Annual report [Section 13 and 15(d), not S-K Item 405]

Discontinued Operations (Tables)

v3.25.4
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations
The components of (loss) income from discontinued operations, net of tax consist of the following (in thousands):

For the years ended December 31,
2025 2024 2023
Revenues $ 75,358  $ 320,145  $ 568,934 
Costs and operating expenses 71,865  305,890  536,740 
Income from discontinued operations
 3,493  14,255  32,194 
Other impairment
 33,708  4,204  — 
Loss on the sale of discontinued operations 13,338  15,199  — 
(Loss) income from discontinued operations before income taxes (43,553) (5,148) 32,194 
(Benefit) provision for income taxes
 (1,763) (1,070) 7,625 
(Loss) income from discontinued operations, net of tax
 $ (41,790) $ (4,078) $ 24,569 
The assets and liabilities reported as held-for-sale consist of the following (in thousands):
As of December 31,
2024
Assets
Cash and cash equivalents $ (475)
Receivables, net 39,459 
Inventories 142,259 
Prepaid expenses and other current assets
 11,057 
Property and equipment, net 14,546 
Intangible assets, net 124 
Goodwill 63,190 
Operating lease right-of-use assets 10,101 
Other assets 2,559 
    Total assets held-for-sale
 $ 282,820 
Liabilities
Accounts payable $ 42,099 
Accrued expenses and other current liabilities 9,446 
Long-term operating lease obligations 8,645 
Deferred tax liabilities 8,010 
    Total liabilities held-for-sale
 $ 68,200 

Selected financial information related to cash flows from discontinued operations is as follows (in thousands):

For the years ended December 31,
2025 2024 2023
Depreciation and amortization $ 731  $ 2,951  $ 7,314 
Stock-based compensation (a)
$ (225) $ 202  $ 1,006 
Purchases of property and equipment $ 208  $ 2,343  $ 2,280 
(a) Stock-based compensation benefit was recognized during the year ended December 31, 2025 due to forfeitures in the period.