Clarivate will retain the deferred tax assets related to the step-up in tax basis and net operating losses resulting from the original sale of the company by Thomson Reuters in 2016, and as such, the company will continue to benefit from increased tax amortization and does not expect any increase in cash income taxes payable. Under the terms of the TRA, Clarivate would have made the first cash payment – based on 2019 performance – in 2021. The long term TRA liability recorded on the balance sheet of $264.6 million will be satisfied when the payment under the Release Agreement is made.