Business Combinations (Tables)

9 Months Ended

Sep. 30, 2023

Business Acquisition [Line Items]

Business Acquisition, Pro Forma

	Three months ended September 30,		Nine months ended September 30,
	2022		2023		2022
Revenue	$	908.6	$	3,114.3	$	2,863.8
Net income	9.1		280.0		58.9

IAA

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition

The purchase price was determined as follows:

Cash consideration	$	1,714.2
Fair value of common shares issued	3,713.0
Fair value of exchanged IAA equity awards attributable to pre-combination service	13.1
Reimbursement of sell-side acquisition costs	48.8
Repayment of IAA net debt	1,157.1
Total fair value of consideration transferred	$	6,646.2

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Purchase price	$	6,646.2
Assets acquired:
Cash and cash equivalents	164.9
Trade and other receivables	499.2
Prepaid consigned vehicle charges	8.7
Inventory	57.1
Other current assets	29.2
Income taxes receivable	2.6
Property, plant and equipment	627.5
Operating lease right-of-use assets	1,272.2
Other non-current assets	34.8
Intangible assets	2,712.1
Liabilities assumed:
Auction proceeds payable	60.7
Trade and other liabilities	261.3
Current operating lease liability	78.1
Income taxes payable	6.0
Long-term operating lease liability	1,166.1
Other non-current liabilities	30.3
Deferred tax liabilities	690.7
Fair value of identifiable net assets acquired	3,115.1
Goodwill acquired on acquisition	$	3,531.1

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The following table summarizes the preliminary fair values of the identifiable intangible assets acquired:

Asset	Preliminary fair value at acquisition		Weighted average amortization period
Customer relationships	$	2,293.5	15 years
Developed technology	245.2		4 years
Trade names and trademarks	166.6		5 years
Software under development	6.8		—
Total	$	2,712.1	13.4 years

VeriTread

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Total cash consideration paid	$	28.1
Fair value of previously held interest	4.3
Purchase price	$	32.4
Assets acquired:
Cash and cash equivalents	3.4
Trade and other receivables, and other current assets	0.9
Intangible assets	14.7
Liabilities assumed:
Trade and other liabilities	1.1
Fair value of identifiable net assets acquired	17.9
Redeemable non-controlling interest	(8.9)
Non-controlling interest	(1.8)
Goodwill acquired on acquisition	$	25.2

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The following table summarizes the preliminary fair values of the identifiable intangible assets acquired:

Asset	Preliminary fair value at acquisition		Weighted average amortization period
Customer relationships	$	7.2	5 years
Software and technology assets	7.1		7 years
Trade names and trademarks	0.4		2 years
Total	$	14.7	5.9 years