Acquisitions

3 Months Ended

Mar. 31, 2023

Note 5—Acquisitions

The following unaudited pro forma information is provided for illustrative purposes only and assumes that the acquisitions of Blue Prism Group plc (“Blue Prism”), Hubwise Holdings Limited (“Hubwise”), 5 M’s Minerals Management, LLC (“MineralWare”), the sell-side Tier1 customer relationship management business (“Tier1”) and Complete Financial Ops, Inc. (“CFO”) occurred on January 1, 2021, after giving effect to certain adjustments, including amortization of intangibles, interest, transaction costs and tax effects. This unaudited pro forma information (in millions) should not be relied upon as being indicative of the historical results that would have been obtained if the acquisitions had actually occurred on those dates, nor of the results that may be obtained in the future.


	Three Months Ended March 31,
	2023		2022
Revenues	$	1,362.7	$	1,356.4
Net income	$	125.9	$	156.0

During the three months ended March 31, 2023 and 2022, we recorded severance expense related to personnel reductions in several of our financial services and healthcare businesses. The amount of severance expense recognized in our Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2023 and 2022 was as follows (in millions):


	Three Months Ended March 31,
Consolidated Statements of Comprehensive Income Classification	2023		2022
Cost of software-enabled services	$	8.2	$	14.3
Cost of license, maintenance and other related		0.6		0.9
Total cost of revenues		8.8		15.2
Selling and marketing		1.4		0.4
Research and development		1.6		6.1
General and administrative		0.2		0.3
Total operating expenses		3.2		6.8
Total severance expense	$	12.0	$	22.0