INNOVATE Corp. (“INNOVATE” or the “Company”) (NYSE: VATE) announced
today its consolidated results for the first quarter.
Financial Summary
(in millions, except per share amounts) |
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
Increase / (Decrease) |
Revenue |
$ |
317.9 |
|
|
$ |
412.8 |
|
|
|
(23.0 |
)% |
Net loss attributable to common stockholders |
$ |
(10.2 |
) |
|
$ |
(13.6 |
) |
|
|
25.0 |
% |
Diluted loss per share - Net loss attributable to common
stockholders |
$ |
(0.13 |
) |
|
$ |
(0.18 |
) |
|
|
27.8 |
% |
Total Adjusted EBITDA(1) |
$ |
4.9 |
|
|
$ |
11.5 |
|
|
|
(57.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Reconciliation of GAAP to Non-GAAP measures
follows
Commentary“There have been a
number of positive developments across INNOVATE's three businesses
in the first few months of 2023," said Avie Glazer, Chairman of
INNOVATE. “INNOVATE's Infrastructure segment delivered solid
results in the first quarter and is engaged on several large
projects over the long term; however, results in the first quarter
were impacted by timing delays. At Life Sciences, R2 announced
three new FDA clearances to enhance patient outcomes. And at
Spectrum, we continue to expect better profitability in that
business once the new channels are at run rate."
“We achieved revenue of $317.9 million and
adjusted EBITDA of $4.9 million amid a difficult first quarter
operating environment for our businesses,” said Wayne Barr, Jr.,
Chief Executive Officer of INNOVATE. “In addition to its normal
first quarter seasonality, DBM Global experienced timing delays on
a few significant projects and as a result, reported revenue of
$311.7 million for the quarter. This revenue came in at a
higher gross margin over the same period last year. At Life
Sciences, R2 received expanded FDA clearances and partnered with
Allies of Skin to launch a new multi-patient backbar treatment kit
and MediBeacon's final regulatory submission is expected in the
second quarter of this year. At Spectrum, our ongoing testing with
LPTV frequencies is progressing well as we continue to explore ways
to transform the use and value of LPTV across different
applications. We remain keenly focused on driving results through
execution and operational excellence across our three operating
segments.”
First Quarter 2023 Highlights and Recent
Highlights
- On March 6, 2023, the Company
closed the sale of the remaining 19% interest in HMN International
Co. Ltd., formerly known as Huawei Marine Networks Co. (“HMN”), to
subsidiaries and an affiliate of Hengtong Optic-Electric Co
Ltd.
- On February 23, 2023, pursuant to
its amended commercial partnership with Huadong, a publicly traded
company on the Shenzhen Stock Exchange, MediBeacon Inc.
("MediBeacon") issued $7.5 million of its preferred stock to
Huadong in exchange for additional shares of preferred stock.
- On May 9, 2023, the Company
consummated the purchase of all of the Series A Fixed-to-Floating
Rate Perpetual Preferred Stock (the “Series A Preferred”) issued by
DBM Global Intermediate Holdco Inc. held by Continental General
Insurance Company (“CGIC”) for $42.2 million consisting of
$7.1 million of cash and a $35.1 million unsecured note
that is due in 2026. The purchase was precipitated by a redemption
notice received from CGIC, which notice was permitted to be
delivered by CGIC under the terms of the Series A Preferred.
Infrastructure
- DBM Global Inc. ("DBMG") reported
first quarter 2023 revenue of $311.7 million, a decrease of 22.5%,
compared to $402.2 million in the prior year quarter. Net Income
was $2.0 million, compared to $6.1 million for the prior year
quarter. Adjusted EBITDA decreased to $16.3 million from
$20.5 million in the prior year quarter.
- DBM Global grew Adjusted EBITDA
margin to 5.2% in the first quarter, an expansion of 10 basis
points year-over-year.
- DBM Global’s reported backlog was
$1.6 billion as of March 31, 2023, compared to
$1.8 billion as of December 31, 2022. Taking into
consideration awarded, but not yet signed contracts, backlog would
have been approximately $1.7 billion at the end of the first
quarter of 2023, compared with $1.8 billion as of December 31,
2022.
Life Sciences
- R2 Technologies, Inc. ("R2") has now
shipped 273 GLACIAL® devices globally.
