| Schedule of financial results of discontinued operations |
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Fiscal 2022 |
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Fiscal 2021 |
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Fiscal 2020 |
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Successor |
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Predecessor (SLH) |
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Predecessor (SLH) |
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Predecessor (PL) |
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Predecessor (PL) |
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From |
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From |
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From |
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From |
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June 12, 2021 to |
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February 1, 2021 |
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August 27, 2020 to |
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February 1, 2020 to |
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Fiscal year ended |
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January 31, 2022 |
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to June 11, 2021 |
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January 31, 2021 |
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August 27, 2020 |
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January 31, 2020 |
Revenues: |
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Total revenues |
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$ |
75,911 |
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$ |
37,142 |
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$ |
35,518 |
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$ |
76,179 |
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$ |
148,410 |
Operating expenses: |
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Costs of revenues |
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25,688 |
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13,838 |
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17,728 |
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24,932 |
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24,283 |
Content and software development |
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16,114 |
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9,072 |
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10,751 |
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16,030 |
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26,368 |
Selling and marketing |
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13,116 |
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7,539 |
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10,784 |
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15,152 |
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62,400 |
General and administrative |
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1,164 |
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746 |
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887 |
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1,583 |
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3,316 |
Amortization of intangible assets |
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6,873 |
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4,410 |
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3,593 |
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10,643 |
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31,742 |
Impairment of intangible assets |
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— |
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— |
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— |
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132,242 |
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119,258 |
Recapitalization and acquisition-related costs |
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607 |
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297 |
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582 |
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1,242 |
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(229) |
Restructuring |
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121 |
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(127) |
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2,425 |
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339 |
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145 |
Total operating expenses |
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63,683 |
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35,775 |
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46,750 |
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202,163 |
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267,283 |
Operating income from discontinued operations |
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12,228 |
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1,367 |
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(11,232) |
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(125,984) |
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(118,873) |
Other income (expense), net |
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31 |
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(326) |
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(110) |
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(129) |
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210 |
Interest income |
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18 |
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4 |
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9 |
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21 |
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116 |
Interest expense |
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(1,176) |
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(57) |
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(92) |
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(86) |
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(474) |
Reorganization items, net |
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— |
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— |
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— |
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(32,007) |
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— |
Income from discontinued operations before income taxes |
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11,101 |
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988 |
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(11,425) |
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(158,185) |
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(119,021) |
Provision for income taxes |
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(839) |
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(187) |
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(7,457) |
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7,761 |
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(545) |
Net income from discontinued operations |
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$ |
11,940 |
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$ |
1,175 |
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$ |
(3,968) |
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$ |
(165,946) |
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$ |
(118,476) |
The following table presents the aggregate carrying amounts of the classes of assets and liabilities of discontinued operations of SumTotal (in thousands):
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Successor |
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Successor |
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January 31, 2022 |
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January 31, 2021 |
Carrying amount of assets included as part of discontinued operations |
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Cash and cash equivalents |
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$ |
16,496 |
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$ |
26,133 |
Restricted cash |
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236 |
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236 |
Accounts receivable |
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38,587 |
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35,106 |
Prepaid expenses and other current assets |
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8,755 |
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6,787 |
Current assets of discontinued operations |
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64,074 |
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68,262 |
Property and equipment, net |
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6,609 |
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6,071 |
Goodwill |
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75,693 |
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3,351 |
Intangible assets, net |
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75,628 |
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64,157 |
Right of use assets |
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1,937 |
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2,778 |
Other assets |
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4,945 |
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1,940 |
Long-term assets of discontinued operations |
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164,812 |
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78,297 |
Total assets classified as discontinued operations in the condensed consolidated balance sheet |
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$ |
228,886 |
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$ |
146,559 |
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Carrying amounts of liabilities included as part of discontinued operations: |
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Accounts payable |
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$ |
1,502 |
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$ |
762 |
Accrued compensation |
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10,293 |
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11,229 |
Accrued expenses and other current liabilities |
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3,260 |
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3,022 |
Lease liabilities |
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508 |
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2,043 |
Deferred revenue |
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71,904 |
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57,210 |
Current liabilities of discontinued operations |
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87,467 |
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74,266 |
Deferred revenue - non-current |
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292 |
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182 |
Deferred tax liabilities |
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516 |
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2,435 |
Long term lease liabilities |
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1,605 |
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2,042 |
Other long-term liabilities |
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13 |
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8 |
Long-term liabilities of discontinued operations |
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2,426 |
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4,667 |
Total liabilities classified as discontinued operations in the condensed consolidated balance sheet |
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$ |
89,893 |
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$ |
78,933 |
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