Annual report pursuant to Section 13 and 15(d)

SHIPYARD TRANSACTION AND DISCONTINUED OPERATIONS (Tables)

v3.23.1
SHIPYARD TRANSACTION AND DISCONTINUED OPERATIONS (Tables)
 12 Months Ended
Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Summary of Disposal Groups Including Discontinued Operations

A summary of the operating results and cash flows from discontinued operations for 2021, is as follows (in thousands):

 

 

 

Year ended
December 31, 2021

 

Revenue

 

$

41,637

 

Cost of revenue

 

 

33,912

 

Gross profit (1)

 

 

7,725

 

General and administrative expense

 

 

413

 

Impairments and (gain) loss on assets held for sale, net (2)

 

 

25,331

 

Other (income) expense, net

 

 

(647

)

Operating loss

 

 

(17,372

)

Income tax (expense) benefit (3)

 

 

—

 

Loss from discontinued operations, net of taxes

 

$

(17,372

)

 

 

 

Year ended
December 31, 2021

 

Operating cash flows from discontinued operations

 

$

(9,443

)

Investing cash flows from discontinued operations

 

$

32,739

 

 

(1)
Includes a benefit of $8.4 million from changes in estimated margins for our towing, salvage and rescue ship projects.
(2)
Includes transaction and other costs of $2.6 million and impairments of $22.8 million associated with the Shipyard Transaction (see discussion above).
(3)
Income taxes attributable to discontinued operations were not material.