- In April, R2 announced three new FDA
clearances to enhance patient outcome and partnered with Allies of
Skin to launch a multi-patient backbar treatment kit.
- MediBeacon final regulatory submission
is anticipated in the second quarter 2023.
Spectrum
- Broadcasting owns and operates 251
stations that cover 107 designated market areas (DMAs).
- Among the new network programming
launched on Broadcasting was Law & Crime, a popular live trial
network founded by Dan Abrams of ABC News, previously available
only on cable.
- For the first quarter of 2023,
Broadcasting reported revenue of $5.7 million, compared to
$9.8 million in the prior year quarter. The decrease was
primarily driven by the elimination of advertising revenues at
Azteca, which ceased operations on December 31, 2022. This was
partially offset by an increase in station revenues, which launched
new customers in the current period.
- For the first quarter of 2023,
Broadcasting reported Net Loss of $5.0 million compared to $3.4
million in the prior year quarter. Adjusted EBITDA was
$0.4 million, compared to Adjusted EBITDA of $1.3 million
in the prior year quarter.
First Quarter Financial
Highlights
- Revenue: For the
first quarter of 2023, INNOVATE's consolidated revenue was $317.9
million, a decrease of 23.0%, compared to $412.8 million for the
prior year quarter. The decrease was primarily driven by our
Infrastructure segment, and, to a lesser extent, our Spectrum
segment. DBMG's commercial structural steel fabrication and
erection and industrial maintenance and repair businesses both
encountered customer and general contractor driven delays,
resulting in the timing of work performed by DBMG to be delayed in
the current period. Revenues at our Spectrum segment decreased
primarily as a result of the termination of HC2 Network, Inc.
("Network") and its associated Azteca America network ("Azteca")
content on December 31, 2022.
REVENUE by OPERATING SEGMENT |
|
|
|
|
|
|
(in millions) |
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
Increase / (Decrease) |
Infrastructure |
$ |
311.7 |
|
|
$ |
402.2 |
|
|
$ |
(90.5 |
) |
Life Sciences |
|
0.5 |
|
|
|
0.8 |
|
|
|
(0.3 |
) |
Spectrum |
|
5.7 |
|
|
|
9.8 |
|
|
|
(4.1 |
) |
Consolidated INNOVATE |
$ |
317.9 |
|
|
$ |
412.8 |
|
|
$ |
(94.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
- Net Loss: For the
first quarter of 2023, INNOVATE reported a Net Loss attributable to
common stockholders of $10.2 million, or $0.13 per fully
diluted share, compared to a Net Loss of $13.6 million, or
$0.18 per fully diluted share, for the prior year quarter. The
decrease was primarily attributable to the sale of HMN, which
resulted in a $12.3 million gain recognized in the current
period. This was partially offset by the Infrastructure segment,
driven by the decrease in revenue and an increase in selling,
general and administrative (“SG&A”) expenses as a result of
increases in restructuring costs, salaries and benefits and an
increase in legal expenses. Additionally offsetting the decrease in
Net Loss is an increase in interest expense at the Company's
Spectrum, Infrastructure, and Life Sciences segments due to higher
interest rates, increased amortization of debt issuance costs and
higher principal balances over the prior period.
