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☒    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _______

Jersey, Channel Islands			N/A
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
70 St. Mary Axe London EC3A 8BE United Kingdom (Address of principal executive offices)			Not applicable (Zip Code)

Registrant's telephone number, including area code: +44 207 4334000

Title of each class			Trading Symbol(s)			Name of exchange on which registered
Ordinary Shares, no par value			CLVT			New York Stock Exchange
5.25% Series A Mandatory Convertible Preferred Shares, no par value			CLVT PR A			New York Stock Exchange

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes ☐   No  ☒   

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.    Yes  ☐    No  ☒ 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ☒    No  ☐

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 13(a) of the Exchange Act.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).    Yes ☐    No ☒

The aggregate market value of the approximately 319.9 million ordinary shares held by non-affiliates of the Company (assuming for these purposes, but without conceding, that all executive officers and directors of the Company are affiliates of the Company) as of June 30, 2021, the last day of business of our most recently completed second fiscal quarter, was $8.8 billion, based on the closing sale price of the ordinary shares of $27.53 on June 30, 2021 as reported by the New York Stock Exchange.

The number of ordinary shares of the Company outstanding as of January 31, 2022 was 683,151,263.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of Registrant's Definitive Proxy Statement for the 2022 Annual Shareholders Meeting are incorporated by reference into Part III of this Form 10-K.

TABLE OF CONTENTS     

			Page
Part I			4
Item 1. Business			4
Item 1A. Risk Factors			21
Cautionary Statement Regarding Forward-Looking Statements			27
Item 1B. Unresolved Staff Comments			28
Item 2. Properties			28
Item 3. Legal Proceedings			28
Item 4. Mine Safety Disclosures			29
Part II			29
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			29
Item 6. [Reserved]			31
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations			32
Item 7A. Quantitative and Qualitative Disclosures About Market Risk			66
Index to Financial Statements			67
Item 8. Financial Statements and Supplementary Data			67
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			147
Item 9A. Controls and Procedures			147
Item 9B. Other Information			148
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections			148
Part III			148
Item 10. Directors, Executive Officers and Corporate Governance			148
Item 11. Executive Compensation			149
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			149
Item 13. Certain Relationships and Related Transactions, and Director Independence			149
Item 14. Principal Accounting Fees and Services			149
Part IV			149
Item 15. Exhibits and Financial Statement Schedules			149
Item 16. Form 10-K Summary			152

Product Line			Academia & Government			Life Sciences & Healthcare
Product Description			Used to navigate scientific and academic research discoveries, conduct analysis and evaluate research impact			Used by life sciences and healthcare firms for drug research and medical device research
Curated Information Set			Database of 2.1B+ citations, 187mm+ indexed records			84,000+ drug program records, 495,000 clinical trial records
Customers			9,000+ 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
Notable Products and Offerings			Web of Science InCites ScholarOne EndNote Alma ProQuest Central and eBook Central			Cortellis Competitive Intelligence Cortellis Regulatory Intelligence Cortellis Drug Discovery Intelligence Cortellis Generic Intelligence

•A physics professor planning a research program and making a grant proposal accesses WOS to evaluate the current state of research in her discipline, identify emerging trends within highly regarded and relevant scientific journals and select a research topic, while the grant-making institutions will use WOS’s analytic tools to measure the professor’s credentials.

•A university provost interested in evaluating her university’s chemistry department accesses WOS and our analytical tool InCites to measure the strength of the university’s research output and benchmark it against comparable institutions and find the best researchers to bolster the university’s ranking and improve the caliber of research, and find highly cited researchers, departments and laboratories.

•An analyst at a pharmaceutical firm who is evaluating several potential R&D programs will access the Cortellis database to assess competitive products in the drug development pipeline, review clinical trial data, and summarize regulatory information.

Product Line

Patent

Trademark

Domain

IP Management

Product Description

Used to search and analyze patents

Used to monitor trademarks on an ongoing basis

Used to register and manage portions of web domains

Used for renewal and validation of intellectual property rights on behalf of customers

Curated Information Set

Database of 103 million + patent filings across 50+ patent offices

180+ patent and trademark offices

Database of 1.4 million corporate domain names

Database of 3.5 million patent and trademark renewals performed annually with over 200+ patent and trademark offices across the world

Customers

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

65 industrial databases, 70 Pharma in-use databases

Manages 46% of the top 50 most trafficked corporate website domain portfolios

12,000 direct and indirect customers including 47 out of 50 top R&D spenders globally

Notable Products and Offerings

Derwent Innography IncoPat

Compumark Watch Compumark Saegis Compumark Search

MarkMonitor Brand Protection

CPA Global Renewals, Filing and Prosecution, Patent Search and IPMS Solutions

•An employee developing a new product or idea (e.g., a chemical engineer or a product designer) will access the Derwent database of patents to evaluate the novelty and determine the patentability of the new product or idea.

•An attorney for a large law firm helps clear a trademark for use by its corporate customer as part of a new product launch. The attorney first conducts a “knock-out” search as part of a preliminary screening process using our trademark research tool and then later orders an analyst curated “Full Search” report by CompuMark to ensure the availability of the proposed trademark in the markets in which the customer will be operating. In this way, the attorney can clear both the word and image mark for use by his/her client. The attorney will then subscribe to CompuMark’s trademark watching services to continually ensure that none of their customers’ valuable trademarks are being infringed upon.

•An in-house counsel uses MarkMonitor to ensure that important domain names are registered and protected from security threats such as domain hijacking, spam, and other forms of domain name system ("DNS") abuse.

•A law firm partnership uses the technology solutions to provide renewal and validation of IP rights on behalf of a customer.

1.     Focusing on our core capabilities and the greatest opportunities for growth.

2.     Simplifying our organization and processes. The focus on two segments is the driver for streamlining our operations.

