N/A | |||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices) | Not applicable (Zip Code) |
Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
Page | |||||
September 30, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Accounts receivable, net of allowance of $ | |||||||||||
Prepaid expenses | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Other intangible assets, net | |||||||||||
Goodwill | |||||||||||
Other non-current assets | |||||||||||
Deferred income taxes | |||||||||||
Operating lease right-of-use assets | |||||||||||
Total Assets | $ | $ | |||||||||
Liabilities and Shareholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses and other current liabilities | |||||||||||
Current portion of deferred revenues | |||||||||||
Current portion of operating lease liability | |||||||||||
Current portion of long-term debt | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Warrant liabilities | |||||||||||
Non-current portion of deferred revenues | |||||||||||
Other non-current liabilities | |||||||||||
Deferred income taxes | |||||||||||
Operating lease liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Shareholders’ equity: | |||||||||||
Preferred Shares, | |||||||||||
Ordinary Shares, | |||||||||||
Accumulated other comprehensive income | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Total Liabilities and Shareholders’ Equity | $ | $ |
Three Months Ended September 30, | |||||||||||
2021 | 2020 (As Restated) | ||||||||||
Revenues, net | $ | $ | |||||||||
Operating expenses: | |||||||||||
Cost of revenues | ( | ( | |||||||||
Selling, general and administrative costs | ( | ( | |||||||||
Depreciation | ( | ( | |||||||||
Amortization | ( | ( | |||||||||
Restructuring and impairment | ( | ( | |||||||||
Other operating expense, net | ( | ( | |||||||||
Total operating expenses | ( | ( | |||||||||
Income (loss) from operations | ( | ||||||||||
Mark to market adjustment on financial instruments | ( | ||||||||||
Income (loss) before interest expense and income tax | ( | ||||||||||
Interest expense and amortization of debt discount, net | ( | ( | |||||||||
Income (loss) before income tax | ( | ||||||||||
Provision for income taxes | ( | ( | |||||||||
Net income (loss) | ( | ||||||||||
Dividends on preferred shares | ( | — | |||||||||
Net income (loss) attributable to ordinary shares | $ | $ | ( | ||||||||
Per share: | |||||||||||
Basic | $ | $ | ( | ||||||||
Diluted | $ | $ | ( | ||||||||
Weighted average shares used to compute earnings per share: | |||||||||||
Basic | |||||||||||
Diluted | |||||||||||
Nine Months Ended September 30, | |||||||||||
2021 | 2020 (As Restated) | ||||||||||
Revenues, net | $ | $ | |||||||||
Operating expenses: | |||||||||||
Cost of revenues | ( | ( | |||||||||
Selling, general and administrative costs | ( | ( | |||||||||
Depreciation | ( | ( | |||||||||
Amortization | ( | ( | |||||||||
Restructuring and impairment | ( | ( | |||||||||
Other operating (expense) income, net | ( | ||||||||||
Total operating expenses | ( | ( | |||||||||
Loss from operations | ( | ( | |||||||||
Mark to market adjustment on financial instruments | ( | ||||||||||
Income (loss) before interest expense and income tax | ( | ||||||||||
Interest expense and amortization of debt discount, net | ( | ( | |||||||||
Loss before income tax | ( | ( | |||||||||
Provision for income taxes | ( | ( | |||||||||
Net loss | ( | ( | |||||||||
Dividends on preferred shares | ( | — | |||||||||
Net loss attributable to ordinary shares | $ | ( | $ | ( | |||||||
Per share: | |||||||||||
Basic | $ | ( | $ | ( | |||||||
Diluted | $ | ( | $ | ( | |||||||
Weighted average shares used to compute earnings per share: | |||||||||||
Basic | |||||||||||
Diluted |
Three Months Ended September 30, | |||||||||||
2021 | 2020 (As Restated) | ||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Interest rate swaps | |||||||||||
Defined benefit pension plans | ( | ( | |||||||||
Foreign currency translation adjustment | ( | ||||||||||
Total other comprehensive income (loss), net of tax | ( | ||||||||||
Comprehensive loss | $ | ( | $ | ( |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 (As Restated) | ||||||||||
Net loss | $ | ( | $ | ( | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Interest rate swaps | ( | ||||||||||
Defined benefit pension plans | ( | ( | |||||||||
Foreign currency translation adjustment | ( | ||||||||||
Total other comprehensive loss, net of tax | ( | ( | |||||||||
Comprehensive loss | $ | ( | $ | ( |
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 | $ | — | $ | — | — | $ | — | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||
Exercise of Private Placement Warrants | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Shares returned to the Company for net share settlements | ( | ( | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares, net | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based award activity | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Shares returned to the Company for net share settlements | ( | ( | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares, net | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based award activity | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of ordinary shares | — | — | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Retirement of treasury shares | ( | ( | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred shares, net | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Shares returned to the Company for net share settlements | ( | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares, net | ( | — | — | — | — | — | — | ( |
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 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of ordinary shares | — | — | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Retirement of treasury shares | ( | ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred shares, net | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Dividends to preferred stockholders | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | — | $ | — | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||
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 | $ | — | $ | — | $ | — | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
Adjustment to opening Accumulated deficit related to adoption of ASC Topic 326 | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Exercise of public warrants | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Shares returned to the Company for net share settlements | ( | ( | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares, net | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Share-based award activity | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net loss (As Restated) | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Shares returned to the Company for net share settlements | ( | ( | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares, net | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Share-based award activity | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net loss (As Restated) | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 (As Restated) | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Shares returned to the Company for net share settlements | ( | ( | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Share-based award activity | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net loss (As Restated) | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 (As Restated) | $ | — | $ | — | $ | — | $ | ( | $ | ( | $ |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 (As Restated) | ||||||||||
