Quarterly report [Sections 13 or 15(d)]

Assets Held for Sale (Tables)

v3.25.1
Assets Held for Sale (Tables)
3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment Assets Held-for-Sale Disclosure [Abstract]  
Summary of the Carrying Values of Assets and Liabilities

The following table summarizes the carrying values of the assets and liabilities classified as held for sale in the Company’s condensed consolidated balance sheets as of March 31, 2025:

 

 

March 31, 2025

 

 

December 31, 2024

 

Assets:

 

 

 

 

 

 

Accounts receivable, net

 

$

1,958

 

 

$

2,591

 

Contract assets

 

 

1,132

 

 

 

927

 

Other current assets

 

 

956

 

 

 

1,002

 

Property and equipment, net

 

 

138

 

 

 

106

 

Goodwill

 

 

32,465

 

 

 

32,412

 

Customer relationships, net

 

 

16,307

 

 

 

16,281

 

Other non-current assets

 

 

3,499

 

 

 

3,644

 

Total assets classified as held for sale

 

$

56,455

 

 

$

56,963

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Accounts payable

 

$

43

 

 

$

787

 

Accrued wages and benefits

 

 

170

 

 

 

402

 

Other accrued expenses

 

 

856

 

 

 

1,014

 

Contract liabilities, current portion

 

 

5,694

 

 

 

5,444

 

Contract liabilities, non-current

 

 

97

 

 

 

20

 

Total liabilities associated with assets classified as held for sale

 

$

6,860

 

 

$

7,667

 

Net assets held for sale

 

$

49,595

 

 

$

49,296

 

The Company’s satellite and ground station networks, including operations, and maritime contracts associated with the U.S. federal government are not included in the held for sale amounts presented above. On April 25, 2025, the Company completed the sale of its maritime business to Buyer for approximately $233,500, before adjustments. On April 25, 2025, the Company and L3Harris, entered into the Settlement Agreement among the Company, exactEarth and L3Harris, pursuant to which, upon the closing of the Transactions, Buyer paid L3Harris $17,000 for full and complete resolution and release of all disputes asserted in connection with the A&R L3Harris Agreement between the Company and L3Harris. The Company and Buyer further agreed that the Company would contribute $7,000 of the Settlement in the form of a reduction to the cash paid by Buyer to the Company at the closing of the Transactions.