Business Combinations

12 Months Ended

Dec. 31, 2022

Business CombinationsDuring 2022, we acquired 19 retail automotive franchises, consisting of 15 franchises in the U.K. and four franchises in the U.S. We also acquired TEAM Truck Centres, a retailer of heavy- and medium-duty Freightliner and Western Star commercial trucks located in Ontario, Canada representing four full-service dealerships. The companies acquired in 2022 generated $545.0 million of revenue and $19.9 million of pre-tax income from our date of acquisition through December 31, 2022. During 2021, we acquired three retail automotive franchises in the U.S. and ten retail automotive franchises relating to our purchase of the remaining 51% interest in the Nicole Group, our former retail automotive joint venture in the greater Tokyo area of Japan. During 2021, we also acquired Kansas City Freightliner (“KCFL”), adding four full-service dealerships, four parts and service centers, and two collision centers to PTG's existing operations. In addition, we acquired McCoy Freightliner ("McCoy"), adding two full-service dealerships and a remarketing center to PTG's existing operations. Our financial statements include the results of operations of the acquired entity from the date of acquisition. The fair value of the assets acquired and liabilities assumed have been recorded in our consolidated financial statements and may be subject to adjustment pending completion of final valuation. The following table summarizes the

aggregate consideration paid and the aggregate amounts of the assets acquired and liabilities assumed for the years ended December 31, 2022 and 2021:


	December 31, 2022		December 31, 2021
Accounts receivable	$	8.3	$	2.4
Inventories	111.4		106.6
Other current assets	3.2		5.8
Property and equipment	134.1		102.7
Indefinite-lived intangibles	160.4		294.4
Other noncurrent assets	—		14.9
Current liabilities	(14.3)		(56.4)
Noncurrent liabilities	(9.7)		(15.7)
Total consideration	393.4		454.7
Fair value of previously held interest	—		(22.9)
Total cash used in acquisitions	$	393.4	$	431.8

Our following unaudited consolidated pro forma results of operations for the years ended December 31, 2022 and 2021 give effect to acquisitions consummated during 2022 and 2021 as if they had occurred on January 1, 2021:


	Year Ended December 31,
	2022		2021
Revenues	$	28,254.7	$	27,280.3
Income from continuing operations	1,384.6		1,220.6
Net income	1,384.6		1,221.8
Income from continuing operations per diluted common share	$	18.61	$	15.31
Net income per diluted common share	$	18.61	$	15.32