Company Quick10K Filing
Clarivate Analytics
S-1 2020-06-01 Public Filing
10-Q 2020-03-31 Filed 2020-05-04
F-1 2020-02-03 Public Filing
10-K 2019-12-31 Filed 2020-03-02
20-F 2019-05-13 Filed 2019-05-17
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-02-27
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-06
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-05
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-30 Filed 2012-11-07
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-06-19
8-K 2020-05-14
8-K 2020-05-07
8-K 2020-05-04
8-K 2020-04-23
8-K 2020-04-10
8-K 2020-02-28
8-K 2019-05-13
8-K 2019-02-27
8-K 2019-01-14
8-K 2019-01-14
8-K 2018-03-12
8-K 2018-03-09
8-K 2018-03-05
8-K 2018-03-01
8-K 2018-01-19

CCC Filing

Note 4: Financing Adjustments
Note 1: Background and Nature of Operations
Note 2: Basis of Presentation
Note 3: Summary of Significant Accounting Policies
Note 4: Business Combinations
Note 5: Assets Held for Sale and Divested Operations
Note 6: Accounts Receivable
Note 7: Leases
Note 8: Computer Hardware and Other Property, Net
Note 9: Identifiable Intangible Assets, Net
Note 10: Goodwill
Note 11: Derivative Instruments
Note 12: Fair Value Measurements
Note 13: Pension and Other Post - Retirement Benefits
Note 14: Debt
Note 15: Revenue
Note 16: Shareholders' Equity
Note 17: Employment and Compensation Arrangements
Note 18: Income Taxes
Note 19: Earnings per Share
Note 20: Tax Receivable Agreement
Note 21: Product and Geographic Sales Information
Note 22: Commitments and Contingencies
Note 23: Related Party and Former Parent Transactions
Note 24: Restructuring
Note 25: Quarterly Financial Data (Unaudited)
Note 26: Subsequent Events
Note 1: Background and Nature of Operations
Note 2: Basis of Presentation
Note 3: Summary of Significant Accounting Policies
Note 4: Business Combinations
Note 5: Divested Operations
Note 6: Accounts Receivable
Note 7: Computer Hardware and Other Property, Net
Note 8: Other Intangible Assets, Net and Goodwill
Note 9: Derivative Instruments
Note 10: Fair Value Measurements
Note 11: Pension and Other Post - Retirement Benefits
Note 12: Debt
Note 13: Revenue
Note 14: Shareholders' Equity
Note 15: Employment and Compensation Arrangements
Note 16: Income Taxes
Note 17: Earnings per Share
Note 18: Commitments and Contingencies
Note 19: Related Party and Former Parent Transactions
Note 20: Restructuring
Note 21: Subsequent Events
Part II
Item 13. Other Expenses of Issuance and Distribution
Item 14. Indemnification of Directors and Officers
Item 15. Recent Sales of Unregistered Securities
Item 16. Exhibits and Financial Statement Schedules
Item 17. Undertakings
EX-1.1 ccc-20200526xex1d1.htm
EX-5.1 ccc-20200526xex5d1.htm
EX-10.5 ccc-20200526xex10d5.htm
EX-10.9 ccc-20200526xex10d9.htm
EX-10.10 ccc-20200526xex10d10.htm
EX-21.1 ccc-20200526xex21d1.htm
EX-23.1 ccc-20200526xex23d1.htm
EX-23.3 ccc-20200526xex23d3.htm

Clarivate Analytics Filing 2020-06-01

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Table of Contents

As filed with the Securities and Exchange Commission on June 1, 2020.

Registration No. 333-______

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM S-1

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

CLARIVATE PLC

(Exact Name of Registrant as Specified in Its Charter)

Jersey, Channel Islands

7374

Not Applicable

(State or Other Jurisdiction of
Incorporation or Organization)

(Primary Standard Industrial
Classification Code Number)

(I.R.S. Employer
Identification Number)

Friars House, 160 Blackfriars Road
London, SE1 8EZ
UnitedKingdom

+44 207 4334000

(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices)

Vistra USA, LLC
888 Seventh Avenue, 5th Floor
New York, New York 10016
Telephone: (212) 500-6259

(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent For Service)

Copies to:

Joseph A. Hall
Davis Polk & Wardwell LLP
450 Lexington Avenue
New York, New York 10017
(212) 450-4000

Daniel J. Bursky
Meredith L. Mackey
Fried, Frank, Harris, Shriver & Jacobson LLP
One New York Plaza
New York, New York 10004
Phone: (212) 859-8000

Approximate date of commencement of proposed sale to the public: As soon as practicable after the effective date of this Registration Statement.

If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box.

If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. __________

If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. __________

If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. __________

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

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.

CALCULATION OF REGISTRATION FEE

Title of Each Class
of Securities to Be Registered

  

  

Amount to Be
Registered(1)

  

  

Proposed Maximum
Offering Price Per Share(2)

  

  

Proposed Maximum
Aggregate Offering Price(2)

  

  

Amount of
Registration Fee

Ordinary shares

46,000,000

$22.28

$1,024,880,000

$133,030

(1)Includes ordinary shares granted pursuant to the underwriters’ option to purchase additional shares.
(2)Estimated solely for the purpose of computing the amount of the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, as amended, based upon the average of the high and low sales prices of the ordinary shares as reported on the New York Stock Exchange on May 27, 2020.

The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

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Subject to Completion, Dated June 1, 2020

The information in this preliminary prospectus is not complete and may be changed. We and the selling shareholders may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

PROSPECTUS

Graphic

40,000,000 Ordinary Shares

CLARIVATE PLC

(incorporated in Jersey, Channel Islands)

This is a public offering of 40,000,000 ordinary shares of Clarivate Plc (formerly known as Clarivate Analytics Plc), a public limited company incorporated under the laws of Jersey, Channel Islands. We are offering 14,000,000 ordinary shares and the selling shareholders identified in this prospectus are offering 26,000,000 ordinary shares. We will not receive any proceeds from the sale of ordinary shares by the selling shareholders.

