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Segment Information | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Segment Information | Segment Information ASC 280, Segment Reporting, requires reporting of segment information that is consistent with the manner in which the chief operating decision maker operates and views the Company. Our operations are grouped into two operating segments: Marketplace and Finance, which also serve as our reportable business segments. These reportable business segments offer different services and have fundamental differences in their operations. Financial information regarding our reportable segments is set forth below as of and for the three months ended September 30, 2024 (in millions):
| Marketplace |  | Finance |  | Consolidated
Operating revenues | $ | 354.3 |  |  | $ | 94.1 |  |  | $ | 448.4 |
Operating expenses |  |  |  |  |
Cost of services (exclusive of depreciation and amortization) | 235.2 |  |  | 16.8 |  |  | 252.0 |
Selling, general and administrative | 87.7 |  |  | 11.7 |  |  | 99.4 |
Depreciation and amortization | 20.6 |  |  | 3.2 |  |  | 23.8 |
Total operating expenses | 343.5 |  |  | 31.7 |  |  | 375.2 |
Operating profit | 10.8 |  |  | 62.4 |  |  | 73.2 |
Interest expense | 4.6 |  |  | 30.7 |  |  | 35.3 |
Other (income) expense, net | (3.6) |  |  | — |  |  | (3.6) |
Income from continuing operations before income taxes | 9.8 |  |  | 31.7 |  |  | 41.5 |
Income taxes | 5.0 |  |  | 8.1 |  |  | 13.1 |
Income from continuing operations | $ | 4.8 |  |  | $ | 23.6 |  |  | $ | 28.4 |
Total assets | $ | 2,076.8 |  |  | $ | 2,549.0 |  |  | $ | 4,625.8 |
Financial information regarding our reportable segments is set forth below as of and for the three months ended September 30, 2023 (in millions):
| Marketplace |  | Finance |  | Consolidated
Operating revenues | $ | 316.6 |  |  | $ | 99.7 |  |  | $ | 416.3 |
Operating expenses |  |  |  |  |
Cost of services (exclusive of depreciation and amortization) | 199.3 |  |  | 16.7 |  |  | 216.0 |
Selling, general and administrative | 94.8 |  |  | 12.6 |  |  | 107.4 |
Depreciation and amortization | 23.8 |  |  | 2.6 |  |  | 26.4 |
Total operating expenses | 317.9 |  |  | 31.9 |  |  | 349.8 |
Operating profit (loss) | (1.3) |  |  | 67.8 |  |  | 66.5 |
Interest expense | 5.2 |  |  | 34.2 |  |  | 39.4 |
Other (income) expense, net | 1.2 |  |  | 0.5 |  |  | 1.7 |
Intercompany expense (income) | 9.6 |  |  | (9.6) |  |  | — |
Income (loss) from continuing operations before income taxes | (17.3) |  |  | 42.7 |  |  | 25.4 |
Income taxes | 2.0 |  |  | 10.7 |  |  | 12.7 |
Income (loss) from continuing operations | $ | (19.3) |  |  | $ | 32.0 |  |  | $ | 12.7 |
Total assets | $ | 2,005.8 |  |  | $ | 2,723.5 |  |  | $ | 4,729.3 |
Financial information regarding our reportable segments is set forth below for the nine months ended September 30, 2024 (in millions):
| Marketplace |  | Finance |  | Consolidated
Operating revenues | $ | 1,008.6 |  |  | $ | 287.9 |  |  | $ | 1,296.5 |
Operating expenses |  |  |  |  |
Cost of services (exclusive of depreciation and amortization) | 661.4 |  |  | 50.4 |  |  | 711.8 |
Selling, general and administrative | 276.5 |  |  | 37.6 |  |  | 314.1 |
Depreciation and amortization | 63.3 |  |  | 8.9 |  |  | 72.2 |
Total operating expenses | 1,001.2 |  |  | 96.9 |  |  | 1,098.1 |
Operating profit | 7.4 |  |  | 191.0 |  |  | 198.4 |
Interest expense | 17.2 |  |  | 95.2 |  |  | 112.4 |
Other (income) expense, net | (2.9) |  |  | — |  |  | (2.9) |
Intercompany expense (income) | 13.3 |  |  | (13.3) |  |  | — |
Income (loss) from continuing operations before income taxes | (20.2) |  |  | 109.1 |  |  | 88.9 |
Income taxes | 4.0 |  |  | 27.3 |  |  | 31.3 |
Income (loss) from continuing operations | $ | (24.2) |  |  | $ | 81.8 |  |  | $ | 57.6 |
Financial information regarding our reportable segments is set forth below for the nine months ended September 30, 2023 (in millions):
| Marketplace |  | Finance |  | Consolidated
Operating revenues | $ | 957.0 |  |  | $ | 296.8 |  |  | $ | 1,253.8 |
Operating expenses |  |  |  |  |
Cost of services (exclusive of depreciation and amortization) | 613.2 |  |  | 49.6 |  |  | 662.8 |
Selling, general and administrative | 288.9 |  |  | 37.7 |  |  | 326.6 |
Depreciation and amortization | 69.5 |  |  | 6.7 |  |  | 76.2 |
Goodwill and other intangibles impairment | 250.8 |  |  | — |  |  | 250.8 |
Total operating expenses | 1,222.4 |  |  | 94.0 |  |  | 1,316.4 |
Operating profit (loss) | (265.4) |  |  | 202.8 |  |  | (62.6) |
Interest expense | 19.9 |  |  | 96.6 |  |  | 116.5 |
Other (income) expense, net | (12.8) |  |  | 0.3 |  |  | (12.5) |
Loss on extinguishment of debt | 1.1 |  |  | — |  |  | 1.1 |
Intercompany expense (income) | 24.1 |  |  | (24.1) |  |  | — |
Income (loss) from continuing operations before income taxes | (297.7) |  |  | 130.0 |  |  | (167.7) |
Income taxes | (37.9) |  |  | 38.6 |  |  | 0.7 |
Income (loss) from continuing operations | $ | (259.8) |  |  | $ | 91.4 |  |  | $ | (168.4) |
Geographic Information Our foreign operations include Canada, Continental Europe and the U.K. Approximately 51% and 53% of our foreign operating revenues were from Canada for the three and nine months ended September 30, 2024, respectively, and approximately 58% and 60% of our foreign operating revenues were from Canada for the three and nine months ended September 30, 2023, respectively. Most of the remaining foreign operating revenues were generated from Continental Europe. Information regarding the geographic areas of our operations is set forth below (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Operating revenues |  |  |  |  |  |  |
U.S. | $ | 251.9 |  |  | $ | 259.0 |  |  | $ | 755.7 |  |  | $ | 781.8 |
Foreign | 196.5 |  |  | 157.3 |  |  | 540.8 |  |  | 472.0 |
| $ | 448.4 |  |  | $ | 416.3 |  |  | $ | 1,296.5 |  |  | $ | 1,253.8 |

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- Definition The entire disclosure for reporting segments including data and tables. 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