DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2023

FleetNet | Discontinued Operations, Disposed of by Sale

Discontinued Operations

Schedules of Discontinued Operations - Financial information, Assets and liabilities and Cash flows

The following table summarizes the financial results from discontinued operations:

	Three Months Ended March 31
	2023		2022
	(in thousands)
Revenues	$	55,929	$	66,983
Operating expenses
Gain on sale of business(1)		(69,083)		—
Other		54,623		64,998
		(14,460)		64,998
Operating income		70,389		1,985
Other income, net(2)		17		8
Income from discontinued operations before income taxes		70,406		1,993
Income tax provision		17,970		432
Income from discontinued operations, net of tax	$	52,436	$	1,561

(1) Includes estimated transaction costs of $4.4 million consisting of consulting fees, professional fees, and employee-related expenses.

(2) Includes interest expense, which is immaterial for the three months ended March 31, 2023 and 2022.

The following table summarizes the assets and liabilities from discontinued operations:

	December 31, 2022
	(in thousands)
Cash and cash equivalents	$	108
Accounts receivable, net		63,022
Other current assets		1,606
Total current assets of discontinued operations	$	64,736
Property, plant and equipment, net		10,350
Goodwill		630
Intangible assets, net		63
Other long-term assets		54
Total long-term assets of discontinued operations	$	11,097
Accounts payable		47,687
Income taxes payable		613
Accrued expenses		3,365
Total current liabilities of discontinued operations	$	51,665
Deferred tax liability		781
Total long-term liabilities of discontinued operations	$	781

Cash flows from discontinued operations of FleetNet were as follows:

	Three Months Ended March 31
	2023		2022
	(in thousands)
Net cash provided by (used in) operating activities(1)	$	762	$	(749)
Net cash used in investing activities(2)		(398)		(1,062)
Net cash provided by (used in) financing activities		(472)		1,867
Net increase (decrease) in cash and cash equivalents	$	(108)	$	56

(1) Includes depreciation and amortization expense of $0.4 million for the three-month periods ended March 31, 2023 and 2022. Also includes share-based compensation expense for the three months ended March 31, 2023 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) Includes purchases of property, plant and equipment of $0.1 million and $0.7 million for the three months ended March 31, 2023 and 2022, respectively.