3.     Relentlessly driving execution of our strategy and growth plans.

Accelerate Revenue Growth

2021 Earnings Progress Report(1)

~

Product and pricing enhancement strategies

1.

Revenue growth 49.7%(2)

~

Increased pipeline of new products

2.

Subscription revenue growth 17.9%

~

Build strength in Asia Pacific

3.

Transactional revenue growth 36.8%

~

Optimizing pricing and cross-sell

4.

ACV growth (at constant currency) 77.8%(3)

5.

90.6% retention rate(4)

Enhance Margins

6.

Net loss $(311,956) (Net loss margin and margin improvement not meaningful; reduction in Net loss of (11.0)%) (2)

~

Benefit from top-line initiatives

7.

Adjusted EBITDA margin 42.6%(2)

~

Simplifying Selling, General and Administrative ("SG&A") cost structure

8.

Adjusted EBITDA margin improvement 450.0 bps(2)

~

Consolidating footprint

9.

Adjusted EBITDA growth 64.5%(2)

~

Increase automation and cloud infrastructure

(1)For a reconciliation of our non-GAAP measures to the corresponding most closely related measures calculated in accordance with GAAP, see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Certain Non-GAAP Measures.

(2)Results calculated for the year ended December 31, 2021 as compared to the year ended December 31, 2020.

(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 December 31, 2021 as compared to December 31, 2020. For information on ACV, see Item 7. 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 year ended December 31, 2021.

•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.

•developing new value-added products and services;

•delivering an enhanced customer 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 customers 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 segment, 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

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

•building a new senior executive management team;

•investing in our core products to upgrade their content, functionality, analytical tools and user interfaces;

•completing the acquisitions of Publons, Kopernio, TrademarkVision, and SequenceBase to complement our product offerings;

•implementing initial cost savings initiatives; and

•fully transitioning the business from reliance on Thomson Reuters.

On October 1, 2020, we acquired 100% of the assets, liabilities and equity interests of CPA Global, a global leader in intellectual property software and tech-enabled services. Clarivate acquired all of the outstanding shares of CPA Global in a cash and stock transaction. The aggregate consideration in connection with the closing of the CPA Global acquisition was $8,540,886, net of $102,675 cash acquired, including an equity hold back consideration of $46,485, which was issued in January 2021. The aggregate consideration was composed of (i) $6,565,477 from the issuance of up to 218,183,778 ordinary shares to Redtop Holdings Limited, a portfolio company of Leonard Green & Partners, L.P., representing approximately 35% pro forma fully diluted ownership of Clarivate and (ii) approximately $2,078,084 in cash to fund the repayment of CPA Global's parent company outstanding debt of $2,055,822 and related interest swap termination fee of $22,262. Of the 218,306,663 ordinary shares issuable in the acquisition, Clarivate issued 210,357,918 ordinary shares as of October 1, 2020. There were 6,325,860 shares that were issued to Leonard Green & Partners, L.P. that were returned to Clarivate to fund an Employee Benefit Trust established for the CPA Global Phantom Equity Plan. Accordingly, these shares were excluded from purchase price consideration.

Dispositions

•Abstracting and Indexing Database Market: Elsevier (Scopus, SciVal), and Digital Science (Dimensions);

•Patent Protection Market: LexisNexis (TotalPatent), Minesoft (PatBase) and Questel (Orbit);

•Life Sciences Regulatory and Competitive Intelligence Market: Evaluate (Evaluate Pharma), Global Data (Global Data Pharmaceuticals), Informa (Pharma Intelligence, BioMedTracker, Pharmaprojects, Trialtrove, Sitetrove), IQVIA (Tarius) and Qiagen (Qiagen Services);

•Trademark Protection Market: Corsearch (Contour, Corsearch Screening, search and watch services), and Markify (ComprehensiveSearch, ProSearch and trademark and domain watch); and

•Domain Management Market: Corporation Service Company ("CSC") (domain name management) and AppDetex (domain management and online brand protection).

•Academic and Government Market: Barriers to entering the higher education, research institutions, corporate, K-12, government agency and public organization markets, especially with respect to Open Access and Open Educational Resource products and platforms, are relatively low, and we expect competition in these markets to intensify.

•the applicable U.S. courts had jurisdiction over the case, as recognized under Jersey law;

•the judgment is given on the merits and is final, conclusive and non-appealable;

•the judgment relates to the payment of a sum of money, not being taxes, fines or similar governmental penalties;

•the defendant is not immune under the principles of public international law;

•the same matters at issue in the case were not previously the subject of a judgment or disposition in a separate court;

•the judgment was not obtained by fraud; and

•the recognition and enforcement of the judgment is not contrary to public policy in Jersey.

In 2020, we signed the CEO Action for Diversity & Inclusion, the largest CEO-driven business commitment to advancing diversity and inclusion in the workplace. As part of our commitment to the CEO Action for Diversity & Inclusion, we supported two colleagues to represent Clarivate as Racial Equity Fellows, and continue to do so in 2022. We are also signatories to the UN Women’s Empowerment Principles, and the UN Global Compact and in 2021, proudly joined the coalition of Scientific publishing organizations and national laboratories, partnering on transgender-inclusive name-change process for published papers. Name changes allow researchers of all genders to own their academic work.

•SPECTRUM, Clarivate’s LGBTQ+ and Allies resource group;

•Women @ Clarivate, support of advancing the Women’s Empowerment Principles;

•Vibrant, Clarivate’s colleague resource group focused on racial & ethnic diversity, inclusion and equity;

•Military Veterans at Clarivate, supporting members with military backgrounds, including military family members and supporters;

•Clarivate Volunteer Network, to explore and promote the benefits of volunteering and reach our Sustainability goals; and

•Element, the Environment and Climate Change colleague resource group to raise awareness of the environment and our impact on it and to promote activities and behaviors to address our environmental impact.

