Operating Expenses

3 Months Ended

Mar. 31, 2023

Operating Expenses

Operating Expenses

8.    Operating Expenses

Acquisition-related and Integration Costs

Acquisition-related and integration costs consist of operating expenses incurred in connection with business combinations, such as due diligence, advisory, legal, integration, severance, acceleration of share-based payments expense and share-based continuing employment costs.

The following is a summary of our acquisition-related and integration costs:

	Three months ended
	March 31,
	2023		2022
IAA
Financing	$	30.0	$	—
Severance		14.0		—
Integration		5.1		—
Acceleration of share-based payments expense		5.0		—
Legal		9.5		—
Investment banking, consulting and other acquisition-related costs		61.6		—
		125.2		—
SmartEquip		0.3		1.2
Euro Auctions		—		6.6
Rouse		0.5		1.8
VeriTread		0.2		—
Total acquisition-related and integration costs	$	126.2	$	9.6

Depreciation and Amortization

	Three months ended
	March 31,
	2023		2022
Depreciation	$	11.5	$	7.7
Amortization		24.7		16.5
	$	36.2	$	24.2