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Discontinued Operations | 9 Months Ended
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Sep. 30, 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 (“FDS”) business to an affiliate of Bernhard Capital Partners Management LP. On September 27, 2023, the parties mutually agreed to terminate the agreement. Neither party paid any termination fees. We still intend to pursue divestiture of the segment with an entity that can support its growth plans. As a result of the May 2023 agreement, and because we still intend to divest the business, in accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations, results of operations for FDS are reported in income from discontinued operations within the consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022, and the carrying value of the related assets and liabilities are presented within assets and liabilities held-for-sale on the consolidated balance sheets as of September 30, 2023 and December 31, 2022. The results of operations from discontinued operations for the three and nine months ended September 30, 2023 and 2022, consist of the following (in thousands):
|  | For the three months ended September 30, |  | For the nine months ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues |  | $ | 61,622 |  |  | $ | 75,108 |  |  | $ | 195,507 |  |  | $ | 217,979 |
(Loss) income from discontinued operations before income taxes |  | (3,580) |  |  | 2,166 |  |  | (4,199) |  |  | 5,680 |
Provision for income taxes |  | (1,026) |  |  | 446 |  |  | (1,410) |  |  | 1,212 |
Net (loss) income from discontinued operations |  | $ | (2,554) |  |  | $ | 1,720 |  |  | $ | (2,789) |  |  | $ | 4,468 |
The assets and liabilities reported as held-for-sale consist of the following (in thousands):
|  |  | September 30, |  | December 31,
|  | 2023 |  | 2022
Assets |  |  |  |
| Cash and cash equivalents |  | $ | 162 |  |  | $ | 173 |
| Receivables, net |  | 13,282 |  |  | 14,340 |
| Unbilled receivables |  | 26,641 |  |  | 30,898 |
| Inventories |  | 283 |  |  | 270 |
| Other current assets |  | 5,210 |  |  | 9,244 |
| Property and equipment, net |  | 6,493 |  |  | 7,467 |
| Intangible assets, net |  | 3,505 |  |  | 4,066 |
| Goodwill |  | 31,575 |  |  | 31,575 |
| Operating lease right-of-use assets |  | 10,870 |  |  | 12,854 |
| Other assets |  | — |  |  | 51 |
| Total assets held-for-sale(a) |  | $ | 98,021 |  |  | $ | 110,938 |
Liabilities |  |  |  |
| Accounts payable |  | $ | 25,641 |  |  | $ | 31,096 |
| Accrued expenses and other current liabilities |  | 20,044 |  |  | 21,833 |
| Long-term operating lease obligations |  | 10,373 |  |  | 13,186 |
| Deferred tax liabilities |  | 4,340 |  |  | 4,635 |
| Total liabilities held-for-sale(a) |  | $ | 60,398 |  |  | $ | 70,750 |
(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 nine months ended September 30,
|  | 2023 |  | 2022
Depreciation and amortization |  | $ | 1,849 |  |  | $ | 2,749 |
Purchases of property and equipment |  | $ | 98 |  |  | $ | 293 |
Stock-based compensation |  | $ | 85 |  |  | $ | 41 |

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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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