Annual report pursuant to Section 13 and 15(d)

Discontinued Operations

v3.24.0.1
Discontinued Operations
 12 Months Ended
Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
In May 2023, we entered into a definitive agreement to sell our Federal and Defense segment which we mutually agreed to terminate in September 2023, with neither party paying any termination fees. As discussed in Note (18) "Subsequent Events," in February 2024, we entered into two separate agreements to sell substantially all of the Federal and Defense segment assets.

The results of operations for the Federal and Defense segment are reported in income from discontinued operations within the consolidated statements of operations for the years ended December 31, 2023, 2022, and 2021, and the related assets and liabilities are presented within assets and liabilities held-for-sale on the consolidated balance sheets as of December 31, 2023, and 2022.
The results of operations from discontinued operations for the years ended December 31, 2023, 2022 and 2021, consist of the following (in thousands):
For the years ended December 31,
2023 2022 2021
Revenues $ 252,466  $ 280,314  $ 269,469 
Costs and operating expenses 258,125  278,779  245,250 
(Loss) income from discontinued operations before income taxes
 (5,659) 1,535  24,219 
(Benefit) provision for income taxes
 (1,641) 135  5,253 
Net (loss) income from discontinued operations
 $ (4,018) $ 1,400  $ 18,966 

The assets and liabilities reported as held-for-sale consist of the following (in thousands):
December 31, December 31,
2023 2022
Assets
Cash and cash equivalents $ 162  $ 173 
Receivables, net 10,805  14,340 
Contract assets
 25,109  30,898 
Inventories 472  270 
Other current assets 6,154  9,244 
Property and equipment, net 6,102  7,467 
Intangible assets, net 3,505  4,066 
Goodwill 31,575  31,575 
Operating lease right-of-use assets 9,097  12,854 
Other assets 21  51 
    Total assets held-for-sale (a)
$ 93,002  $ 110,938 
Liabilities
Accounts payable $ 20,893  $ 31,096 
Accrued expenses and other current liabilities 19,537  21,833 
Long-term operating lease obligations 8,942  13,186 
Deferred tax liabilities 4,019  4,862 
    Total liabilities held-for-sale (a)
$ 53,391  $ 70,977 
(a) Amounts have been classified as current for the current period consolidated balance sheet and as current and non-current in the consolidated balance sheet for the prior year period.

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

For the years ended December 31,
2023 2022 2021
Depreciation and amortization $ 2,289  $ 3,576  $ 4,584 
Purchases of property and equipment $ 295  $ 331  $ 540 
Stock-based compensation $ 139  $ 63  $ 91