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Segment Information
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
The Chief Executive Officer is the Company’s Chief Operating Decision Maker (“CODM”). The CODM evaluates segment performance based primarily on revenue and Adjusted EBITDA. The CODM does not review assets by segment for the purposes of assessing performance or allocating resources.
Below is the overview of the product groups within each reportable segment. This structure enables a sharp focus on cross-selling opportunities within the markets we serve and provides substantial scale.
•The A&G segment consists of our Academia & Government product group, which drives research excellence across institutions, empower researchers to tackle today’s global challenges and help academic institutions and libraries improve operational efficiency and effectiveness.
•The IP segment consists of our Patent Intelligence, Brand IP Intelligence and IP Lifecycle Management product groups, which enable customers establish, protect and manage their intellectual property.
•The LS&H segment consists of our Life Sciences & Healthcare product group, which includes products and solutions that provide insight and foresight across the drug and device lifecycle, empowering life science and healthcare organizations to create a healthier tomorrow.
Each of the three segments represent the segments for which discrete financial information is available and upon which operating results are regularly evaluated by the CODM in order to assess performance and allocate resources. The CODM evaluates performance based primarily on segment revenue and Adjusted EBITDA. Adjusted EBITDA represents net income (loss) before the provision for income taxes, depreciation and amortization, and interest expense adjusted to exclude acquisition and disposal-related transaction costs, losses on extinguishment of debt, share-based compensation, unrealized foreign currency remeasurement, transformational and restructuring expenses, acquisition-related adjustments to deferred revenues prior to the adoption of FASB ASU No. 2021-08 in 2021, non-operating income or expense, the impact of certain non-cash mark-to-market adjustments on financial instruments, legal settlements, goodwill impairment and other items that are included in net income (loss) 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.
Revenues, net by segment
The following table summarizes revenue by reportable segment for the periods indicated:
Three Months Ended March 31,
20232022
Academia and Government$314.7 $311.8 
Intellectual Property209.1 241.8 
Life Sciences and Healthcare105.3 108.6 
Total Revenues, net$629.1 $662.2 
Adjusted EBITDA by segment
The following table presents segment profitability and a reconciliation to net income for the periods indicated:
Three Months Ended March 31,
20232022
Academia and Government$125.4 $104.5 
Intellectual Property94.6 117.6 
Life Sciences and Healthcare32.7 40.2 
Total Adjusted EBITDA$252.7 $262.3 
Benefit (provision) for income taxes63.6 (16.3)
Depreciation and amortization(172.6)(176.4)
Interest expense and amortization of debt discount, net(73.6)(59.5)
Mark to market (loss) gain on financial instruments(1)
(1.1)100.4 
Deferred revenues adjustment— 0.2 
Transaction related costs(2)
(1.7)(6.7)
Share-based compensation expense(41.2)(37.0)
Restructuring and impairment(3)
(9.4)(11.7)
Other(4)
26.8 14.2 
Net income$43.5 $69.5 
Dividends on preferred shares(18.8)(18.7)
Net income attributable to ordinary shares$24.7 $50.8 
(1) Reflects mark-to-market adjustments on the Private Placement Warrants under ASC 815, Derivatives and Hedging. Refer to Note 8 - Fair Value Measurements for further information.
(2) Includes costs incurred to complete business combination transactions, including acquisitions, dispositions and capital market activities and include advisory, legal, and other professional and consulting costs.
(3) Primarily reflects severance and related benefit costs related to approved restructuring programs. Refer to Note 19 - Restructuring and Impairment for further information.
(4) The current year period primarily includes the gain on legal settlement, which was partially offset by a net loss on foreign exchange re-measurement. The prior year period includes a net gain on foreign exchange re-measurement and other individually insignificant items that do not reflect our ongoing operating performance. Refer to Note 15 - Other Operating Income, Net and Note 17 - Commitments and Contingencies for further information.