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DISCONTINUED OPERATIONS | 12 Months Ended
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Dec. 31, 2024
DISCONTINUED OPERATIONS |
DISCONTINUED OPERATIONS | NOTE D – DISCONTINUED OPERATIONS ​ On February 28, 2023, the Company sold FleetNet, a wholly owned subsidiary of the Company, for an initial aggregate cash purchase price of $101.1 million, which was subject to certain tax and other customary adjustments, and recorded a pre-tax gain on sale of $69.1 million, or $51.4 million, net of tax. The purchase price was adjusted during the second quarter of 2023, resulting in an aggregate adjusted cash purchase price of $100.9 million. After adjustments, the pre-tax gain recognized in 2023 and 2024 totaled $70.2 million and $0.8 million, respectively. The financial results of FleetNet have been accounted for as discontinued operations for all periods presented. ​ The financial results from discontinued operations for the years ended December 31 are summarized in the following table: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
​ | ​ | (in thousands)
Revenues | ​ | $ | — | ​ | $ | 55,929 | ​ | $ | 295,043
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gain on sale of business(1) | ​ | ​ | (806) | ​ | ​ | (70,201) | ​ | ​ | —
Other | ​ | ​ | — | ​ | ​ | 54,623 | ​ | ​ | 290,300
​ | ​ | ​ | (806) | ​ | ​ | (15,578) | ​ | ​ | 290,300
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income | ​ | ​ | 806 | ​ | ​ | 71,507 | ​ | ​ | 4,743
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other income, net(2) | ​ | ​ | — | ​ | ​ | 17 | ​ | ​ | 109
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income from discontinued operations before income taxes | ​ | ​ | 806 | ​ | ​ | 71,524 | ​ | ​ | 4,852
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income tax provision | ​ | ​ | 206 | ​ | ​ | 18,255 | ​ | ​ | 1,291
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income from discontinued operations, net of tax | ​ | $ | 600 | ​ | $ | 53,269 | ​ | $ | 3,561
(1) | The 2024 period includes the reversal of an employee-related contingent liability that expired one year after disposition, per the purchase agreement. The 2023 period 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 the second quarter of 2023.
(2) | The 2023 and 2022 periods include interest expense, which is immaterial.
​ Cash flows from discontinued operations of FleetNet for the years ended December 31 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022 | ​
​ | ​ | (in thousands) | ​
Net cash provided by operating activities(1) | ​ | $ | — | ​ | $ | 762 | ​ | $ | 2,825 | ​
Net cash used in investing activities(2) | ​ | ​ | — | ​ | ​ | (397) | ​ | ​ | (3,329) | ​
Net cash provided by (used in) financing activities | ​ | ​ | — | ​ | ​ | (473) | ​ | ​ | 560 | ​
Net increase (decrease) in cash and cash equivalents | ​ | $ | — | ​ | $ | (108) | ​ | $ | 56 | ​
(1) | Includes depreciation and amortization expense of $0.4 million and $1.9 million for the years ended December 31, 2023 and 2022, respectively. Also includes share-based compensation expense for the year ended December 31, 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 $1.4 million for the years ended December 31, 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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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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