DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Jun. 30, 2024

Discontinued Operations, Disposed of by Sale

Discontinued Operations

Schedules of Discontinued Operations

The following table summarizes the financial results from discontinued operations:

	Three Months Ended				Six Months Ended
	June 30				June 30
	2024		2023		2024		2023
	(in thousands)
Revenues	$	—	$	—	$	—	$	55,929
Operating expenses
Gain on sale of business(1)		—		(1,132)		(806)		(70,215)
Other		—		—		—		54,623
		—		(1,132)		(806)		(15,592)
Operating income		—		1,132		806		71,521
Other income, net(2)		—		—		—		17
Income from discontinued operations before income taxes		—		1,132		806		71,538
Income tax provision		—		289		206		18,259
Income from discontinued operations, net of tax	$	—	$	843	$	600	$	53,279

(1) The 2024 period includes the reversal of an employee-related contingent liability that expired one-year after disposition, per the purchase agreement. The six months ended June 30, 2023 includes transaction costs of $3.8 million consisting of consulting fees, professional fees, and employee-related expenses, as well as the resolution of certain post-close contingencies in second quarter 2023.

(2) The six months ended June 30, 2023 includes interest expense, which is immaterial.

Cash flows from discontinued operations of FleetNet were as follows:

	Six Months Ended
	June 30
	2024		2023
	(in thousands)
Net cash provided by operating activities(1)	$	—	$	762
Net cash used in investing activities(2)		—		(397)
Net cash used in financing activities		—		(473)
Net decrease in cash and cash equivalents	$	—	$	(108)

(1) The 2023 period includes depreciation and amortization expense of $0.4 million and share-based compensation expense of $0.3 million, which is included in the “Pre-tax gain on sale of discontinued operations” line of the consolidated statements of cash flows.

(2) The 2023 period includes purchases of property, plant and equipment of $0.1 million. Excludes the proceeds from the sale of discontinued operations, which are included in cash flows from continuing operations.