CLARIVATE PLCCLVT
CLARIVATE PLC Segments Disclosure
Segment Information
Long-Lived Assets by Geography
As discussed in Note 1 - Nature of Operations and Summary of Significant Accounting Policies, we have organized our
business into the following three reportable segments, based on the different products and services we offer and the markets
we serve:
•Academia & Government. Working with the scientific and academic community, we empower institutions and
libraries to drive research excellence and student outcomes by connecting trusted content, deep expertise, and
responsible innovation. Our A&G segment is home to research, education, and library solutions, including Web of
Science, ProQuest, Ex Libris, and Innovative.
•Intellectual Property. Our comprehensive intellectual property data, software, and expertise helps companies drive
innovation, law firms achieve practice excellence, and organizations worldwide effectively manage and protect
critical intellectual property assets. Our IP segment is home to Derwent Innovation, CompuMark, Innography,
IPfolio, FoundationIP, and other IP solutions.
•Life Sciences & Healthcare. Our connected data, deep expertise, and intelligence platforms empower life sciences
and healthcare organizations with the contextual intelligence needed to deliver safe, effective, and commercially
successful treatments and solutions to patients faster. Our LS&H segment is home to comprehensive solutions used
by pharma, biotech, and medtech companies, including Cortellis, Medtech, Market Access and Commercialization,
and deep consulting expertise.
Our chief operating decision maker (“CODM”) is our chief executive officer (“CEO”), who evaluates performance for our
reportable segments based primarily on revenues and Adjusted EBITDA. Our CEO uses these measures predominantly
during the annual budgeting process and the quarterly forecast update and reporting process to identify and evaluate
investment decisions that provide the best opportunities to accelerate revenue growth and provide incremental margin
improvement. Our CEO does not review assets by segment for the purpose of assessing performance or allocating resources
due to the significant amount of intangible assets acquired through business combinations, as well as the centralized nature of
our working capital management functions.
Significant segment expenses include people-related costs, royalties and other product costs, technology costs (comprised
primarily of software licenses and hosting costs), and outside service costs (comprised primarily of professional services and
contracted labor). Other costs primarily include facilities costs and product marketing costs.
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.
The following table summarizes reportable segment revenues, expenses, and profit and provides a reconciliation of total
reportable segment Adjusted EBITDA to Net income (loss) for the periods indicated:
Year Ended December 31, | |||||
2025 | 2024 | 2023 | |||
Academia & Government | |||||
Revenues | $1,266.0 | $1,326.4 | $1,323.3 | ||
People-related costs | (342.7) | (349.7) | (352.8) | ||
Royalties and other product costs | (215.4) | (248.5) | (247.7) | ||
Technology costs | (78.8) | (80.5) | (75.6) | ||
Outside service costs | (33.8) | (39.9) | (43.0) | ||
Other costs | (47.3) | (44.0) | (45.7) | ||
A&G Adjusted EBITDA | $548.0 | $563.8 | $558.5 | ||
Intellectual Property | |||||
Revenues | $799.4 | $811.4 | $862.7 | ||
People-related costs | (294.4) | (283.3) | (277.7) | ||
Royalties and other product costs | (75.5) | (76.1) | (91.3) | ||
Technology costs | (50.9) | (46.3) | (44.6) | ||
Outside service costs | (20.9) | (21.1) | (22.7) | ||
Other costs | (23.6) | (26.1) | (26.0) | ||
IP Adjusted EBITDA | $334.1 | $358.5 | $400.4 | ||
Life Sciences & Healthcare | |||||
Revenues | $389.8 | $418.9 | $442.8 | ||
People-related costs | (183.2) | (190.8) | (188.0) | ||
Royalties and other product costs | (37.3) | (37.6) | (43.5) | ||
Technology costs | (28.6) | (27.1) | (24.5) | ||
Outside service costs | (10.6) | (13.0) | (14.4) | ||
Other costs | (10.4) | (12.3) | (14.1) | ||
LS&H Adjusted EBITDA | $119.7 | $138.1 | $158.3 | ||
Total Reportable Segments | |||||
Revenues | $2,455.2 | $2,556.7 | $2,628.8 | ||
People-related costs | (820.3) | (823.8) | (818.5) | ||
Royalties and other product costs | (328.2) | (362.2) | (382.5) | ||
Technology costs | (158.3) | (153.9) | (144.7) | ||
Outside service costs | (65.3) | (74.0) | (80.1) | ||
Other costs | (81.3) | (82.4) | (85.8) | ||
Total Reportable Segments Adjusted EBITDA | $1,001.8 | $1,060.4 | $1,117.2 | ||
Benefit (provision) for income taxes | (7.2) | (82.9) | 101.3 | ||
Depreciation and amortization | (757.2) | (727.0) | (708.3) | ||
Interest expense, net | (265.4) | (283.4) | (293.7) | ||
Share-based compensation expense | (63.0) | (60.6) | (108.9) | ||
Goodwill and intangible asset impairments | (15.0) | (540.7) | (979.9) | ||
Restructuring and lease impairments | (50.7) | (19.6) | (40.0) | ||
Fair value adjustment of warrants | — | 5.2 | 15.9 | ||
Transaction related costs | (22.5) | (17.9) | (8.2) | ||
Other(1) | (21.9) | 29.8 | (6.6) | ||
Net income (loss) | $(201.1) | $(636.7) | $(911.2) | ||
(1) Includes the net impact of unrealized foreign currency gains and losses and other items that do not reflect our ongoing operating performance. This amount includes a net gain on sale of $54.7 from divestitures in 2024 and a gain of $49.4 related to a legal settlement in 2023. See Note 2 - Acquisitions and Divestitures and Note 16 - Commitments and Contingencies for further details. | |||||
The following table summarizes our long-lived assets by geography, based on physical location. Long-lived assets consist of
Property and equipment, net and Operating lease right-of-use assets and exclude Goodwill, Other intangible assets, net,
Deferred income taxes, and Other assets.
Year Ended December 31, | |||
2025 | 2024 | ||
U.S. | $28.7 | $35.0 | |
India | 17.0 | 18.9 | |
U.K. | 15.6 | 18.1 | |
All other | 38.0 | 35.1 | |
Total long-lived assets | $99.3 | $107.1 | |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 27, 2024 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.