Discontinued Operations and Disposal Groups

Jun. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure

Discontinued Operations

On August 17, 2021, the Company sold its Oxford business to an affiliate of H.I.G. Capital for $525.0 million. Included in the nine months ended September 30, 2021, was a $218.6 million ($149.3 million net of income taxes) gain from the sale. The financial results of that business are reported as discontinued operations in the accompanying condensed consolidated statements of operations.

There were no significant operating results from discontinued operations subsequent to December 31, 2021. The following table summarizes the results of operations of the Oxford business (in millions):

	Three Months Ended		Nine Months Ended
	September 30, 2021		September 30, 2021
Revenues	$	71.6	$	324.3
Costs of services	49.0		223.0
Gross profit	22.6		101.3
Selling, general and administrative expenses	27.5		89.9
Amortization of intangible assets	0.1		0.4
Income (loss) before income taxes	(5.0)		11.0
Provision (benefit) for income taxes	(1.4)		1.8
Gain on sale, net of income taxes	149.3		149.3
Income from discontinued operations, net of income taxes	$	145.7	$	158.5

During the nine months ended September 30, 2022, the Company received $9.8 million related to the finalization of the purchase price. The following table provides select cash flow information related to the Oxford business for the nine months ended September 30, 2021 (in millions):

Net cash provided by operating activities	$	8.2
Net cash provided by (used in) investing activities
Cash received from sale of discontinued operations	499.1
Other	(3.9)
	$	495.2