,633)
Outstanding as of September 30, 2021					1,304,946			1,304,946
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value					$ 25.02			$ 25.02		$ 25.84
Exercise of Private Placement Warrants								32.50
Outstanding as of September 30, 2021					$ 25.02			$ 25.02
Vesting period								3 years
Share-based compensation expense								$ 0
TSR PSUs
Shareholders' Equity
Vesting period								3 years
Share-based compensation expense					$ 790,000			$ 3,048,000
TSR PSUs | Minimum
Shareholders' Equity
Share-based Compensation Arrangement by Share-based Payment Award, Payout As A Percent Of Target								0.00%
TSR PSUs | Maximum
Shareholders' Equity
Share-based Compensation Arrangement by Share-based Payment Award, Payout As A Percent Of Target								120.00%
Total Shareholder Return Performance Stock Units 2021
Shareholders' Equity
Granted	38,178	28,577	499,141
Vesting period								3 years
Share-based compensation expense					$ 306,000			$ 741,000
Total Shareholder Return Performance Stock Units 2021 | Minimum
Shareholders' Equity
Share-based Compensation Arrangement by Share-based Payment Award, Payout As A Percent Of Target								0.00%
Total Shareholder Return Performance Stock Units 2021 | Maximum
Shareholders' Equity
Share-based Compensation Arrangement by Share-based Payment Award, Payout As A Percent Of Target								200.00%

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Employment and Compensation Arrangements - Private Placement Warrant (Details) - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Shareholders' Equity
Beginning Balance	52,800,000
Exercise of Private Placement Warrants	(212,174)	0
Restricted Stock Units (RSUs)
Shareholders' Equity
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 23.68		$ 19.30
Warrant [Member]
Shareholders' Equity
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	11.00	$ 18.36	$ 17.35	$ 6.11
Exercised	$ 16.93	$ 0
Private Warrant
Shareholders' Equity
Beginning Balance	18,026,000	18,300,000
Closing Balance	17,813,826	18,300,000

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Income Taxes - Income tax (benefit)/expense on income/(loss)by jurisdiction (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Deferred
Income tax expense	$ (3,579)	$ (4,325)	$ (18,016)	$ (13,693)
Recurring
Deferred
Employee Phantom Share Receivable Non Current Liabilities, Fair Value Disclosure	14,234		14,234		$ 18,670
Level 2 | Recurring
Deferred
Employee Phantom Share Receivable Non Current Liabilities, Fair Value Disclosure	$ 14,234		$ 14,234		$ 18,670

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Income Taxes - Reconciliation of the statutory tax rate to effective tax rate (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Loss before tax:	$ 26,891	$ (177,661)	$ (64,836)	$ (323,207)
RATE
Income Tax Expense (Benefit)	$ 3,579	$ 4,325	$ 18,016	$ 13,693

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Income taxes - Balance Sheet Presentation (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Deferred income taxes	$ 30,110	$ 29,786
Deferred income taxes	$ 324,959	$ 362,261

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Earnings per Share - Narrative (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2021 shares	Sep. 30, 2021 shares	Sep. 30, 2020 shares
Earnings Per Share [Abstract]
Conversion ratio		1
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)			31,871,520
Preferred Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	46,073,718
Private Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)		17,813,826
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	3,294,188
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	415,969
2019 Incentive Award Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)		27,575,398

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Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Basic/Diluted EPS
Net loss	$ 23,312	$ (82,210)	$ (23,954)	$ (181,986)	$ (25,281)	$ (129,633)	$ (82,852)	$ (336,900)
Weighted Average Number of Shares Outstanding, Diluted	645,933,513			387,845,438			622,460,931	369,019,802
Basic (usd per share)	$ 0			$ (0.47)			$ (0.17)	$ (0.91)
Net Income (Loss) Available to Common Stockholders, Basic, Total	$ 881			$ (181,986)			$ (105,283)	$ (336,900)
Diluted (usd per share)	$ 0			$ (0.47)			$ (0.17)	$ (0.91)
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	5,098,686
Weighted Average Number of Shares Outstanding, Basic	640,834,827			387,845,438			622,460,931	369,019,802

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Other Operating Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Other Income and Expenses [Abstract]
Net foreign exchange (loss) gain	$ 427	$ (3,550)	$ (15,387)	$ 10,373
Other Nonrecurring (Income) Expense	(4,838)	3,412	(4,354)	4,302
Other operating (expense) income, net	$ (4,411)	$ (138)	$ (19,741)	$ 14,675

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Product and Geographic Sales Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2021 segments
Disaggregation of Revenue
Number of reportable segment	2

