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Share Name | Share Symbol | Market | Type |
---|---|---|---|
INNOVATE Corp | NYSE:VATE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.0336 | -5.14% | 0.62 | 0.6762 | 0.5881 | 0.6501 | 1,605,208 | 01:00:00 |
(in millions, except per share amounts) | Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2023 | 2022 | Increase / (Decrease) | 2023 | 2022 | Increase / (Decrease) | |||||||||||||||
Revenue | $ | 361.0 | $ | 409.3 | (11.8)% | $ | 1,423.0 | $ | 1,637.3 | (13.1) | % | |||||||||
Net loss attributable to common stockholders | $ | (9.6 | ) | $ | (7.0 | ) | (37.1)% | $ | (37.6 | ) | $ | (40.8 | ) | 7.8 | % | |||||
Basic and Diluted loss per share - Net loss attributable to common stockholders | $ | (0.12 | ) | $ | (0.09 | ) | (33.3)% | $ | (0.48 | ) | $ | (0.53 | ) | 9.4 | % | |||||
Total Adjusted EBITDA(1) | $ | 21.5 | $ | 28.1 | (23.5)% | $ | 65.0 | $ | 68.1 | (4.6) | % | |||||||||
(1) Reconciliation of GAAP to Non-GAAP measures follows
Commentary“2023 was another successful year for INNOVATE, with a number of exciting developments across the three operating segments,” said Avie Glazer, Chairman of INNOVATE. “The Infrastructure segment continues to deliver strong results and finished the year with Net Income of $28.7 million and Adjusted EBITDA of $100.6 million. At Life Sciences, MediBeacon and R2 achieved significant milestones in 2023. And at Spectrum, our refocused strategy is in the early innings and we remain excited about the future growth prospects in that business.”
“We are pleased with INNOVATE's 2023 results,” said Paul Voigt, INNOVATE's interim CEO. “Despite a challenging market backdrop, DBM delivered strong results while expanding margin throughout the year. At Pansend, MediBeacon made significant progress towards FDA approval, while R2 has experienced strong North America unit sales growth. Finally, Broadcasting launched new networks, is entering into agreements with public broadcast networks and are actively exploring broadcasting 5G opportunities in the United States.”
Fourth Quarter 2023 Highlights
Infrastructure
Life Sciences
Spectrum
Fourth Quarter 2023 Financial Highlights
REVENUE by OPERATING SEGMENT | |||||||||||||||||||
(in millions) | Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||
2023 | 2022 | Increase / (Decrease) | 2023 | 2022 | Increase / (Decrease) | ||||||||||||||
Infrastructure | $ | 353.8 | $ | 397.3 | $ | (43.5 | ) | $ | 1,397.2 | $ | 1,594.3 | $ | (197.1 | ) | |||||
Life Sciences | 1.5 | 1.3 | 0.2 | 3.3 | 4.3 | (1.0 | ) | ||||||||||||
Spectrum | 5.7 | 10.7 | (5.0 | ) | 22.5 | 38.7 | (16.2 | ) | |||||||||||
Consolidated INNOVATE | $ | 361.0 | $ | 409.3 | $ | (48.3 | ) | $ | 1,423.0 | $ | 1,637.3 | $ | (214.3 | ) | |||||
NET INCOME (LOSS) by OPERATING SEGMENT | |||||||||||||||||||||||
(in millions) | Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
2023 | 2022 | Increase / (Decrease) | 2023 | 2022 | Increase / (Decrease) | ||||||||||||||||||
Infrastructure | $ | 8.9 | $ | 5.9 | $ | 3.0 | $ | 28.7 | $ | 29.2 | $ | (0.5 | ) | ||||||||||
Life Sciences | (6.2 | ) | (4.3 | ) | (1.9 | ) | (15.5 | ) | (19.2 | ) | 3.7 | ||||||||||||
Spectrum | (5.4 | ) | (2.8 | ) | (2.6 | ) | (22.2 | ) | (13.3 | ) | (8.9 | ) | |||||||||||
Non-Operating Corporate | (5.4 | ) | (4.9 | ) | (0.5 | ) | (33.2 | ) | (35.3 | ) | 2.1 | ||||||||||||
Other and eliminations | (1.2 | ) | 0.4 | (1.6 | ) | 7.0 | 2.7 | 4.3 | |||||||||||||||
Net loss attributable to INNOVATE Corp. | $ | (9.3 | ) | $ | (5.7 | ) | (3.6 | ) | $ | (35.2 | ) | $ | (35.9 | ) | $ | 0.7 | |||||||
Less: Preferred dividends | 0.3 | 1.3 | (1.0 | ) | 2.4 | 4.9 | (2.5 | ) | |||||||||||||||
Net loss attributable to common stockholders | $ | (9.6 | ) | $ | (7.0 | ) | $ | (2.6 | ) | $ | (37.6 | ) | $ | (40.8 | ) | $ | 3.2 | ||||||
ADJUSTED EBITDA by OPERATING SEGMENT | |||||||||||||||||||||||
(in millions) | Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
2023 | 2022 | Increase / (Decrease) | 2023 | 2022 | Increase/ (Decrease) | ||||||||||||||||||
