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Discontinued Operations
 6 Months Ended
Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Discontinued Operations
On March 31, 2016, the Company completed its previously announced divestiture of its membership interests in Propel Acquisition LLC (“Propel”) pursuant to the Securities Purchase Agreement (the “Purchase Agreement”), dated February 19, 2016, among the Company and certain funds affiliated with Prophet Capital Asset Management LP. Pursuant to the Purchase Agreement, the application of the purchase price formula resulted in cash consideration paid to the Company at closing of $144.4 million (net proceeds were $106.0 million after divestiture of $38.4 million in cash), subject to customary post-closing adjustments.
During the three months ended March 31, 2016, the Company recognized a loss of $3.0 million related to the sale of Propel. Propel represented the Company’s entire tax lien business reportable segment. Propel’s operations are presented as discontinued operations in the Company’s condensed consolidated statements of operations. Certain immaterial costs that may be eliminated as a result of the sale remained in continuing operations.
The following table presents the results of the discontinued operations during the periods presented (in thousands):
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2016
 
2015
 
2016
 
2015
Revenue
$
—

 
$
7,694

 
$
4,950

 
$
15,575

Salaries and employee benefits
—

 
(1,976
)
 
(2,860
)
 
(4,172
)
Other operating expenses
—

 
(1,280
)
 
(1,473
)
 
(2,188
)
General and administrative expenses
—

 
(1,528
)
 
(1,551
)
 
(2,943
)
Depreciation and amortization
—

 
(206
)
 
(127
)
 
(419
)
Income (loss) from discontinued operations, before income taxes
—

 
2,704

 
(1,061
)
 
5,853

Loss on sale of discontinued operations, before income taxes
—

 
—

 
(3,000
)
 
—

Total income (loss) on discontinued operations, before income taxes
—

 
2,704

 
(4,061
)
 
5,853

Income tax (provision) benefit
—

 
(1,043
)
 
879

 
(2,312
)
Total income (loss) from discontinued operations, net of tax
$
—

 
$
1,661

 
$
(3,182
)
 
$
3,541