Our ordinary shares are listed on the New York Stock Exchange (“NYSE”) under the symbol “CCC.” On May 29, 2020, the last reported sale price of our ordinary shares on NYSE was $22.89.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Investing in our ordinary shares involves risks. See “Risk Factors” beginning on page 18 of this prospectus.

    

Per Share

    

Total

Public offering price

$

$

Underwriting discounts and commissions(1)

$

$

Proceeds, before expenses, to Clarivate

$

$

Proceeds, before expenses, to the selling shareholders

$

$

(1)   See “Underwriting” for a description of all compensation payable to the underwriters.

Certain of the selling shareholders have granted the underwriters the right to purchase up to an additional 6,000,000 ordinary shares, within 30 days from the date of this prospectus, at the public offering price, less underwriting discounts and commissions.

The underwriters expect to deliver the ordinary shares to purchasers on or about,      2020 through the book-entry facilities of The Depository Trust Company.

Joint Bookrunners

Citigroup

Goldman Sachs & Co. LLC

The date of this prospectus is               , 2020.

Table of Contents

TABLE OF CONTENTS

Page

Summary

1

The Offering

10

Summary Historical Financial Information

12

Risk Factors

18

Cautionary Statement Regarding Forward-Looking Statements

37

Use of Proceeds

39

Capitalization

40

Dilution

41

Dividends and Dividend Policy

42

Selected Historical Financial Information

43

Unaudited Pro Forma Condensed Combined Financial Information

45

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

53

Business

93

Information About Executive Officers and Directors

108

Executive Compensation

116

Certain Relationships and Related Person Transactions

139

Principal and Selling Shareholders

142

Description of Share Capital

146

Ordinary Shares Eligible for Future Sale

171

Taxation

173

Underwriting

181

Legal Matters

187

Experts

187

Enforceability of Civil Liabilities

187

Where You Can Find More Information

187

Index to Consolidated Financial Statements

F-1

Neither we, the selling shareholders nor the underwriters have authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses we have prepared. Neither we, the selling shareholders, nor the underwriters take responsibility for, or can provide any assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the shares offered hereby, and only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its date, regardless of the time of delivery of this prospectus or of any sale of our ordinary shares.

For investors outside the United States: Neither we, the selling shareholders nor the underwriters have done anything that would permit our offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of ordinary shares and the distribution of this prospectus outside the United States.

NOTE ON DEFINED TERMS AND PRESENTATION

We employ a number of defined terms in this prospectus for clarity and ease of reference, which we have capitalized so that you may recognize them as such. Generally, we explain a defined term the first time it is used.

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As used throughout this prospectus, unless otherwise indicated or the context otherwise requires, the terms “Clarivate,” the “Company,” “our,” “us” and “we” refer to Clarivate Plc and its consolidated subsidiaries; “Baring” refers to the affiliated funds of Baring Private Equity Asia Pte Ltd that from time to time hold our ordinary shares; and “Onex” refers to the affiliates of Onex Partners Advisor LP that from time to time hold our ordinary shares. At our annual general meeting of shareholders held on May 7, 2020, our shareholders approved a change of our corporate name from “Clarivate Analytics Plc” to “Clarivate Plc”.

Unless otherwise indicated, amounts throughout this prospectus are presented in thousands, except for share and per share amounts.

Foreign Private Issuer Status and Financial Presentation

We currently qualify as a foreign private issuer (“FPI”) under the rules of the Securities and Exchange Commission (the “SEC”). We currently anticipate that we will retain FPI status until at least December 31, 2020. However, even though we qualify as an FPI, we report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”), and we have elected to file on domestic forms, including "S" series registration statements and our periodic and current reports on Forms 10-K, 10-Q and 8-K.

Industry and Market Data

The market data and other statistical information used throughout this prospectus are based on industry publications and surveys, public filings and various government sources. Industry publications and surveys generally state that the information contained therein has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of the included information. Statements as to our ranking, market position and market estimates (including estimates of the sizes and future growth rates of our markets) are based on independent industry publications, government publications, third-party forecasts and management’s good faith estimates and assumptions about our markets and our internal research. We have not independently verified such third-party information nor have we ascertained the underlying economic assumptions relied upon in those sources, and we are unable to assure you of the accuracy or completeness of such information contained in this prospectus. While we are not aware of any misstatements regarding our market, industry or similar data presented herein, such data involve risks and uncertainties and are subject to change based on various factors. See “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in this prospectus.

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SUMMARY

This summary highlights information contained elsewhere in this prospectus. This summary may not contain all the information that may be important to you, and we urge you to read this entire prospectus carefully, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections and our consolidated financial statements and notes thereto included elsewhere in this prospectus, before deciding to invest in our ordinary shares. Some of the statements in this prospectus constitute forward-looking statements that involve risks and uncertainties. See “Cautionary Statement Regarding Forward-Looking Statements” for more information.

Clarivate Plc

We are a leading global information services and analytics company serving the scientific research, intellectual property and life sciences end-markets. We provide structured information and analytics to facilitate the discovery, protection and commercialization of scientific research, innovations and brands. Our product portfolio includes well-established, market-leading brands such as Web of Science, Derwent

Innovation, Life Sciences, CompuMark and MarkMonitor. We believe that our flagship products hold a #1 or #2 global position by revenues across the respective markets they serve, including abstracting and indexing databases, life science regulatory and competitive intelligence and intellectual property protection (including patent, trademarks and brand protection). We serve a large, diverse and global customer base. As of December 31, 2019, we served over 40,000 entities in more than 170 countries, including the top 30 pharmaceutical companies by revenues and 50 global patent offices. We believe that the strong value proposition of our content, user interfaces, visualization and analytical tools, combined with the integration of our products and services into customers’ daily workflows, leads to our substantial customer loyalty as evidenced by their high propensity to renew their subscriptions with us.

Our structure is comprised of two product groups: Science and Intellectual Property (“IP”). The Science Group consists of the Web of Science and Life Science Product Lines. The IP Group consists of the Derwent, CompuMark and MarkMonitor Product Lines. This structure enables a sharp focus on cross-selling opportunities within the markets we serve and provides substantial scale.