Cash Flows From Operating Activities | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Bad debt expense | |||||||||||
Deferred income tax benefit | ( | ( | |||||||||
Share-based compensation | |||||||||||
Restructuring and impairment | |||||||||||
Loss (gain) on foreign currency forward contracts | ( | ||||||||||
Mark to market adjustment on contingent and phantom shares | ( | ||||||||||
Mark to market adjustment on financial instruments | ( | ||||||||||
Gain on disposal of business | ( | ||||||||||
Deferred finance charges | |||||||||||
Other operating activities | ( | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | |||||||||||
Prepaid expenses | ( | ( | |||||||||
Other assets | |||||||||||
Accounts payable | ( | ||||||||||
Accrued expenses and other current liabilities | ( | ( | |||||||||
Deferred revenues | ( | ( | |||||||||
Operating lease right of use assets | |||||||||||
Operating lease liabilities | ( | ( | |||||||||
Other liabilities | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Cash Flows From Investing Activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Acquisitions, net of cash acquired | ( | ( | |||||||||
Acquisition of intangible assets | ( | ||||||||||
Proceeds from sale of product line, net of restricted cash | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash Flows From Financing Activities | |||||||||||
Proceeds from issuance of debt | |||||||||||
Redemption of Notes not exchanged | ( | — | |||||||||
Principal payments on term loan | ( | ( | |||||||||
Repayments of revolving credit facility | ( | ||||||||||
Payment of debt issuance costs | ( | ( | |||||||||
Contingent purchase price payment | ( | ||||||||||
Proceeds from issuance of preferred shares | — | ||||||||||
Proceeds from issuance of ordinary shares | |||||||||||
Repurchases of ordinary shares | ( | — | |||||||||
Cash dividends on preferred shares | ( | ||||||||||
Proceeds from warrant exercises | |||||||||||
Proceeds from stock options exercised | |||||||||||
Payments related to tax withholding for stock-based compensation | ( | ( | |||||||||
Net cash provided by financing activities |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 (As Restated) | ||||||||||
Effects of exchange rates | ( | ( | |||||||||
Net increase in cash and cash equivalents, and restricted cash | |||||||||||
Beginning of period: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Total cash and cash equivalents, and restricted cash, beginning of period | |||||||||||
Cash and cash equivalents, and restricted cash, end of period | |||||||||||
End of period: | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash | |||||||||||
Total cash and cash equivalents, and restricted cash, end of period | $ | $ | |||||||||
Supplemental Cash Flow Information: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash paid for income tax | $ | $ | |||||||||
Capital expenditures included in accounts payable | $ | $ | |||||||||
Non-Cash Financing Activities: | |||||||||||
Shares issued to Capri Acquisition Topco Limited | $ | $ | — | ||||||||
Retirement of treasury shares | ( | — | |||||||||
Shares issued as contingent stock consideration associated with the DRG acquisition | — | ||||||||||
Shares issued as contingent stock consideration associated with the CPA Global acquisition | — | ||||||||||
Shares issued as dividends on our 5.25% Series A Mandatory Convertible Preferred Shares | — | ||||||||||
Dividends accrued on our 5.25% Series A Mandatory Convertible Preferred Shares | — | ||||||||||
Total Non-Cash Financing Activities | $ | $ | — | ||||||||
Three Months Ended September 30, | ||||||||
2021 | 2020 | |||||||
Revenues, net (1) | $ | $ | ||||||
Net income (loss) attributable to the Company's stockholders | $ | $ | ( | |||||
(1) Includes $ |
Nine Months Ended September 30, | ||||||||
2021 | 2020 | |||||||
Revenues, net (1) | $ | $ | ||||||
Net income (loss) attributable to the Company's stockholders | $ | $ | ( | |||||
(1) Includes $ |
Total | |||||
Accounts receivable | $ | ||||
Prepaid expenses | |||||
Other current assets | |||||
Property and equipment, net | |||||
Other intangible assets(1) | |||||
Other non-current assets | |||||
Operating lease right-of-use assets | |||||
Total assets | $ | ||||
Accounts payable | |||||
Accrued expenses and other current liabilities | |||||
Current portion of deferred revenue | |||||
Current portion of operating lease liabilities | |||||
Deferred income taxes | |||||
Non-current portion of deferred revenue | |||||
Operating lease liabilities | |||||
Total liabilities | |||||
Fair value of acquired identifiable assets and liabilities | $ | ||||
Purchase price, net of cash(2) | |||||
Less: Fair value of acquired identifiable assets and liabilities | |||||
Goodwill | $ | ||||
(1) Includes $ | |||||
(2) The Company acquired cash of $ |
Fair Value as of February 28, 2020 | Remaining Range of Years | ||||||||||
Customer relationships | $ | ||||||||||
Database and content | |||||||||||
Trade names | |||||||||||
Purchased software | |||||||||||
Backlog | |||||||||||
Total identifiable intangible assets | $ |
Three Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Pro forma revenues, net | $ | $ | |||||||||
Pro forma net income (loss) attributable to the Company's stockholders(1) | $ | $ | ( | ||||||||
(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 | $ | $ | |||||||||
Pro forma net loss attributable to the Company's stockholders(1) | $ | ( | $ | ( | |||||||
(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. |
Issuance of | $ | |||||||
Cash paid for repayment of CPA Global's parent company debt and related interest rate swap termination charge | ||||||||
Total purchase price | ||||||||
Cash acquired | ( | |||||||
Total purchase price, net of cash acquired | $ |
Three Months Ended September 30, 2021 | |||||
Revenues, net (1) | $ | ||||
Net income attributable to the Company's stockholders | $ | ||||
(1) Includes $ | |||||
Nine Months Ended September 30, 2021 | |||||
Revenues, net (1) | $ | ||||
Net income attributable to the Company's stockholders | $ | ||||
(1) Includes $ |
Total | |||||
Accounts receivable | $ | ||||
Prepaid expenses | |||||
Other current assets | |||||
Property and equipment, net | |||||
Other intangible assets | |||||
Deferred income taxes | |||||
Other non-current assets | |||||
Operating lease right-of-use assets | |||||
Total assets | $ | ||||
Accounts payable | |||||
Accrued expenses and other current liabilities | |||||
Current portion of deferred revenue | |||||
Current portion of operating lease liabilities | |||||
Non-current portion of deferred revenue | |||||
Deferred income taxes | |||||
Other non-current liabilities | |||||
Operating lease liabilities | |||||
Total liabilities | |||||
Fair value of acquired identifiable assets and liabilities | $ | ||||
Purchase price, net of cash(1) | $ | ||||
Less: Fair value of acquired identifiable assets and liabilities | |||||
Goodwill | $ | ||||
(1) The Company acquired cash of $ |
Total | |||||
Accounts receivable(1) | $ | ||||
Prepaid expenses | ( | ||||
Other current assets | |||||
Property and equipment, net | |||||
Other non-current assets | |||||
Deferred income taxes(3) | |||||
Total assets | $ | ||||
Accounts payable | |||||
Accrued expenses and other current liabilities(2) | |||||
Current portion of deferred revenue | |||||
Non-current portion of deferred revenue | ( | ||||
Deferred income taxes(3) | ( | ||||
Total liabilities | $ | ||||
Fair value of acquired identifiable assets and liabilities | $ | ( | |||
Purchase price, net of cash | $ | ( | |||