•We develop our L&D plans and programs in alignment with our key business functions to help further our mutual success and avoid creating silos;

•Our L&D commitments are performance related and designed to improve corporate, functional, team and individual accountability;

•We strongly believe that every colleague across our entire business should be provided equal opportunities to learn, develop and grow;

•We believe in empowering individual colleagues with their own L&D milestones. With ownership comes commitment, responsibility and greater chances of success for ongoing learning and development; and

•We continuously focus on outcomes and business impact when it comes to evaluating L&D programs.

•Launched ‘Be Well’, our new, online well-being platform that enables colleagues to take a health assessment, track daily health habits, participate in health and fitness challenges, sync mobile and fitness devices and more - all while earning rewards along their personalized well-being journey;

•Leverage data insights from benefits utilization reports, real-time analytics, colleague feedback and more to continuously enhance our engagement and impact;

•Provide access to science-based tools and technologies to help colleagues better navigate the digital workplace while balancing needs at home; and

•Leverage proven techniques to enhance mindfulness, stress management, emotional intelligence, resilience, quality of sleep, performance and more.

•Maintained a steady, compassionate communications with colleagues to help them ensure they remain safe and informed, including weekly live Q&A sessions with the CEO and leadership team;

•Increased focus on mental health and well-being in response to disruptive impact of the global pandemic;

•Prioritized and promoted our global Employee Assistance Program ("EAP") to provide all colleagues with the support they need;

•Enhanced existing programs, such as increased paid time off, expanded child/elder care benefits, allowed rollovers and mid-year election changes to pre-tax spending accounts in the United States, adopted several CARES Act provisions in our 401(k) Plan and more; and

•Launched a financial hardship assistance program in response to COVID-19 which delivered funding to help colleagues and their families.

Recognizing that sustainability and ESG are critical to the Company’s future success, a formal ESG commitment was launched in 2020, with the issuance of our inaugural sustainability report in 2021, landing in the 76th percentile in the S&P Global Corporate Sustainability Assessment upon our first entry. Sustainability is everything we do, and we approach it holistically across all aspects of ESG dimensions, in support of and alignment with the United Nations Sustainable Development Goals.

We are progressing at a rapid pace since launching our ESG journey, with ambitious goals to be listed on the DJSI in 2024 and be carbon neutral for all known and measurable emissions. As we work to advance a more sustainable world, we have begun mapping all we do to the UN Sustainable Development Goals ("SDG"), with a focus on mapping our customer impact and SDGs 3, 9, and 12; and internally focused on responsible business practices that address SDG 12, 13 and 10.

Environment: We continue to work on minimizing environmental impacts, with our global e-waste program, and in 2021 publishing environmental metrics for 75%+ of facilities for the first time, thus also enabling us to report into the CDP for the first time. We are now evaluating our suppliers for ESG performance, having invited our 100 top suppliers to participate in our ESG assessments, with over 30% of supplier spend now completed the assessments. We are making great strides in our Climate Transition planning with improved ability to capture, track, minimize and mitigate our carbon footprint, SDG 13.

Social: Our social efforts are focused on our colleagues and our community. In 2021, we reported out in our sustainability report many human capital metrics for the first time and we continue to build our capabilities for robust people metrics management, as we advance our DEIB efforts in support of SDG 10 and reducing inequalities. We participated for the first time in the Diversity 50 and Corporate Equality Index, helping to build upon our work and further inform our DEIB strategy. We have over 80 global and local sustainability teams and colleague resource groups, working in alignment through the Global Engagement Council to enable colleague actions and real impact. Through our Clarivate Volunteer Network, we shared over 14,000 hours of time helping in communities around the world and launched a global volunteer recognition program. We are building meaningful strategic partnerships that further strengthen our engagement opportunities, community impact and advance all 17 SDGs.

Governance: We are committed to maintaining the highest level of trust, transparency and ethics in all we do, and are proud participants in the UN Global Compact, including participation in the UN SDG Ambition program. In 2021 Sustainability officially became of the Board Committee, known as the Nominating, Governance and Sustainability Committee. We have a robust privacy center online, published the Board Diversity statement and updated the Modern Slavery statement. The company achieved ISO 27001 in recognition of the critical importance of information security.

•update our products and services and develop new products and services quickly enough to meet our customers’ needs;

•make some features of our products work effectively and securely or with new or changed operating systems; and

•update our products and services to keep pace with business, evolving industry standards, regulatory requirements and other developments in the markets in which our customers operate.

•political instability;

•international hostilities, military actions, terrorist or cyber-terrorist activities, natural disasters, pandemics (including a prolonged and delayed recovery from COVID-19), and infrastructure disruptions;

•differing economic cycles and adverse economic conditions;

•unexpected changes in regulatory environments and government interference in the economy;

•varying tax regimes, including with respect to the imposition of withholding taxes on remittances and other payments by our partnerships or subsidiaries and the possibility that a U.S. person treated as owning at least 10% of our ordinary shares could be subject to adverse U.S. federal income tax consequences;

•differing labor regulations in locations where we have a significant number of employees;

•foreign exchange controls and restrictions on repatriation of funds;

•fluctuations in currency exchange rates;

•insufficient protection against product piracy and differing protections for IP rights;

•varying attitudes towards censorship and the treatment of information service providers by foreign governments, particularly in emerging markets;

•various trade restrictions (including trade and economic sanctions and export controls prohibiting or restricting transactions involving certain persons and certain designated countries or territories) and anti-corruption laws (including the U.S. Foreign Corrupt Practices Act and the UK Bribery Act 2010);

•possible difficulties in enforcing a U.S. judgment against us or our directors and officers residing outside the United States, or asserting securities law claims outside of the United States; and

•protecting your interests as a shareholder due to the differing rights of shareholders under Jersey law, where we are incorporated.