Corporations, government agencies, universities, law firms and other professional services organizations around the world depend on our high-value, curated content, analytics and services. Unstructured data has grown exponentially over the last decade. This trend has resulted in a critical need for unstructured data to be meaningfully filtered, analyzed and curated into relevant information that facilitates key operational and strategic decisions made by businesses, academic institutions and governments worldwide. Our highly curated, proprietary information created through our sourcing, aggregation, verification, translation and categorization of data has resulted in our solutions being embedded in our customers’ workflow and decision-making processes.

For the twelve months ended March 31, 2020, we generated approximately $980,912 of revenues. We generated recurring revenues through our subscription-based model, which accounted for 82.0% of our revenues for the twelve months ended March 31, 2020. In each of the past three years, we have also achieved annual revenue renewal rates in excess of 90%. (For information on annual revenue renewal rates, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Key Performance Indicators — Annual Revenue Renewal Rates.”) No single customer accounted for more than 1% of revenues and our ten largest customers represented only 5% of revenues for the twelve months ended March 31, 2020.

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The following charts illustrate our revenues for the twelve months ended March 31, 2020 by group, type and geography:

Graphic

Recent Developments

Annual General Meeting

We held our first annual general meeting of shareholders on Thursday, May 7, 2020. At the annual general meeting, our shareholders approved, among other things, our ability to repurchase ordinary shares in open-market transactions and from Onex and Baring from time to time, as well as certain amendments to our articles of association. See “Description of Share Capital.”

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, 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 (“LSPL”).

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 cash closing adjustments, and up to 2,895,638 of ordinary shares to be issued to Piramal Enterprises Limited on March 1, 2021. The contingent stock consideration was valued at $58,897 on the closing date and is subject to revaluation at each period end.

In February 2020, we completed an underwritten public offering of 27,600,000 ordinary shares, generating net proceeds of $540,597, which we used to fund a portion of the cash consideration for the DRG acquisition. In addition, we incurred an incremental $360,000 of term loans under our term loan facility and used the net proceeds from such borrowings, together with cash on hand, to fund the remainder of the cash consideration for the DRG acquisition and to pay related fees and expenses. As the result of the additional term loan, we had $1,256,850 outstanding under our term loan facility at March 31, 2020.

We expect the DRG acquisition to be accretive to our earnings in 2020 with opportunities for significant revenue and cost synergies. DRG generated $207,107 of revenues in 2019, as compared with $189,215 of revenues in 2018 (representing approximately 9% growth). In 2019, DRG also had a net loss of $20,473 and Adjusted EBITDA of approximately $47,600. We expect to achieve cost synergies of approximately $30,000 within the first 18 months after the closing of the transaction, which in addition to revenue synergies, is expected to drive DRG’s financial performance and expand its Adjusted EBITDA margin towards the Clarivate target of over 40%. See “— Summary Historical Financial Information — Reconciliation of DRG Adjusted EBITDA to Net (Loss)” for additional discussion of DRG’s Adjusted EBITDA and Adjusted EBITDA Margin and a reconciliation of DRG’s Adjusted EBITDA and Adjusted EBITDA Margin to DRG’s most directly comparable GAAP measure. See “Risk Factors — We may not be able to achieve the expected benefits of the DRG acquisition, including anticipated revenue and cost synergies, and costs associated with achieving synergies or integrating DRG may exceed our expectations.”

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Redemption of Public Warrants

On December 31, 2019, we had outstanding 34,399,886 warrants (“public warrants”) that were originally issued to the public in connection with the Churchill Capital Corp initial public offering, and 18,300,000 warrants (“private warrants”) issued in a concurrent private placement. Each warrant is exercisable for one ordinary share at a price of $11.50 per share. During the period from January 1, 2020 to February 21, 2020, 24,132,666 public warrants were exercised. On February 20, 2020, we announced that all public warrants that remained outstanding on March 23, 2020 would be redeemed at $0.01 per warrant. In addition, we announced that all public warrants would thereafter be exercisable only on a “cashless” basis, pursuant to which exercising public warrant holders would receive 0.4626 ordinary shares for each public warrant exercised. After February 21, 2020, 4,747,432 ordinary shares were issued on exercise of public warrants and on March 23, 2020, 4,649 public warrants were redeemed. As of March 31, 2020 no public warrants were outstanding. The private warrants were not subject to this redemption and all remain outstanding. See “Description of Share Capital — Warrants.”

MarkMonitor Brand Protection, Antipiracy and Antifraud Disposition

In November 2019, we announced an agreement to sell the MarkMonitor™ brand protection, antipiracy and antifraud businesses, and completed such divestiture on January 1, 2020. We retained the MarkMonitor Domain Management business.

Our Products

Our product portfolio as of December 31, 2019 is summarized below.

Science Group

Intellectual Property Group

    

Web of Science

    

Life Sciences

    

Derwent

    

CompuMark

    

MarkMonitor

Product Description

Used to navigate scientific and academic research discoveries, conduct analysis and evaluate research impact

Used by life sciences firms for drug research, market intelligence and regulatory compliance

Used to search and analyze patents

Used to monitor trademarks on an ongoing basis

Used to register and manage portions of web domains

Curated Information Set

Database of 1B+ citations, 166mm+ index records

73,000+ drug program records, 340,000 clinical trial records

Database of 80mm+ patent filings across 50 patent offices

180+ patent and trademark offices

Database of 1.3mm corporate domain names

Customers

7,000+ leading academic institutions and governments and research intensive corporations use Web of Science and its Journal Impact Factor

Trusted by the top 30 pharma companies and hundreds of research groups

Used by 50 patent offices, large R&D organizations of Fortune 1000 companies and various universities

15 industrial databases, 70 Pharma in-use databases

MarkMonitor manages 44% of the top 50 most trafficked corporate website domain portfolios

Notable Products

Web of Science InCites ScholarOne

Cortellis RI Integrity Newport

Derwent Innovation TechStreet

Watch Screen Search

Domain Management Brand Protection

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Our Strategy

The Clarivate management team, led by Executive Chairman and Chief Executive Officer Jerre Stead, is implementing a transformation strategy designed to improve operations, increase cash flow and accelerate revenues growth. Our transition to standalone operations since our 2016 separation from Thomson Reuters Corporation and its affiliates (“Thomson Reuters”) has required extensive management time and focus and involved significant expenditures, including sizeable payments to Thomson Reuters under the transition services agreement formerly in effect. We believe that our transition to a standalone company positions us to implement our transformation strategy and to improve our productivity compared to other leaders in the information services sector on a revenues per employee basis and in terms of our Adjusted EBITDA margins.

