Innovate Corp. · NYSE:VATE
Innovate — Q1 2022 Earnings Presentation
14 slides from Innovate's earnings presentation, May 4, 2022
Slide 1: INNOVATE Corp. Q1 2022 Earnings Release Supplement
INNOVATE Corp. Q1 2022 Earnings Release Supplement May 4, 2022 © INNOVATE Corp. 2022
Slide 2: Safe Harbor Disclaimers
Safe Harbor Disclaimers 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 contain, "forward-looking stat
Slide 3: Safe Harbor Disclaimers - Non-GAAP Financial Measures
Safe Harbor Disclaimers 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 results for discontinued
Slide 4: First Quarter 2022 Highlights
First Quarter 2022 Highlights Continued execution across all three operating segments kicks off strong start to 2022 (1) ■ Achieved revenue and Adjusted EBITDA growth of 140.3% and 1,050.0%, respectively ■ DBM delivered strong year-over-year growth in revenue, net income and adjusted EBITDA driven b
Slide 5: Segment Highlights
Segment Highlights Infrastructure Highlights Life Sciences Highlights Spectrum Highlights ■ Reported Backlog = $1.4B ■ 1Q22 Adjusted EBITDA(2) of $1.3M ■ Total adjusted backlog(1) = $1.7B ■ R2 has now shipped 100 ■ Completed construction of 22 new ■ Converting backlog to revenue GLACIAL® devices to
Slide 6: Q1 2022 Financial Highlights
Q1 2022 Financial Highlights Consolidated Q1 Results Revenue ■ Revenue increased $241.0M or 140.3% driven by our Infrastructure segment, due primarily to DBM's recent acquisition of Banker Steel and increases in Infrastructure market demand along with larger ($ millions) 1Q22 1Q21 projects entering
Slide 7: Segment Highlights - Infrastructure
Segment Highlights - Infrastructure DBM Global ("DBM") Overview Financials ($ millions) 1Q22 1Q21 ■ 149.3% revenue increase due to the acquisition of Banker Steel as well as an increase from the fabrication and erection business, Revenue $ 402.2 $ 161.3 partially offset by a decrease at the construc
Slide 8: Segment Highlights - Life Sciences
Segment Highlights - Life Sciences Pansend Life Sciences ("Pansend") R2 Technologies MediBeacon ■ R2 has now shipped 100 GLACIAL® devices to customers globally, and ■ Plans to submit IDE application to the FDA for their U.S. Pivotal Study in the those customers have performed more than 15,000 GLACIA
Slide 9: Segment Highlights - Spectrum
Segment Highlights - Spectrum HC2 Broadcasting ("Broadcasting") Overview Financials ■ Sixth consecutive quarter of positive Adjusted EBITDA contribution ($ millions) 1Q22 1Q21 ■ In the first quarter 2022, Spectrum completed nearly all its remaining Station Group $ 4.8 $ 4.5 station builds, adding 22
Slide 10: Current Credit Picture
Current Credit Picture Debt Summary Debt Amortization and Maturity Profile ($ millions) Maturity Mar-22 Dec-21 $500.0 ($ millions) $461.8 8.50% Senior Secured Notes 2026 $ 330.0 $ 330.0 7.50% Convertible Senior Notes 2022 3.2 3.2 $400.0 7.50% Convertible Senior Notes 2026 51.8 51.8 Line of Credit 20
Slide 11: Appendix: Select GAAP Financials & Non-GAAP Reconciliations
Appendix Select GAAP Financials & Non-GAAP Reconciliations © INNOVATE Corp. 2022
Slide 12: INNOVATE Selected GAAP Financials
INNOVATE Selected GAAP Financials Income Statement - Unaudited (in millions) Three Months ended March 31, 2022 2021 Revenue $ 412.8 $ 171.8 Cost of revenue 363.0 141.3 Gross profit 49.8 30.5 Operating expenses: Selling, general and administrative 42.6 37.1 Depreciation and amortization 6.9 3.9 Other
Slide 13: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA
Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA (in millions) Three Months ended March 31, 2022 Non-operating Other and Infrastructure Life Sciences Spectrum Corporate Elimination INNOVATE Net (loss) attributable to INNOVATE Corp. $ (12.4) Less: Discontinued operations — Net Income (los
Slide 14: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA
Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA (in millions) Three Months ended March 31, 2021 Non-operating Other and Infrastructure Life Sciences Spectrum Corporate Elimination INNOVATE Net income attributable to INNOVATE Corp. $ 12.6 Less: Discontinued operations 51.9 Net Income (lo