Infrastructure | $ | 30.0 | $ | 32.7 | $ | (2.7 | ) | $ | 100.6 | $ | 101.7 | $ | (1.1 | ) | |||||||||
Life Sciences | (7.1 | ) | (4.5 | ) | (2.6 | ) | (23.1 | ) | (25.4 | ) | 2.3 | ||||||||||||
Spectrum | 1.1 | 2.5 | (1.4 | ) | 2.0 | 4.5 | (2.5 | ) | |||||||||||||||
Non-Operating Corporate | (2.5 | ) | (3.7 | ) | 1.2 | (13.5 | ) | (16.7 | ) | 3.2 | |||||||||||||
Other and eliminations | — | 1.1 | (1.1 | ) | (1.0 | ) | 4.0 | (5.0 | ) | ||||||||||||||
Total Adjusted EBITDA | $ | 21.5 | $ | 28.1 | $ | (6.6 | ) | $ | 65.0 | $ | 68.1 | $ | (3.1 | ) | |||||||||
New York Stock Exchange Continued Listing Standards Notice
On February 26, 2024, the Company received written notice (the “Notice”) from the New York Stock Exchange (“NYSE”) that it does not presently meet NYSE’s continued listing standard requiring a minimum average closing price of $1.00 per share over 30 consecutive trading days. The Notice does not result in the immediate delisting of the Company’s stock from the NYSE.
The Company plans to notify the NYSE that it intends to regain compliance and is considering all available options that are in the best interests of the Company and its shareholders. The Company has six months ("the Cure Period") following receipt of the notice to regain compliance with the minimum share price requirement. The Company can regain compliance at any time during the Cure Period if on the last trading day of any calendar month during the Cure Period the Company has a closing share price of at least $1.00 per share and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month.
Under NYSE rules, the Company’s common stock will continue to be listed on the NYSE during the Cure Period, subject to the Company’s compliance with other NYSE continued listing requirements.
The Notice does not affect the Company’s business operations, or its Securities and Exchange Commission reporting requirements, and does not conflict with or trigger any violation under the Company’s material debt or other agreements.
Conference Call
INNOVATE will host a live conference call to discuss its fourth quarter and full year 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.
*Available approximately two hours after the end of the conference call through March 18, 2024.
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 4,000 people across its subsidiaries. For more information, please visit: www.INNOVATECorp.com.
Contacts
Investor Contact:Anthony Rozmusir@innovatecorp.com(212) 235-2691
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, if applicable) and Adjusted EBITDA for its operating segments. In addition, other companies may define Adjusted EBITDA differently than we do, which could limit its usefulness.
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.
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); non-controlling interest; share-based compensation expense; legacy accounts receivable 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 press release include, without limitation, any statements regarding INNOVATE’s plans and expectations for future growth and ability to capitalize on potential opportunities, 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 continued sale of new products in the Life Sciences segment, anticipated developments regarding the FDA approval process at MediBeacon, anticipated performance of new channels and LPTV frequencies, expanded uses for LPTV channels in the Spectrum segment and the deployment of datacasting, anticipated agreements in the Spectrum segment with public broadcast networks, anticipated 5G broadcasting opportunities in the Spectrum segment, anticipated developments regarding Federal Communications Commission approval to convert existing station to 5G broadcast, our intentions to regain compliance with the NYSE's continued listing standards, 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 and Israel; 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; 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 press release.