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Product and Geographic Sales Information - Revenue by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue
Revenues	$ 442,117	$ 284,360	$ 1,316,192	$ 798,452
Science Segment
Disaggregation of Revenue
Revenues	200,821	188,701	594,380	514,774
Intellectual Property Segment
Disaggregation of Revenue
Revenues	$ 241,296	$ 95,659	$ 721,812	$ 283,678

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Product and Geographic Sales Information - Adjusted EBITDA by Segment (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Total Adjusted EBITDA	$ 189,996			$ 108,207			$ 543,815	$ 286,548
Provision for income taxes	(3,579)			(4,325)			(18,016)	(13,693)
Depreciation and amortization	(130,683)			(68,614)			(392,513)	(176,200)
Interest, net	(65,194)			(20,244)			(141,156)	(72,306)
Deferred revenues adjustment	(72)			(2,107)			(4,465)	(7,421)
Transaction related costs	(11,851)			(34,938)			1,599	(70,154)
Share-based compensation expense	(11,997)			(6,796)			(38,518)	(31,121)
Restructuring and impairment	(15,621)			(3,192)			(121,988)	(26,792)
Impairment of Long-Lived Assets to be Disposed of						$ (18,431)
Other	(10,700)			(5,224)			(24,817)	(1,586)
Net loss	23,312	$ (82,210)	$ (23,954)	(181,986)	$ (25,281)	$ (129,633)	(82,852)	(336,900)
Fair Value Adjustment of Warrants	83,013			(144,753)			113,207	(224,175)
Net Income (Loss) Available to Common Stockholders, Basic	881			(181,986)			(105,283)	(336,900)
Science Segment
Segment Reporting Information [Line Items]
Total Adjusted EBITDA	113,771			83,310			305,119	226,551
Intellectual Property Segment
Segment Reporting Information [Line Items]
Total Adjusted EBITDA	$ 76,225			$ 24,897			$ 238,696	$ 59,997

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Product and Geographic Sales Information - Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Revenues	$ 442,117	$ 284,360	$ 1,316,192	$ 798,452
Deferred revenues adjustment	$ (72)	$ (2,107)	$ (4,465)	$ (7,421)

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Product and Geographic Sales Information - Revenue by Product Group (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Revenues	$ 442,117	$ 284,360	$ 1,316,192	$ 798,452
Deferred revenues adjustment	$ 72	$ 2,107	$ 4,465	$ 7,421

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Commitments and Contingencies - Contingencies (Details) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended			5 Months Ended	9 Months Ended
	Oct. 01, 2020	Feb. 28, 2020	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Nov. 09, 2021	Jan. 31, 2021	Dec. 31, 2020	Jun. 01, 2017
Commitments and Contingencies
Reserve for probable claims								$ 69,000
Loss recovery asset								2,290
Loss recovery asset recognized								147
Contingent purchase price paid								0	$ 4,115
Estimated Litigation Liability, Current								79,346
Recurring
Commitments and Contingencies
Contingent stock liability												$ 130,594
Level 3 | Recurring
Commitments and Contingencies
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements				$ 0	$ 0	$ 8,000			8,000
Publons
Commitments and Contingencies
Additional payments to acquire business													$ 9,500
Contingent stock liability												0
Kopernio
Commitments and Contingencies
Additional payments to acquire business				$ 2,184					$ 2,184
TrademarkVision
Commitments and Contingencies
Contingent stock liability												0
Decision Resources Group
Commitments and Contingencies
Additional payments to acquire business		$ 58,897										$ 86,029
Contingent stock liability		$ 58,897
Increase in contingent consideration								$ (24,410)
Newly issued ordinary shares (in shares)		2,895,638	2,895,638					2,895,638
Newly issued ordinary shares, value								$ 61,619
Total consideration		$ 964,997
CPA Global
Commitments and Contingencies
Contingent stock liability	$ 46,485
Newly issued ordinary shares (in shares)	218,183,778							1,500,000
Newly issued ordinary shares, value											$ 43,890
Total consideration	$ 8,839,599
Clarivate stock to be issued	$ 6,761,515
ProQuest | Subsequent Event | Forecast
Commitments and Contingencies
Newly issued ordinary shares (in shares)							46,910,923
Contingent Liability Transaction-related Fee										$ 83,250
Contingent Liability Discount on Debt for the Underwriter's Fee										$ 25,336
Other current assets
Commitments and Contingencies
Loss recovery asset recognized								$ 130
Other noncurrent assets
Commitments and Contingencies
Loss recovery asset recognized								$ 17

