Held for Sale and Discontinued Operations

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

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, 2025 and 2024 (in thousands):


	Year Ended December 31,
	2025		2024
Software services and other revenues	$	—	$	27,967
Software services and other cost of revenues	—		12,242
Gross profit from discontinued operations	—		15,725
Operating costs and expenses:
Research and development	—		1,152
Sales and marketing	—		4,672
General and administrative	—		6,120
Depreciation and amortization	—		1,293
Impairment of capitalized software	—		—
Total operating costs and expenses	—		13,237
Operating income from discontinued operations	—		2,488
Other (expense) income:
Interest income, net	—		12
Other income (expense), net	—		(59)
Gain on sale of discontinued operation(a)	—		18,456
Income from discontinued operations before income taxes	—		20,897
Income tax provision	400		1,956
Income from discontinued operations, net of tax	$	(400)	$	18,941

(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

Income taxes related to discontinued operations in the year ended December 31, 2025 relate to the deregistration process for the Company’s remaining subsidiaries in South Africa, which do not have operations. As the sale of the Telematics Business was completed on November 27, 2024, there were no assets or liabilities held for sale as of either December 31, 2025 or December 31, 2024.