CLARIVATE PLC
For the period ended Nov 3, 2026. Filed Nov 3, 2026.
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Nov 3, 2026 · Filed Nov 3, 2026
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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 share-based compensation, impairments, restructuring
expenses, the impact of certain non-cash fair value adjustments on financial instruments, acquisition and/or
disposal-related transaction costs, 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 thethree
and nine months ended September 30, 2026 and 2025 and reconciles these non-GAAP measures to our Income
(loss) from continuing operations, net of taxes and Income (loss) from continuing operations margin for the same
periods:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (In millions, except percentages); (unaudited) | 2026 | 2025 | 2026 | 2025 |
| Income (loss) from continuing operations, net of taxes | $(26.4) | $(24.9) | $(122.3) | $(213.3) |
| Provision (benefit) for income taxes | 5.5 | 2.3 | 23.4 | 29.0 |
| Depreciation and amortization | 162.3 | 168.6 | 484.7 | 499.2 |
| Interest expense, net | 61.0 | 68.5 | 180.4 | 199.4 |
| Share-based compensation expense | 7.7 | 13.1 | 32.3 | 37.1 |
| Restructuring costs | 4.5 | 7.9 | 24.9 | 34.3 |
| Transaction related costs | (0.2) | 3.0 | 17.5 | 17.3 |
| Other(1) | 3.8 | (16.3) | 4.7 | 42.7 |
| Adjusted EBITDA | $218.2 | $222.2 | $645.6 | $645.7 |
| Income (loss) from continuing operations margin | (5.5) % | (4.7) % | (8.3) % | (13.8) % |
| Adjusted EBITDA margin | 45.3 % | 41.9 % | 43.8 % | 41.7 % |
(1)Includesthe net impact of foreign exchange gains and losses related to the remeasurement of balances, the impact of initiatives to reduce our cost
structure related to the LS&H divestiture, and other items that do not reflect our ongoing operating performance.
The following table presents our calculation of Adjusted EBITDA, including discontinued operations and
Adjusted EBITDA margin for thethree and nine months ended September 30, 2026 and 2025 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) | 2026 | 2025 | 2026 | 2025 |
| Net income (loss) | $(80.8) | $(28.3) | $(389.6) | $(204.2) |
| Provision (benefit) for income taxes | 7.7 | 3.8 | 27.1 | 34.9 |
| Depreciation and amortization | 162.3 | 191.8 | 532.0 | 568.1 |
| Interest expense, net | 61.0 | 68.5 | 180.4 | 199.4 |
| Share-based compensation expense | 10.8 | 16.0 | 40.5 | 45.6 |
| Goodwill and intangible asset impairments | 62.2 | — | 283.9 | — |
| Loss on classification as held for sale | 10.1 | — | 10.1 | — |
| Restructuring costs | 4.9 | 11.9 | 29.0 | 45.9 |
| Transaction related costs | 8.1 | 4.1 | 26.5 | 18.5 |
| Other(1) | (1.0) | (15.4) | (6.2) | 39.0 |
| Adjusted EBITDA, including discontinued operations | $245.3 | $252.4 | $733.7 | $747.2 |
| Net income (loss) margin | (14.9) % | (4.5) % | (22.6) % | (11.1) % |
| Adjusted EBITDA margin | 43.2 % | 40.5 % | 42.1 % | 40.6 % |
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