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Discontinued Operations and Held for Sale | 9 Months Ended
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Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations and Held for Sale | Note 2. Discontinued Operations and Held for Sale As noted in Note 1 – Nature of Business and Significant Accounting Policies, on September 16, 2024, the Company entered into the Purchase Agreement to sell its Telematics Business. As a result, within these condensed consolidated financial statements, the assets and liabilities associated with the Telematics Business disposal group have been classified as held for sale within the Condensed Consolidated Balance Sheet and its operations have been classified as discontinued operations within the Condensed Consolidated Statements of Operations and Comprehensive Income. The following table summarizes Income from discontinued operations, net of tax included in the Condensed Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 (in thousands):
Schedule of Condensed Consolidated Statements of Operations and Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Services and other revenues |  | $ | 7,862 |  |  | $ | 7,226 |  |  | $ | 22,895 |  |  | $ | 21,567 |
Services and other cost of revenues |  |  | 3,222 |  |  |  | 3,166 |  |  |  | 9,876 |  |  |  | 9,022 |
Gross profit from discontinued operations |  |  | 4,640 |  |  |  | 4,060 |  |  |  | 13,019 |  |  |  | 12,545 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  |  | 293 |  |  |  | 473 |  |  |  | 967 |  |  |  | 1,345 |
Sales and marketing |  |  | 1,289 |  |  |  | 1,255 |  |  |  | 3,625 |  |  |  | 3,698 |
General and administrative |  |  | 1,884 |  |  |  | 1,146 |  |  |  | 4,799 |  |  |  | 3,404 |
Depreciation and amortization |  |  | 360 |  |  |  | 392 |  |  |  | 1,060 |  |  |  | 1,112 |
Total operating costs and expenses |  |  | 3,826 |  |  |  | 3,266 |  |  |  | 10,451 |  |  |  | 9,559 |
Operating income from discontinued operations |  |  | 814 |  |  |  | 794 |  |  |  | 2,568 |  |  |  | 2,986 |
Other (expense) income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income, net |  |  | 3 |  |  |  | 3 |  |  |  | 10 |  |  |  | 8 |
Other income (expense), net |  |  | 875 |  |  |  | (623 | ) |  |  | 1,128 |  |  |  | 824 |
Income from discontinued operations before income taxes |  |  | 1,692 |  |  |  | 174 |  |  |  | 3,706 |  |  |  | 3,818 |
Income tax provision (benefit) |  |  | 266 |  |  |  | (46 | ) |  |  | 674 |  |  |  | 555 |
Income from discontinued operations, net of tax |  | $ | 1,426 |  |  | $ | 220 |  |  | $ | 3,032 |  |  | $ | 3,263 |
The following table summarizes the held for sale assets and liabilities included in the Condensed Consolidated Balance Sheet (in thousands):
Schedule of Condensed Consolidated Balance Sheet |  |  |  |  |  |  |  |
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
ASSETS |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,775 |  |  | $ | 5,110 |
Accounts receivable, net |  |  | 4,803 |  |  |  | 4,414 |
Inventories |  |  | 2,092 |  |  |  | 2,325 |
Prepaid expenses and other |  |  | 380 |  |  |  | 274 |
Current assets held for sale (*) |  |  | 10,050 |  |  |  | 12,123 |
Non-current assets: |  |  |  |  |  |  |  |
Property, plant and equipment, net |  |  | 323 |  |  |  | 369 |
Rental assets, net |  |  | 4,932 |  |  |  | 5,083 |
Intangible assets, net |  |  | 990 |  |  |  | 1,422 |
Goodwill |  |  | 17,973 |  |  |  | 17,973 |
Operating lease right-of-use assets |  |  | 1,503 |  |  |  | 1,390 |
Non-current assets held for sale (*) |  |  | 25,721 |  |  |  | 26,237 |
Total assets held for sale (*) |  | $ | 35,771 |  |  | $ | 38,360 |
LIABILITIES |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accounts payable |  | $ | 1,650 |  |  | $ | 1,387 |
Accrued expenses and other current liabilities |  |  | 6,410 |  |  |  | 5,973 |
Current liabilities held for sale (*) |  |  | 8,060 |  |  |  | 7,360 |
Long-term liabilities: |  |  |  |  |  |  |  |
Operating lease liabilities |  |  | 1,335 |  |  |  | 1,067 |
Deferred tax liabilities, net |  |  | 600 |  |  |  | 568 |
Other long-term liabilities |  |  | 5 |  |  |  | 9 |
Non-current liabilities held for sale (*) |  |  | 1,940 |  |  |  | 1,644 |
Total liabilities held for sale (*) |  | $ | 10,000 |  |  | $ | 9,004 |
(*) Assets and liabilities of the held for sale Telematics Business are presented as current in the Condensed Consolidated Balance Sheet at September 30, 2024, as the Company expects to complete the disposition within one year. As permitted under ASC 205-20-50-5b(2), the Company has elected not to adjust the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 to exclude cash flows attributable to discontinued operations. The table below sets forth, for the periods presented, significant selected financial information related to discontinued activities included in the accompanying condensed consolidated financial statements (in thousands):
Schedule of Condensed Consolidated Statements of Cash Flows |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Non-cash items included in net (loss) income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 969 |  |  | $ | 1,032 |  |  | $ | 2,921 |  |  | $ | 2,867 |
Share-based compensation |  | $ | 35 |  |  | $ | 144 |  |  | $ | 101 |  |  | $ | 390 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  | $ | (14 | ) |  | $ | (173 | ) |  | $ | (17 | ) |  | $ | (334 | )
Non-cash investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transfer of inventories to rental assets |  | $ | 698 |  |  | $ | 412 |  |  | $ | 2,043 |  |  | $ | 1,077 |
Right-of-use assets obtained in exchange for operating leases liabilities |  | $ | 362 |  |  | $ | 93 |  |  | $ | 508 |  |  | $ | 1,030 |

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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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