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. | |||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(in millions, except per share amounts) | |||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Revenue | $ | 361.0 | $ | 409.3 | $ | 1,423.0 | $ | 1,637.3 | |||||||
Cost of revenue | 299.9 | 346.4 | 1,207.0 | 1,415.9 | |||||||||||
Gross profit | 61.1 | 62.9 | 216.0 | 221.4 | |||||||||||
Operating expenses: | |||||||||||||||
Selling, general and administrative | 41.4 | 49.8 | 168.0 | 180.1 | |||||||||||
Depreciation and amortization | 4.3 | 6.6 | 20.2 | 27.2 | |||||||||||
Other operating loss | 1.4 | — | 1.3 | 0.7 | |||||||||||
Income from operations | 14.0 | 6.5 | 26.5 | 13.4 | |||||||||||
Other (expense) income: | |||||||||||||||
Interest expense | (19.2 | ) | (13.6 | ) | (68.2 | ) | (52.0 | ) | |||||||
(Loss) income from equity investees | (3.6 | ) | 0.8 | (9.4 | ) | (1.3 | ) | ||||||||
Other (expense) income, net | (0.5 | ) | (1.7 | ) | 16.7 | (1.2 | ) | ||||||||
Loss from operations before income taxes | (9.3 | ) | (8.0 | ) | (34.4 | ) | (41.1 | ) | |||||||
Income tax (expense) benefit | (1.3 | ) | 0.7 | (4.5 | ) | (0.9 | ) | ||||||||
Net loss | (10.6 | ) | (7.3 | ) | (38.9 | ) | (42.0 | ) | |||||||
Net loss attributable to non-controlling interests and redeemable non-controlling interests | 1.3 | 1.6 | 3.7 | 6.1 | |||||||||||
Net loss attributable to INNOVATE Corp. | (9.3 | ) | (5.7 | ) | (35.2 | ) | (35.9 | ) | |||||||
Less: Preferred dividends | 0.3 | 1.3 | 2.4 | 4.9 | |||||||||||
Net loss attributable to common stockholders | $ | (9.6 | ) | $ | (7.0 | ) | $ | (37.6 | ) | $ | (40.8 | ) | |||
Loss per share - basic and diluted | $ | (0.12 | ) | $ | (0.09 | ) | $ | (0.48 | ) | $ | (0.53 | ) | |||
Weighted average common shares outstanding - basic and diluted | 78.5 | 77.6 | 78.1 | 77.5 | |||||||||||
INNOVATE CORP. | |||||||
CONSOLIDATED BALANCE SHEETS | |||||||
(in millions, except share amounts) | |||||||
(Unaudited) | |||||||
December 31,2023 | December 31,2022 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 80.8 | $ | 80.4 | |||
Accounts receivable, net | 278.4 | 254.9 | |||||
Contract assets | 118.6 | 165.1 | |||||
Inventory | 22.4 | 18.9 | |||||
Assets held for sale | 3.1 | — | |||||
Other current assets | 14.6 | 17.1 | |||||
Total current assets | 517.9 | 536.4 | |||||
Investments | 1.8 | 59.5 | |||||
Deferred tax asset | 2.0 | 1.7 | |||||
Property, plant and equipment, net | 154.6 | 165.0 | |||||
Goodwill | 127.1 | 127.1 | |||||
Intangibles, net | 178.9 | 190.1 | |||||
Other assets | 61.3 | 71.9 | |||||
Total assets | $ | 1,043.6 | $ | 1,151.7 | |||
Liabilities, temporary equity and stockholders’ deficit | |||||||
Current liabilities | |||||||
Accounts payable | $ | 142.9 | $ | 202.5 | |||
Accrued liabilities | 70.8 | 65.4 | |||||
Current portion of debt obligations | 30.5 | 30.6 | |||||
Contract liabilities | 153.5 | 98.6 | |||||
Other current liabilities | 16.1 | 20.1 | |||||
Total current liabilities | 413.8 | 417.2 | |||||
Deferred tax liability | 4.1 | 9.1 | |||||
Debt obligations | 679.3 | 683.8 | |||||
Other liabilities | 82.7 | 71.2 | |||||
Total liabilities | 1,179.9 | 1,181.3 | |||||
Commitments and contingencies | |||||||
Temporary equity | |||||||
Preferred stock Series A-3 and Series A-4, $0.001 par value | 16.4 | 17.6 | |||||
Shares authorized: 20,000,000 as of both December 31, 2023 and 2022 | |||||||