NET INCOME (LOSS) by OPERATING SEGMENT |
|
|
|
|
|
|
(in millions) |
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
Increase / (Decrease) |
Infrastructure |
$ |
2.0 |
|
|
$ |
6.1 |
|
|
$ |
(4.1 |
) |
Life Sciences |
|
(2.8 |
) |
|
|
(4.1 |
) |
|
|
1.3 |
|
Spectrum |
|
(5.0 |
) |
|
|
(3.4 |
) |
|
|
(1.6 |
) |
Non-operating Corporate |
|
(11.9 |
) |
|
|
(11.3 |
) |
|
|
(0.6 |
) |
Other and eliminations |
|
8.7 |
|
|
|
0.3 |
|
|
|
8.4 |
|
Net loss attributable to INNOVATE Corp. |
$ |
(9.0 |
) |
|
$ |
(12.4 |
) |
|
$ |
3.4 |
|
Less: Preferred dividends |
|
1.2 |
|
|
|
1.2 |
|
|
|
— |
|
Net loss attributable to common stockholders |
$ |
(10.2 |
) |
|
$ |
(13.6 |
) |
|
$ |
3.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
- Adjusted EBITDA:
For the first quarter of 2023, Total Adjusted EBITDA, was $4.9
million, compared to Total Adjusted EBITDA of $11.5 million
for the prior year quarter. The decrease in Adjusted EBITDA was
primarily driven by Infrastructure as a result of a decrease in
revenue and an increase in SG&A expenses primarily driven by
increases in salary and benefits. While the commercial structural
steel fabrication and erection business also experienced customer
and general contractor driven delays in the current period that
impacted its revenue, the decrease in Adjusted EBITDA was partially
offset by a margin improvement as projects completed in the
comparable period, which had lower margins due to market pressure
on point-of-sale project margins during the COVID-19 pandemic, were
replaced with more recent projects with higher point-of-sale
margins in the current period. Contributing to the decrease in
Adjusted EBITDA was the Life Sciences segment as a result of higher
equity method losses from our investment in MediBeacon and from the
Spectrum segment driven by the termination of Network and increased
salaries and benefits at the station group. The decrease in
Adjusted EBITDA was partially offset by the Non-operating Corporate
segment as a result of unrepeated expenses related to the
settlement with the former CEO recorded in the prior period, a
decrease in accounting expenses and a decrease in salaries and
benefits and bonus expense, as well as a decrease in SG&A
expenses at R2, primarily from decreased salary and employee
related costs and research and development expenses.
ADJUSTED EBITDA by OPERATING SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
Increase/(Decrease) |
Infrastructure |
$ |
16.3 |
|
|
$ |
20.5 |
|
|
$ |
(4.2 |
) |
Life Sciences |
|
(7.8 |
) |
|
|
(5.8 |
) |
|
|
(2.0 |
) |
Spectrum |
|
0.4 |
|
|
|
1.3 |
|
|
|
(0.9 |
) |
Non-operating Corporate |
|
(3.5 |
) |
|
|
(4.6 |
) |
|
|
1.1 |
|
Other and eliminations |
|
(0.5 |
) |
|
|
0.1 |
|
|
|
(0.6 |
) |
Total Adjusted EBITDA |
$ |
4.9 |
|
|
$ |
11.5 |
|
|
$ |
(6.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
- Balance Sheet: As
of March 31, 2023, INNOVATE had cash and cash equivalents,
excluding restricted cash, of $16.6 million compared to $80.4
million as of December 31, 2022. On a stand-alone basis, as of
March 31, 2023, the Non-operating Corporate segment had cash
and cash equivalents of $3.6 million compared to $9.1 million at
December 31, 2022.
Subsequent to the quarter, on May 8, 2023,
INNOVATE drew an additional $8.0 million under the Revolving
Credit Agreement, increasing the outstanding balance to
$13.0 million.
Conference Call
INNOVATE will host a live conference call to
discuss its first quarter 2023 financial results and operations
today at 4:30 p.m. ET. The Company will post an earnings
supplemental presentation in the Investor Relations section of the
INNOVATE website at innovate-ir.com to accompany the
conference call. Dial-in instructions for the conference call and
the replay follows.
- Live Webcast
and Call. A live webcast of the
conference call can be accessed by interested parties through the
Investor Relations section of the INNOVATE website at
innovate-ir.com.
- Dial-in: 1-888-886-7786 (Domestic Toll
Free) / 1-416-764-8658 (Toll/International)
- Participant Entry Number:
27685499
-
Conference Replay*
- Dial-in: 1-844-512-2921 (Domestic
Toll Free) / 1-412-317-6671 (Toll/International)
- Conference Number: 27685499
*Available approximately two hours after the end of
the conference call through May 24, 2023.
About INNOVATE Corp.
INNOVATE Corp., is a portfolio of best-in-class
assets in three key areas of the new economy – Infrastructure, Life
Sciences and Spectrum. Dedicated to stakeholder capitalism,
INNOVATE employs approximately 3,800 people across its
subsidiaries. For more information, please visit:
www.INNOVATECorp.com.