Less: Fair value of acquired identifiable assets and liabilities | ( | ||||
Goodwill | $ | ||||
(1) The $ | |||||
(2) The Company recorded measurement period adjustments of $ | |||||
(3) The $ |
Fair Value as of October 1, 2020 | Remaining Range of Years | ||||||||||
Customer relationships | $ | ||||||||||
Technology | |||||||||||
Trademarks | |||||||||||
Total identifiable intangible assets | $ |
Total | |||||
Accounts receivable | $ | ||||
Prepaid expenses | |||||
Other current assets | |||||
Property and equipment, net | |||||
Other intangible assets | |||||
Other non-current assets | |||||
Total assets | $ | ||||
Accounts payable | |||||
Accrued expenses and other current liabilities | |||||
Current portion of deferred revenue | |||||
Deferred income taxes | |||||
Other non-current liabilities | |||||
Total liabilities | $ | ||||
Fair value of acquired identifiable assets and liabilities | $ | ||||
Purchase price, net of cash(1) | |||||
Less: Fair value of acquired identifiable assets and liabilities | |||||
Goodwill | $ | ||||
(1) The Company acquired cash of $ |
Fair Value as of October 26, 2020 | Remaining Amortization Period (in years) | ||||||||||
Customer relationships | $ | ||||||||||
Existing technology | |||||||||||
Trade names | |||||||||||
Total identifiable intangible assets | $ |
Total | |||||
Accounts receivable | $ | ||||
Prepaid expenses | |||||
Other current assets | |||||
Property and equipment, net | |||||
Other intangible assets | |||||
Other non-current assets | |||||
Total assets | $ | ||||
Accounts payable | |||||
Accrued expenses and other current liabilities | |||||
Deferred income taxes | |||||
Total liabilities | |||||
Fair value of acquired identifiable assets and liabilities | $ | ||||
Purchase price, net of cash(1) | |||||
Less: Fair value of acquired identifiable assets and liabilities | |||||
Goodwill | $ | ||||
(1) The Company acquired cash of $ |
Fair Value as of November 23, 2020 | Remaining Range of Years | ||||||||||
Customer relationships | $ | ||||||||||
Trade name | |||||||||||
Non-compete agreements | |||||||||||
Total identifiable intangible assets | $ |
Total | |||||
Accounts receivable | $ | ||||
Prepaid expenses | |||||
Other current assets | |||||
Property and equipment, net | |||||
Other intangible assets | |||||
Other non-current assets | |||||
Deferred income taxes | |||||
Total assets | $ | ||||
Accounts payable | |||||
Accrued expenses and other current liabilities | |||||
Current portion of deferred revenues | |||||
Total liabilities | |||||
Fair value of acquired identifiable assets and liabilities | $ | ||||
Purchase price, net of cash(1) | $ | ||||
Less: Fair value of acquired identifiable assets and liabilities | |||||
Goodwill | $ | ||||
(1) The Company acquired cash of $ |
Fair Value as of August 3, 2021 | Remaining Range of Years | ||||||||||
Customer relationships | $ | ||||||||||
Technology | |||||||||||
Trade name | |||||||||||
Total identifiable intangible assets | $ |
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Accounts receivable | $ | $ | |||||||||
Less: Accounts receivable allowance | ( | ( | |||||||||
Accounts receivable, net | $ | $ | |||||||||
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Balance at beginning of year | $ | $ | |||||||||
Additional provisions | |||||||||||
Write-offs | ( | ( | |||||||||
Opening balance sheet adjustment related to ASU 2016 -13 adoption | |||||||||||
Exchange differences | ( | ||||||||||
Balance at the end of year | $ | $ |
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Computer hardware | $ | $ | |||||||||
Leasehold improvements | |||||||||||
Furniture, fixtures and equipment | |||||||||||
Total property and equipment, gross | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Total property and equipment, net | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||||||||||||||
Finite-lived intangible assets | |||||||||||||||||||||||||||||||||||
Customer relationships | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Databases and content | ( | ( | |||||||||||||||||||||||||||||||||
Computer software | ( | ( | |||||||||||||||||||||||||||||||||
Trade names | ( | ( | |||||||||||||||||||||||||||||||||
Backlog | ( | ( | |||||||||||||||||||||||||||||||||
Finite-lived intangible assets | ( | ( | |||||||||||||||||||||||||||||||||
Indefinite-lived intangible assets | |||||||||||||||||||||||||||||||||||
Trade names | — | — | |||||||||||||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | $ | $ | ( | $ |
Science Segment | Intellectual Property Segment | Consolidated Total | |||||||||||||||
Balance as of December 31, 2019 | $ | $ | $ | ||||||||||||||
Acquisition | |||||||||||||||||
Divestiture | ( | ( | |||||||||||||||
Impact of foreign currency fluctuations and other | |||||||||||||||||
Balance as of December 31, 2020 | $ | $ | $ | ||||||||||||||
Acquisition(1) | |||||||||||||||||
Impact of foreign currency fluctuations and other | ( | ( | ( | ||||||||||||||
Balance as of September 30, 2021 | $ | $ | $ | ||||||||||||||
AOCI Balance at December 31, 2020 | $ | ( | |||
Derivative gains recognized in Other comprehensive loss | |||||
Amount reclassified out of Other comprehensive loss to Net loss | |||||
AOCI Balance at March 31, 2021 | $ | ( | |||
Derivative losses recognized in Other comprehensive loss | ( | ||||
Amount reclassified out of Other comprehensive loss to Net loss | |||||
AOCI Balance at June 30, 2021 | $ | ( | |||
Derivative losses recognized in Other comprehensive loss | ( | ||||
Amount reclassified out of Other comprehensive loss to Net loss | |||||
AOCI Balance at September 30, 2021 | $ | ( |
AOCI Balance at December 31, 2019 | $ | ( | |||
Derivative losses recognized in Other comprehensive loss | ( | ||||
Amount reclassified out of Other comprehensive loss to Net loss | |||||
AOCI Balance at March 31, 2020 | $ | ( | |||
Derivative losses recognized in Other comprehensive loss | ( | ||||
Amount reclassified out of Other comprehensive loss to Net loss | |||||
AOCI Balance at June 30, 2020 | $ | ( | |||
Derivative losses recognized in Other comprehensive loss | ( | ||||
Amount reclassified out of Other comprehensive loss to Net loss | |||||
AOCI Balance at September 30, 2020 | $ | ( |
Balance at December 31, 2019 | $ | ||||
Payment of earn-out liability (1) | ( | ||||
Revaluations included in earnings | |||||
Balance at March 31, 2020 | $ | ||||
Payment of earn-out liability | |||||
Revaluations included in earnings | |||||
Balance at June 30, 2020 | $ | ||||
Payment of earn-out liability | |||||
Revaluations included in earnings | |||||
Balance at September 30, 2020 | $ | ||||
(1) See Note 22 - Commitments and Contingencies for further details. | |||||
Balance at December 31, 2020 | $ | ||||
Mark to market adjustment on financial instruments | ( | ||||
Exercise of Private Placement Warrants | ( | ||||
Balance at March 31, 2021 | $ | ||||
Mark to market adjustment on financial instruments | |||||
Exercise of Private Warrants | |||||
Balance at June 30, 2021 | $ | ||||
Mark to market adjustment on financial instruments | ( | ||||
Exercise of Private Warrants | |||||
Balance at September 30, 2021 | $ | ||||
Balance at December 31, 2019 | $ | ||||
Mark to market adjustment on financial instruments | |||||
Exercise of Private Placement Warrants | — | ||||
Balance at March 31, 2020 | $ | ||||
Mark to market adjustment on financial instruments | |||||
Exercise of Private Warrants | — | ||||
Balance at June 30, 2020 | $ | ||||
Mark to market adjustment on financial instruments | |||||
Exercise of Private Warrants | — | ||||
Balance at September 30, 2020 | $ | ||||
