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