Under Mr. Stead’s leadership, we are embarking on a race to deliver excellence to the markets we serve and continue our evolution as a world-class organization. As we move forward, the focus will be on three basic principles; focus, simplify and execute. This means:

1.Focusing on our core capabilities and the greatest opportunities for growth.
2.Simplifying our organization and processes. The focus on two product groups will be the driver for streamlining our operations.
3.Relentlessly driving execution of our strategy and growth plans.

These changes will help us operate with greater focus and urgency. They will ensure that we put our clients first, drive accountability throughout the organization, accelerate decision-making, and promote consistency. These tenets will enable us to deliver long-term, sustainable growth.

With a proven operational playbook, we have quickly pursued initiatives to set ourselves on a growth trajectory. Our results for the three months ended March 31, 2020 continue to prove that our transformation is underway.

Proven Playbook with Multiple Levers

    

First Quarter 2020 Financial Highlights

Accelerate Revenue Growth

Q1 2020 Earnings(1)

~ Product and pricing enhancement strategies

1.    Revenue growth 2.8%(2)

~ Increased pipeline of new products

2.    Adjusted revenue growth (at constant currency) 4.2%(2)

~ Build strength in Asia Pacific

3.   Subscription revenue growth 0.4% which includes organic subscription revenue growth (at constant currency) of 3.3%(2)

~ Optimizing pricing and cross-sell

4.    Transactional revenue growth 18.1%

Enhance Margins

5.    ACV growth (at constant currency) 7.2%(3)

~ Benefit from top-line initiatives

6.    93.0% retention rate(4)

~ Simplifying G&A structure

7.    Net loss of $74,001 (reduction in Net loss of 24.8%)(2)

~ Consolidating footprint

8.   Adjusted EBITDA margin 32.2%(2)

~ Increase automation and cloud infrastructure

9.    Adjusted EBITDA margin improvement 690 bps(2)

10.    Adjusted EBITDA growth 32.1%(2)

11.    Completed acquisition of DRG

(1)For a reconciliation of our non-GAAP measures to the corresponding most closely related measures calculated in accordance with GAAP, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Certain Non-GAAP Measures.”
(2)Results calculated for the three months ended March 31, 2020 as compared to the three months ended March 31, 2019.
(3) “ACV” or “annualized contract value” refers to the annualized value for a 12-month period following a given date of all subscription-based client license agreements, assuming that all license agreements that come up for renewal during that period are renewed. The figure above represents the year-over-year growth in the annual value of our subscriptions as of March 31, 2020 as compared to March 31, 2019. For

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information on ACV see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Key Performance Indicators — Annualized Contract Value.”
(4)Retention rate measurement period is for the three months ended March 31, 2020.

Operational Improvement Initiatives

We are in the process of implementing several cost-saving and margin improvement initiatives designed to generate substantial incremental cash flow. We have engaged a strategic consulting firm to assist us in optimizing our structure and cost base. The focus of these initiatives is to identify significant cost reductions to be implemented over the next several quarters, enabling us to deliver margins consistent with those of our peer group. Some examples include:

decreasing costs by simplifying organizational structures and rationalizing general and administrative functions to enhance a customer-centric focus;
using artificial intelligence and the latest technologies to reduce costs and increase efficiencies for content sourcing and curation;
moving work performed by contractors in-house to best-cost geographic locations, particularly India, where we have significant scale that can be leveraged;
achieving headcount productivity benchmarks and operational efficiency metrics based on alignment with quantified sector leader benchmarks;
expanding existing operations in best-cost geographic locations, aligning with business objectives;
minimizing our real estate footprint by reducing facility locations substantially over the next three years; and
divesting non-core assets.

Revenue Growth Initiatives

We believe a significant opportunity exists for us to accelerate revenue growth by increasing the value of our products and services, developing new products, cross-selling certain products and optimizing sales force productivity. Actions to achieve such revenue growth are expected to include:

developing new value-added products and services;
delivering an enhanced client experience through ongoing renovations to our products’ user interface and user experience;
offering additional analytics that enhance existing products and services;
moving up the value chain by providing our clients with predictive and prescriptive analytics, allowing for stronger growth and higher retention rates;
expanding our footprint with new and existing customers, with significant opportunity for growth in the Asia Pacific and emerging markets;
broadening our consulting capabilities, in particular in the Science Group, where there is considerable opportunity for us to deliver high value consulting services to drive significant revenue growth;
optimizing product pricing and packaging based on customer needs;
increasing sales force focus on large accounts;
expanding our inside sales capability to improve account coverage; and

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restructuring our incentive plans to drive new business, as well as cross-selling among similar products and overlapping buying centers.

The above actions are part of an overarching effort to improve retention rates and new business growth rates to best-in-class levels across our portfolio.

Pursue Acquisition Opportunities

Given the fragmented nature of the broader information services industry, we track and, where appropriate, will continue to pursue opportunities across our product groups. From 2017 through 2019, we completed five small add-on acquisitions to augment our existing portfolio of assets and provide additional datasets and services for our customers. Our completed acquisitions include Publons and Kopernio in WOSPL, SequenceBase in DPL and TrademarkVision and Darts-ip in CPL. Certain of these acquisitions are fully integrated into our platform, while others continue to be integrated, and we believe they have already provided additional value to our customers.

In February 2020, we consummated the acquisition of DRG, our largest acquisition to date, in LSPL. See “— Recent Developments.”

We are evaluating additional acquisition opportunities to supplement our existing platform and enable us to enter new markets. Our focus is on disciplined and accretive investments that leverage our core strengths and enhance our current product, market, geographic and customer strategies. We believe that the combination of Mr. Stead’s successful acquisition track record and our scale and status as a global information services leader uniquely positions us to create value through additional acquisitions.

