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DISPOSITIONS | 12 Months Ended
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Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract] |
DISPOSITIONS |
4. | DISPOSITIONS
Myers Disposition—On November 30, 2022, we entered into an agreement (the “Agreement”) and sold the Company’s 50% ownership interest in its partnership with Myers & Sons Construction L.P. (“Myers”) for $18,000 in cash. In accordance with the Myers Agreement’s payment terms, the Company received two payments totaling $14,000 in the first quarter of 2023, and two additional payments of $2,000 each are due by the end of 2025 and 2027, respectively. The disposition represented a strategic shift that had a major effect on our operations and consolidated financial results, and accordingly, the historical results of Myers have been presented as discontinued operations in our Consolidated Statements of Operations. Prior to being disclosed as a discontinued operation, the results of Myers were included within our Transportation Solutions segment. The following table presents the components of net income from discontinued operations. The year ended December 31, 2022 represents the period ending November 30, 2022, the date of disposition.
|  |  | Years Ended December 31,
|  |  | 2022 |  | 2021
Revenues |  |  | $ | 196,134 |  |  | $ | 167,392 |
Cost of revenues |  |  | (192,886) |  |  | (156,167) |
Gross profit |  |  | 3,248 |  |  | 11,225 |
General and administrative expense |  |  | (13,751) |  |  | (9,353) |
Other operating income (expense), net |  |  | 3,158 |  |  | (1,596) |
Operating (loss) income |  |  | (7,345) |  |  | 276 |
Net interest income (expense) |  |  | 69 |  |  | (30) |
Gain on extinguishment of debt |  |  | 2,428 |  |  | 968 |
Pretax (loss) income |  |  | (4,848) |  |  | 1,214 |
Pretax gain on disposition |  |  | 16,687 |  |  | — |
Total pretax income from Discontinued Operations |  |  | 11,839 |  |  | 1,214 |
Income tax expense |  |  | (2,095) |  |  | (26) |
Net income from Discontinued Operations |  |  | $ | 9,744 |  |  | $ | 1,188 |
The following table presents the cash flows from discontinued operations. The year ended December 31, 2022 represents the period ending November 30, 2022, the date of disposition.
| Years Ended December 31,
Net cash provided by (used in): | 2022 |  | 2021
Operating activities of Discontinued Operations | $ | (7,334) |  |  | $ | 11,384 |
Investing activities of Discontinued Operations | (723) |  |  | (5,964) |
Financing activities of Discontinued Operations | (81) |  |  | (1,908) |
Net change in cash, cash equivalents, and restricted cash of Discontinued Operations | $ | (8,138) |  |  | $ | 3,512 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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