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Commitments and Contingencies - Mandatory Convertible Preferred Share Dividends (Details) - $ / shares		1 Months Ended
	Oct. 25, 2021	Jul. 31, 2021
Subsequent Event
Dividends Payable [Line Items]
Preferred Stock, Dividends Per Share, Declared	$ 1.3125
Preferred Shares
Dividends Payable [Line Items]
Preferred Stock, Dividends Per Share, Declared		$ 1.12

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Related Party and Former Parent Transactions (Details) - USD ($) $ in Thousands			3 Months Ended			9 Months Ended
	May 15, 2021	Jan. 21, 2021	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party and Former Parent Transactions
Issuance of common stock, net (in shares)		131,564
Immediate Family Member of Management or Principal Owner
Related Party and Former Parent Transactions
Revenue from Related Parties			$ 273		$ 546	$ 772	$ 1,075
Due from Related Parties			0			0		$ 100
Affiliated Entity
Related Party and Former Parent Transactions
Issuance of common stock, net (in shares)	177,206,779
Stock Retired During Period, Shares	177,206,779			177,206,779
Affiliated Entity | Onex Vendor
Related Party and Former Parent Transactions
Outstanding liability			9			9		4
Affiliated Entity | Baring Vendor One
Related Party and Former Parent Transactions
Consulting fee in operating expenses			207		259	675	519
Outstanding liability			150			150		237
Affiliated Entity | Leonard Green 1
Related Party and Former Parent Transactions
Consulting fee in operating expenses			346			974
Outstanding liability			13			13		0
Affiliated Entity | Leonard Green 2
Related Party and Former Parent Transactions
Consulting fee in operating expenses			7,573			23,058
Outstanding liability			0			0		0
Affiliated Entity | Leonard Green 3
Related Party and Former Parent Transactions
Consulting fee in operating expenses			2,096			4,077
Outstanding liability			0			0		1,995
Affiliated Entity | Customer one
Related Party and Former Parent Transactions
Revenue from Related Parties			32			95
Due from Related Parties			0			0		31
Affiliated Entity | Customer two
Related Party and Former Parent Transactions
Revenue from Related Parties			9,945			30,591
Due from Related Parties			69,431			69,431		54,656
Affiliated Entity | Customer three
Related Party and Former Parent Transactions
Revenue from Related Parties			55			125
Due from Related Parties			0			0		$ 264
Affiliated Entity | Onex Customer
Related Party and Former Parent Transactions
Revenue from Related Parties			395		$ 600	1,203	$ 1,536
Affiliated Entity | Onex
Related Party and Former Parent Transactions
Due from Related Parties			$ 745			$ 745

