Quarterly report pursuant to Section 13 or 15(d)

SHIPYARD TRANSACTION AND DISCONTINUED OPERATIONS (Tables)

v3.22.2.2
SHIPYARD TRANSACTION AND DISCONTINUED OPERATIONS (Tables)
 9 Months Ended
Sep. 30, 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 nine months ended September 30, 2021, is as follows (in thousands):

 

 

Nine Months Ended September 30, 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

)

 

 

 

Nine Months Ended September 30, 2021

 

Operating cash flows from discontinued operations

 

$

(9,067

)

Investing cash flows from discontinued operations

 

$

31,424

 

 

 

(1)

Includes a benefit of $8.4 million due to 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.