September 30, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Forward contracts asset | $ | — | $ | $ | — | $ | |||||||||||||||||
Employee phantom share receivable asset | — | — | |||||||||||||||||||||
— | — | ||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Warrant liability | — | — | |||||||||||||||||||||
Employee phantom share liability - current | — | — | |||||||||||||||||||||
Employee phantom share liability - non-current | — | — | |||||||||||||||||||||
Forward contracts liability | — | — | |||||||||||||||||||||
Interest rate swap liability | — | — | |||||||||||||||||||||
Total | $ | — | $ | $ | $ |
December 31, 2020 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Forward contracts asset | $ | — | $ | $ | — | $ | |||||||||||||||||
Employee phantom share receivable asset | — | — | |||||||||||||||||||||
— | — | ||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Warrant liability | — | — | |||||||||||||||||||||
Employee phantom share liability - current | — | — | |||||||||||||||||||||
Employee phantom share liability - non-current | — | — | |||||||||||||||||||||
Forward contracts liability | — | — | |||||||||||||||||||||
Interest rate swap liability | — | — | |||||||||||||||||||||
Contingent stock liability | — | — | |||||||||||||||||||||
Total | $ | — | $ | $ | $ | ||||||||||||||||||
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Employee phantom share plan liability (1) | $ | $ | |||||||||
Contingent stock liability (2) | — | ||||||||||
Employee related accruals (3) | |||||||||||
Accrued professional fees (4) | |||||||||||
Accrued legal liability (5) | — | ||||||||||
Tax related accruals (6) | |||||||||||
Other accrued expenses and other current liabilities (7) | |||||||||||
Total accrued expenses and other current liabilities | $ | $ |
Three Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Service cost | $ | $ | |||||||||
Interest cost | |||||||||||
Expected return on plan assets | ( | ( | |||||||||
Amortization of actuarial gains | ( | ( | |||||||||
Net periodic benefit cost | $ | $ | |||||||||
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Service cost | $ | $ | |||||||||
Interest cost | |||||||||||
Expected return on plan assets | ( | ( | |||||||||
Amortization of actuarial gains | ( | ( | |||||||||
Net periodic benefit cost | $ | $ |
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
Type | Maturity | Effective Interest Rate | Carrying Value | Effective Interest Rate | Carrying Value | |||||||||||||||||||||||||||
Senior Notes (2029) | 2029 | % | $ | — | % | $ | — | |||||||||||||||||||||||||
Senior Secured Notes (2028) | 2028 | % | — | % | — | |||||||||||||||||||||||||||
Senior Secured Notes (2026) | 2026 | % | % | |||||||||||||||||||||||||||||
Term Loan Facility (2026) | 2026 | % | % | |||||||||||||||||||||||||||||
Revolving Credit Facility | 2024 | % | % | |||||||||||||||||||||||||||||
Total debt outstanding | ||||||||||||||||||||||||||||||||
Debt issuance costs | ( | ( | ||||||||||||||||||||||||||||||
Term Loan Facility, discount | ( | ( | ||||||||||||||||||||||||||||||
Short-term debt, including current portion of long-term debt | ( | ( | ||||||||||||||||||||||||||||||
Long-term debt, net of current portion and debt issuance costs | $ | $ |
Three Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Subscription revenues | $ | $ | |||||||||
Transactional revenues | |||||||||||
Re-occurring revenues | — | ||||||||||
Total revenues, gross | |||||||||||
Deferred revenues adjustment (1) | ( | ( | |||||||||
Total revenues, net | $ | $ | |||||||||
(1) Reflects the deferred revenue adjustment as a result of purchase accounting. | |||||||||||
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Subscription revenues | $ | $ | |||||||||
Transactional revenues | |||||||||||
Re-occurring revenues | — | ||||||||||
Total revenues, gross | |||||||||||
Deferred revenues adjustment (1) | ( | ( | |||||||||
Total revenues, net | $ | $ | |||||||||
(1) Reflects the deferred revenue adjustment as a result of purchase accounting. |
Accounts receivable, net | Current portion of deferred revenues | Non-current portion of deferred revenues | |||||||||||||||
Opening (1/1/2021) | $ | $ | $ | ||||||||||||||
Closing (09/30/2021) | |||||||||||||||||
(Increase)/decrease | $ | $ | $ | ( | |||||||||||||
Opening (1/1/2020) | $ | $ | $ | ||||||||||||||
Closing (09/30/2020) | |||||||||||||||||
(Increase)/decrease | $ | $ | $ | ( | |||||||||||||
Number of Options | Weighted Average Exercise Price per Share | Weighted-Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value | ||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | |||||||||||||||||||||
Granted | 0 | — | |||||||||||||||||||||
Expired | 0 | — | |||||||||||||||||||||
Forfeited | 0 | — | |||||||||||||||||||||
Exercised | ( | 0 | ( | ||||||||||||||||||||
Outstanding as of September 30, 2021 | $ | $ | |||||||||||||||||||||
Vested and exercisable at September 30, 2021 | $ | $ |
Number of Shares | Weighted Average Grant Date Fair Value per Share | ||||||||||
Outstanding as of December 31, 2020 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | $ | |||||||||
Forfeited | ( | ||||||||||
Outstanding as of September 30, 2021 | $ |
Number of Shares (1) | Weighted Average Grant Date Fair Value per Share | ||||||||||
Outstanding as of December 31, 2020 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Outstanding as of September 30, 2021 | $ |
Number of Shares | Weighted Average Fair Value per Share | |||||||
Outstanding at December 31, 2019 | $ | |||||||
Exercise of Private Placement Warrants | ||||||||
Outstanding at September 30, 2020 | $ | |||||||
Outstanding at December 31, 2020 | $ | |||||||
Exercise of Private Placement Warrants | ( | |||||||
Outstanding at September 30, 2021 | $ |
Three Months Ended September 30, | |||||||||||
2021 | 2020 (As Restated) | ||||||||||
Basic/Diluted EPS | |||||||||||
Net income (loss) available to ordinary stockholders | $ | $ | ( | ||||||||
Dividends on preferred shares | ( | — | |||||||||
Net income (loss) attributable to ordinary shares | $ | $ | ( | ||||||||
Basic weighted-average number of ordinary shares outstanding | |||||||||||
Basic EPS | $ | $ | ( | ||||||||
Effects of Dilutive Securities | |||||||||||
Options | — | ||||||||||
Diluted weighted-average number of ordinary shares outstanding | |||||||||||
Diluted EPS | $ | $ | ( | ||||||||
Nine Months Ended September 30, | |||||||||||
2021 | 2020 (As Restated) | ||||||||||
Basic/Diluted EPS | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Dividends on preferred shares | ( | — | |||||||||
Net loss attributable to ordinary shares | $ | ( | $ | ( | |||||||
Basic weighted-average number of ordinary shares outstanding | |||||||||||
Basic EPS | $ | ( | $ | ( | |||||||
Diluted weighted-average number of ordinary shares outstanding | |||||||||||
Diluted EPS | $ | ( | $ | ( | |||||||
Three Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Net foreign exchange gain (loss) | $ | $ | ( | ||||||||
Miscellaneous (expense) income, net | ( | ||||||||||
Other operating (expense), net | $ | ( | $ | ( | |||||||
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Net foreign exchange (loss) gain | $ | ( | $ | ||||||||
Miscellaneous (expense) income, net | ( | ||||||||||
Other operating (expense) income, net | $ | ( | $ |
Three Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Science Segment | $ | $ | |||||||||
Intellectual Property Segment | |||||||||||
Total Revenues | $ | $ | |||||||||
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Science Segment | $ | $ | |||||||||
Intellectual Property Segment | |||||||||||
