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Discontinued Operations (Tables)
 9 Months Ended
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