•making it more difficult for us to satisfy our debt obligations and our other ongoing business obligations, which may result in defaults;

•events of default if we fail to comply with the financial and other covenants contained in the agreements governing our debt instruments, which could result in all of our debt becoming immediately due and payable or require us to negotiate an amendment to financial or other covenants that could cause us to incur additional fees and expenses;

•sensitivity to interest rate increases on our variable rate outstanding indebtedness, including uncertainty relating to the likely phasing out of LIBOR by the end of 2021, which could result in increased interest under our credit facilities which could cause our debt service obligations to increase significantly;

•reducing the availability of our cash flow to fund working capital, capital expenditures, acquisitions and other general corporate purposes, and limiting our ability to obtain additional financing for these purposes;

•limiting our flexibility in planning for, or reacting to, and increasing our vulnerability to, changes in our business, the industries in which we operate, and the overall economy;

•placing us at a competitive disadvantage compared to any of our competitors that have less debt or are less leveraged;

•increasing our vulnerability to the impact of adverse economic and industry conditions; and

•if we receive a downgrade of our credit ratings, our cost of borrowing could increase, negatively affecting our ability to access the capital markets on advantageous terms, or at all.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

•any significant disruption in or unauthorized access to our computer systems or those of third parties that we utilize in our operations, including those relating to cybersecurity or arising from cyber-attacks;

•our ability to maintain revenues if our products and services do not achieve and maintain broad market acceptance, or if we are unable to keep pace with or adapt to rapidly changing technology, evolving industry standards, macroeconomic market conditions and changing regulatory requirements;

•our loss of, or inability to attract and retain, key personnel;

•our ability to comply with applicable data protection and privacy laws;

•the effectiveness of our business continuity plans;

•our dependence on third parties, including public sources, for data, information and other services, and our relationships with such third parties;

•increased accessibility to free or relatively inexpensive information sources;

•our ability to derive fully the anticipated benefits from organic growth, existing or future acquisitions, joint ventures, investments or dispositions;

•our ability to compete in the highly competitive industry in which we operate, and potential adverse effects of this competition;

•our ability to maintain high annual revenue renewal rates;

•the strength of our brand and reputation;

•our exposure to risk from the international scope of our operations, and our exposure to potentially adverse tax consequences from the international scope of our operations and our corporate and financing structure;

•our substantial indebtedness, which could adversely affect our business, financial condition, and results of operations;

•volatility in our earnings due to changes in the fair value of our outstanding warrants each period; and

•other factors beyond our control.

The forward-looking statements contained in this annual report are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Item 1A. Risk Factors.” Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from

Item 2. Properties

Location

Space Leased

Lease Expiration

Ann Arbor, Michigan, USA

130,961 square feet

November 2023

Noida, India

81,126 square feet

March 2025

Philadelphia, Pennsylvania, USA

78,778 square feet

October 2029

Jerusalem, Israel

65,294 square feet

December 2024

Bangalore, India

57,850 square feet

February 2022

Hyderabad, India

54,064 square feet

July 2021

Belgrade, Serbia

53,841 square feet

August 2027

Ypsilanti, Michigan, USA

40,000 square feet

December 2026

Boston, Massachusetts, USA

35,600 square feet

October 2024

Chandler, Arizona, USA

35,213 square feet

January 2028

Jersey, United Kingdom

30,784 square feet

September 2028

Des Plaines, Illinois, USA

25,086 square feet

December 2027

Alexandria, Virginia, USA

24,660 square feet

June 2027

Milwaukee, Wisconsin, USA

24,016 square feet

May 2027

Penang, Malaysia

23,639 square feet

September 2023

Tokyo, Japan

23,078 square feet

May 2022

Burlington, Massachusetts, USA

20,026 square feet

December 2027

Bethesda, Maryland, USA

19,492 square feet

November 2025

San Francisco, California, USA

18,900 square feet

October 2025

Chennai, India

18,844 square feet

Indefinite

London, United Kingdom

17,800 square feet

December 2029

Barcelona, Spain

17,000 square feet

September 2024

Toronto, Canada

16,786 square feet

May 2025

Seoul, South Korea

16,435 square feet

May 2022

Seattle, Washington, USA

16,187 square feet

August 2024

PART II

As of December 31, 2021, there were 95 holders of record of ordinary shares. A substantially greater number of holders of our ordinary shares are “street name” or beneficial holders, whose shares of record are held by banks, brokers, and other financial institutions.

Equity Compensation Plan Information
						Number of securities to be issued upon exercise of outstanding options, warrants and rights(a)						Weighted-average exercise price of outstanding options, warrants, and rights(b)						Number of securities remaining available for issuance under equity compensation plans (excluding securities reflected in column)(a)(c)
Equity Compensation Plans Approved by Security Holders
2019 Incentive Award Plan						10,693,988			(2)			$	13.43		(3)			40,200,324			(4)
Equity Compensation Plans Not Approved by Security Holders (1)
Total						10,693,988						$	13.43					40,200,324

(1)See Item 11. Executive Compensation - Compensation Committee Interlocks and Insider Participation. See Item 8. Financial Statements and Supplementary Data - Notes to the Consolidated Financial Statements - Note 16 - Shareholders’ Equity for information regarding the Warrants.

(2)Includes (a) 4,801,602 of stock options, (b) 4,532,131 restricted share units that were issued with no exercise price or other consideration, and (c) 1,360,255 performance share units at grant that were issued with no exercise price or other consideration, and may not ultimately vest based on achievement of certain performance and market conditions.

(3)The weighted-average exercise price is reported for the outstanding stock options reported in the first column. There are no exercise prices for the restricted share units or performance share units.

