Innovate Corp. · NYSE:VATE
Innovate — HC2 Holdings — Proxy Contest (April 2020)
66 slides from Innovate's proxy contest presentation, Apr 17, 2020
Slide 1: Unlocking and Enhancing Stockholder Value Through Growth & Innovation
HC2 H OLDINGS , I NC . © HC2 Holdings, Inc. 2020 © HC2 HOLDINGS, INC. 2020 Unlocking and Enhancing Stockholder Value Through Growth & Innovation April 2020
Slide 2: Mr. Falcone's Vision and Approach Drives HC2's Growth and Success
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 1 Focusing on the Facts: Mr. Falcone’s Vision and Approach Drives HC2’s Growth and Success “Acquire companies that we believe are undervalued or uniquely positioned to achieve growth and profitability through an acti
Slide 3: HC2's Plan for the Future: Continue to Create Stockholder Value
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 HC2’s Plan for the Future: Continue to Create Stockholder Value Reducing debt and overhead, and improving governance, are instrumental measures that we have been and will continue to implement to drive improved stock
Slide 4: HC2 Has Taken Steps to Correct Unfavorable November 2018 Financing
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 3 HC2 Has Taken Steps to Correct Unfavorable November 2018 Financing HC2’s Board Acknowledges the Disconnect in Stock Price and is Executing on Reducing Debt to Improve Future Stock Performance In Q4 2018, the cred
Slide 5: Mr. Gorzynski's Business Plan Would Not Enhance Stockholder Value
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 4 Mr. Gorzynski’s Business Plan Would Not Enhance Stockholder Value and Would Be Difficult and Costly to Execute Gorzynski’s Plan is Ill - Informed, Unrealistic and Contrasts Sharply to HC2’s Founding and Current Vis
Slide 6: The Truth About HC2
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 5 The Truth About HC2 HC2’s Board and management team have been continuously executing on increasing stockholder value – Taking meaningful steps to improve the Company’s capital structure – Successfully reducing ov
Slide 7: Part One: Board and Management Executing on Enhancing Stockholder Value
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 6 Part One HC2’s Board and Management Have Been Continuously Executing on Furthering and Enhancing Sustainable Stockholder Value
Slide 8: HC2 is an Established Holding Company Focused on Creating Sustainable Stockholder Value
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 7 HC2 is an Established Holding Company Focused on Creating Sustainable & Enhanced Stockholder Value HC2 Grew Into a Diversified Portfolio of Value Generating Assets Business Overview HC2’s Board is Committed to Crea
Slide 9: Mr. Falcone Built an Established and Diversified Holding Company in Six Years
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 8 Under the Guidance of HC2’s Board, Mr. Falcone Took a Company With One Asset and in Six Years Built an Established and Diversified Holding Company 2014 2015 2016 2017 2018 2019 PTGi Holdings is acquired On December
Slide 10: HC2 is Taking Meaningful Steps to Improve the Capital Structure
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 9 HC2 is Taking Meaningful Steps to Improve the Company’s Capital Structure to Further Enhance Stockholder Value HC2 is Taking the Right Steps to Improve the Capital Structure for Stockholders x GMG Sale Proceeds Pai
Slide 11: HC2 is Successfully Reducing Overhead Expenses While Managing Risk
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 10 HC2 is Successfully Reducing Overhead Expenses While Managing Risk to Stockholders HC2 is Successfully Reducing Corporate Overhead Expenses… …Without Subjecting Stockholders to Unwarranted Risk HC2 is Taking the R
Slide 12: HC2 is Pursuing a Sale of Its Insurance Business
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 11 HC2 is Pursuing a Sale of Its Insurance Business HC2 has made two insurance acquisitions where there was market dislocation – Continental General (December 2015) – Allowed HC2 to establish a credible platform to
Slide 13: HC2's Accounting of KMG was Entirely Correct
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 12 HC2’s Accounting of KMG was Entirely Correct The bargain purchase gain (“BPG”) that HC2 recognized upon its acquisition of KMG conforms with U.S. GAAP and was included in HC2’s 2018 financial statements, which w
Slide 14: Percy Rockdale's False Attacks Concerning KMG Acquisition Are Misleading