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Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Reserve [Roll Forward]
Reserve Balance as of December 31, 2019	$ 35,293	$ 27,059	$ 21,644	$ 15,803	$ 10,613	$ 9,506	$ 21,644	$ 9,506
Expenses recorded	15,621	41,700	64,667	3,192	15,846	7,754	121,988	26,792
Payments made	(15,722)	(12,882)	(17,037)	(6,544)	(5,748)	(6,647)
Noncash items and other adjustments	(812)	(20,584)	(42,215)	0	(4,908)
Reserve Balance as of December 31, 2019	34,380	35,293	27,059	12,451	15,803	10,613	34,380	12,451
Science Segment
Restructuring Reserve [Roll Forward]
Expenses recorded	299						873
Intellectual Property Segment
Restructuring Reserve [Roll Forward]
Expenses recorded	571						1,631
DRG Acquisition Integration Program | Science Segment
Restructuring Reserve [Roll Forward]
Expenses recorded	(15)						162
DRG Acquisition Integration Program | Intellectual Property Segment
Restructuring Reserve [Roll Forward]
Expenses recorded	(28)						298
CPA Acquisition Integration Program | Science Segment
Restructuring Reserve [Roll Forward]
Expenses recorded	1,105						37,280
CPA Acquisition Integration Program | Intellectual Property Segment
Restructuring Reserve [Roll Forward]
Expenses recorded	1,580						67,486
One Clarivate Program | Science Segment
Restructuring Reserve [Roll Forward]
Expenses recorded	4,271						4,978
One Clarivate Program | Intellectual Property Segment
Restructuring Reserve [Roll Forward]
Expenses recorded	7,532						8,869
Severance and Related Benefit Cost
Restructuring Reserve [Roll Forward]
Reserve Balance as of December 31, 2019	25,389	18,842	17,169	12,061	9,433	9,506	17,169	9,506
Expenses recorded	11,247	17,233	19,008	1,682	8,177	6,574	47,488	16,433
Payments made	(13,749)	(10,686)	(15,926)	(3,952)	(5,549)	(6,647)
Noncash items and other adjustments	0	0	(1,409)
Reserve Balance as of December 31, 2019	22,887	25,389	18,842	9,791	12,061	9,433	22,887	9,791
Restructuring Reserve, Settled without Cash	3,394
Severance and Related Benefit Cost | Operation Simplification and Optimization Program
Restructuring Reserve [Roll Forward]
Expenses recorded	888			472			2,112	11,911
Severance and Related Benefit Cost | DRG Acquisition Integration Program
Restructuring Reserve [Roll Forward]
Expenses recorded	(43)			1,210			384	4,522
Severance and Related Benefit Cost | CPA Acquisition Integration Program
Restructuring Reserve [Roll Forward]
Expenses recorded	50						32,596
Severance and Related Benefit Cost | One Clarivate Program
Restructuring Reserve [Roll Forward]
Expenses recorded	10,071						12,115
Exit and Disposal Costs
Restructuring Reserve [Roll Forward]
Reserve Balance as of December 31, 2019	9,904	8,217	4,475	3,742	1,180	0	4,475	0
Expenses recorded	4,373	24,467	45,659	1,510	7,669	1,180
Payments made	(1,973)	(2,196)	(1,111)	(2,592)	(199)	0
Noncash items and other adjustments	(812)	(20,584)	(40,806)	0	(4,908)
Reserve Balance as of December 31, 2019	11,493	$ 9,904	$ 8,217	2,660	$ 3,742	$ 1,180	11,493	2,660
Exit and Disposal Activities
Restructuring Reserve [Roll Forward]
Expenses recorded	3,369			655			5,602	4,596
Lease Exist Cost Including Impairment
Restructuring Reserve [Roll Forward]
Expenses recorded	1,005			855			68,898	5,763
Other costs | Operation Simplification and Optimization Program
Restructuring Reserve [Roll Forward]
Expenses recorded	(18)			1,361			393	10,198
Other costs | DRG Acquisition Integration Program
Restructuring Reserve [Roll Forward]
Expenses recorded				$ 149			75	$ 161
Other costs | CPA Acquisition Integration Program
Restructuring Reserve [Roll Forward]
Expenses recorded	2,634						72,170
Other costs | One Clarivate Program
Restructuring Reserve [Roll Forward]
Expenses recorded	$ 1,731						$ 1,731

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Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 442,117			$ 284,360			$ 1,316,192	$ 798,452
Income (loss) from operations	9,072			(12,664)			(36,887)	(26,726)
Net income (loss)	$ 23,312	$ (82,210)	$ (23,954)	$ (181,986)	$ (25,281)	$ (129,633)	$ (82,852)	$ (336,900)
Earnings per share:
Basic (usd per share)	$ 0			$ (0.47)			$ (0.17)	$ (0.91)
Diluted (usd per share)	$ 0			$ (0.47)			$ (0.17)	$ (0.91)

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Subsequent Events (Details) - USD ($)				1 Months Ended						3 Months Ended	5 Months Ended	9 Months Ended
	Oct. 25, 2021	Oct. 01, 2020	Feb. 28, 2020	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jan. 31, 2021	Jun. 30, 2020	Feb. 29, 2020	Mar. 31, 2020	Dec. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Oct. 14, 2021	Aug. 31, 2021	Jun. 14, 2021	Dec. 31, 2020	Jan. 01, 2020	May 13, 2019
Subsequent Events
Impairment of Long-Lived Assets to be Disposed of										$ 18,431,000
Number of shares issued (in shares)				25,000,000	44,230,768			50,400,000	27,600,000
Sale of stock, price per share (usd per share)				$ 25.25				$ 22.50	$ 20.25			$ 25.25				$ 26.00
Net proceeds after fees					$ 728,080,000			$ 304,030,000
Debt face amount		$ 1,600,000
Number of shares called per warrant (in shares)																	52,800,000		52,800,000
Warrant exercise price (usd per share)																			$ 11.50
Proceeds from warrant exercises												$ 0	$ 277,526,000
Stock Repurchase Program, Authorized Amount															$ 250,000,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount				$ 184,785,000								$ 184,785,000
Brand Protection, AntiPiracy, and AntiFraud Solutions | Discontinued Operations, Disposed of by Sale
Subsequent Events
Purchase price																		$ 3,751,000
Impairment of intangible assets													17,967,000
Goodwill, impairment loss													$ 468,000
Subsequent Event
Subsequent Events
Stock Repurchase Program, Authorized Amount														$ 250,000,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount														$ 185,000
Preferred Stock, Dividends Per Share, Declared	$ 1.3125
CPA Global
Subsequent Events
Stock issued		216,683,778					1,500,000
Value of stock issued							$ 43,890,000
Total consideration		$ 8,839,599,000
Cash		2,078,084,000
Clarivate stock to be issued		$ 6,761,515,000
Newly issued ordinary shares (in shares)		218,183,778										1,500,000
Decision Resources Group
Subsequent Events
Total consideration			$ 964,997,000
Cash			$ 900,000,000
Newly issued ordinary shares (in shares)			2,895,638			2,895,638						2,895,638
ProQuest | Subsequent Event | Forecast
Subsequent Events
Newly issued ordinary shares (in shares)											46,910,923

