CLARIVATE PLC
For the period ended Aug 6, 2024. Filed Aug 6, 2024.
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Aug 6, 2024 · Filed Aug 6, 2024
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EX-99.1 · Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA represents Net income (loss) before the Provision (benefit) for income taxes, Depreciation and amortization, and Interest expense, net, adjusted to exclude acquisition and/or disposal-related transaction costs, share-based compensation, unrealized foreign currency gains/losses, restructuring expenses, non-operating income and/or expense, the impact of certain non-cash fair value adjustments on financial instruments, legal settlements, impairments, and other items that are included in Net income (loss) for the period that we do not consider indicative of our ongoing operating performance. Net income (loss) margin is calculated by dividing Net income (loss) by Revenues. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by Revenues.
The following table presents our calculation of Adjusted EBITDA and Adjusted EBITDA margin for the three and six months ended June 30, 2024 and 2023 and reconciles these non-GAAP measures to our Net income (loss) and Net income (loss) margin for the same periods:
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| (In millions, except percentages); (unaudited) | 2024 | 2023 | 2024 | 2023 |
| Net income (loss) | $(304.3) | $(123.1) | $(379.3) | $(79.6) |
| Provision (benefit) for income taxes | (6.8) | (35.3) | 8.2 | (98.9) |
| Depreciation and amortization | 184.4 | 178.1 | 363.8 | 350.7 |
| Interest expense, net | 71.1 | 73.0 | 141.3 | 146.6 |
| Transaction related costs | 3.1 | 0.7 | 7.5 | 2.4 |
| Share-based compensation expense | 18.9 | 30.5 | 34.3 | 71.7 |
| Goodwill and intangible asset impairments | 302.8 | 135.2 | 302.8 | 135.2 |
| Restructuring and other impairments | 0.7 | 12.2 | 10.2 | 21.6 |
| Fair value adjustment of warrants | — | (2.9) | (5.2) | (1.8) |
| Other(1) | 4.5 | 16.5 | 27.1 | (10.3) |
| Adjusted EBITDA | $274.4 | $284.9 | $510.7 | $537.6 |
| Net income (loss) margin | (46.8)% | (18.4)% | (29.8)% | (6.1)% |
| Adjusted EBITDA margin | 42.2% | 42.6% | 40.2% | 41.4% |
| (1) Primarily reflects the net impact of foreign exchange gains and losses related to the remeasurement of balances and other items that do not reflect our ongoing operating performance. In addition to the net unrealized foreign exchange loss, the six months ended June 30, 2024 also includes a $14.8 loss on divestiture and the six months ended June 30, 2023 includes a $49.4 gain on legal settlement. | ||||
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