Quarterly report pursuant to Section 13 or 15(d)

SHIPYARD TRANSACTION AND DISCONTINUED OPERATIONS (Tables)

v3.22.1
SHIPYARD TRANSACTION AND DISCONTINUED OPERATIONS (Tables)
 3 Months Ended
Mar. 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 the three months ended March 31, 2021, is as follows (in thousands):

 

 

Three Months Ended March 31, 2021

 

Revenue

 

$

35,166

 

Cost of revenue

 

 

27,506

 

Gross profit(1)

 

 

7,660

 

General and administrative expense

 

 

340

 

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

 

 

23,428

 

Other (income) expense, net

 

 

13

 

Operating loss

 

 

(16,121

)

Income tax (expense) benefit(3)

 

 

—

 

Loss from discontinued operations, net of taxes

 

$

(16,121

)

 

 

 

Three Months Ended March 31, 2021

 

Operating cash flows from discontinued operations

 

$

4,774

 

Investing cash flows from discontinued operations

 

$

(261

)

 

 

(1)

Gross profit was positively impacted by changes in estimated margins on projects of $8.4 million for our towing, salvage and rescue ship projects.

 

(2)

Includes impairments of $22.8 million and transaction and other costs of $ 0.7 million associated with the Shipyard Transaction (see discussion above).   

 

(3)

Income taxes attributable to discontinued operations were not material.