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Restatement of Previously Issued Condensed Financial Statements - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Nov. 23, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash and cash equivalents	$ 2,479,880			$ 257,730		$ 601,075			$ 76,130
Prepaid expenses	58,056			58,273
Restricted cash	1,854,257			11,278
Accounts receivable, net of allowance of $8,642 and $8,745 at September 30, 2021 and December 31, 2020, respectively	610,755			737,733		238,638			333,858
Other current assets	186,298			262,494
Assets, Current	5,189,246			1,327,508
Property and equipment, net	27,948			36,267
Other intangible assets, net	6,964,081			7,370,350
Goodwill	6,198,701			6,252,636	$ 2,861				1,328,045
Other non-current assets	41,808			47,944
Deferred income taxes	30,110			29,786
Operating lease right-of-use assets	45,880			132,356
Assets	18,497,774			15,196,847
Accounts payable	94,494			82,038
Accrued expenses and other current liabilities	592,721			716,356
Current portion of deferred revenues	579,935			707,318		326,098			407,325
Current portion of operating lease liability	28,459			35,455
Total current liabilities	3,161,236			1,569,767
Long-term debt	3,443,578			3,457,900
Non-current portion of deferred revenues	44,934			41,399		24,080			19,723
Other non-current liabilities	58,332			67,722
Deferred income taxes	324,959			362,261
Operating lease liabilities	58,443			104,324
Liabilities	7,287,434			5,916,124
Ordinary Shares, no par value; unlimited shares authorized at September 30, 2021 and December 31, 2020; 639,750,620 and 606,329,598 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	10,810,130			9,989,284
Accumulated other comprehensive income	324,904			503,521
Accumulated deficit	(1,317,365)			(1,212,082)
Stockholders' Equity Attributable to Parent	11,210,340	$ 11,490,079	$ 9,396,772	9,280,723		2,022,313	$ 2,191,354	$ 1,925,681	1,248,599
Liabilities and Equity	$ 18,497,774			$ 15,196,847
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash and cash equivalents						$ 601,075			$ 76,130

