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Held for Sale and Discontinued Operations | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Held for Sale and Discontinued Operations | Held for Sale and Discontinued Operations 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. On November 27, 2024, the Company completed the sale of its Telematics Business for an adjusted purchase price of $52.7 million and recognized a pre-tax gain on the sale of $18.5 million that was recognized in Income from discontinued operations, net of tax within the Consolidated Statements of Operations and Comprehensive Income. The operating results of the discontinued operations only reflect revenues and expenses that are directly attributable to the Telematics Business. The following table summarizes Income from discontinued operations, net of tax included in the Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2024 and 2023 (in thousands):
| Year Ended December 31,
| 2024 |  | 2023
Services and other revenues | $ | 27,967 |  |  | $ | 28,402 |
Services and other cost of revenues | 12,242 |  |  | 11,724 |
Gross profit from discontinued operations | 15,725 |  |  | 16,678 |
Operating costs and expenses: |  |  |
Research and development | 1,152 |  |  | 1,789 |
Sales and marketing | 4,672 |  |  | 4,872 |
General and administrative | 6,120 |  |  | 4,868 |
Depreciation and amortization | 1,293 |  |  | 1,351 |
Impairment of capitalized software | — |  |  | 4,124 |
Total operating costs and expenses | 13,237 |  |  | 17,004 |
Operating income from discontinued operations | 2,488 |  |  | (326) |
Other (expense) income: |  |  |
Interest income, net | 12 |  |  | 14 |
Other income (expense), net | (59) |  |  | (16) |
Gain on sale of discontinued operation(a) | 18,456 |  |  | — |
Income from discontinued operations before income taxes | 20,897 |  |  | (328) |
Income tax provision | 1,956 |  |  | 841 |
Income from discontinued operations, net of tax | $ | 18,941 |  |  | $ | (1,169) |
(a) The gain on sale realized in fiscal 2024 includes the release of Accumulated other comprehensive income of $6.1 million associated with the realization of cumulative translation gains attributed to the Telematics Business The following table summarizes the Company’s Telematics Business’ held for sale assets and liabilities in the Consolidated Balance Sheet (in thousands):
| December 31, 2023
ASSETS |
Current assets: |
Cash and cash equivalents | $ | 5,110 |
Accounts receivable, net | 4,414 |
Inventories | 2,325 |
Prepaid expenses and other | 274 |
Current assets held for sale | 12,123 |
Non-current assets: |
Property, plant and equipment, net | 369 |
Rental assets, net | 5,083 |
Intangible assets, net | 1,422 |
Goodwill | 17,973 |
Operating lease right-of-use assets | 1,390 |
Non-current assets held for sale | 26,237 |
Total assets held for sale | $ | 38,360 |
LIABILITIES |
Current liabilities: |
Accounts payable | $ | 1,387 |
Accrued expenses and other current liabilities | 5,973 |
Current liabilities held for sale | 7,360 |
Long-term liabilities: |
Operating lease liabilities | 1,067 |
Deferred tax liabilities, net | 568 |
Other long-term liabilities | 9 |
Non-current liabilities held for sale | 1,644 |
Total liabilities held for sale | $ | 9,004 |
The Company also entered into a transition services agreement (“TSA”) with the Purchaser of the Telematics Business that commenced on November 27, 2024, to provide and receive customary services that relate to information technology infrastructure, website hosting, and transition support for a period not expected to exceed approximately 10 months. Any amounts charged by the Company to the Purchaser under the TSA arrangement will not be recorded as revenue.

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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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