Total Revenues | $ | $ |
Three Months Ended September 30, | ||||||||||||||
2021 | 2020 (As Restated) | |||||||||||||
Science Segment Adjusted EBITDA | $ | $ | ||||||||||||
Intellectual Property Segment Adjusted EBITDA | ||||||||||||||
Total Adjusted EBITDA | $ | $ | ||||||||||||
(Provision) benefit for income taxes | ( | ( | ||||||||||||
Depreciation and amortization | ( | ( | ||||||||||||
Interest, net | ( | ( | ||||||||||||
Deferred revenues adjustment | ( | ( | ||||||||||||
Transaction related costs | ( | ( | ||||||||||||
Share-based compensation expense | ( | ( | ||||||||||||
Restructuring and impairment | ( | ( | ||||||||||||
Mark to market adjustment on financial instruments | ( | |||||||||||||
Other | ( | ( | ||||||||||||
Net income (loss) | $ | $ | ( | |||||||||||
Dividends on preferred shares | ( | — | ||||||||||||
Net income (loss) attributable to ordinary shares | $ | $ | ( | |||||||||||
Nine Months Ended September 30, | ||||||||||||||
2021 | 2020 (As Restated) | |||||||||||||
Science Segment Adjusted EBITDA | $ | $ | ||||||||||||
Intellectual Property Segment Adjusted EBITDA | ||||||||||||||
Total Adjusted EBITDA | $ | $ | ||||||||||||
Provision for income taxes | ( | ( | ||||||||||||
Depreciation and amortization | ( | ( | ||||||||||||
Interest, net | ( | ( | ||||||||||||
Deferred revenues adjustment | ( | ( | ||||||||||||
Transaction related costs | ( | |||||||||||||
Share-based compensation expense | ( | ( | ||||||||||||
Restructuring and impairment | ( | ( | ||||||||||||
Mark to market adjustment on financial instruments | ( | |||||||||||||
Other | ( | ( | ||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Dividends on preferred shares | ( | — | ||||||||||||
Net loss attributable to ordinary shares | $ | ( | $ | ( |
Restructuring Programs | Severance and Related Benefit Costs | Costs Associated with Exit and Disposal Costs (1) | Total | |||||||||||||||||
Reserve Balance as of December 31, 2019 | $ | $ | $ | |||||||||||||||||
Expenses recorded | ||||||||||||||||||||
Payments made | ( | ( | ||||||||||||||||||
Reserve Balance as of March 31, 2020 | ||||||||||||||||||||
Expenses recorded | ||||||||||||||||||||
Payments made | ( | ( | ( | |||||||||||||||||
Asset Impairment Charge | — | ( | ( | |||||||||||||||||
Reserve Balance as of June 30, 2020 | $ | $ | $ | |||||||||||||||||
Expenses recorded | ||||||||||||||||||||
Payments made | ( | ( | ( | |||||||||||||||||
Asset Impairment Charge | — | |||||||||||||||||||
Reserve Balance as of September 30, 2020 | $ | $ | $ | |||||||||||||||||
Reserve Balance as of December 31, 2020 | $ | $ | $ | |||||||||||||||||
Expenses recorded | ||||||||||||||||||||
Payments made | ( | ( | ( | |||||||||||||||||
Asset Impairment Charge | ( | ( | ( | |||||||||||||||||
Reserve Balance as of March 31, 2021 | $ | $ | $ | |||||||||||||||||
Expenses recorded | ||||||||||||||||||||
Payments made | ( | ( | ( | |||||||||||||||||
Asset Impairment Charge | ( | ( | ||||||||||||||||||
Reserve Balance as of June 30, 2021 | $ | $ | $ | |||||||||||||||||
Expenses recorded | ||||||||||||||||||||
Payments made(2) | ( | ( | ( | |||||||||||||||||
Asset Impairment Charge | ( | ( | ||||||||||||||||||
Reserve Balance as of September 30, 2021 | $ | $ | $ | |||||||||||||||||
(1) Relates primary to lease exit costs and legal and advisory fees. | ||||||||||||||||||||
(2) Severance and related benefit cost payments includes $( |
Three Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Severance and related benefit costs | $ | $ | |||||||||
Costs associated with exit and disposal activities (1) | |||||||||||
Costs associated with lease exit costs including impairment (2) | |||||||||||
Total restructuring and impairment | $ | $ | |||||||||
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Severance and related benefit costs | $ | $ | |||||||||
Costs associated with exit and disposal activities (1) | |||||||||||
Costs associated with lease exit costs including impairment (2) | |||||||||||
Total restructuring and impairment | $ | $ | |||||||||
(1) Relates primarily to contract exit costs, legal and advisory fees. | |||||||||||
(2) Relates primary to lease exit costs. | |||||||||||
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 | $ | $ | — | $ | — | $ | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Cost of revenues | ( | ( | — | ( | |||||||||||||||||||||||||
Selling, general and administrative costs | ( | ( | — | ( | |||||||||||||||||||||||||
Share-based compensation expense | ( | — | — | ||||||||||||||||||||||||||
Depreciation | ( | — | — | ( | |||||||||||||||||||||||||
Amortization | ( | — | — | ( | |||||||||||||||||||||||||
Transaction expenses | ( | — | — | ||||||||||||||||||||||||||
Transition, integration and other related expenses | ( | — | — | ||||||||||||||||||||||||||
Restructuring and impairment | ( | — | — | ( | |||||||||||||||||||||||||
Other operating income, net | ( | — | — | ( | |||||||||||||||||||||||||
Total operating expenses | ( | — | — | ( | |||||||||||||||||||||||||
Loss from operations | ( | — | — | ( | |||||||||||||||||||||||||
Mark to market on financial instruments | — | ( | (b) | ( | |||||||||||||||||||||||||
Loss before interest expense and income tax | ( | — | ( | ( | |||||||||||||||||||||||||
Interest expense and amortization of debt discount, net | ( | — | — | ( | |||||||||||||||||||||||||
Loss before income tax | ( | — | ( | (b) | ( | ||||||||||||||||||||||||
Provision for income taxes | ( | — | — | ( | |||||||||||||||||||||||||
Net loss | $ | ( | $ | — | $ | ( | (b) | $ | ( | ||||||||||||||||||||
Per share: | |||||||||||||||||||||||||||||
Basic and diluted | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||
Weighted average shares used to compute earnings per share: | |||||||||||||||||||||||||||||
Basic and diluted | |||||||||||||||||||||||||||||
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 | $ | $ | — | $ | — | $ | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Cost of revenues | ( | ( | — | ( | |||||||||||||||||||||||||
Selling, general and administrative costs | ( | ( | — | ( | |||||||||||||||||||||||||
Share-based compensation expense | ( | — | — | ||||||||||||||||||||||||||
Depreciation | ( | — | — | ( | |||||||||||||||||||||||||
Amortization | ( | — | — | ( | |||||||||||||||||||||||||
Transaction expenses | ( | — | — | ||||||||||||||||||||||||||
Transition, integration and other related expenses | ( | — | — | ||||||||||||||||||||||||||
Restructuring and impairment | ( | — | — | ( | |||||||||||||||||||||||||
Other operating income, net | — | — | |||||||||||||||||||||||||||
Total operating expenses | ( | — | — | ( | |||||||||||||||||||||||||
Loss from operations | ( | — | — | ( | |||||||||||||||||||||||||
Mark to market on financial instruments | — | ( | (b) | ( | |||||||||||||||||||||||||
Loss before interest expense and income tax | ( | — | ( | ( | |||||||||||||||||||||||||
Interest expense and amortization of debt discount, net | ( | — | — | ( | |||||||||||||||||||||||||
Loss before income tax | ( | — | ( | (b) | ( | ||||||||||||||||||||||||
Provision for income taxes | ( | — | — | ( | |||||||||||||||||||||||||
Net loss | $ | ( | $ | — | $ | ( | (b) | $ | ( | ||||||||||||||||||||
Per share: | |||||||||||||||||||||||||||||
Basic and diluted | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||
Weighted average shares used to compute earnings per share: | |||||||||||||||||||||||||||||
Basic and diluted |
Three months ended September 30, 2020 | |||||||||||||||||
As Originally Reported | Restatement Impacts | As Restated | |||||||||||||||
Net loss | $ | ( | ( | $ | ( | ||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||
