CLARIVATE PLC
For the period ended Nov 6, 2024. Filed Nov 6, 2024.
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Nov 6, 2024 · Filed Nov 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, restructuring expenses, impairments, the impact of certain non-cash fair value adjustments on financial instruments, unrealized foreign currency gains/losses, legal settlements, 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 nine months ended September 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 September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (In millions, except percentages); (unaudited) | 2024 | 2023 | 2024 | 2023 |
| Net income (loss) | $(65.6) | $12.3 | $(444.9) | $(67.3) |
| Provision (benefit) for income taxes | 15.1 | 15.6 | 23.3 | (83.3) |
| Depreciation and amortization | 177.2 | 176.8 | 541.0 | 527.5 |
| Interest expense, net | 72.2 | 71.9 | 213.5 | 218.5 |
| Transaction related costs | 6.1 | 2.7 | 13.6 | 5.1 |
| Share-based compensation expense | 15.4 | 25.4 | 49.7 | 97.1 |
| Goodwill and intangible asset impairments | 13.8 | — | 316.6 | 135.2 |
| Restructuring and other impairments | 4.0 | 3.7 | 14.2 | 25.3 |
| Fair value adjustment of warrants | — | (12.6) | (5.2) | (14.4) |
| Other(1) | 26.2 | (14.4) | 53.3 | (24.7) |
| Adjusted EBITDA | $264.4 | $281.4 | $775.1 | $819.0 |
| Net income (loss) margin | (10.5)% | 1.9% | (23.5)% | (3.5)% |
| Adjusted EBITDA margin | 42.5% | 43.5% | 40.9% | 42.1% |
| (1) Primarily reflects the net impact of unrealized foreign currency gains and losses, as well as other items that do not reflect our ongoing operating performance. For the nine months ended September 30, 2024, the amount includes a $14.8 loss on divestiture and for the nine months ended September 30, 2023, the amount includes a $49.4 gain on legal settlement. | ||||
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