Note: Segment adjusted EBITDA margin is calculated as a percentage of respective segment revenues.
Three Months Ended December 31, 2019 | Three Months Ended December 31, 2018 | ||||||||||||||||||||||
Insurance | Energy and Specialized Markets | Financial Services | Insurance | Energy and Specialized Markets | Financial Services | ||||||||||||||||||
EBITDA margin | 50.9 | % | 20.5 | % | 40.3 | % | 53.1 | % | 29.5 | % | 37.9 | % | |||||||||||
Acquisition-related costs (earn-outs) | 2.1 | 11.5 | — | (0.1 | ) | 1.3 | — | ||||||||||||||||
Adjusted EBITDA margin | 53.0 | 32.0 | 40.3 | 53.0 | 30.8 | 37.9 |
Twelve Months Ended December 31, 2019 | Twelve Months Ended December 31, 2018 | ||||||||||||||||||||||
Insurance | Energy and Specialized Markets | Financial Services | Insurance | Energy and Specialized Markets | Financial Services | ||||||||||||||||||
EBITDA margin | 44.6 | % | 24.0 | % | 30.6 | % | 54.6 | % | 30.1 | % | 33.5 | % | |||||||||||
Litigation reserve | 6.7 | — | — | — | — | — | |||||||||||||||||
Acquisition-related costs (earn-outs) | 1.7 | 7.3 | — | — | 0.5 | 1.9 | |||||||||||||||||
Loss from disposition | — | — | 3.5 | — | — | — | |||||||||||||||||
Gain and interest income on subordinated promissory note receivable | — | — | — | (1.0 | ) | (0.3 | ) | (1.0 | ) | ||||||||||||||
Adjusted EBITDA margin | 53.0 | 31.3 | 34.1 | 53.6 | 30.3 | 34.4 |