Shares issued and outstanding: 6,125 of Series A-3 and 10,000 of Series A-4 as of both December 31, 2023 and 2022 | |||||||
Redeemable non-controlling interest | (1.0 | ) | 43.4 | ||||
Total temporary equity | 15.4 | 61.0 | |||||
Stockholders’ deficit | |||||||
Common stock, $0.001 par value | 0.1 | 0.1 | |||||
Shares authorized: 160,000,000 as of both December 31, 2023 and 2022 | |||||||
Shares issued: 80,722,983 and 80,216,028 as of December 31, 2023 and 2022, respectively | |||||||
Shares outstanding: 79,234,991 and 78,787,768 as of December 31, 2023 and 2022, respectively | |||||||
Additional paid-in capital | 328.2 | 330.1 | |||||
Treasury stock, at cost: 1,487,992 and 1,428,260 shares as of December 31, 2023 and 2022, respectively | (5.4 | ) | (5.3 | ) | |||
Accumulated deficit | (487.3 | ) | (452.1 | ) | |||
Accumulated other comprehensive (loss) income | (1.1 | ) | 5.9 | ||||
Total INNOVATE Corp. stockholders’ deficit | (165.5 | ) | (121.3 | ) | |||
Non-controlling interest | 13.8 | 30.7 | |||||
Total stockholders’ deficit | (151.7 | ) | (90.6 | ) | |||
Total liabilities, temporary equity and stockholders’ deficit | $ | 1,043.6 | $ | 1,151.7 | |||
INNOVATE CORP. | ||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
(in millions) | Three Months Ended December 31, 2023 | |||||||||||||||||||||
Infrastructure | Life Sciences | Spectrum | Non-OperatingCorporate | Other andEliminations | INNOVATE | |||||||||||||||||
Net income (loss) attributable to INNOVATE Corp. | $ | 8.9 | $ | (6.2 | ) | $ | (5.4 | ) | $ | (5.4 | ) | $ | (1.2 | ) | $ | (9.3 | ) | |||||
Adjustments to reconcile net income (loss) to Adjusted EBITDA: | ||||||||||||||||||||||
Depreciation and amortization | 2.8 | 0.2 | 1.3 | — | — | 4.3 | ||||||||||||||||
Depreciation and amortization (included in cost of revenue) | 4.0 | — | — | — | — | 4.0 | ||||||||||||||||
Other operating (income) loss | — | — | (0.2 | ) | 0.5 | 1.1 | 1.4 | |||||||||||||||
Interest expense | 3.5 | 0.8 | 3.4 | 11.5 | — | 19.2 | ||||||||||||||||
Other (income) expense, net | — | — | 2.2 | (1.8 | ) | 0.1 | 0.5 | |||||||||||||||
Income tax expense (benefit) | 9.2 | — | 0.3 | (8.2 | ) | — | 1.3 | |||||||||||||||
Non-controlling interest | 0.9 | (1.7 | ) | (0.5 | ) | — | — | (1.3 | ) | |||||||||||||
Share-based compensation expense | — | (0.3 | ) | — | 0.5 | — | 0.2 | |||||||||||||||
Acquisition and disposition costs | 0.7 | 0.1 | — | 0.4 | — | 1.2 | ||||||||||||||||
Adjusted EBITDA | $ | 30.0 | $ | (7.1 | ) | $ | 1.1 | $ | (2.5 | ) | $ | — | $ | 21.5 | ||||||||
(in millions) | Three Months Ended December 31, 2022 | |||||||||||||||||||||
Infrastructure | Life Sciences | Spectrum | Non-Operating Corporate | Other and Eliminations | INNOVATE | |||||||||||||||||
Net income (loss) attributable to INNOVATE Corp. | $ | 5.9 | $ | (4.3 | ) | $ | (2.8 | ) | $ | (4.9 | ) | $ | 0.4 | $ | (5.7 | ) | ||||||
Adjustments to reconcile net income (loss) to Adjusted EBITDA: | ||||||||||||||||||||||
Depreciation and amortization | 5.1 | 0.1 | 1.4 | — | — | 6.6 | ||||||||||||||||
Depreciation and amortization (included in cost of revenue) | 3.8 | — | — | — | — | 3.8 | ||||||||||||||||
Interest expense | 3.1 | 0.6 | 1.3 | 8.6 | — | 13.6 | ||||||||||||||||
Other expense (income), net | 0.9 | 0.8 | 2.1 | (1.9 | ) | (0.2 | ) | 1.7 | ||||||||||||||
Income tax expense (benefit) | 5.1 | — | (0.1 | ) | (6.4 | ) | 0.7 | (0.7 | ) | |||||||||||||
Non-controlling interest | 0.5 | (1.9 | ) | (0.4 | ) | — | 0.2 | (1.6 | ) | |||||||||||||
