DISCONTINUED OPERATIONS

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

As further described in Note 1, on June 30, 2021, the Company transferred majority ownership and control of its eFC business to eFC's management, while retaining a 40% common share interest. As a result, we have reflected eFC's financial results as discontinued operations in the condensed consolidated balance sheets and the condensed consolidated statements of operations for all periods presented on or before June 30, 2021.

The results of discontinued operations on the condensed consolidated statements of operations were as follows (in thousands):


	Nine Months Ended September 30,
	2021
Revenues	$	12,130
Operating expenses	(10,821)
Operating income	1,309
Loss on disposition of discontinued operations1	(30,203)
Other income	1
Loss before income taxes	(28,893)
Income tax expense	447
Net loss	$	(29,340)

(1) The loss was comprised of $28.1 million related to the reclassification of currency translation adjustments and $5.2 million from the removal of eFC's net assets. The loss was partially offset by the recording of an equity investment of $3.6 million and eFC's earnings during the three and six months ended June 30, 2021.

Depreciation, fixed asset purchases and other significant non-cash items related to discontinued operations were as follows (in thousands):


	Nine Months Ended September 30,
	2021
Depreciation	$	774
Purchases of fixed assets	$	447

Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	804