Innovate Corp. · NYSE:VATE
Innovate — Q4 2021 Earnings Presentation
16 slides from Innovate's earnings presentation, Mar 9, 2022
Slide 1: INNOVATE Corp. Q4 2021 Earnings Release Supplement
© INNOVATE Corp. 2022 INNOVATE Corp. Q4 2021 Earnings Release Supplement March 9, 2022
Slide 2: Safe Harbor Disclaimers: Forward-Looking Statements
© INNOVATE Corp. 2022 Safe Harbor Disclaimers 2 Cautionary Statement Regarding Forward-Looking Statements Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This presentation contains, and certain oral statements made by our representatives from time to time may contai
Slide 3: Safe Harbor Disclaimers: Non-GAAP Financial Measures
© INNOVATE Corp. 2022 Safe Harbor Disclaimers 3 Non-GAAP Financial Measures In this earnings release supplement, INNOVATE refers to certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including Adjusted EBITDA, which excludes r
Slide 4: 2021 was a Transformational Year for INNOVATE Corp.
© INNOVATE Corp. 2022 2021 was a Transformational Year for INNOVATE Corp. Full Year 2021 Highlights 4 ■ Sharpened strategic focus on three best-in-class assets ■ Strengthened capital structure and improved financial flexibility ■ Changed name to INNOVATE Corp. ■ DBM acquired Banker Steel ■ Infused R
Slide 5: Segment Highlights
© INNOVATE Corp. 2022 ■ 4Q21 Net Loss of $3.3M, and Adjusted EBITDA(2) of $1.6M ■ Full year 12/31/2021 Adjusted EBITDA(2) of $6.9M ■ Completed construction of 21 new broadcast stations in January 2022 ■ Renewed carriage agreements with long-standing clients such as Sony Media’s GetTV and LATV networ
Slide 6: Consolidated Q4 Results
© INNOVATE Corp. 2022 Consolidated Q4 Results ■ Revenue increased $216.8M or 121.8% driven by our Infrastructure segment, due primarily to DBM's recent acquisition of Banker Steel and increases across the DBM platform ■ Net Loss attributable to common stock and participating preferred stockholders o
Slide 7: Segment Highlights - Infrastructure
© INNOVATE Corp. 2022 ■ Strong backlog provides runway for future cash generation of the business ■ Convert backlog to revenue while maintaining backlog levels by adding larger projects to deep pipeline ■ 129.6% revenue increase due to the acquisition of Banker Steel as well as higher revenues acros
Slide 8: Segment Highlights - Life Sciences
© INNOVATE Corp. 2022 MediBeaconR2 Technologies (1) Investment-to-date totals and equity ownership percentages are as of December 31, 2021. (2) MediBeacon agents and devices are not approved for human use by any regulatory agency. Company Investment to Date Equity % Fully Diluted % R2 Technologies $
Slide 9: Segment Highlights - Spectrum
© INNOVATE Corp. 2022 Financials ($ millions) 4Q21 4Q20 Station Group $ 5.0 $ 4.3 Network ("Azteca") 5.7 6.7 Revenue $ 10.7 $ 11.0 Net (Loss) Income $ (3.3) $ 10.0 Adjusted EBITDA (1) $ 1.6 $ 1.2 9 Segment Highlights - Spectrum HC2 Broadcasting ("Broadcasting") 224 45 238 Central Cast Integrated Ope
Slide 10: Current Credit Picture
© INNOVATE Corp. 2022 (1) Borrowing rate on Line of Credit reduced from LIBOR plus 6.75% to LIBOR plus 5.75% in February 2021. (2) Excludes cash included in Discontinued Operations. (3) Debt Maturity Profile excludes Preferred Stock and capital leases (4) Infrastructure Line of Credit reflects matur
Slide 11: Appendix: Select GAAP Financials & Non-GAAP Reconciliations
© INNOVATE Corp. 2022 Appendix Select GAAP Financials & Non-GAAP Reconciliations
Slide 12: INNOVATE Selected GAAP Financials
© INNOVATE Corp. 2022 INNOVATE Selected GAAP Financials Income Statement - Unaudited (in millions) Three Months ended December 31, Twelve Months ended December 31, 2021 2020 2021 2020 Revenue $ 394.8 $ 178.0 $ 1,205.2 $ 716.9 Cost of revenue 333.1 140.8 1,021.5 588.5 Gross profit 61.7 37.2 183.7 128
Slide 13: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA
© INNOVATE Corp. 2022 Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA 13 (in millions) Three Months ended December 31, 2021 Infrastructure Life Sciences Spectrum Non-operating Corporate Other and Elimination INNOVATE Net (loss) attributable to INNOVATE Corp. $ (4.7) Less: Discontinued o
Slide 14: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA
© INNOVATE Corp. 2022 Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA 14 (in millions) Twelve Months ended December 31, 2021 Infrastructure Life Sciences Spectrum Non-operating Corporate Other and Eliminations INNOVATE Net (loss) attributable to INNOVATE Corp. $ (227.5) Less: Discontinu
Slide 15: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA
© INNOVATE Corp. 2022 Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA 15 (in millions) Three Months ended December 31, 2020 Infrastructure Life Sciences Spectrum Non-operating Corporate Other and Elimination INNOVATE Net (loss) attributable to INNOVATE Corp. $ (4.7) Less: Discontinued o
Slide 16: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA
© INNOVATE Corp. 2022 Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA 16 (in millions) Twelve Months ended December 31, 2020 Infrastructure Life Sciences Spectrum Non-operating Corporate Other and Eliminations INNOVATE Net (loss) attributable to INNOVATE Corp. $ (92.0) Less: Discontinue