DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2024

FleetNet | Discontinued Operations, Disposed of by Sale

Discontinued Operations

Schedules of Discontinued Operations

The following table summarizes the financial results from discontinued operations:

	Three Months Ended
	March 31
	2024		2023
	(in thousands)
Revenues	$	—	$	55,929
Operating expenses
Gain on sale of business(1)		(806)		(69,083)
Other		—		54,623
		(806)		(14,460)
Operating income		806		70,389
Other income, net(2)		—		17
Income from discontinued operations before income taxes		806		70,406
Income tax provision		206		17,970
Income from discontinued operations, net of tax	$	600	$	52,436

(1) The 2024 period includes the reversal of an employee-related contingent liability that expired one-year after disposition, per the purchase agreement. The 2023 period includes transaction costs of $4.4 million consisting of consulting fees, professional fees, and employee-related expenses prior to resolution of certain post-close contingencies in second quarter 2023.

(2) The 2023 period includes interest expense, which is immaterial.

Cash flows from discontinued operations of FleetNet were as follows:

	Three Months Ended
	March 31
	2024		2023
	(in thousands)
Net cash provided by operating activities(1)	$	—	$	762
Net cash used in investing activities(2)		—		(398)
Net cash used in financing activities		—		(472)
Net decrease in cash and cash equivalents	$	—	$	(108)

(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.