Interest rate swaps | — | ||||||||||||||||
Defined benefit pension plans, net of tax | ( | — | ( | ||||||||||||||
Foreign currency translation adjustment | — | ||||||||||||||||
Total other comprehensive loss, net of tax | — | ||||||||||||||||
Comprehensive loss | $ | ( | $ | ( | $ | ( | |||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||
As Originally Reported | Restatement Impacts | As Restated | |||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||
Interest rate swaps | ( | — | ( | ||||||||||||||
Defined benefit pension plans, net of tax | ( | — | ( | ||||||||||||||
Foreign currency translation adjustment | — | ||||||||||||||||
Total other comprehensive loss, net of tax | ( | — | ( | ||||||||||||||
Comprehensive loss | $ | ( | $ | ( | $ | ( |
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 | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||
Adjustment to opening Accumulated deficit related to adoption of ASC Topic 326 | — | — | — | ( | ( | |||||||||||||||||||||||||||
Exercise of public warrants (As Restated) | — | — | ||||||||||||||||||||||||||||||
Exercise of stock options | — | — | ||||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | — | — | ||||||||||||||||||||||||||||
Shares returned to the Company for net share settlements | ( | ( | — | — | ( | |||||||||||||||||||||||||||
Issuance of ordinary shares, net | — | — | ||||||||||||||||||||||||||||||
Share-based award activity | — | — | — | |||||||||||||||||||||||||||||
Net loss (As Restated) | (c) | — | — | — | ( | ( | ||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | ( | ( | ||||||||||||||||||||||||||||
Balance at March 31, 2020 (As Restated) | (c) | ( | ( | |||||||||||||||||||||||||||||
Exercise of stock options | — | — | ||||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | — | — | ||||||||||||||||||||||||||||
Shares returned to the Company for net share settlements | ( | ( | — | — | ( | |||||||||||||||||||||||||||
Issuance of ordinary shares, net | — | — | ||||||||||||||||||||||||||||||
Share-based award activity | — | — | — | |||||||||||||||||||||||||||||
Net loss (As Restated) | (c) | — | — | — | ( | ( | ||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | ( | ( | ||||||||||||||||||||||||||||
Balance at June 30, 2020 (As Restated) | (c) | ( | ( | |||||||||||||||||||||||||||||
Exercise of stock options | — | — | ||||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | — | — | ||||||||||||||||||||||||||||
Shares returned to the Company for net share settlements | ( | ( | — | — | ( | |||||||||||||||||||||||||||
Share-based award activity | — | — | — | |||||||||||||||||||||||||||||
Net loss (As Restated) | (c) | — | — | — | ( | ( | ||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | ||||||||||||||||||||||||||||||
Balance at September 30, 2020 (As Restated) | (c) | $ | $ | ( | $ | ( | $ |
Nine months ended September 30, 2020 | |||||||||||||||||
As Originally Reported | Restatement Impacts | As Restated | |||||||||||||||
Cash Flows From Operating Activities | |||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | |||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | — | ||||||||||||||||
Bad debt expense | — | ||||||||||||||||
Gain on sale of line of business | ( | ( | |||||||||||||||
Restructuring and impairment | — | ||||||||||||||||
Gain on foreign currency forward contracts | ( | — | ( | ||||||||||||||
Deferred income tax benefit | ( | — | ( | ||||||||||||||
Share-based compensation | — | ||||||||||||||||
Mark to market adjustment on contingent and phantom shares (1) | — | ||||||||||||||||
Mark to market adjustment on financial instruments (As Restated) | |||||||||||||||||
Deferred finance charges | — | ||||||||||||||||
Other operating activities | ( | — | ( | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Accounts receivable | — | ||||||||||||||||
Prepaid expenses | ( | — | ( | ||||||||||||||
Other assets | — | ||||||||||||||||
Accounts payable | ( | — | ( | ||||||||||||||
Accrued expenses and other current liabilities | ( | — | ( | ||||||||||||||
Deferred revenues | ( | — | ( | ||||||||||||||
Operating lease right of use assets | — | ||||||||||||||||
Operating lease liabilities | ( | — | ( | ||||||||||||||
Other liabilities | — | ||||||||||||||||
Net cash provided by operating activities | — | ||||||||||||||||
Cash Flows From Investing Activities | |||||||||||||||||
Capital expenditures | ( | — | ( | ||||||||||||||
Acquisitions, net of cash acquired | ( | — | ( | ||||||||||||||
Acquisition of intangible assets | ( | — | ( | ||||||||||||||
Proceeds from sale of product line, net of restricted cash | — | ||||||||||||||||
Net cash used in investing activities | ( | — | ( | ||||||||||||||
Cash Flows From Financing Activities | |||||||||||||||||
Principal payments on term loan | ( | — | ( | ||||||||||||||
Repayments of revolving credit facility | ( | — | ( | ||||||||||||||
Payment of debt issuance costs | ( | — | ( | ||||||||||||||
Contingent purchase price payment | ( | — | ( | ||||||||||||||
Proceeds from issuance of debt | — | ||||||||||||||||
Proceeds from issuance of ordinary shares | — |
Proceeds from warrant exercises | — | ||||||||||||||||
Proceeds from stock options exercised | — | ||||||||||||||||
Payments related to tax withholding for stock-based compensation | ( | — | ( | ||||||||||||||
Net cash provided by (used in) financing activities | — | ||||||||||||||||
Effects of exchange rates | ( | — | ( | ||||||||||||||
Net increase in cash and cash equivalents, and restricted cash | — | ||||||||||||||||
Beginning of period: | |||||||||||||||||
Cash and cash equivalents | — | ||||||||||||||||
Restricted cash | — | ||||||||||||||||
Total cash and cash equivalents, and restricted cash, beginning of period | — | ||||||||||||||||
Cash and cash equivalents, and restricted cash, end of period | — | ||||||||||||||||
End of period: | |||||||||||||||||
Cash and cash equivalents | — | ||||||||||||||||
Restricted cash | — | ||||||||||||||||
Total cash and cash equivalents, and restricted cash, end of period | $ | $ | — | $ | |||||||||||||
Supplemental Cash Flow Information | |||||||||||||||||
Cash paid for interest | $ | $ | — | $ | |||||||||||||
Cash paid for income tax | $ | $ | — | $ | |||||||||||||
Capital expenditures included in accounts payable | $ | $ | — | $ |
September 30, | Change | ||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2021 vs. 2020 | ||||||||||||||||||||
Annualized Contract Value | $ | 936,726 | $ | 860,932 | $ | 75,794 | 8.8 | % |
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 | % |
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) | % |
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 | % | |||||||||||||||||||
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 | % | |||||||||||||||||||
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 | % | |||||||||||||||||||
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 | % | |||||||||||||||||||
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 | % | |||||||||||||||||||
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 | % | |||||||||||||||||||
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 | % |
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% |
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 | % |
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) |
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 |
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 |
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 |
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 | — |
2.1 | |||||
4.1 | |||||
4.2 | |||||
4.3 | |||||
4.4 | |||||