Contacts
Investor Contact:Anthony
Rozmusir@innovatecorp.com(212) 235-2691
Media Contact:ReevemarkPaul
Caminiti/Pam Greene/Luc HerbowyINNOVATE.Team@reevemark.com(212)
433-4600
Non-GAAP Financial Measures
In this press release, INNOVATE refers to
certain financial measures that are not presented in accordance
with U.S. generally accepted accounting principles (“GAAP”),
including Total Adjusted EBITDA (excluding discontinued operations)
and Adjusted EBITDA for its operating segments.
Adjusted EBITDA
Management believes that Adjusted EBITDA
provides investors with meaningful information for gaining an
understanding of our results as it is frequently used by the
financial community to provide insight into an organization’s
operating trends and facilitates comparisons between peer
companies, since interest, taxes, depreciation, amortization and
the other items listed in the definition of Adjusted EBITDA below
can differ greatly between organizations as a result of differing
capital structures and tax strategies. Adjusted EBITDA can also be
a useful measure of a company’s ability to service debt. While
management believes that non-U.S. GAAP measurements are useful
supplemental information, such adjusted results are not intended to
replace our U.S. GAAP financial results. Using Adjusted EBITDA as a
performance measure has inherent limitations as an analytical tool
as compared to net income (loss) or other U.S. GAAP financial
measures, as this non-GAAP measure excludes certain items,
including items that are recurring in nature, which may be
meaningful to investors. As a result of the exclusions, Adjusted
EBITDA should not be considered in isolation and does not purport
to be an alternative to net income (loss) or other U.S. GAAP
financial measures as a measure of our operating performance.
Adjusted EBITDA excludes the results of operations and any
consolidating eliminations of our previous Insurance segment.
The calculation of Adjusted EBITDA, as defined
by us, consists of Net income (loss) attributable to INNOVATE
Corp., excluding discontinued operations, if applicable;
depreciation and amortization; other operating (income) loss, which
is inclusive of (gain) loss on sale or disposal of assets, lease
termination costs, asset impairment expense and FCC reimbursements;
interest expense; other (income) expense, net; income tax expense
(benefit); noncontrolling interest; share-based compensation
expense; restructuring and exit costs; and acquisition and
disposition costs.
Cautionary Statement Regarding
Forward-Looking Statements
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995: This press release
contains, and certain oral statements made by our representatives
from time to time may contain, "forward-looking statements."
Generally, forward-looking statements include information
describing actions, events, results, strategies and expectations
and are generally identifiable by use of the words “believes,”
“expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,”
“projects,” “may,” “will,” “could,” “might,” or “continues” or
similar expressions. Such forward-looking statements are based on
current expectations and inherently involve certain risks,
assumptions and uncertainties. The forward-looking statements in
this presentation include, without limitation, any statements
regarding INNOVATE’s plans and expectations for future growth, the
achievement of INNOVATE’s strategic objectives, expectations for
performance of new projects and realization of revenue from the
backlog at DBM Global, anticipated success from the launch of new
products in the Life Sciences segment, anticipated performance of
new channels and LPTV frequencies in the Spectrum segment, and
changes in macroeconomic and market conditions and market
volatility (including developments and volatility arising from the
COVID-19 pandemic), including interest rates, the value of
securities and other financial assets, and the impact of such
changes and volatility on INNOVATE’s financial position. Such
statements are based on the beliefs and assumptions of INNOVATE’s
management and the management of INNOVATE’s subsidiaries and
portfolio companies.
The Company believes these judgments are
reasonable, but you should understand that these statements are not
guarantees of performance, results or the creation of stockholder
value and the Company’s actual results could differ materially from
those expressed or implied in the forward-looking statements due to
a variety of important factors, both positive and negative,
including those that may be identified in subsequent statements and
reports filed with the Securities and Exchange Commission (“SEC”),
including in our reports on Forms 10-K, 10-Q, and 8-K. Such
important factors include, without limitation: our dependence on
distributions from our subsidiaries to fund our operations and
payments on our obligations; the impact on our business and
financial condition of our substantial indebtedness and the
significant additional indebtedness and other financing obligations
we may incur; our dependence on key personnel; volatility in the
trading price of our common stock; the impact of recent supply
chain disruptions, labor shortages and increases in overall price
levels, including in transportation costs; interest rate
environment; developments relating to the ongoing hostilities in
Ukraine; increased competition in the markets in which our
operating segments conduct their businesses; our ability to
successfully identify any strategic acquisitions or business
opportunities; uncertain global economic conditions in the markets
in which our operating segments conduct their businesses; changes
in regulations and tax laws; covenant noncompliance risk; tax
consequences associated with our acquisition, holding and
disposition of target companies and assets; our ability to remain
in compliance with the listing standards of the New York Stock
Exchange; the ability of our operating segments to attract and
retain customers; our expectations regarding the timing, extent and
effectiveness of our cost reduction initiatives and management’s
ability to moderate or control discretionary spending; our
expectations and timing with respect to any strategic dispositions
and sales of our operating subsidiaries, or businesses; the
possibility of indemnification claims arising out of divestitures
of businesses; and our possible inability to raise additional
capital when needed or refinance our existing debt, on attractive
terms, or at all.