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Restatement of Previously Issued Condensed Financial Statements - Consolidated Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues	$ 442,117			$ 284,360			$ 1,316,192	$ 798,452
Cost of Revenue	141,111			93,554			416,459	268,614
Selling, General and Administrative Expense	(141,219)			(131,526)			(402,378)	(368,247)
Depreciation	(2,657)			(2,918)			(9,243)	(8,151)
Amortization of Intangible Assets	(128,026)			(65,696)			(383,270)	(168,049)
Restructuring and impairment	(15,621)			(3,192)			(121,988)	(26,792)
Other operating (expense) income, net	(4,411)			(138)			(19,741)	14,675
Costs and Expenses	(433,045)			(297,024)			(1,353,079)	(825,178)
Income (loss) from operations	9,072			(12,664)			(36,887)	(26,726)
Fair Value Adjustment of Warrants	83,013			(144,753)			113,207	(224,175)
Interest expense and amortization of debt discount, net	(65,194)			(20,244)			(141,156)	(72,306)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	26,891			(177,661)			(64,836)	(323,207)
Provision for income taxes	(3,579)			(4,325)			(18,016)	(13,693)
Net loss	$ 23,312	$ (82,210)	$ (23,954)	$ (181,986)	$ (25,281)	$ (129,633)	$ (82,852)	$ (336,900)
Basic (usd per share)	$ 0			$ (0.47)			$ (0.17)	$ (0.91)
Share-based compensation expense	$ (11,997)			$ (6,796)			$ (38,518)	$ (31,121)
Income (Loss) from Continuing Operations before Interest Expense, Interest Income, Income Taxes, Noncontrolling Interests, Net	$ 92,085			$ (157,417)			$ 76,320	$ (250,901)
Diluted (usd per share)	$ 0			$ (0.47)			$ (0.17)	$ (0.91)
Weighted Average Number of Shares Outstanding, Diluted	645,933,513			387,845,438			622,460,931	369,019,802
Weighted Average Number of Shares Outstanding, Basic	640,834,827			387,845,438			622,460,931	369,019,802
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues				$ 284,360				$ 798,452
Cost of Revenue				91,805				265,063
Selling, General and Administrative Expense				(91,319)				(266,749)
Depreciation				(2,918)				(8,151)
Amortization of Intangible Assets				(65,696)				(168,049)
Restructuring and impairment				(3,192)				(26,792)
Other operating (expense) income, net				(138)				14,675
Costs and Expenses				(297,024)				(825,178)
Income (loss) from operations				(12,664)				(26,726)
Fair Value Adjustment of Warrants				0				0
Interest expense and amortization of debt discount, net				(20,244)				(72,306)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest				(32,908)				(99,032)
Provision for income taxes				(4,325)				(13,693)
Net loss				$ (37,233)				$ (112,725)
Basic (usd per share)				$ (0.10)				$ (0.31)
Share-based compensation expense				$ (6,796)				$ (31,121)
Transaction Expenses				(34,938)				(70,154)
Transition Integration And Other Expenses				(222)				(3,774)
Income (Loss) from Continuing Operations before Interest Expense, Interest Income, Income Taxes, Noncontrolling Interests, Net				$ (12,664)				$ (26,726)
Diluted (usd per share)				$ (0.10)				$ (0.31)
Weighted Average Number of Shares Outstanding, Diluted				387,845,438				369,019,802
Weighted Average Number of Shares Outstanding, Basic				387,845,438				369,019,802
Revision of Prior Period, Error Correction, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Fair Value Adjustment of Warrants				$ (144,753)				$ (224,175)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest				(144,753)				(224,175)
Net loss				$ (144,753)				$ (224,175)
Basic (usd per share)				$ (0.37)				$ (0.61)
Income (Loss) from Continuing Operations before Interest Expense, Interest Income, Income Taxes, Noncontrolling Interests, Net				$ (144,753)				$ (224,175)
Diluted (usd per share)				$ (0.37)				$ (0.61)
Weighted Average Number of Shares Outstanding, Diluted				387,845,438				369,019,802
Weighted Average Number of Shares Outstanding, Basic				387,845,438				369,019,802
Revision of Prior Period, Reclassification, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of Revenue				$ 1,749				$ 3,551
Selling, General and Administrative Expense				(40,207)				(101,498)
Share-based compensation expense				6,796				31,121
Transaction Expenses				34,938				70,154
Transition Integration And Other Expenses				$ 222				$ 3,774

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Restatement of Previously Issued Condensed Financial Statements - Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss	$ 23,312	$ (82,210)	$ (23,954)	$ (181,986)	$ (25,281)	$ (129,633)	$ (82,852)	$ (336,900)
Interest rate swaps	333			1,092			1,884	(2,052)
Defined benefit pension plans	(4)			(15)			(12)	(57)
Foreign currency translation adjustment	(246,979)			9,359			(180,489)	1,795
Other Comprehensive Income (Loss), Net of Tax	(246,650)	$ 48,195	$ 19,838	10,436	$ (2,280)	$ (8,470)	(178,617)	(314)
Other comprehensive loss	$ (223,338)			(171,550)			$ (261,469)	(337,214)
Revision of Prior Period, Error Correction, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss				(144,753)				(224,175)
Other comprehensive loss				(144,753)				(224,175)
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss				(37,233)				(112,725)
Interest rate swaps				1,092				(2,052)
Defined benefit pension plans				(15)				(57)
Foreign currency translation adjustment				9,359				1,795
Other Comprehensive Income (Loss), Net of Tax				10,436				(314)
Other comprehensive loss				$ (26,797)				$ (113,039)