(4)The total number of securities to be issued under the 2019 Incentive Award Plan.

Period						Total Number of Shares Purchased(1)						Price Paid Per Share						Total Number of Shares Purchased As Part of Publicly Announced Plans or Programs(2)						Number of Shares that May Yet Be Purchased Under Plans or Programs
January 1, 2021-January 31, 2021						8,250						$	30.55					—						—
February 1, 2021-February 28, 2021						33,580						$	30.09					—						—
March 1, 2021-March 31, 2021						311,619						$	23.88					—						—
April 1, 2021-April 30, 2021						200,205						$	27.19					—						—
May 1, 2021-May 31, 2021						298,624						$	29.39					—						—
June 1, 2021-June 30, 2021						310,821						$	28.01					—						—
July 1, 2021-July 31, 2021						17,648						$	26.95					—						10,965,000
August 1, 2021-August 31, 2021						137,783						$	23.55					1,769,000						9,196,000
September 1, 2021-September 31, 2021(3)						22,050						$	25.41					830,700						8,365,300
October 1, 2021 - October 31, 2021						14,010						$	22.27					—
November 1 2021 - November 30, 2021						95,980						$	23.34					2,500,800						5,864,500
December 1, 2021 - December 31, 2021						162,100						$	24.65					1,475,000						4,389,500
Total						1,612,670												6,575,500						4,389,500

(1) Includes shares withheld to satisfy tax withholding obligations on behalf of employees that occur upon vesting and delivery of outstanding shares underlying stock options and restricted stock units under the 2019 Incentive Award Plan.

(2) In August 2021, the Company's Board of Directors authorized a share repurchase program allowing the Company to purchase up to $250,000 of its outstanding ordinary shares, subject to market conditions. During the year ended December 31, 2021, the Company purchased 6,575,500 shares for a total of $159,356. As of December 31, 2021, the Company had approximately $90,644 of availability remaining under this program.

(3) Total number of shares purchased and price paid per share is for the period beginning September 1, 2021 and ending September 30, 2021. Total number of shares purchased as part of publicly announced plans or programs and number of shares that may yet be purchased is for the period beginning September 1, 2021 and ending September 9, 2021.

The following factors have affected the comparability of our results of operations between the periods presented in this annual report and may affect the comparability of our results of operations in future periods.

Strategic Acquisitions

On December 1, 2021, we acquired 100% of ProQuest, a leading global software, data and analytics provider to academic, research and national institutions, and its subsidiaries from the Seller Group. The aggregate consideration in connection with the closing of the ProQuest acquisition was $4,994,334, net of $52,514 cash acquired. The aggregate consideration was composed of (i) $1,094,901 from the issuance of up to 46,910,923 ordinary shares to the Seller Group, representing approximately 7% pro forma fully diluted ownership of Clarivate and (ii) approximately $3,951,947 in cash, including approximately $917,491 to fund the repayment of ProQuest debt. We funded the cash purchase price through a combination of cash on hand, new debt financing related to the Senior Unsecured Notes and Senior Secured Notes (see Note 14 of the Notes to Consolidated Financial Statements) and the June 2021 Ordinary Share Offering and 5.25% Series A Mandatory Convertible Preferred Shares Offering (see Note 16 of the Notes to Consolidated Financial Statements).

Acquisition of CPA Global

On October 1, 2020, we acquired 100% of the assets, liabilities and equity interests of CPA Global, a global leader in intellectual property software and tech-enabled services. Clarivate acquired all of the outstanding shares of CPA Global in a cash and stock transaction. The aggregate consideration in connection with the closing of the CPA Global acquisition was $8,540,886, net of $102,675 cash acquired, including an equity hold-back consideration of $46,485. The aggregate consideration was composed of (i) $6,565,477 from the issuance of up to 218,183,778 ordinary shares to Redtop Holdings Limited, a portfolio company of Leonard Green & Partners, L.P., representing approximately 35% pro forma fully diluted ownership of Clarivate and (ii) approximately $2,078,084 in cash to fund the repayment of CPA Global's parent company outstanding debt of $2,055,822 and related interest swap termination fee of $22,262. Of the 218,306,663 ordinary shares issuable in the acquisition, Clarivate issued 210,357,918 ordinary shares on October 1, 2020. There were 6,325,860 shares that were transferred to Clarivate to fund an Employee Benefit Trust established for the CPA Global Equity Plan. Accordingly, these shares were excluded from purchase price consideration.

Acquisition of Decision Resources Group

Dispositions

Disposition of Techstreet

Public Ordinary and Mandatory Convertible Preferred Share Offerings

In February 2020, we completed an underwritten public offering of 27,600,000 of our ordinary shares, generating proceeds of $540,736, which we used to fund a portion of the cash consideration for the DRG acquisition.

In August 2021, we (i) exchanged all of the outstanding, validly tendered and not withdrawn 3.875% Senior Secured Notes due 2028 (the “Old Secured Notes”) for the newly-issued 3.875% Senior Secured Notes due 2028 (the “New Secured Notes”), and (ii) exchanged all of the outstanding, validly tendered and not withdrawn 4.875% Senior Unsecured Notes due 2029 (the “Old Unsecured Notes” and, together with the Old Secured Notes, the “Old Notes”) for the Issuer’s newly-issued 4.875% Senior Notes due 2029 (the “New Unsecured Notes” and, together with the New Secured Notes, the “New Notes”). The initial aggregate principal amount of New Notes is equal to the aggregate principal amount of Old Notes that were validly tendered and not validly withdrawn for exchange, and that were accepted by the Issuer. The offers to exchange are referred to herein as the “Exchange Offers.” Pursuant to the Exchange Offers, the aggregate principal amounts of the Old Notes set forth as follows were validly tendered and not validly withdrawn, and were accepted by the Issuer and subsequently cancelled: (i) $921,177 aggregate principal amount of Old Secured Notes; and (ii) $921,399 aggregate principal amount of Old Unsecured Notes. Following such cancellation, (i) $78,823 aggregate principal amount of Old Secured Notes remained outstanding; and (ii) $78,601 aggregate principal amount of Old Unsecured Notes remained outstanding. The Issuer redeemed such remaining outstanding Old Secured Notes and Old Unsecured Notes at 100% of the principal amount thereof plus accrued and unpaid interest from June 24, 2021 to the redemption date in August 2021. In connection with the settlement of the Exchange Offers, the Issuer (i) issued $921,177 aggregate principal amount of its New Secured Notes; and (ii) issued $921,399 aggregate principal amount of its New Unsecured Notes. The interest is payable semi-annually to holders of record on June 30 and December 30 of each year, commencing on December 30, 2021. The exchange was treated as a debt modification in accordance with Accounting Standards Codification 470, Debt ("ASC 470").

