Table of Contents CLARIVATE PLC Management's Discussion and Analysis of Financial Condition and Results of Operations (In millions, except share and per share data, option prices, ratios or as noted) by customers during the applicable reposting period, are excluded from both the numerator and denominator of the calculation. We calculate the annual renewal rate to reflect the value of product downgrades but not the value of product upgrades upon renewal, because upgrades reflect the purchase of additional se ...