v3.24.0.1
Business Combinations and Asset Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Summary of Fair Value of Components of Purchase Consideration
The following table summarizes the aggregate fair value of the components of the purchase consideration, as of the respective dates of each of the business combinations and asset acquisitions (in millions):
Cash paid at closing$148.6 
Class A common stock issued5.8 
Cash to be paid after closing21.8 
Contingent consideration 5.6 
Non-controlling interest3.8 
$185.6 
Summary of Preliminary Allocation of Purchase Price
The following table summarizes the allocations of the purchase price for the business combinations and asset acquisitions (in millions):
Cash and cash equivalents$11.2 
Other current assets4.1 
Property and equipment2.5 
Goodwill (1)
68.5 
Operating lease right-of-use assets12.8 
Intangible assets (2)
Acquired Technology5.5 
Customer relationships90.7 
Trademarks11.3 
Total assets$206.6 
Total liabilities$(21.0)
Net assets$185.6 
(1)
Approximately $59.0 million of the goodwill is deductible for tax purposes. These amounts are not expected to have an impact on the income tax provision while the Company maintains a full valuation allowance on its domestic deferred tax assets.
(2)
The identified intangible assets have a useful life of 2-9 years.
Summary of Changes in Contingent Consideration Measured at Fair Value on a Recurring Basis Changes in contingent consideration measured at fair value on a recurring basis were as follows (in millions):
Year Ended December 31,
202320222021
Opening balance$14.0 $24.4 $39.8 
Acquisitions14.0 3.6 5.6 
Fair value losses (gains) included in net loss2.6 (2.2)(4.7)
Payments(9.7)(11.8)(16.3)
Closing balance$20.9 $14.0 $24.4