During the year ended December 31, 2021, 2020, and 2019, the Company recorded pre-tax charges of $2,221, $26,647, and $15,670 recognized within Restructuring and impairment in the Consolidated Statements of Operations. These charges were composed of $2,063, $16,069 and $15,424 of severance and related benefit costs, $30, $4,567 and $246 of contract exit costs and legal and advisory fees, and $128, $6,011 and $0 of lease impairment and location exit costs.

During the year ended December 31, 2021 and 2020, the Company recorded pre-tax charges of $195 and $6,597 recognized within Restructuring and impairment in the Consolidated Statements of Operations. These charges were composed of $120 and $5,133 of severance and related benefit costs, $75 and $487 of contract exit costs and legal and advisory fees, and $0 and $977 of lease impairment and location exit costs.

During the year ended December 31, 2021 and 2020, the Company recorded pre-tax charges of $105,122 and $22,895 recognized within Restructuring and impairment in the Consolidated Statements of Operations. These charges were composed of $35,882 and $18,715 of severance and related benefit costs, $8,303 and $3,472 of contract exit costs and legal and advisory fees, and $60,937 and $707 of lease impairment and location exit costs.

During the year ended December 31, 2021, the Company recorded pre-tax charges of $19,981 recognized within Restructuring and impairment in the Consolidated Statements of Operations. These charges were composed of $17,275 of severance and related benefit costs and $2,707 of contract exit costs and legal and advisory fees.

reduce our lease portfolio. As a result of these actions, the company expects to record total pre-tax restructuring charges of approximately $69,939 for all phases of the program. Approximately $1,939 of costs have been incurred to date under the program and $68,000 are expected to be incurred in a future period, related to severance, lease impairments and other exit costs, such as legal and advisory fees.

During the year ended December 31, 2021, the Company recorded pre-tax charges of $1,939 recognized within Restructuring and impairment in the Consolidated Statements of Operations. These charges were all related to severance and related benefit costs.

			Year Ended December 31,
			2021						2020						2019
Revenues
USD			66		%				74		%				81		%
Euros			16		%				11		%				9		%
British pounds			12		%				8		%				3		%
Other currencies			6		%				6		%				7		%
Direct expenses
USD			57		%				69		%				70		%
Euros			10		%				9		%				9		%
British pounds			20		%				13		%				13		%
Other currencies			13		%				9		%				8		%

We regularly monitor the following key performance indicators to evaluate our business and trends, measure our performance, prepare financial projections and make strategic decisions.

Adjusted Revenues

Adjusted EBITDA and Adjusted EBITDA margin

Adjusted EBITDA is presented because it is a basis upon which our management assesses our performance, and we believe it is useful for investors to understand the underlying trends of our operations. See Certain Non-GAAP Measures - Adjusted EBITDA and Adjusted EBITDA margin for important information on the limitations of Adjusted EBITDA and its reconciliation to our Net loss under U.S. GAAP. Adjusted EBITDA represents net loss before provision for income taxes, depreciation and amortization, 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), share-based compensation, mandatory convertible preferred share dividend expense, unrealized foreign currency gains/(losses), costs associated with the transition services agreement with Thomson Reuters, which we entered into in connection with our separation from Thomson Reuters in 2016, separation and integration costs, transformational and restructuring expenses, acquisition-related adjustments to deferred revenues, costs related to our merger with Churchill Capital Corp in 2019, non-operating income or expense, the impact of certain non-cash, mark to market adjustments on financial instruments and other items that are included in net income for the period that the Company does not consider indicative of its ongoing operating performance and certain unusual items impacting results in a particular period. Per Clarivate’s Non-GAAP policy effective January 1, 2021, we have ceased use of adjustments for costs in connection with our separation from Thomson Reuters including costs related to the transition services agreement and separation, integration, and transformational expenses, as well as costs related to our merger with Churchill Capital Corp in 2019. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by Adjusted Revenues.

Annualized Contract Value

			December 31,																		Change
(dollars in thousands)			2021						2020						2019						2021 vs. 2020						2020 vs. 2019
Annualized Contract Value			$	1,611,837					$	906,554					$	793,727					77.8		%				14.2		%

•The percentage by which the estimated fair value exceeded the carrying value was 7%;

•The amount of goodwill assigned to the reporting unit as of December 31, 2021 was $3,046,906, representing the goodwill acquired in Q4 2020 from the CPA Global and Hanlim IPS acquisitions;

•The Company estimated the fair value of the reporting unit using the income approach, and more specifically, the DCF model. The significant assumptions used in the DCF model included projected revenue growth rates and operating margins, tax rates, terminal values, and discount rates, among others, all of which require significant judgments by management;

◦The Company used its internal forecasts to estimate future cash flows and includes an estimate of long-term future growth rates based on its most recent views of the long-term outlook for the reporting unit. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from the Company’s estimates.