Although INNOVATE believes its expectations and
assumptions regarding its future operating performance are
reasonable, there can be no assurance that the expectations
reflected herein will be achieved. These risks and other important
factors discussed under the caption “Risk Factors” in our most
recent Annual Report on Form 10-K filed with the SEC, and our other
reports filed with the SEC could cause actual results to differ
materially from those indicated by the forward-looking statements
made in this presentation.
You should not place undue reliance on
forward-looking statements. All forward-looking statements
attributable to INNOVATE or persons acting on its behalf are
expressly qualified in their entirety by the foregoing cautionary
statements. All such statements speak only as of the date made, and
unless legally required, INNOVATE undertakes no obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise.
INNOVATE CORP.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(in millions,
except per share amounts)(Unaudited)
|
|
|
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
Revenue |
$ |
317.9 |
|
|
$ |
412.8 |
|
Cost of revenue |
|
274.3 |
|
|
|
363.0 |
|
Gross profit |
|
43.6 |
|
|
|
49.8 |
|
Operating expenses: |
|
|
|
Selling, general and administrative |
|
41.7 |
|
|
|
42.6 |
|
Depreciation and amortization |
|
6.3 |
|
|
|
6.9 |
|
Other operating income |
|
(0.4 |
) |
|
|
(0.4 |
) |
(Loss) income from operations |
|
(4.0 |
) |
|
|
0.7 |
|
Other (expense) income: |
|
|
|
Interest expense |
|
(15.6 |
) |
|
|
(12.6 |
) |
Loss from equity investees |
|
(4.0 |
) |
|
|
(0.5 |
) |
Other income (expense), net |
|
16.5 |
|
|
|
(0.1 |
) |
Loss from operations before income taxes |
|
(7.1 |
) |
|
|
(12.5 |
) |
Income tax expense |
|
(0.9 |
) |
|
|
(1.6 |
) |
Net loss |
|
(8.0 |
) |
|
|
(14.1 |
) |
Net (income) loss attributable to noncontrolling interest and
redeemable noncontrolling interest |
|
(1.0 |
) |
|
|
1.7 |
|
Net loss attributable to INNOVATE Corp. |
|
(9.0 |
) |
|
|
(12.4 |
) |
Less: Preferred dividends |
|
1.2 |
|
|
|
1.2 |
|
Net loss attributable to common stockholders |
$ |
(10.2 |
) |
|
$ |
(13.6 |
) |
|
|
|
|
Loss per share - basic and diluted |
$ |
(0.13 |
) |
|
$ |
(0.18 |
) |
|
|
|
|
Weighted average common shares outstanding - basic and diluted |
|
77.7 |
|
|
|
77.3 |
|
|
|
|
|
|
|
|
|
INNOVATE CORP.CONDENSED
CONSOLIDATED BALANCE SHEET(in millions, except
share amounts)(Unaudited)
|
|
March 31,2023 |
|
December 31,2022 |
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
16.6 |
|
|
$ |
80.4 |
|
Accounts receivable, net |
|
|
253.7 |
|
|
|
254.9 |
|
Contract assets |
|
|
180.2 |
|
|
|
165.1 |
|
Inventory |
|
|
21.3 |
|
|
|
18.9 |
|
Restricted cash |
|
|
— |
|
|
|
0.3 |
|
Other current assets |
|
|
14.7 |
|
|
|
16.8 |
|
Total current assets |
|
|
486.5 |
|
|
|
536.4 |
|
Investments |
|
|
7.7 |
|
|
|
59.5 |
|
