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Discontinued Operations (Tables) | 9 Months Ended
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Oct. 31, 2022
Discontinued Operations |
Summary of financial results and balance sheet of discontinued operations | The financial results of SumTotal are presented as Income from discontinued operations, net of tax on our condensed consolidated Statement of Operations. The following table presents financial results of SumTotal for all periods presented in our condensed consolidated Statement of Operations (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Quarter to Date Results
​ | ​ | Fiscal 2023 | ​ | Fiscal 2022
​ | ​ | Successor | ​ | Successor
​ | ​ | Three Months | ​ | Three Months
​ | ​ | Ended | ​ | Ended
​ |  | October 31, 2022 |  | October 31, 2021
Revenues: |  | ​ |  |  | ​ | ​
Total revenues | ​ | $ | 4,178 | ​ | $ | 30,406
Operating expenses: | ​ |  | ​ | ​ | ​ | ​
Costs of revenues | ​ |  | 1,250 | ​ | ​ | 9,839
Content and software development | ​ |  | 956 | ​ | ​ | 5,975
Selling and marketing | ​ |  | 800 | ​ | ​ | 4,892
General and administrative | ​ |  | 67 | ​ | ​ | 668
Amortization of intangible assets | ​ |  | — | ​ | ​ | 2,658
Recapitalization and acquisition-related costs | ​ | ​ | 1,056 | ​ | ​ | 280
Restructuring | ​ | ​ | (159) | ​ | ​ | 2
Total operating expenses | ​ | ​ | 3,970 | ​ | ​ | 24,314
Operating income from discontinued operations | ​ | ​ | 208 | ​ | ​ | 6,092
Other income (expense), net | ​ | ​ | 2,223 | ​ | ​ | 50
Interest income | ​ | ​ | — | ​ | ​ | 9
Interest expense | ​ | ​ | (101) | ​ | ​ | (513)
Income from discontinued operations before income taxes | ​ |  | 2,330 | ​ | ​ | 5,638
Provision for income taxes | ​ |  | 1,115 | ​ | ​ | (273)
Net income from discontinued operations | ​ | $ | 1,215 | ​ | $ | 5,911
​ ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year to Date Results
​ | ​ | Fiscal 2023 | ​ | Fiscal 2022
​ | ​ | Successor | ​ | Successor | ​ | ​ | Predecessor (SLH)
​ | ​ | Nine Months | ​ | From | ​ | ​ | From
​ | ​ | Ended | ​ | June 12, 2021 to | ​ | ​ | February 1, 2021 to
​ |  | October 31, 2022 |  | October 31, 2021 | ​ | ​ | June 11, 2021
Revenues: |  | ​ |  |  | ​ | ​ | ​ | ​ | ​ |
Total revenues | ​ | $ | 60,706 | ​ | $ | 45,952 | ​ | ​ | $ | 37,142
Operating expenses: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Costs of revenues | ​ |  | 19,027 | ​ | ​ | 15,555 | ​ | ​ | ​ | 13,838
Content and software development | ​ |  | 12,246 | ​ | ​ | 9,637 | ​ | ​ | ​ | 9,072
Selling and marketing | ​ |  | 11,507 | ​ | ​ | 7,432 | ​ | ​ | ​ | 7,539
General and administrative | ​ |  | 730 | ​ | ​ | 913 | ​ | ​ | ​ | 746
Amortization of intangible assets | ​ |  | 6,345 | ​ | ​ | 4,188 | ​ | ​ | ​ | 4,410
Recapitalization and acquisition-related costs | ​ | ​ | 1,609 | ​ | ​ | 377 | ​ | ​ | ​ | 297
Restructuring | ​ | ​ | 42 | ​ | ​ | 31 | ​ | ​ | ​ | (127)
Total operating expenses | ​ | ​ | 51,506 | ​ | ​ | 38,133 | ​ | ​ | ​ | 35,775
Operating income from discontinued operations | ​ | ​ | 9,200 | ​ | ​ | 7,819 | ​ | ​ | ​ | 1,367
Other income (expense), net | ​ | ​ | 2,681 | ​ | ​ | 345 | ​ | ​ | ​ | (326)
Interest income | ​ | ​ | 12 | ​ | ​ | 12 | ​ | ​ | ​ | 4
Interest expense | ​ | ​ | (1,443) | ​ | ​ | (1,044) | ​ | ​ | ​ | (57)
Income from discontinued operations before income taxes | ​ |  | 10,450 | ​ | ​ | 7,132 | ​ | ​ | ​ | 988
Provision for (benefit from) income taxes | ​ |  | 1,967 | ​ | ​ | 3,638 | ​ | ​ | ​ | (187)
Net income from discontinued operations | ​ | $ | 8,483 | ​ | $ | 3,494 | ​ | ​ | $ | 1,175
​ The following table presents the aggregate carrying amounts of the classes of assets and liabilities of discontinued operations of SumTotal (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Successor | ​ | ​ | Successor
​ |  | October 31, 2022 |  |  | January 31, 2022
Carrying amount of assets included as part of discontinued operations |  | ​ |  | ​ |  | ​ |
Cash and cash equivalents | ​ | $ | — | ​ | ​ | $ | 16,496
Restricted cash | ​ |  | — | ​ | ​ |  | 236
Accounts receivable | ​ |  | — | ​ | ​ |  | 38,587
Prepaid expenses and other current assets | ​ |  | — | ​ | ​ |  | 8,755
Current assets of discontinued operations | ​ |  | — | ​ | ​ |  | 64,074
Property and equipment, net | ​ |  | — | ​ | ​ |  | 6,609
Goodwill | ​ |  | — | ​ | ​ |  | 75,693
Intangible assets, net | ​ |  | — | ​ | ​ |  | 75,628
Right of use assets | ​ |  | — | ​ | ​ |  | 1,937
Other assets | ​ |  | — | ​ | ​ |  | 4,945
Long-term assets of discontinued operations | ​ | ​ | — | ​ | ​ | ​ | 164,812
Total assets classified as discontinued operations in the condensed consolidated balance sheet | ​ | $ | — | ​ | ​ | $ | 228,886
​ | ​ |  |  | ​ | ​ |  |
Carrying amounts of liabilities included as part of discontinued operations: | ​ |  |  | ​ | ​ |  |
Accounts payable | ​ | $ | — | ​ | ​ | $ | 1,502
Accrued compensation | ​ |  | — | ​ | ​ |  | 10,293
Accrued expenses and other current liabilities | ​ |  | — | ​ | ​ |  | 3,260
Lease liabilities | ​ |  | — | ​ | ​ |  | 508
Deferred revenue | ​ |  | — | ​ | ​ |  | 71,904
Current liabilities of discontinued operations | ​ |  | — | ​ | ​ |  | 87,467
Deferred tax liabilities | ​ |  | — | ​ | ​ |  | 516
Long term lease liabilities | ​ |  | — | ​ | ​ |  | 1,605
Other long-term liabilities | ​ |  | — | ​ | ​ |  | 305
Current liabilities of discontinued operations | ​ |  | — | ​ | ​ |  | 2,426
Total liabilities classified as discontinued operations in the condensed consolidated balance sheet | ​ | $ | — | ​ | ​ | $ | 89,893
​ | ​ |  |  | ​ | ​ |  |

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