Operating Expenses

12 Months Ended

Dec. 31, 2024

Operating Expenses [Abstract]

Operating Expenses

7. 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. Integration costs primarily include expenses incurred with third-parties to support integration activities to achieve

cost synergies and integration goals relating to recent acquisitions.

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

Year ended December 31,	2024		2023		2022
IAA acquisition
Financing	$	—	$	30.0	$	—
Severance	13.8		41.1		—
Integration	11.7		34.5		—
Acceleration of share-based payments expense	1.0		6.8		—
Legal	—		12.3		7.8
Investment banking, consulting and other acquisition-related costs	1.2		68.8		13.5
Settlement of pre-existing contractual arrangement	—		16.3		—
	27.7		209.8		21.3
Other acquisitions	1.3		6.3		16.0
	$	29.0	$	216.1	$	37.3

Other acquisitions primarily consists of costs in connection with the acquisitions of Boom and Bucket, VeriTread, SmartEquip, and Rouse Services, as well as costs incurred with the terminated Euro Auctions acquisition in 2022.

Depreciation and Amortization

Year ended December 31,	2024		2023		2022
Depreciation	$	103.6	$	86.2	$	31.4
Amortization	340.8		266.0		65.8
	$	444.4	$	352.2	$	97.2