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DISCONTINUED OPERATIONS (Tables) | 9 Months Ended
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Sep. 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 | ​ | Nine Months Ended
​ | ​ | September 30 | ​ | September 30
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
​ | ​ | (in thousands)
Revenues | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 55,929
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Gain) loss on sale of business(1) | ​ | ​ | — | ​ | ​ | 14 | ​ | ​ | (806) | ​ | ​ | (70,201)
Other | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 54,623
​ | ​ | ​ | — | ​ | ​ | 14 | ​ | ​ | (806) | ​ | ​ | (15,578)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income (loss) | ​ | ​ | — | ​ | ​ | (14) | ​ | ​ | 806 | ​ | ​ | 71,507
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other income, net(2) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 17
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from discontinued operations before income taxes | ​ | ​ | — | ​ | ​ | (14) | ​ | ​ | 806 | ​ | ​ | 71,524
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income tax provision (benefit) | ​ | ​ | — | ​ | ​ | (4) | ​ | ​ | 206 | ​ | ​ | 18,255
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from discontinued operations, net of tax | ​ | $ | — | ​ | $ | (10) | ​ | $ | 600 | ​ | $ | 53,269
(1) | The 2024 period includes the reversal of an employee-related contingent liability that expired one-year after disposition, per the purchase agreement. The nine months ended September 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 nine months ended September 30, 2023 includes interest expense, which is immaterial.
​ ​ Cash flows from discontinued operations of FleetNet were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended | ​
​ | ​ | September 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.

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