Positive Sector Dynamics Support Our Trajectory

We operate in the global information services and analytics sector, which is experiencing robust growth due to many factors. Data and analytics have become critical inputs into broader corporate decision-making in today’s marketplace, and companies and institutions are seeking services like ours to enhance the predictive nature of their analysis. In addition to greater demand for our services, rapid innovation within our customers’ businesses has created new use cases for our services. Third-party industry reports estimate the global data and analytics market will grow from $155 billion in 2018 to $219 billion by 2021, a 12.1% compound annual growth rate over the period. This represents the target addressable market across verticals that have a need for data and analytical services.

Graphic

Source: IDC, Outsell, Inc. all rights reserved.

(1)The Predictive Analytics and Data Markets is defined as the combined Worldwide Business Analytics Services, Worldwide Big Data and Analytics Software and Worldwide Organizational Data as a Service markets per IDC.

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Customers of data and analytics products continue to approach complex business decisions in new ways. We believe that these customers are placing greater emphasis and value on the ability to embed predictive and prescriptive analytics into their decision-making processes. These customers are using smart data to anticipate what will happen in the future, as opposed to using historical data to study what has happened in the past. As such, we are investing in these critical, forward-facing products and solutions. We believe offering these types of products will increase the value clients place on our products, allow for stronger growth and open new addressable markets, as illustrated below.

Significant Move Up the Value Chain with Smart Data Offerings

Graphic

Our Competitive Strengths

Leading Market Positions in Attractive and Growing Global Markets

We offer a collection of high-quality, market-leading information and analytic products and solutions serving the intellectual property, scientific research and life sciences end-markets. Through our products and services, we address the large and growing demand from corporations, government agencies, universities, law firms and other professional services organizations worldwide for comprehensive, industry-specific content and analytical tools to facilitate the discovery, development, protection, commercialization and measurement of scientific research, innovations and brands. We believe that our flagship products hold a #1 or #2 by revenue across the respective markets they serve, including abstracting and indexing databases, life science regulatory and competitive intelligence and intellectual property protection (including patent, trademarks and brand protection). We also believe that the outlook for growth in each of our Product Lines is compelling because of customer demand for curated high-quality data, underpinned by favorable end-market trends, such as rising global R&D spending, growing demand for information services in emerging markets, the acceleration of e-commerce and the increasing number of patent and trademark applications.

A Trusted Partner Delivering Highly Curated Content Embedded Within Customer Workflows

We believe the substantial increase in unstructured data over the last decade has increased the importance of our proprietary, curated databases to our customers. This trend has resulted in a critical need for unstructured data to be meaningfully filtered, analyzed and curated into relevant information that facilitates key operational and strategic decisions made by businesses, academic institutions and governments worldwide. Our suite of branded information and analytic solutions provides access to content that has been collected, curated and standardized over decades, making our products and services highly valued and increasingly important for our customers. Our

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content curation and editorial teams include over 930 employees, who clean, analyze and classify unstructured data to ensure high-quality content and an enhanced user experience. We believe our solutions and commitment to excellence provide us with a significant advantage in both retaining existing and attracting new customers.

Attractive Business Model with Strong Free Cash Flow Profile

Approximately 82.0% of revenues for the twelve months ended March 31, 2020 were generated through annual or multi-year subscription agreements. In addition, we have been able to achieve annual revenues renewal rates in excess of 90% over the past two years. We believe our business has strong and attractive free cash flow characteristics due to our highly visible and recurring subscription revenues stream, attractive Adjusted EBITDA margins, low capital expenditure requirements and favorable net working capital characteristics. Anticipated revenues growth, margin improvement, the separation from Thomson Reuters and effective working capital management are expected to result in strong free cash flow generation. We believe this will create capacity to invest further into the business so that we can grow and maximize shareholder returns.

Diversified Product Lines with Longstanding Customer Relationships

We believe that the diversified nature of our Product Lines enhances the stability of our entire platform as we are not dependent on any one end-market, product, service or customer. We serve a large, diverse and global customer base, and as of December 31, 2019, we served over 40,000 entities in more than 170 countries, including the top 30 pharmaceutical companies by revenues and 50 global patent offices. No single customer accounted for more than 1% of revenues and our ten largest customers represented only 5% of revenues for the  twelve months ended March 31, 2020. We believe the strong value proposition offered by our content, combined with the integration of our products and services into our customers’ daily workflows and decision-making processes, leads to substantial customer loyalty. Our relationships with our top 50 customers by revenues span an average tenor of over 15 years. Our diverse global footprint is highlighted by the distribution of our revenues for twelve months ended March 31, 2020 by geography: Americas (47.6%), Europe/Middle East/Africa (28.3%), and Asia Pacific (24.1%).

Resilience Through Economic Cycles

We believe our business is resilient across economic cycles because our products and services are an integral part of our customers’ decision-making processes. We believe multi-year agreements also help to maintain this resiliency. For example, during the economic downturn in 2008, three of our key products — Web of Science, Life Sciences and Derwent Innovation — realized year-over-year revenues increases from 2008 to 2009. In addition, our diverse global footprint reduces our exposure to national and regional economic downturns.

Our performance is largely due to the sectors we serve and the deep integration of our products with our customers’ workflows, which provides for a resilient business model even during an economic downturn.

Proven and Experienced Leadership

Mr. Stead is a proven business operator with demonstrated success in shareholder value creation. At Clarivate, Mr. Stead brings his decades of expertise in the information services sector to guide a talented and experienced management team sourced from world-class, global companies, most of whom have decades of experience in their respective areas of expertise.

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Corporate Information

Clarivate Plc is 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”. Our registered office is located at 4th Floor, St Paul’s Gate, 22-24 New Street, St. Helier, Jersey JE1 4TR. Our principal business offices are located at Friars House, 160 Blackfriars Road, London SE1 8EZ, United Kingdom, where our main telephone number is +44 207 4334000. We maintain a website at www.clarivate.com. The information contained in, or accessible through our website is not incorporated by reference in, and should not be considered part of, this prospectus. In addition, the SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers (including Clarivate) that file electronically with the SEC at www.sec.gov. Investors should contact us for any inquiries through the address and telephone number of our principal executive office.