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Restatement of Previously Issued Condensed Financial Statements - Statement of Changes in Equity (Details) - USD ($) $ in Thousands		3 Months Ended						9 Months Ended
	Jan. 21, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' Equity Attributable to Parent		$ 11,210,340	$ 11,490,079	$ 9,396,772	$ 2,022,313	$ 2,191,354	$ 1,925,681	$ 11,210,340	$ 2,022,313	$ 9,280,723	$ 1,248,599
Stock Issued During Period, Value, Warrants Exercised							277,526
Stock Issued During Period, Value, Stock Options Exercised		2,415	9,761	5,074	125	0	1,182
Shares Issued, Value, Share-based Payment Arrangement, Forfeited		279	(17,245)	(4,489)	(3,136)	(15,118)	(10,302)
Issuance of common stock, net (in shares)	131,564
Issuance of ordinary shares, net				105,509		304,030	539,714
Share-based award activity		13,649	12,816	10,479	5,520	4,322	16,384
Net loss		23,312	(82,210)	(23,954)	(181,986)	(25,281)	(129,633)	(82,852)	(336,900)
Other Comprehensive Income (Loss), Net of Tax		(246,650)	$ 48,195	$ 19,838	10,436	$ (2,280)	(8,470)	(178,617)	(314)
Ordinary Shares, no par value; unlimited shares authorized at September 30, 2021 and December 31, 2020; 639,750,620 and 606,329,598 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively		$ 10,810,130						$ 10,810,130		$ 9,989,284
Revision of Prior Period, Accounting Standards Update, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' Equity Attributable to Parent							$ (9,319)
Revision of Prior Period, Error Correction, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss					$ (144,753)				$ (224,175)
Ordinary Shares
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Shares, Outstanding		639,750,620	641,419,578	611,355,226	389,220,967	387,335,119	364,938,052	639,750,620	389,220,967		306,874,115
Stock Issued During Period, Shares, Warrants Exercised							28,880,098
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		328,531	1,581,518	835,917	4,068,307	3,723,332	3,715,455
Vesting of Restricted Stock Units		114,962	446,324	15,958	2,459	2,528	169,842
Shares Issued, Shares, Share-based Payment Arrangement, Forfeited		(177,481)	(809,644)	(434,059)	(2,184,918)	(2,311,293)	(2,301,458)
Stockholders' Equity Attributable to Parent		$ 10,810,130	$ 10,843,549	$ 10,109,449	$ 3,264,619	$ 3,262,110	$ 2,968,876	$ 10,810,130	$ 3,264,619		$ 2,144,372
Stock Issued During Period, Value, Warrants Exercised							277,526
Stock Issued During Period, Value, Stock Options Exercised		2,415	9,761	5,074	125	0	1,182
Shares Issued, Value, Share-based Payment Arrangement, Forfeited		$ 279	$ (17,245)	$ (4,489)	(3,136)	$ (15,118)	$ (10,302)
Issuance of common stock, net (in shares)		0	206,052,933	4,395,638		20,982,500	27,600,000
Issuance of ordinary shares, net		$ (688)	$ 5,780,933	$ 105,509		$ 304,030	$ 539,714
Share-based award activity		13,649	12,816	10,479	5,520	4,322	16,384
Accumulated Other Comprehensive Income (Loss)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' Equity Attributable to Parent		324,904	571,554	523,359	(5,193)	(15,629)	(13,349)	324,904	(5,193)		(4,879)
Other Comprehensive Income (Loss), Net of Tax		(246,650)	48,195	19,838	10,436	(2,280)	(8,470)
Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' Equity Attributable to Parent		(1,317,365)	(1,318,246)	(1,236,036)	(1,237,113)	(1,055,127)	(1,029,846)	$ (1,317,365)	$ (1,237,113)		$ (890,894)
Net loss		$ 23,312	(82,210)	(23,954)	(181,986)	(25,281)	(129,633)
Other Comprehensive Income (Loss), Net of Tax			$ 0	$ 0	$ 0	$ 0	0
Accumulated Deficit | Revision of Prior Period, Accounting Standards Update, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' Equity Attributable to Parent							$ (9,319)