Share-based compensation expense | — | 0.2 | — | 0.5 | — | 0.7 | ||||||||||||||||
Restructuring and exit costs | 6.4 | — | 0.7 | — | — | 7.1 | ||||||||||||||||
Acquisition and disposition costs | 1.9 | — | 0.3 | 0.4 | — | 2.6 | ||||||||||||||||
Adjusted EBITDA | $ | 32.7 | $ | (4.5 | ) | $ | 2.5 | $ | (3.7 | ) | $ | 1.1 | $ | 28.1 | ||||||||
INNOVATE CORP. | |||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
(in millions) | Year Ended December 31, 2023 | ||||||||||||||||||||||
Infrastructure | Life Sciences | Spectrum | Non-OperatingCorporate | Other andEliminations | INNOVATE | ||||||||||||||||||
Net income (loss) attributable to INNOVATE Corp. | $ | 28.7 | $ | (15.5 | ) | $ | (22.2 | ) | $ | (33.2 | ) | $ | 7.0 | $ | (35.2 | ) | |||||||
Adjustments to reconcile net income (loss) to Adjusted EBITDA: | |||||||||||||||||||||||
Depreciation and amortization | 14.4 | 0.5 | 5.2 | 0.1 | — | 20.2 | |||||||||||||||||
Depreciation and amortization (included in cost of revenue) | 15.7 | 0.1 | — | — | — | 15.8 | |||||||||||||||||
Other operating (income) loss | (0.2 | ) | — | (0.1 | ) | 0.5 | 1.1 | 1.3 | |||||||||||||||
Interest expense | 13.8 | 2.9 | 13.4 | 38.1 | — | 68.2 | |||||||||||||||||
Other (income) expense, net | (1.2 | ) | (4.1 | ) | 7.7 | (6.7 | ) | (12.4 | ) | (16.7 | ) | ||||||||||||
Income tax expense (benefit) | 20.2 | — | 0.3 | (14.8 | ) | (1.2 | ) | 4.5 | |||||||||||||||
Non-controlling interest | 2.8 | (7.3 | ) | (2.5 | ) | — | 3.3 | (3.7 | ) | ||||||||||||||
Share-based compensation expense | — | 0.2 | — | 2.0 | — | 2.2 | |||||||||||||||||
Legacy accounts receivable expense | 2.2 | — | — | — | — | 2.2 | |||||||||||||||||
Restructuring and exit costs | 2.1 | — | 0.1 | — | — | 2.2 | |||||||||||||||||
Acquisition and disposition costs | 2.1 | 0.1 | 0.1 | 0.5 | 1.2 | 4.0 | |||||||||||||||||
Adjusted EBITDA | $ | 100.6 | $ | (23.1 | ) | $ | 2.0 | $ | (13.5 | ) | $ | (1.0 | ) | $ | 65.0 | ||||||||
(in millions) | Year Ended December 31, 2022 | ||||||||||||||||||||||
Infrastructure | Life Sciences | Spectrum | Non-Operating Corporate | Other and Eliminations | INNOVATE | ||||||||||||||||||
Net income (loss) attributable to INNOVATE Corp. | $ | 29.2 | $ | (19.2 | ) | $ | (13.3 | ) | $ | (35.3 | ) | $ | 2.7 | $ | (35.9 | ) | |||||||
Adjustments to reconcile net income (loss) to Adjusted EBITDA: | |||||||||||||||||||||||
Depreciation and amortization | 21.0 | 0.3 | 5.8 | 0.1 | — | 27.2 | |||||||||||||||||
Depreciation and amortization (included in cost of revenue) | 15.0 | — | — | — | — | 15.0 | |||||||||||||||||
Other operating (income) loss | (0.6 | ) | — | 1.3 | — | — | 0.7 | ||||||||||||||||
Interest expense | 10.1 | 0.8 | 7.4 | 33.7 | — | 52.0 | |||||||||||||||||
Other (income) expense, net | (1.0 | ) | 0.4 | 3.9 | (1.9 | ) | (0.2 | ) | 1.2 | ||||||||||||||
Income tax expense (benefit) | 16.5 | — | (0.1 | ) | (16.2 | ) | 0.7 | 0.9 | |||||||||||||||
Non-controlling interest | 2.8 | (8.2 | ) | (1.9 | ) | — | 1.2 | (6.1 | ) | ||||||||||||||
Share-based compensation expense | — | 0.5 | — | 1.9 | — | 2.4 | |||||||||||||||||
Restructuring and exit costs | 6.5 | — | 0.7 | — | — | 7.2 | |||||||||||||||||
Acquisition and disposition costs | 2.2 | — | 0.7 | 1.0 | (0.4 | ) | 3.5 | ||||||||||||||||
Adjusted EBITDA | $ | 101.7 | $ | (25.4 | ) | $ | 4.5 | $ | (16.7 | ) | $ | 4.0 | $ | 68.1 |
1 Year INNOVATE Chart |
1 Month INNOVATE Chart |
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