v3.25.2
DISCONTINUED OPERATIONS
 3 Months Ended
Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS
As of December 31, 2024, we determined that the assets for our European businesses and our Coweta County, Georgia, business met the criteria for classification as held for sale. Additionally, we concluded that the ultimate disposal will represent a strategic shift that will have a major effect on the Company’s operations and financial results. Therefore, the historical results of these businesses are classified as discontinued operations for all periods presented herein.
On February 15, 2025, we completed the sale of our land in Coweta County, Georgia, for $50.0 million. Concurrently with the sale, we repaid a government grant of $20.0 million. As of March 31, 2025, $7.0 million of repayable government grants for the project are classified within current liabilities of discontinued operations on our condensed consolidated balance sheet.
Details of net loss from discontinued operations, net of taxes, are as follows (in thousands):
Three months ended March 31,
20252024
Costs and expenses
General and administrative$4,972 $7,835 
Research and development— 11,745 
Restructuring charge1,092 62 
Share of net loss of equity method investee
425 156 
Total costs and expenses
6,489 19,798 
Loss from discontinued operations(6,489)(19,798)
Gain on disposal of property and equipment
5,675 — 
Change in held for sale valuation allowance363 — 
Other (loss) income, net
(10,135)2,413 
Loss from discontinued operations before income taxes(10,586)(17,385)
Income tax expense
(1,518)— 
Net loss from discontinued operations, net of tax$(12,104)$(17,385)
Allocated general corporate overhead costs do not meet the criteria to be presented within net loss from discontinued operations, net of tax, and were excluded from all figures presented in the table above.
Details of the assets and liabilities of discontinued operations classified as held for sale in the condensed consolidated balance sheets are as follows (in thousands):
March 31, 2025December 31, 2024
Other current assets$1,274 $8,926 
Property and equipment, net32,358 52,765 
Intangible assets, net1,822 1,625 
Investments— 515 
Right-of-use asset under operating leases
2,858 1,078 
Current assets of discontinued operations$38,312 $64,909 
Accounts payable$2,144 $2,566 
Accrued liabilities and other14,689 5,764 
Operating lease liability15,799 15,136 
Other current liabilities7,572 27,543 
Current liabilities of discontinued operations$40,204 $51,009 
The cash flows related to discontinued operations have not been segregated and are included in the condensed consolidated statements of cash flows. Cash flow and non-cash information for the discontinued operations are as follows (in thousands):
Three months ended March 31,
20252024
Depreciation $— $1,961 
Amortization— 38 
Capital expenditures2,510 21,455 
Proceeds from the return of property and equipment deposits1,202 19,021 
Accrued purchases of property and equipment and intangible assets101 9,981