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Discontinued Operations (Tables) | 9 Months Ended
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Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Summary of Information Related to Discontinued Operations | The following table summarizes the results of discontinued operations, net of tax (in thousands):
|  | Three-Month Period |  |  | Nine-Month Period |
|  | Ended September 30, |  |  | Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net Revenue |  | $ | - |  |  | $ | 196,997 |  |  | $ | 378,868 |  |  | $ | 568,017 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue |  |  | - |  |  |  | 177,896 |  |  |  | 341,503 |  |  |  | 504,971 |
Direct operating expenses |  |  | - |  |  |  | 3,153 |  |  |  | 6,654 |  |  |  | 10,622 |
Selling, general and administrative expenses |  |  | 1,139 |  |  |  | 10,008 |  |  |  | 24,248 |  |  |  | 30,924 |
Depreciation and amortization |  |  | - |  |  |  | 2,623 |  |  |  | 3,958 |  |  |  | 8,388 |
Change in fair value of contingent consideration |  |  | - |  |  |  | (5,897 | ) |  |  | (12,568 | ) |  |  | (9,560 | )
Impairment charge |  |  | - |  |  |  | - |  |  |  | 49,438 |  |  |  | - |
Foreign currency (gain) loss |  |  | - |  |  |  | 279 |  |  |  | 2,488 |  |  |  | (985 | )
Other operating (gain) loss |  |  | 125 |  |  |  | - |  |  |  | 45,139 |  |  |  | - |
Operating income (loss) |  |  | (1,264 | ) |  |  | 8,935 |  |  |  | (81,992 | ) |  |  | 23,657 |
Interest expense |  |  | - |  |  |  | (108 | ) |  |  | (219 | ) |  |  | (324 | )
Interest income |  |  | - |  |  |  | 490 |  |  |  | 731 |  |  |  | 1,059 |
Income (loss) from discontinued operations before income taxes |  |  | (1,264 | ) |  |  | 9,317 |  |  |  | (81,480 | ) |  |  | 24,392 |
Income tax benefit (expense) |  |  | 125 |  |  |  | (482 | ) |  |  | 770 |  |  |  | (2,017 | )
Net income (loss) from discontinued operations before noncontrolling interests in discontinued operations |  |  | (1,139 | ) |  |  | 8,835 |  |  |  | (80,710 | ) |  |  | 22,375 |
Net (income) loss attributable to redeemable noncontrolling interest |  |  | - |  |  |  | (13 | ) |  |  | 2,779 |  |  |  | (1 | )
Net (income) loss attributable to noncontrolling interest |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 342 |
Net income (loss) from discontinued operations, net of tax |  | $ | (1,139 | ) |  | $ | 8,822 |  |  | $ | (77,931 | ) |  | $ | 22,716 |
Details of the assets and liabilities of discontinued operations were as follows:
|  | December 31, |
|  | 2023 |
ASSETS OF DISCONTINUED OPERATIONS |  |  |
Current assets |  |  |
Cash and cash equivalents |  | $ | 38,341 |
Trade receivables |  |  | 165,755 |
Prepaid expenses and other current assets |  |  | 13,173 |
Total current assets of discontinued operations |  |  | 217,269 |
Property and equipment, net |  |  | 4,543 |
Intangible assets subject to amortization, net |  |  | 44,684 |
Goodwill |  |  | 39,998 |
Deferred income taxes |  |  | 4,726 |
Operating leases right of use asset |  |  | 1,073 |
Other assets |  |  | 831 |
Noncurrent assets of discontinued operations |  |  | 95,855 |
Total assets of discontinued operations |  | $ | 313,124 |
LIABILITIES OF DISCONTINUED OPERATIONS |  |  |
Current liabilities |  |  |
Current maturities of long-term debt |  | $ | 1,219 |
Accounts payable and accrued expenses |  |  | 207,026 |
Operating lease liabilities |  |  | 534 |
Total current liabilities of discontinued operations |  |  | 208,779 |
Long-term debt, less current maturities |  |  | 1,668 |
Long-term operating lease liabilities |  |  | 487 |
Other long-term liabilities |  |  | 18,385 |
Deferred income taxes |  |  | 12,532 |
Noncurrent liabilities of discontinued operations |  |  | 33,072 |
Total liabilities of discontinued operations |  | $ | 241,851 |
The following table presents significant non-cash items and capital expenditures of discontinued operations for the periods presented:
| Nine-Month Period |
| Ended September 30, |
| 2024 |  |  | 2023 |
Depreciation and amortization | $ | 3,958 |  |  | $ | 8,388 |
Impairment charge | $ | 49,438 |  |  | $ | - |
Loss (gain) on the sale of assets/businesses | $ | 45,139 |  |  | $ | - |
Change in fair value of contingent consideration | $ | (12,568 | ) |  | $ | (9,560 | )
Non-cash stock-based compensation | $ | (544 | ) |  | $ | 1,205 |
Purchases of property and equipment | $ | 81 |  |  | $ | 1,904 |

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