Deferred tax asset |
|
|
1.7 |
|
|
|
1.7 |
|
Property, plant and equipment, net |
|
|
164.0 |
|
|
|
165.0 |
|
Goodwill |
|
|
127.0 |
|
|
|
127.1 |
|
Intangibles, net |
|
|
186.1 |
|
|
|
190.1 |
|
Other assets |
|
|
71.1 |
|
|
|
71.9 |
|
Total assets |
|
$ |
1,044.1 |
|
|
$ |
1,151.7 |
|
Liabilities, temporary equity and stockholders’
deficit |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable |
|
$ |
167.0 |
|
|
$ |
202.5 |
|
Accrued liabilities |
|
|
45.0 |
|
|
|
65.4 |
|
Current portion of debt obligations |
|
|
32.9 |
|
|
|
30.6 |
|
Contract liabilities |
|
|
104.9 |
|
|
|
98.6 |
|
Other current liabilities |
|
|
24.7 |
|
|
|
20.1 |
|
Total current liabilities |
|
|
374.5 |
|
|
|
417.2 |
|
Deferred tax liability |
|
|
3.7 |
|
|
|
9.1 |
|
Debt obligations |
|
|
664.3 |
|
|
|
683.8 |
|
Other liabilities |
|
|
107.6 |
|
|
|
71.2 |
|
Total liabilities |
|
|
1,150.1 |
|
|
|
1,181.3 |
|
Commitments and contingencies |
|
|
|
|
Temporary equity |
|
|
|
|
Preferred stock Series A-3 and Series A-4, $0.001 par value |
|
|
17.3 |
|
|
|
17.6 |
|
Shares authorized: 20,000,000 as of both March 31, 2023 and
December 31, 2022 |
|
|
|
|
Shares issued and outstanding: 6,125 of Series A-3 and 10,000 of
Series A-4 as of both March 31, 2023 and December 31,
2022 |
|
|
|
|
Redeemable noncontrolling interest |
|
|
(5.2 |
) |
|
|
43.4 |
|
Total temporary equity |
|
|
12.1 |
|
|
|
61.0 |
|
Stockholders’ deficit |
|
|
|
|
Common stock, $0.001 par value |
|
|
0.1 |
|
|
|
0.1 |
|
Shares authorized: 160,000,000 as of both March 31, 2023 and
December 31, 2022 |
|
|
|
|
Shares issued: 80,537,415 and 80,216,028 as of March 31, 2023
and December 31, 2022, respectively |
|
|
|
|
Shares outstanding: 79,049,423 and 78,787,768 as of March 31,
2023 and December 31, 2022, respectively |
|
|
|
|
Additional paid-in capital |
|
|
326.8 |
|
|
|
330.1 |
|
Treasury stock, at cost: 1,487,992 and 1,428,260 shares as of
March 31, 2023 and December 31, 2022, respectively |
|
|
(5.4 |
) |
|
|
(5.3 |
) |
Accumulated deficit |
|
|
(461.1 |
) |
|
|
(452.1 |
) |
Accumulated other comprehensive (loss) income |
|
|
(1.5 |
) |
|
|
5.9 |
|
Total INNOVATE Corp. stockholders’ deficit |
|
|
(141.1 |
) |
|
|
(121.3 |
) |
Noncontrolling interest |
|
|
23.0 |
|
|
|
30.7 |
|
Total stockholders’ deficit |
|
|
(118.1 |
) |
|
|
(90.6 |
) |
Total liabilities, temporary equity and stockholders’
deficit |
|
$ |
1,044.1 |
|
|
$ |
1,151.7 |
|
|
|
|
|
|
|
|
|
|
INNOVATE
CORP.RECONCILIATION OF NET INCOME (LOSS) TO
ADJUSTED EBITDA(Unaudited)
(in millions) |
|
Three Months Ended March 31, 2023 |
|
|
Infrastructure |
|
Life Sciences |
|
Spectrum |
|
Non-operating Corporate |
|
Other and Eliminations |
|
INNOVATE |
Net income (loss) attributable to INNOVATE Corp. |
|
$ |
2.0 |
|
|
$ |
(2.8 |
) |
|
$ |
(5.0 |
) |
|
$ |
(11.9 |
) |
|
$ |
8.7 |
|
|
$ |
(9.0 |
) |
Adjustments to reconcile net income (loss) to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
