Acquisitions

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

3. Acquisitions

Contingent Consideration

Contingent consideration represents obligations of the Company to transfer cash and common stock to the sellers of certain acquired businesses in the event that certain targets and milestones are met. Approximately $9.0 million of the obligations as of March 31, 2022 are fixed in value. As of March 31, 2022, the undiscounted maximum payment under these arrangements was $23.8 million. Changes in contingent consideration measured at fair value on a recurring basis were as follows (in millions):


	Three Months Ended March 31,
	2022		2021
Opening balance	$	24.4	$	39.8
Acquisitions	—		2.0
Payments and issuances	(2.0)		(10.6)
Fair value losses (gains) included in net loss	0.4		(3.2)
Closing balance	$	22.8	$	28.0

Other Acquisition Related Compensation

In connection with the Company’s acquisitions, certain amounts paid or to be paid to selling shareholders are subject to clawback and forfeiture dependent on certain employees and agents providing continued service to the Company. These retention-based payments are accounted for as compensation for future services and the Company recognizes the expenses over the service period. As of March 31, 2022, the Company expects to pay up to an additional $46.5 million in future compensation to such selling shareholders in connection with these arrangements. For the three months ended March 31, 2022 and 2021, the Company recognized $7.7 million and $4.2 million, respectively, in compensation expense within Operations and support in the accompanying condensed consolidated statements of operations related to these arrangements.