Innovate Corp. · NYSE:VATE
Innovate — Q4 2024 Earnings Presentation
16 slides from Innovate's earnings presentation, Mar 31, 2025
Slide 1: Q4 2024 Earnings Release Supplement
INNOVATE Corp. ™ 2025 INNOVATE Corp. Q4 2024 Earnings Release Supplement March 31, 2025
Slide 2: Safe Harbor Disclaimers: Forward-Looking Statements
INNOVATE Corp. ™ 2025 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. ™ 2025 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 Total Adjusted EBITDA (excluding
Slide 4: Fourth Quarter and Recent Highlights
INNOVATE Corp. ™ 2025 ■ DBM Global Inc. ("DBM Global") backlog levels held steady and ended the year with an adjusted backlog of $1.1 billion. In the first quarter 2025, DBM has added over $500 million to the adjusted backlog. ■ Subsequent to the fourth quarter, MediBeacon® Transdermal GFR System re
Slide 5: Segment Highlights
INNOVATE Corp. ™ 2025 ■ Reported backlog of $1.0B and total adjusted backlog(1) of $1.1B. ■ Gross margin expanded in the fourth quarter over the prior year period to 18.2%. ■ Added over $500M to adjusted backlog(1) in the first quarter of 2025. ■ New network launches and expanded coverage with exist
Slide 6: Consolidated Q4 Results
INNOVATE Corp. ™ 2025 Consolidated Q4 Results ■ Revenue decreased $124.4M or 34.5% driven by our Infrastructure segment, which was partially offset by increases at our Life Sciences and Spectrum segments. The decrease at our Infrastructure segment was primarily driven by the timing and size of proje
Slide 7: Segment Highlights - Infrastructure
INNOVATE Corp. ™ 2025 ■ Convert backlog to revenue while assessing additional opportunities to add to backlog in the commercial and industrial sectors as they come to market. ■ Continues to see sizable projects and opportunity in the market and its pipeline for 2025. ■ Opportunity to capitalize on g
Slide 8: Segment Highlights - Life Sciences
INNOVATE Corp. ™ 2025 ■ Subsequent to the quarter, MediBeacon® Transdermal GFR System received FDA approval to assess kidney function, as well as device approval in China. ■ R2 grew revenue 173% over the prior year quarter and 197% for the full year, year-over-year. ■ R2 experienced system unit sale
Slide 9: Segment Highlights - Spectrum
INNOVATE Corp. ™ 2025 ■ Expect new entrants into OTA throughout 2025 as more streaming networks are expanding to over-the-air coverage. ■ Continue to actively explore opportunities related to ATSC 3.0 and 5G broadcast TV. ■ Longer-term opportunities for OTA spectrum that include a new incentive auct
Slide 10: Current Credit Picture
INNOVATE Corp. ™ 2025 (1) Debt Maturity Profile excludes Preferred Stock and operating leases (2) Debt Amortization and Maturity Profile chart presents debt annual amortization and maturity payments (3) Excludes restricted cash Debt Summary(1) ($ millions) Maturity Dec-24 Dec-23 8.50% Senior Secured
Slide 11: Appendix: Select GAAP Financials & Non-GAAP Reconciliations
INNOVATE Corp. ™ 2025 Appendix Select GAAP Financials & Non-GAAP Reconciliations
Slide 12: Selected GAAP Financials Income Statement
INNOVATE Corp. ™ 2025 INNOVATE Selected GAAP Financials Income Statement (Unaudited) (in millions) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Revenue $ 236.6 $ 361.0 $ 1,107.1 $ 1,423.0 Cost of revenue 190.2 299.9 898.3 1,207.0 Gross profit 46.4 61.1 208.8 216.0 Oper
Slide 13: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA - Q4 2024
INNOVATE Corp. ™ 2025 Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA 13 (in millions) Three Months Ended December 31, 2024 Infrastructure Life Sciences Spectrum Non-Operating Corporate Other and Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 8.7 $ (5.4) $ (4.6
Slide 14: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA - FY 2024
INNOVATE Corp. ™ 2025 Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA 14 (in millions) Year Ended December 31, 2024 Infrastructure Life Sciences Spectrum Non-Operating Corporate Other and Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 40.3 $ (19.7) $ (20.0) $ (
Slide 15: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA - Q4 2023
INNOVATE Corp. ™ 2025 Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA 15 (in millions) Three Months Ended December 31, 2023 Infrastructure Life Sciences Spectrum Non-Operating Corporate Other and Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 8.9 $ (6.2) $ (5.4
Slide 16: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA - FY 2023
INNOVATE Corp. ™ 2025 Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA 16 (in millions) Year Ended December 31, 2023 Infrastructure Life Sciences Spectrum Non-Operating Corporate Other and Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 28.7 $ (15.5) $ (22.2) $ (