Discontinued Operations

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

4. Discontinued Operations

On August 17, 2021, the Company sold its Oxford business to an affiliate of H.I.G. Capital for $525.0 million. The gain on the sale was $216.9 million ($168.8 million net of income taxes). The sale of the Oxford business is a strategic shift that provides for the redeployment of capital on acquisitions of businesses that enhance the Company's IT consulting capabilities and services in the commercial and federal government sectors. As a result of the sale, the financial results of the Oxford business are reported as discontinued operations in the accompanying consolidated statements of operations. The Company's reporting segments were changed for the effects of the sale, as described in Note 9. Segment Reporting.

The following table presents the major classes of assets and liabilities of the Oxford business in the consolidated balance sheet at December 31, 2020 (in millions).

Accounts receivable, net	$	75.9
Prepaid expenses and income taxes	0.8
Other current assets	0.7
Property and equipment, net	14.5
Operating lease right-of-use assets	11.9
Identifiable intangible assets, net	18.0
Goodwill	197.7
Other non-current assets	2.4
Total assets of discontinued operations	$	321.9
Accounts payable	$	1.5
Accrued payroll and contract professional pay	27.5
Operating lease liabilities	5.1
Other current liabilities	5.6
Operating lease liabilities, long-term	7.5
Other long-term liabilities	4.0
Total liabilities of discontinued operations	$	51.2

The following table summarizes the results of operations of the Oxford business that are reported as discontinued operations (in millions).

	Year Ended December 31,
	2021		2020		2019
Revenues	$	324.3	$	448.5	$	508.3
Costs of services	223.0		306.4		349.9
Gross profit	101.3		142.1		158.4
Selling, general and administrative expenses	90.1		112.3		125.2
Amortization of intangible assets	0.4		0.7		0.7
Income before income taxes	10.8		29.1		32.5
Provision for income taxes	1.5		6.4		7.5
Gain on sale, net of income taxes	168.8		—		—
Income from discontinued operations, net of income taxes	$	178.1	$	22.7	$	25.0

Selected cash flow information related to the Oxford business (in millions).

	Year Ended December 31,
	2021		2020		2019
Net cash provided by (used in) operating activities	$	(84.0)	$	49.9	$	40.7
Net cash provided by (used in) investing activities
Cash received from sale of discontinued operations	503.8		—		—
Other	(3.9)		(6.4)		(6.3)
	$	499.9	$	(6.4)	$	(6.3)