10.1 | |||||
31* | |||||
32* | |||||
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 |
CLARIVATE PLC | |||||
By: | /s/ Richard Hanks | ||||
Name: Richard Hanks | |||||
Title: Chief Financial Officer |
Date: October 28, 2021 | /s/ Jerre Stead | ||||
Jerre Stead | |||||
Executive Chairman and Chief Executive Officer |
Date: October 28, 2021 | /s/ Richard Hanks | ||||
Richard Hanks | |||||
Chief Financial Officer |
Date: October 28, 2021 | /s/ Jerre Stead | ||||
Jerre Stead | |||||
Executive Chairman and Chief Executive Officer |
Date: October 28, 2021 | /s/ Richard Hanks | ||||
Richard Hanks | |||||
Chief Financial Officer |
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 |
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 |
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) |
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.
|
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.
|
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 |
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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:
The following table summarizes the final purchase price allocation for this acquisition:
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):
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:
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.
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:
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:
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:
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):
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:
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):
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:
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):
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:
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):
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Assets Held for Sale and Divested Operations |
9 Months Ended |
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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 |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable | Accounts Receivable Our accounts receivable balance consists of the following as of September 30, 2021 and December 31, 2020:
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:
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 |
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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 |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computer Hardware and Other Property, Net | Property and Equipment, Net Property and equipment, net consisted of the following:
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Other Intangible Assets, net and Goodwill |
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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:
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. The change in the carrying amount of goodwill is shown below:
(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 |
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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:
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:
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 |
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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:
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:
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:
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 |
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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:
(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 |
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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:
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 |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The following is a summary of the Company’s debt:
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 |
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Revenue | Revenue Disaggregated Revenues The tables below show the Company’s disaggregated revenue for the periods presented:
Contract Balances
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 |
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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 |
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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:
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.
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.
(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.
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 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 |
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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 | 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):
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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:
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Product and Geographic Sales Information |
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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:
Adjusted EBITDA by segment The following table presents segment profitability and a reconciliation to net income for the periods indicated:
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Commitments and Contingencies |
9 Months Ended |
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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 |
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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 |
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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.
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.
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Subsequent Events |
9 Months Ended |
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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 |
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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.
(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.
(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)
(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)
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Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and equipment, net consisted of the following:
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Business Combinations (Tables) |
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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:
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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:
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:
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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):
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Schedule of business acquisitions, by acquisition |
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Accounts Receivable (Tables) - USD ($) $ in Thousands |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Dec. 31, 2019 |
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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:
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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 |
Computer Hardware and Other Property, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of computer hardware and other property, net | Property and equipment, net consisted of the following:
