v3.24.3
DISCONTINUED OPERATIONS (Tables)
9 Months Ended
Sep. 30, 2024
Discontinued Operations, Disposed of by Sale  
Discontinued Operations  
Schedules of Discontinued Operations

The following table summarizes the financial results from discontinued operations:

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Three Months Ended 

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Nine Months Ended 

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September 30

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September 30

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2024

    

2023

    

2024

    

2023

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(in thousands)

Revenues

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$

—

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$

—

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$

—

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$

55,929

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Operating expenses

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(Gain) loss on sale of business(1)

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—

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14

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(806)

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(70,201)

Other

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—

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—

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—

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54,623

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—

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14

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(806)

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(15,578)

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Operating income (loss)

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—

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(14)

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806

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71,507

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Other income, net(2)

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—

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—

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—

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17

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Income (loss) from discontinued operations before income taxes

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—

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(14)

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806

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71,524

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Income tax provision (benefit)

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—

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(4)

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206

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18,255

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Income (loss) from discontinued operations, net of tax

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$

—

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$

(10)

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$

600

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$

53,269

(1)The 2024 period includes the reversal of an employee-related contingent liability that expired one-year after disposition, per the purchase agreement. The nine months ended September 30, 2023 includes transaction costs of $3.8 million consisting of consulting fees, professional fees, and employee-related expenses, as well as the resolution of certain post-close contingencies in second quarter 2023.
(2)The nine months ended September 30, 2023 includes interest expense, which is immaterial.

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Cash flows from discontinued operations of FleetNet were as follows:

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Nine Months Ended 

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September 30

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2024

    

2023

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(in thousands)

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Net cash provided by operating activities(1)

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$

—

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$

762

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Net cash used in investing activities(2)

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—

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(397)

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Net cash used in financing activities

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—

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(473)

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Net decrease in cash and cash equivalents

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$

—

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$

(108)

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(1)The 2023 period includes depreciation and amortization expense of $0.4 million and share-based compensation expense of $0.3 million, which is included in the “Pre-tax gain on sale of discontinued operations” line of the consolidated statements of cash flows.
(2)The 2023 period includes purchases of property, plant and equipment of $0.1 million. Excludes the proceeds from the sale of discontinued operations, which are included in cash flows from continuing operations.