◦The discount rate was derived using a capital asset pricing model and analyzing published rates for industries relevant to the reporting unit to estimate the cost of equity financing. The Company used a

discount rate of 7.0%, which we believe to be commensurate with the risks and uncertainty inherent in the respective reporting unit and in its internally developed forecast.

•Certain future events and circumstances, including deterioration of market conditions, higher cost of capital or a decline in demand for IP Management's product offerings, could result in changes to these assumptions and judgements. A downward revision in the present value of future cash flow could result in impairment, and a non-cash charge would be recorded. Such a charge could have a material effect on our financial position and results of operations.

The following table presents the results of operations for the years ended December 31, 2021, 2020 and 2019:

			Year Ended December 31,																								Change 2021 vs. 2020						Change 2020 vs. 2019
(in thousands, except percentages)			2021						2020						2019												%						%
Revenues, net			$	1,876,894					$	1,254,047					$	974,345											49.7		%				28.7		%
Operating expenses:
Cost of revenues			(626,104)						(438,787)						(352,000)												42.7		%				24.7		%
Selling, general and administrative costs			(642,989)						(544,700)						(475,014)												18.0		%				14.7		%
Depreciation			(13,996)						(12,709)						(9,181)												10.1		%				38.4		%
Amortization			(523,819)						(290,441)						(191,361)												80.4		%				51.8		%
Impairment on assets held for sale			—						—						(18,431)												0.0		%				(100.0)		%
Restructuring and impairment			(129,459)						(56,138)						(15,670)												130.6		%				258.3		%
Other operating (expense) income, net			(27,507)						52,381						4,826												(152.5)		%				985.4		%
Total operating expenses			(1,963,874)						(1,290,394)						(1,056,831)												52.2		%				22.1		%
Loss from operations			(86,980)						(36,347)						(82,486)												139.3		%				(55.9)		%
Mark to market adjustment on financial instruments			81,320						(205,062)						(47,656)												(139.7)		%				330.3		%
Legal settlement			—						—						39,399												0.0		%				(100.0)		%
Loss before interest expense and income tax			(5,660)						(241,409)						(90,743)												(97.7)		%				166.0		%
Interest expense and amortization of debt discount, net			(252,490)						(111,914)						(157,689)												125.6		%				(29.0)		%
Loss before income tax			(258,150)						(353,323)						(248,432)												(26.9)		%				42.2		%
(Provision) benefit for income taxes			(12,298)						2,698						(10,201)												(555.8)		%				126.4		%
Net loss			(270,448)						(350,625)						(258,633)												(22.9)		%				35.6		%
Dividends on preferred shares			(41,508)						—						—												100.0		%				0.0		%
Net loss attributable to ordinary shares			$	(311,956)					$	(350,625)					$	(258,633)											(11.0)		%				35.6		%

			Variance 2021 vs. 2020
(in thousands, except percentages)			$						%
Revenue change driver
Increase due to a reduction in deferred revenues adjustment			$	19,150					1.5		%
Decrease due to disposals			(49,296)						(3.9)		%
Increase from acquisitions			579,159						46.2		%
Foreign currency translation			16,587						1.3		%
Revenue increase from organic business			57,247						4.6		%
Revenues, net (total change)			$	622,847					49.7		%

			Variance 2020 vs. 2019
(in thousands, except percentages)			$						%
Revenue change driver
Decrease due to deferred revenues adjustment			$	(22,663)					(2.3)		%
Decrease due to disposals			(64,815)						(6.7)		%
Increase from acquisitions			353,195						36.2		%
Foreign currency translation			3,526						0.4		%
Revenue increase from organic business			10,459						1.1		%
Revenues, net (total change)			$	279,702					28.7		%

															Variance Increase/(Decrease)									Percentage of Factors Increase/(Decrease)
			Year Ended December 31,												Total Variance (Dollars)			Total Variance (Percentage)						Acquisitions			Disposals			FX Impact						Organic
(in thousands, except percentages)			2021						2020
Subscription revenues			$	1,034,356					$	877,659					$	156,697		17.9		%				16.1		%	(3.6)		%	1.9		%				3.5		%
Re-occurring revenues			453,242						111,929						341,313			304.9		%				298.3		%	—		%	(1.8)		%				8.4		%
Transactional and other revenues			393,247						287,560						105,687			36.8		%				36.2		%	(6.2)		%	0.8		%				5.9		%
Deferred revenues adjustment (1)			(3,951)						(23,101)						19,150			82.9		%				(19.0)		%	—		%	(0.2)		%				102.1		%
Revenues, net			$	1,876,894					$	1,254,047					$	622,847		49.7		%				45.8		%	(3.9)		%	1.3		%				6.4		%
Deferred revenues adjustment (1)			3,951						23,101						(19,150)			(82.9)		%				19.0		%	—		%	0.2		%				(102.1)		%
Adjusted revenues, net			$	1,880,845					$	1,277,148					$	603,697		47.3		%				45.3		%	(3.9)		%	1.3		%				4.5		%

(1)Reflects the deferred revenues adjustment made as a result of purchase accounting prior to the adoption of FASB ASU No. 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers". In the fourth quarter of 2021, Clarivate adopted ASU No. 2021-08 which allows an acquirer to account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. This guidance was applied retrospectively to all business combinations for which the acquisition date occurs during or subsequent to the fiscal year 2021.

