Innovate Corp. · NYSE:VATE
Innovate — HC2 Holdings — Q3 2020 Earnings Presentation
13 slides from Innovate's earnings presentation, Nov 9, 2020
Slide 1: Q3 2020 Earnings Release Supplement
HC2 Holdings, Inc. Q3 2020 Earnings Release Supplement November 9th, 2020 © HC2 HOLDINGS, INC. 2020
Slide 2: Safe Harbor Disclaimers: Forward-Looking Statements
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 state
Slide 3: Safe Harbor Disclaimers: Non-GAAP Financial Measures
Safe Harbor Disclaimers Non-GAAP Financial Measures In this earnings release supplement, HC2 refers to certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including Adjusted EBITDA (excluding the Insurance segment) and Adjusted
Slide 4: Q3 2020 Key Highlights
Q3 2020 Key Highlights Infrastructure ▪ 3Q20 Net Income of $2.5M; Adjusted EBITDA of $17.7M. ▪ Contract backlog of $435.9M as of 3Q20; approximately $640M on an adjusted basis. Life Sciences ▪ R2 Technologies officially commenced pre-order process in advance of launching its Glacial Rx skin lighteni
Slide 5: HC2 Update: Holdco Rights Offering & Refinancing
HC2 Update Holdco Rights Offering & Refinancing ▪ Rights Offering would provide a prudent way to raise capital and to strengthen our balance sheet. – Expect to utilize net proceeds for general corporate purposes, including debt service and working capital. – Capital infusion reduces short-term liqui
Slide 6: HC2 Financial Summary
HC2 Financial Summary Selected GAAP Financials Three Months Ended Nine Months Ended (in millions, except per share amounts) September 30, September 30, 2020 2019 2020 2019 Net revenue $ 393.3 $ 427.5 $ 1,215.1 $ 1,355.7 Total operating expenses 395.4 420.0 1,239.1 1,289.0 Income (loss) from operatio
Slide 7: HC2 Segment Financial Summary
HC2 Segment Financial Summary Non-GAAP Measures1: Adjusted EBITDA & Pre-tax Insurance AOI (in millions) Three Months Ended September 30, Nine Months Ended September 30, Increase / Increase / 2020 2019 (Decrease) 2020 2019 (Decrease) Infrastructure $ 17.7 $ 19.4 $ (1.7) $ 45.8 $ 54.9 $ (9.1) Clean En
Slide 8: Non-GAAP Reconciliations
Non-GAAP Reconciliations © HC2 HOLDINGS, INC. 2020 8
Slide 9: (Loss) to Adjusted EBITDA: Three Months 2020
Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA (in millions) Three Months Ended September 30, 2020 Non- Other and Operating Infrastructure Clean Energy Telecom Life Sciences Spectrum Eliminations Corporate HC2 Net loss attributable to HC2 Holdings, Inc. $ (17.3) Less: Net income attrib
Slide 10: (Loss) to Adjusted EBITDA: Nine Months 2020
Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA (in millions) Nine Months Ended September 30, 2020 Other and Non-operating Infrastructure Clean Energy Telecom Life Sciences Spectrum Eliminations Corporate HC2 Net loss attributable to HC2 Holdings, Inc. $ (87.3) Less: Net income attribut
Slide 11: (Loss) to Adjusted EBITDA: Three Months 2019
Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA (in millions) Three Months Ended September 30, 2019 Other and Non-operating Infrastructure Clean Energy Telecom Life Sciences Spectrum Eliminations Corporate HC2 Net loss attributable to HC2 Holdings, Inc. $ (7.1) Less: Net income attribut
Slide 12: (Loss) to Adjusted EBITDA: Nine Months 2019
Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA (in millions) Nine Months Ended September 30, 2019 Other and Non-operating Infrastructure Clean Energy Telecom Life Sciences Spectrum Eliminations Corporate HC2 Net loss attributable to HC2 Holdings, Inc. $ (0.5) Less: Net income attributa
Slide 13: Net Income to Pre-tax Insurance AOI
Reconciliation of U.S. GAAP Income to Pre-tax Insurance AOI The table below shows the adjustments made to the reported Net income of the Insurance segment to calculate Insurance AOI and Pre-tax Insurance AOI. (in millions) Three Months Ended September 30, Nine months ended September 30, Increase / I