Implications of Being an Emerging Growth Company

We are an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As such, we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. We expect that we will no longer be an “emerging growth company” as of December 31, 2020.

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THE OFFERING

Ordinary shares offered by Clarivate

14,000,000 shares

Ordinary shares offered by the selling shareholders

26,000,000 shares (or 32,000,000 shares if the underwriters exercise in full their option to purchase additional shares), including 569,624 shares (or 2,404,680 shares, respectively) issuable upon the exercise and “net-share settlement” of outstanding options by certain of the selling shareholders in this offering (based upon an assumed public offering price per share of $22.89, which was the closing price of our ordinary shares on NYSE on May 29, 2020). The actual number of vested options that certain of the selling shareholders will continue to hold after completion of this offering, and the number of shares exercised and surrendered to us as part of the net-share settlement in connection with the exercise of the vested options held by such selling shareholders in this offering, may vary from this assumption and will be based on the actual public offering price per share in this offering.

Ordinary shares to be outstanding immediately after this offering

386,733,891 shares (or 388,568,947 shares if the underwriters exercise in full their option to purchase additional shares).

Option to purchase additional shares

Certain of the selling shareholders have granted the underwriters the right to purchase up to an additional 6,000,000 ordinary shares, within 30 days of the date of this prospectus, at the public offering price, less underwriting discounts, on the same terms as set forth in this prospectus.

Listing

Our ordinary shares are listed on NYSE under the symbol “CCC.” The closing price of our ordinary shares on NYSE on May 29, 2020 was $22.89.

Use of proceeds

We intend to use the net proceeds of the offering received by us for general corporate purposes. We will not receive any proceeds from the sale of ordinary shares by the selling shareholders. See “Use of Proceeds”.

Dividend policy

We presently intend to retain our earnings for use in business operations and, accordingly, we do not anticipate that our board will declare dividends in the foreseeable future. In addition, the terms of our credit facilities and the indenture governing our secured notes due 2026 include restrictions that may impact our ability to pay dividends.

Any determination to pay dividends in the future will be at the discretion of our board and will depend upon our results of operations, financial condition, distributable reserves, contractual restrictions, restrictions imposed by applicable law and other factors our board deem relevant.

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Voting rights

Each of our ordinary shares entitles the holder to one vote on all matters upon which our ordinary shares are entitled to vote.

Lock-up agreements

We, the members of our board of directors and our executive officers, as well as the selling shareholders, have agreed with the underwriters, subject to certain exceptions, not to offer, sell, or dispose of any shares of our share capital or securities convertible into or exchangeable or exercisable for any shares of our share capital during the 60-day period following the date of this prospectus. We intend to file a “shelf” registration statement on Form S-3 with the SEC shortly after completion of this offering, but this registration statement, once declared effective, would not be made available under the current terms of the lock-up agreements for the issuance or resale of any securities that are subject to these lock-up agreements while they remain in effect. See “Underwriting.”

Risk factors

See “Risk Factors” and the other information included in this prospectus for a discussion of factors you should consider before deciding to invest in our ordinary shares.

The number of ordinary shares to be outstanding after this offering reflects the sum of (i) 365,164,267 ordinary shares actually outstanding as of May 15, 2020 plus (ii) the assumed issuance of (A) all 7,000,000 Merger Shares anticipated to be issued under the Sponsor Agreement prior to the consummation of this offering (see “Executive Compensation — Determination of Executive Compensation — CEO — Pre-Merger Compensation” and “Certain Relationships and Related Person Transactions — Transactions Involving Related Persons — Sponsor Agreement”), (B) 569,624 ordinary shares issuable upon the exercise and net-share settlement of outstanding options to be exercised by certain of the selling shareholders in this offering (based upon an assumed public offering price per share of $22.89, which was the closing price of our ordinary shares on NYSE on May 29, 2020), and (C) 14,000,000 ordinary shares being offered by us in this offering, and excludes:

9,647,876 ordinary shares issuable upon the exercise of options outstanding under our 2019 Incentive Award Plan as of May 15, 2020 which are not being issued or sold in this offering, and are exercisable at various prices ranging from $6.61 to $37.48 per ordinary share;
1,503,369 ordinary shares underlying restricted stock units that were granted under our 2019 Incentive Award Plan as of May 15, 2020;
550,189 ordinary shares underlying performance stock units that were granted under our 2019 Incentive Award Plan as of May 15, 2020;
18,300,000 ordinary shares issuable upon exercise of outstanding private warrants at an exercise price of $11.50 per ordinary share; and
Up to 2,895,638 ordinary shares to be issued to Piramal Enterprises Limited as consideration to finance the DRG acquisition.

Unless otherwise indicated, all information contained in this prospectus assumes no exercise of the option granted to the underwriters to purchase up to 6,000,000 additional shares in connection with the offering.

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SUMMARY HISTORICAL FINANCIAL INFORMATION

The following summary historical financial information of Clarivate for the years ended December 31, 2019, 2018 and 2017 has been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and has been derived from the audited consolidated financial statements of Clarivate Plc (formerly known as Clarivate Analytics Plc) included elsewhere in this prospectus. The summary historical financial information for the three months ended March 31, 2020 and 2019 has been prepared in accordance with GAAP and has been derived from Clarivate’s unaudited interim condensed consolidated financial statements included elsewhere in this prospectus. In the opinion of management, such unaudited financial information reflects all adjustments, consisting only of normal and recurring adjustments, necessary for a fair statement of the results for those periods. Our first quarter 2020 financial results reflect the contribution of DRG’s results for the period subsequent to the closing of the DRG acquisition on February 28, 2020. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year or any future period.

