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. The gain on the sale was $216.9 million ($168.8 million net of income taxes). 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		Six Months Ended

	June 30, 2021		June 30, 2021
Revenues	$	134.1	$	252.8
Costs of services	92.6		174.0
Gross profit	41.5		78.8
Selling, general and administrative expenses	32.9		62.5
Amortization of intangible assets	0.1		0.3


Income before income taxes	8.5		16.0
Provision for income taxes	1.6		3.2


Income from discontinued operations, net of income taxes	$	6.9	$	12.8

During the six months ended June 30, 2022, the Company received $9.8 million related to the finalization of the purchase price, which mainly related to the settlement of net working capital. The following table provides select cash flow information related to the Oxford business for the six months ended June 30, 2021 (in millions):





Net cash provided by operating activities	$	11.5



Net cash used in investing activities	$	(3.2)