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DISCONTINUED OPERATIONS (Tables) | 9 Months Ended
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Sep. 30, 2023
DISCONTINUED OPERATIONS |
Schedules of Discontinued Operations - Financial information, Assets and liabilities and Cash flows | The following table summarizes the financial results from discontinued operations: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | September 30 | ​ | September 30 | ​
​ | ​ | 2023 | ​ | 2022 |  | 2023 | ​ | 2022 | ​
​ | ​ | (in thousands) | ​
Revenues | ​ | $ | — | ​ | $ | 76,101 | ​ | $ | 55,929 | ​ | $ | 214,321 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Gain) loss on sale of business(1) | ​ | ​ | 14 | ​ | ​ | — | ​ | ​ | (70,201) | ​ | ​ | — | ​
Other | ​ | ​ | — | ​ | ​ | 75,676 | ​ | ​ | 54,623 | ​ | ​ | 210,604 | ​
​ | ​ | ​ | 14 | ​ | ​ | 75,676 | ​ | ​ | (15,578) | ​ | ​ | 210,604 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income (loss) | ​ | ​ | (14) | ​ | ​ | 425 | ​ | ​ | 71,507 | ​ | ​ | 3,717 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other income, net(2) | ​ | ​ | — | ​ | ​ | 25 | ​ | ​ | 17 | ​ | ​ | 42 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from discontinued operations before income taxes | ​ | ​ | (14) | ​ | ​ | 450 | ​ | ​ | 71,524 | ​ | ​ | 3,759 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income tax provision (benefit) | ​ | ​ | (4) | ​ | ​ | 221 | ​ | ​ | 18,255 | ​ | ​ | 1,050 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from discontinued operations, net of tax | ​ | $ | (10) | ​ | $ | 229 | ​ | $ | 53,269 | ​ | $ | 2,709 | ​
(1) | The gain recognized for the three and nine months ended September 30, 2023 includes post-closing adjustments, including the resolution of certain post-close contingencies in the second quarter of 2023. The total pre-tax gain of $70.2 million for the nine months ended September 30, 2023, includes transaction costs of $3.8 million consisting of consulting fees, professional fees, and employee-related expenses.
(2) | Includes interest income, net of interest expense, of which the amounts are immaterial for all periods presented.
​ The following table summarizes the assets and liabilities from discontinued operations: ​
​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​
​ | ​ | (in thousands) | ​
Cash and cash equivalents | ​ | $ | 108 | ​
Accounts receivable, net | ​ | ​ | 63,022 | ​
Other current assets | ​ | ​ | 1,606 | ​
Total current assets of discontinued operations | ​ | $ | 64,736 | ​
​ | ​ | ​ | ​ | ​
Property, plant and equipment, net | ​ | ​ | 10,350 | ​
Goodwill | ​ | ​ | 630 | ​
Intangible assets, net | ​ | ​ | 63 | ​
Other long-term assets | ​ | ​ | 54 | ​
Total long-term assets of discontinued operations | ​ | $ | 11,097 | ​
​ | ​ | ​ | ​ | ​
Accounts payable | ​ | ​ | 47,687 | ​
Income taxes payable | ​ | ​ | 613 | ​
Accrued expenses | ​ | ​ | 3,365 | ​
Total current liabilities of discontinued operations | ​ | $ | 51,665 | ​
​ | ​ | ​ | ​ | ​
Deferred tax liability | ​ | ​ | 781 | ​
Total long-term liabilities of discontinued operations | ​ | $ | 781 | ​
​ Cash flows from discontinued operations of FleetNet were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended
​ | ​ | September 30
​ |  | 2023 |  | 2022
​ | ​ | (in thousands)
Net cash provided by operating activities(1) | ​ | $ | 762 | ​ | $ | 796
Net cash used in investing activities(2) | ​ | ​ | (397) | ​ | ​ | (2,781)
Net cash provided by (used in) financing activities | ​ | ​ | (473) | ​ | ​ | 2,004
Net increase (decrease) in cash and cash equivalents | ​ | $ | (108) | ​ | $ | 19
(1) | Includes depreciation and amortization expense of $0.4 million and $1.4 million for the nine months ended September 30, 2023 and 2022, respectively. Also includes share-based compensation expense for the nine months ended September 30, 2023 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) | Includes purchases of property, plant and equipment of $0.1 million and $1.3 million for the nine months ended September 30, 2023 and 2022, respectively. Excludes the proceeds from the sale of discontinued operations, which are included in cash flows from continuing operations.

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