Three Months Ended

Year Ended December 31,

March 31,

    

2019

    

2018

    

2017

    

2020

    

2019

(audited)

(unaudited)

(in millions except share and per share data)

Revenues, net

$

974.3

$

968.5

$

917.6

$

240.6

$

234.0

Operating costs and expenses:

Cost of revenues, excluding depreciation and amortization

 

(346.5)

 

(396.5)

 

(394.2)

 

(82.4)

 

(89.3)

Selling, general and administrative costs, excluding depreciation and amortization

 

(368.7)

 

(369.4)

 

(343.1)

 

(86.9)

 

(92.3)

Share-based compensation expense

 

(51.4)

 

(13.7)

 

(17.7)

 

(17.5)

 

(3.2)

Depreciation

 

(9.2)

 

(9.4)

 

(7.0)

 

(2.3)

 

(2.1)

Amortization

 

(191.4)

 

(227.8)

 

(221.5)

 

(49.1)

 

(56.1)

Impairment on assets held for sale

 

(18.4)

 

 

 

 

Transaction expenses

 

(46.2)

 

(2.5)

 

(2.2)

 

(26.7)

 

(10.3)

Transition, integration and other related expenses

 

(14.2)

 

(61.3)

 

(78.7)

 

(2.2)

 

(1.1)

Restructuring charges

 

(15.7)

 

 

 

(7.8)

 

Legal settlement

 

39.4

 

 

 

 

Other operating income (expense), net

 

4.8

 

6.4

 

(0.2)

 

(6.0)

 

(5.6)

Total operating expenses

 

(1,017.4)

 

(1,074.2)

 

(1,064.6)

 

(268.9)

 

(259.9)

Loss from operations

 

(43.1)

 

(105.7)

 

(147.0)

 

(28.3)

 

(25.9)

Interest expense

 

(157.7)

 

(130.8)

 

(138.2)

 

(30.9)

 

(33.1)

Loss before income tax

 

(200.8)

 

(236.5)

 

(285.2)

 

(59.2)

 

(59.0)

Benefit (Provision) for income taxes

 

(10.2)

 

(5.7)

 

21.3

 

(14.8)

 

(0.2)

Net loss

$

(211.0)

$

(242.2)

$

(263.9)

$

(74.0)

$

(59.3)

Per Share

Basic

$

(0.77)

$

(1.11)

$

(1.22)

$

(0.22)

$

(0.27)

Diluted

$

(0.77)

$

(1.11)

$

(1.22)

$

(0.22)

$

(0.27)

Weighted-average shares outstanding

Basic

 

273,883,342

 

217,472,870

 

216,848,866

 

343,129,833

 

217,526,426

Diluted

 

273,883,342

 

217,472,870

 

216,848,866

 

343,129,833

 

217,526,426

Other Financial and Required Reported Data:

Financial Data

For the Three Months Ended

 

For the Year Ended December 31,

March 31,

 

    

2019

    

2018

    

2017

    

2020

    

2019

 

(in millions)

 

Adjusted revenues(1)

$

974.8

$

951.2

$

935.4

$

242.5

$

234.2

Adjusted EBITDA(2)

 

294.1

 

272.9

 

319.7

 

78.2

 

59.2

Adjusted EBITDA margin(3)

 

30.2

%  

 

28.7

%  

 

34.2

%  

 

32.2

%  

 

25.3

%

Capital expenditures

 

69.8

 

45.4

 

37.8

 

19.4

 

6.0

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Required Reported Data

We are required to report Standalone Adjusted EBITDA, which is substantially similar to Consolidated EBITDA and EBITDA as such terms are defined under our credit facilities and indenture, pursuant to the reporting covenants contained in such agreements. In addition, our management uses Standalone Adjusted EBITDA to assess compliance with various incurrence-based covenants in these agreements. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity — Required Reported Data — Standalone Adjusted EBITDA.”

(1)Adjusted revenues normalizes for the impact of purchase accounting adjustments to deferred revenues and the impact of divestments. The following table reconciles net revenues to adjusted net revenues for the periods presented:

For the Three Months Ended

Year Ended December 31,

March 31,

    

2019

    

2018

    

2017

    

2020

    

2019

(in millions)

Revenues, net

$

974.3

$

968.5

$

917.6

$

240.6

$

234.0

Deferred revenues purchase accounting adjustment(a)

 

0.4

 

3.2

 

49.7

 

1.9

 

0.2

Revenues attributable to Intellectual Property Management Product Line(b)

 

 

(20.5)

 

(31.9)

 

 

Adjusted revenues

$

974.8

$

951.2

$

935.4

$

242.5

$

234.2

(a)Reflects the deferred revenues adjustment as a result of purchase accounting.
(b)Reflects revenues from our Intellectual Property Management (“IPM”) Product Line, which was divested in October 2018.
(2)Adjusted EBITDA represents net income (loss) before provision for income taxes, depreciation and amortization and 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), transition services agreement costs, separation and integration costs, transformational and restructuring expenses, acquisition-related adjustments to deferred revenues, merger related costs from 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 we do not consider indicative of its ongoing operating performance and certain unusual items impacting results in a particular period. The adjustments reflected in our Adjusted EBITDA have not been prepared with a view towards complying with Article 11 of Regulation S-X. Adjusted EBITDA is intended to provide additional information on a more comparable basis than would be provided without such adjustments.

In future periods, we will need to make additional capital expenditures in order to replicate capital expenditures associated with previously shared services on a stand-alone basis. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. These measures are not measurements of our financial performance under GAAP and should not be considered in isolation or as alternatives to net income, net cash flows provided by operating activities, total net cash flows or any other performance measures derived in accordance with GAAP or as alternatives to net cash flows from operating activities or total net cash flows as measures of our liquidity.

Reduction of ongoing standalone and transition services agreement costs have been, and are expected to continue to be, a component of our strategy.

Certain of the adjustments included to arrive at Adjusted EBITDA are related to our transition to a standalone company. In evaluating Adjusted EBITDA you should be aware that in the future we may incur expenses that are the same as or similar to some of the included adjustments.