															Variance Increase/(Decrease)									Percentage of Factors Increase/(Decrease)
			Year Ended December 31,												Total Variance (Dollars)			Total Variance (Percentage)						Acquisitions			Disposals			FX Impact			Organic
(in thousands, except percentages)			2020						2019
Subscription revenues			$	877,659					$	805,518					$	72,141		9.0		%				13.4		%	(7.4)		%	0.3		%	2.7		%
Re-occurring revenues			111,929						—						111,929			100.0		%				100.0		%	—		%	—		%	—		%
Transactional and other revenues			287,560						169,265						118,295			69.9		%				79.0		%	(3.0)		%	0.4		%	(6.5)		%
Deferred revenues adjustment (1)			(23,101)						(438)						(22,663)			(5,174.2)		%				(5,243.4)		%	—		%	—		%	69.2		%
Revenues, net			$	1,254,047					$	974,345					$	279,702		28.7		%				33.9		%	(6.7)		%	0.4		%	1.1		%
Deferred revenues adjustment (1)			23,101						438						22,663			5,174.2		%				5,243.4		%	—		%	—		%	(69.2)		%
Adjusted revenues, net			$	1,277,148					$	974,783					$	302,365		31.0		%				36.2		%	(6.7)		%	0.4		%	1.2		%

(1)Reflects the deferred revenues adjustment made as a result of purchase accounting

												Variance Increase/(Decrease)												Percentage of Factors Increase/(Decrease)
			Year Ended December 31,												Total Variance (Dollars)			Total Variance (Percentage)						Acquisitions			Disposals			FX Impact			Organic
(in thousands, except percentages)			2021						2020
Americas			$	928,690					$	631,222					$	297,468		47.1		%				45.8		%	(5.8)		%	0.1		%	7.0		%
Europe/Middle East/Africa			555,804						365,599						190,205			52.0		%				50.5		%	(1.9)		%	3.0		%	0.4		%
Asia Pacific			396,351						280,327						116,024			41.4		%				37.5		%	(2.0)		%	1.8		%	4.0		%
Deferred revenues adjustment (1)			(3,951)						(23,101)						19,150			82.9		%				(19.0)		%	—		%	(0.2)		%	102.1		%
Revenues, net			$	1,876,894					$	1,254,047					$	622,847		49.7		%				45.8		%	(3.9)		%	1.3		%	6.4		%
Deferred revenues adjustment (1)			3,951						23,101						(19,150)			(82.9)		%				19.0		%	—		%	0.2		%	(102.1)		%
Adjusted revenues, net			$	1,880,845					$	1,277,148					$	603,697		47.3		%				45.3		%	(3.9)		%	1.3		%	4.5		%

(1)Reflects the deferred revenues adjustment made as a result of purchase accounting prior to the adoption of FASB ASU No. 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers". In the fourth quarter of 2021, Clarivate adopted ASU No. 2021-08 which allows an acquirer to account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. This guidance was applied retrospectively to all business combinations for which the acquisition date occurs during or subsequent to the fiscal year 2021.

												Variance Increase/(Decrease)												Percentage of Factors Increase/(Decrease)
			Year Ended December 31,												Total Variance (Dollars)			Total Variance (Percentage)						Acquisitions			Disposals			FX Impact			Organic
(in thousands, except percentages)			2020						2019
Americas			$	631,222					$	463,041					$	168,181		36.3		%				46.4		%	(9.4)		%	—		%	(0.7)		%
Europe/Middle East/Africa			365,599						278,738						86,861			31.2		%				35.3		%	(5.9)		%	0.7		%	1.0		%
Asia Pacific			280,327						233,004						47,323			20.3		%				17.2		%	(2.1)		%	0.6		%	4.6		%
Deferred revenues adjustment (1)			(23,101)						(438)						(22,663)			N/M						N/M			—		%	—		%	69.2		%
Revenues, net			$	1,254,047					$	974,345					$	279,702		28.7		%				33.9		%	(6.7)		%	0.4		%	1.1		%
Deferred revenues adjustment (1)			23,101						438						22,663			—		%				N/M			—		%	—		%	(69.2)		%
Adjusted revenues, net			$	1,277,148					$	974,783					$	302,365		31.0		%				36.2		%	(6.7)		%	0.4		%	1.2		%

(1)Reflects the deferred revenues adjustment made as a result of purchase accounting

															Variance Increase/(Decrease)									Percentage of Factors Increase/(Decrease)
			Year Ended December 31,												Total Variance (Dollars)			Total Variance (Percentage)						Acquisitions			Disposals			FX Impact			Organic
(in thousands, except percentages)			2021						2020
Science Segment			$	902,712					$	743,641					$	159,071		21.4		%				14.1		%	—		%	2.0		%	5.4		%
IP Segment			978,133						533,507						444,626			83.3		%				89.0		%	(9.2)		%	0.4		%	3.3		%
Deferred revenues adjustment (1)			(3,951)						(23,101)						19,150			82.9		%				(19.0)		%	—		%	(0.2)		%	102.1		%
Revenues, net			$	1,876,894					$	1,254,047					$	622,847		49.7		%				45.8		%	(3.9)		%	1.3		%	6.4		%
Deferred revenues adjustment (1)			3,951						23,101						(19,150)			(82.9)		%				19.0		%	—		%	0.2		%	(102.1)		%
Adjusted revenues, net			$	1,880,845					$	1,277,148					$	603,697		47.3		%				45.3		%	(3.9)		%	1.3		%	4.5		%

(1)Reflects the deferred revenues adjustment made as a result of purchase accounting prior to the adoption of FASB ASU No. 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers". In the fourth quarter of 2021, Clarivate adopted ASU No. 2021-08 which allows an acquirer to account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. This guidance was applied retrospectively to all business combinations for which the acquisition date occurs during or subsequent to the fiscal year 2021.

Intellectual Property Segment: Revenues of $978,133 in 2021 increased by $444,626, or 83.3%, from $533,507 in 2020. On a constant currency basis, revenues decreased by $442,669, or 83.0%. Acquisitive growth was generated from the CPA Global Transaction, including nine months of acquisitions revenue in 2021 compared to three months in 2020, the IncoPat