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Other Intangible Assets, net and Goodwill (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 |
Sep. 30, 2020 |
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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:
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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:
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Derivative Instruments Derivative Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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:
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Fair Value Measurements (Tables) |
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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:
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:
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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:
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Accrued Expenses and Other Current Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
(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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Debt (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of debt | The following is a summary of the Company’s debt:
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Schedule of Senior Unsecured Notes redemption price as a percentage of principal | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of maturities of outstanding borrowings |
Revenue (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
The following table summarizes revenue by reportable segment for the periods indicated:
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Schedule of contract balances |
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Employment and Compensation Arrangements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of stock option activity | The Company’s stock option activity is summarized below:
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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 |
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Schedule of Nonvested Performance-based Units Activity |
(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.
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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.
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Earnings per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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):
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Other Operating Income, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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Product and Geographic Sales Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
The following table summarizes revenue by reportable segment for the periods indicated:
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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:
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Restructuring (Tables) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 |
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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.
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.
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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) |
Restatement of Previously Issued Condensed Financial Statements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments |
(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.
(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)
(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 $(224,175) for the three and nine months ended September 30, 2020, respectively, that was recorded through the Statement of Operations, increasing the Net (loss). Interim Condensed Consolidated Statement of Cash Flows (Unaudited)
|
Background and Nature of Operations - Sale of Stock (Details) - USD ($) |
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 |
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 |
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 |
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 |
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 |
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) |
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 |
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 |
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) |
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) |
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 |
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) |
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 |
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 |
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 |
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 |
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 |
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:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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) |
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 |
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) |
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 |
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 |
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 |
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 |
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% |
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% |
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 |
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 |
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 |
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) |
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) |
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 |
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 |
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 |
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 |
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 |
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 |
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% |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
Product and Geographic Sales Information - Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2021
segments
| |
Disaggregation of Revenue | |
Number of reportable segment | 2 |
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 |
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 |
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) |
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 |
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 |
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 |
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 |
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 |
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) |
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 |
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 |
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 |
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) |
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) |
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 |
Label | Element | Value |
---|---|---|
Preferred Stock, Amount of Preferred Dividends in Arrears | us-gaap_PreferredStockAmountOfPreferredDividendsInArrears | $ 6,289,000 |
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