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The use of Adjusted EBITDA instead of GAAP measures has limitations as an analytical tool, and you should not consider Adjusted EBITDA in isolation, or as a substitute for analysis of our results of operations and operating cash flows as reported under GAAP. For example, Adjusted EBITDA does not reflect:

our cash expenditures or future requirements for capital expenditures;
changes in, or cash requirements for, our working capital needs;
interest expense, or the cash requirements necessary to service interest or principal payments, on our debt;
any cash income taxes that we may be required to pay;
any cash requirements for replacements of assets that are depreciated or amortized over their estimated useful lives and may have to be replaced in the future; or
all non-cash income or expense items that are reflected in our statements of cash flows.

Our definition of and method of calculating Adjusted EBITDA may vary from the definitions and methods used by other companies when calculating adjusted EBITDA, which may limit their usefulness as comparative measures.

We prepared the information included in this prospectus based upon available information and assumptions and estimates that we believe are reasonable. We cannot assure you that our estimates and assumptions will prove to be accurate.

Because we incurred transaction, transition, integration, transformation, restructuring and transition services agreement costs in connection with the separation from Thomson Reuters, borrowed money in order to finance our operations, and used capital and intangible assets in our business, and because the payment of income taxes is necessary if we generate taxable income after the utilization of our net operating loss carryforwards, any measure that excludes these items has material limitations. As a result of these limitations, these measures should not be considered as a measure of discretionary cash available to us to invest in the growth of our business or as a measure of our liquidity.

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The following table reconciles net loss to Adjusted EBITDA for the periods presented:

Three Months Ended

 

Year Ended December 31,

March 31. 

 

    

2019

    

2018

    

2017

    

2020

    

2019

 

(in millions)

 

Net loss

$

(211.0)

$

(242.2)

$

(263.9)

$

(74.0)

$

(59.3)

(Benefit) provision for income taxes

 

10.2

 

5.7

 

(21.3)

 

14.8

 

0.2

Depreciation and amortization

 

200.5

 

237.2

 

228.5

 

51.4

 

58.2

Interest expense, net

 

157.7

 

130.8

 

138.2

 

30.9

 

33.1

Transition Services Agreement costs(a)

 

10.5

 

55.8

 

89.9

 

1.6

 

5.3

Transition, transformation and integration expense(b)

 

24.4

 

69.2

 

86.8

 

2.2

 

2.5

Deferred revenues adjustment(c)

 

0.4

 

3.2

 

49.7

 

1.9

 

0.2

Transaction related costs(d)

 

46.2

 

2.5

 

2.2

 

26.7

 

10.3

Share-based compensation expense

 

51.4

 

13.7

 

17.7

 

17.5

 

3.2

Gain on sale of IPM Product Line

 

 

(36.1)

 

 

 

Tax indemnity asset(e)

 

 

33.8

 

 

 

IPM adjusted operating margin(f)

 

 

(5.9)

 

(6.8)

 

 

Restructuring (g)

 

15.7

 

 

 

7.8

 

Legal Settlement

 

(39.4)

 

 

 

 

Impairment on assets held for sale

 

18.4

 

 

 

 

Other(h)

 

9.0

 

5.2

 

(1.3)

 

(2.6)

 

5.5

Adjusted EBITDA

$

294.1

$

272.9

$

319.7

$

78.2

$

59.2

Adjusted EBITDA margin

 

30.2

%  

 

28.7

%  

 

34.2

%  

 

32.2

%  

 

25.3

%

(a)In 2020, this related to a new transition services agreement and offset by the reverse transition services agreement from the sale of MarkMonitor assets. In prior periods, this includes accruals for payments to Thomson Reuters under the transition services agreement. These costs have decreased substantially in 2019, as we are in the final stages of implementing our standalone company infrastructure.
(b)Includes costs incurred in connection with and after the separation from Thomson Reuters relating to the implementation of our standalone company infrastructure and related cost-savings initiatives. These costs include mainly transition consulting, technology infrastructure, personnel and severance expenses relating to our standalone company infrastructure, which are recorded in Transition, transformation and integration expenses, and other line items of our income statement, as well as expenses related to the restructuring and transformation of our business following the separation from Thomson Reuters, mainly related to the integration of separate business units into one functional organization and enhancements in our technology.
(c)Reflects the deferred revenues adjustment as a result of purchase accounting.
(d)Includes costs incurred to complete business combination transactions, including acquisitions and dispositions, and typically includes advisory, legal and other professional and consulting costs.
(e)Reflects the write down of a tax indemnity asset.
(f)Reflects the IPM Product Line’s operating margin, excluding amortization and depreciation, prior to its divestiture in October 2018.
(g)Reflects costs incurred in connection with the initiative, following our merger with Churchill Capital Corp in 2019, to streamline our operations by simplifying our organization and focusing on two product groups.
(h)Includes primarily the net impact of foreign exchange gains and losses related to the re-measurement of balances and other items that do not reflect our ongoing operating performance.

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(3)Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Adjusted revenues.

Reconciliation of DRG Adjusted EBITDA to Net (Loss)

Set forth below is a reconciliation of DRG Adjusted EBITDA, which is a non-GAAP financial measure, to DRG’s net (loss), for each of the periods presented. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies. See “Unaudited Pro Forma Condensed Combined Financial Information.”

The financial results for the periods presented below have been prepared by, and are the responsibility of, DRG’s management. While DRG’s financial statements are prepared in accordance with GAAP, they may not reflect the adoption of all accounting standards that would be required if DRG were part of a U.S. public company during the periods presented.

We include non-GAAP measures in this prospectus, including DRG Adjusted EBITDA, because they are a basis upon which DRG’s management has assessed, and on which our management now assesses, DRG’s performance and are believed to be reflective of the underlying trends and indicators of DRG’s business. These measures are not a substitute for GAAP financial measures or disclosures. The 2019 and 2018 information in the table below has been derived from DRG’s 2019 and 2018 financial statements included in this prospectus. Our independent registered public accounting firm has not audited, compiled or performed any procedures with respect to DRG’s results for the periods presented below. Accordingly, our independent registered public accounting firm does not express an opinion or any other form of assurance with respect thereto.

DRG Adjusted EBITDA is calculated by using net (loss) before provision for income taxes, depreciation and amortization and interest income and expense adjusted to exclude the other items identified in the table below that DRG does not consider indicative of its ongoing operating performance.