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Restatement of Previously Issued Condensed Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss	$ 23,312	$ (82,210)	$ (23,954)	$ (181,986)	$ (25,281)	$ (129,633)	$ (82,852)	$ (336,900)
Depreciation and amortization	130,683			68,614			392,513	176,200
Deferred income tax benefit							(11,084)	(7,420)
Share-based Compensation							36,944	26,344
Fair Value Adjustment of Warrants	(83,013)			144,753			(113,207)	224,175
Increase (Decrease) in Deferred Charges							9,050	3,140
Other Non cash Income (Expense) excluding Gain on sale of line of business								3,902
Other Noncash Income (Expense)							3,565	(3,902)
Increase (Decrease) in Accounts Receivable							114,038	129,398
Increase (Decrease) in Prepaid Expense							(887)	(13,335)
Restricted cash	1,854,257			567			1,854,257	567	$ 11,278	$ 9
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	4,334,137			601,642			4,334,137	601,642	269,008	76,139
Cash paid for interest							97,401	61,796
Cash paid for income tax							22,387	20,147
Capital expenditures included in accounts payable							6,612	922
Mark to Market Loss on Contingent Shares							34,503	(30,839)
Increase (Decrease) in Other Noncurrent Assets							60,749	62,818
Accounts payable							13,550	(8,394)
Accrued expenses and other current liabilities							(14,208)	(65,062)
Deferred revenues							(116,312)	(93,926)
Operating lease right of use assets							16,838	5,826
Operating lease liabilities							(37,362)	(6,611)
Other liabilities							(2,407)	2,077
Net Cash Provided by (Used in) Operating Activities							305,515	128,022
Capital expenditures							(86,197)	(78,597)
Payments to Acquire Businesses, Net of Cash Acquired							(14,314)	(885,323)
Proceeds from sale of product line, net of restricted cash							0	3,751
Net Cash Provided by (Used in) Investing Activities							(100,511)	(966,151)
Principal payments on term loan							(21,450)	(9,450)
Repayments of Long-term Lines of Credit							0	(65,000)
Payments of Debt Issuance Costs							(7,471)	(5,267)
Payment for Contingent Consideration Liability, Financing Activities							0	(4,115)
Proceeds from issuance of debt								360,000
Proceeds from issuance of ordinary shares							728,080	843,752
Proceeds from warrant exercises							0	277,526
Proceeds from stock options exercised							17,250	1,307
Payments related to tax withholding for stock-based compensation							(21,455)	(28,674)
Net cash provided by financing activities							3,864,985	1,370,079
Effects of exchange rates							(4,860)	(6,447)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect							4,065,129	525,503
Cash and cash equivalents	2,479,880			601,075			2,479,880	601,075	$ 257,730	76,130
Bad debt expense							6,832	1,830
Gain (Loss) on Disposition of Business							0	(1,052)
Noncash Impairment, Leases	$ 757			110			60,232	4,880
Acquisition of intangible assets							0	(5,982)
Gain (Loss) on Foreign Currency Forward Contracts							$ 4,026	(2,903)
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss				(37,233)				(112,725)
Depreciation and amortization								176,200
Deferred income tax benefit								(7,420)
Share-based Compensation								26,344
Fair Value Adjustment of Warrants				0				0
Increase (Decrease) in Deferred Charges								3,140
Other Noncash Income (Expense)								(3,902)
Increase (Decrease) in Accounts Receivable								129,398
Increase (Decrease) in Prepaid Expense								(13,335)
Restricted cash				567				567		9
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents				601,642				601,642		76,139
Cash paid for interest								61,796
Cash paid for income tax								20,147
Capital expenditures included in accounts payable								922
Mark to Market Loss on Contingent Shares								(30,839)
Increase (Decrease) in Other Noncurrent Assets								62,818
Accounts payable								(8,394)
Deferred revenues								(93,926)
Operating lease right of use assets								5,826
Operating lease liabilities								(6,611)
Other liabilities								2,077
Net Cash Provided by (Used in) Operating Activities								128,022
Capital expenditures								(78,597)
Payments to Acquire Businesses, Net of Cash Acquired								(885,323)
Proceeds from sale of product line, net of restricted cash								3,751
Net Cash Provided by (Used in) Investing Activities								(966,151)
Principal payments on term loan								(9,450)
Repayments of Long-term Lines of Credit								(65,000)
Payments of Debt Issuance Costs								(5,267)
Payment for Contingent Consideration Liability, Financing Activities								(4,115)
Proceeds from issuance of debt								360,000
Proceeds from issuance of ordinary shares								843,752
Payments related to tax withholding for stock-based compensation								(28,674)
Net cash provided by financing activities								1,370,079
Effects of exchange rates								(6,447)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect								525,503
Cash and cash equivalents				601,075				601,075		$ 76,130
Bad debt expense								1,830
Gain (Loss) on Disposition of Business								(1,052)
Noncash Impairment, Leases								4,880
Acquisition of intangible assets								(5,982)
Gain (Loss) on Foreign Currency Forward Contracts								2,903
Revision of Prior Period, Error Correction, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss				(144,753)				(224,175)
Fair Value Adjustment of Warrants				$ 144,753				$ 224,175

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Label	Element	Value
Preferred Stock, Amount of Preferred Dividends in Arrears	us-gaap_PreferredStockAmountOfPreferredDividendsInArrears	$ 6,289,000