4.9 |
|
|
|
0.1 |
|
|
|
1.3 |
|
|
|
— |
|
|
|
— |
|
|
|
6.3 |
|
Depreciation and amortization (included in cost of revenue) |
|
|
3.9 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.9 |
|
Other operating income |
|
|
(0.1 |
) |
|
|
— |
|
|
|
(0.3 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.4 |
) |
Interest expense |
|
|
3.4 |
|
|
|
0.5 |
|
|
|
3.2 |
|
|
|
8.5 |
|
|
|
— |
|
|
|
15.6 |
|
Other (income) expense, net |
|
|
(0.2 |
) |
|
|
(3.9 |
) |
|
|
1.8 |
|
|
|
(1.6 |
) |
|
|
(12.6 |
) |
|
|
(16.5 |
) |
Income tax expense (benefit) |
|
|
1.1 |
|
|
|
— |
|
|
|
— |
|
|
|
1.0 |
|
|
|
(1.2 |
) |
|
|
0.9 |
|
Noncontrolling interest |
|
|
0.2 |
|
|
|
(1.9 |
) |
|
|
(0.6 |
) |
|
|
— |
|
|
|
3.3 |
|
|
|
1.0 |
|
Share-based compensation expense |
|
|
— |
|
|
|
0.2 |
|
|
|
— |
|
|
|
0.3 |
|
|
|
— |
|
|
|
0.5 |
|
Restructuring and exit costs |
|
|
0.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.5 |
|
Acquisition and disposition costs |
|
|
0.6 |
|
|
|
— |
|
|
|
— |
|
|
|
0.2 |
|
|
|
1.3 |
|
|
|
2.1 |
|
Adjusted EBITDA |
|
$ |
16.3 |
|
|
$ |
(7.8 |
) |
|
$ |
0.4 |
|
|
$ |
(3.5 |
) |
|
$ |
(0.5 |
) |
|
$ |
4.9 |
|
(in millions) |
|
Three Months Ended March 31, 2022 |
|
|
Infrastructure |
|
Life Sciences |
|
Spectrum |
|
Non-operating Corporate |
|
Other and Eliminations |
|
INNOVATE |
Net income (loss) attributable to INNOVATE Corp. |
|
$ |
6.1 |
|
|
$ |
(4.1 |
) |
|
$ |
(3.4 |
) |
|
$ |
(11.3 |
) |
|
$ |
0.3 |
|
|
$ |
(12.4 |
) |
Adjustments to reconcile net income (loss) to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
5.3 |
|
|
|
0.1 |
|
|
|
1.5 |
|
|
|
— |
|
|
|
— |
|
|
|
6.9 |
|
Depreciation and amortization (included in cost of revenue) |
|
|
3.7 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.7 |
|
Other operating (income) loss |
|
|
(0.6 |
) |
|
|
— |
|
|
|
0.2 |
|
|
|
— |
|
|
|
— |
|
|
|
(0.4 |
) |
Interest expense |
|
|
2.2 |
|
|
|
— |
|
|
|
2.0 |
|
|
|
8.4 |
|
|
|
— |
|
|
|
12.6 |
|
Other expense (income), net |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
1.5 |
|
|
|
(1.6 |
) |
|
|
— |
|
|
|
0.1 |
|
Income tax expense (benefit) |
|
|
2.9 |
|
|
|
— |
|
|
|
— |
|
|
|
(1.3 |
) |
|
|
— |
|
|
|
1.6 |
|
Noncontrolling interest |
|
|
0.6 |
|
|
|
(2.0 |
) |
|
|
(0.6 |
) |
|
|
— |
|
|
|
0.3 |
|
|
|
(1.7 |
) |
Share-based compensation expense |
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
0.7 |
|
|
|
— |
|
|
|
0.8 |
|
Acquisition and disposition costs |
|
|
0.2 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
0.5 |
|
|
|
(0.5 |
) |
|
|
0.3 |
|
Adjusted EBITDA |
|
$ |
20.5 |
|
|
$ |
(5.8 |
) |
|
$ |
1.3 |
|
|
$ |
(4.6 |
) |
|
$ |
0.1 |
|
|
$ |
11.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INNOVATE (NYSE:VATE)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
INNOVATE (NYSE:VATE)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024