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 13 Percy Rockdale’s False Attacks Concerning HC2’s KMG Acquisition Are Misleading and Baseless HC2 Does Not “Guarantee” the Reserves of Continental General Insurance Company (“CGI”) CGI’s Texas regulator requires t
Slide 15: Section Recap: Board and Management Executing on Stockholder Value
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 x Six years ago, HC2’s Board and Mr. Falcone decided to acquire a company being de - listed with a single, unprofitable asset, and transformed that company into HC2 , now an established and diversified holding compan
Slide 16: Part Two: Track Record for Creating Long-Term Value Through Subsidiaries
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 15 Part Two Under the Direction of HC2’s Board, the Company’s Management Team Has Established a Track Record for Creating Long - Term Value Through Its Subsidiaries
Slide 17: A Track Record of Realizing Stockholder Value Through Past Investments
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 16 A Track Record of Realizing Stockholder Value Through Past Investments HC2 and Mr. Falcone Possess the Abilities, Competence, and Expertise to Manage HC2’s Subsidiaries and Create Value x In 2014, HC2 invests in B
Slide 18: Success of HC2's Marine Asset Sales
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 17 The Success of HC2’s Marine Asset Sales Was the Result of Board Oversight and Management’s Expertise and Capabilities HC2’s Board and Management Continue to Demonstrate the Necessary Expertise to Extract Stockhold
Slide 19: 2019 Key Segment Highlights
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 • 2019 Net Income of $ 24 . 7 M ; Adjusted EBITDA 2 of $ 75 . 7 M, up 24 % Y/Y • Contract backlog of $ 497 . 7 M at year end ; approximately $ 826 M on an adjusted basis • Signed definitive agreement to sell HMN to H
Slide 20: HC2 Has Been Taking Proactive Steps Long Before Percy Rockdale Became a Stockholder
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 19 HC2 Has Been Taking Proactive Steps in Enhancing Stockholder Value Long Before Percy Rockdale Became a Stockholder Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Major Steps to Reduce HC2’s Debt, Improve Governan
Slide 21: Section Recap: Track Record in Creating Stockholder Value
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 x HC2’s Board and management team have a demonstrated history of value creation for stockholders, evidenced through asset appreciation and cash flow generation x HC2’s Board and management possess deep experience in
Slide 22: Part Three: Highly Independent Board
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 21 Part Three HC2’s Highly Independent Board Maintains the Experience and Expertise Needed to Create Long - Term Stockholder Value for a Holding Company
Slide 23: HC2's Independent Board Embodies the Expertise Necessary
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 22 HC2’s Independent Board Embodies the Expertise Necessary to Create Long - Term Stockholder Value Diverse Perspectives Directors hail from numerous geographies and professional backgrounds The Board is continua
Slide 24: HC2's Board is Uniquely Qualified to Oversee HC2
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 23 With a complementary set of professional and personal skills, HC2’s Board is uniquely qualified to oversee HC2 as a holding company and drive stockholder value HC2’s Highly Qualified, Independent Board Public Boar
Slide 25: Warren Gfeller – Independent Director
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 24 Warren Gfeller – Independent Director Chairman Independent Director Since 2016 (Chairman Starting in 2020) Independent Chairman with diversified experience and expertise across the energy, consumer, banking and
Slide 26: Wayne Barr, Jr. – Independent Director
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 25 Wayne Barr, Jr. – Independent Director 100% Focused on Stockholder Value Active member of HC2’s Audit Committee, Compensation Committee, Nominating & Governance Committee – Focused on creating long - term sustai
Slide 27: Robert Leffler, Jr. – Independent Director
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 Robert Leffler, Jr. – Independent Director 26 Former Lead Independent Director bringing over 30 years of broadcasting experience to HC2 – Has been an Independent Director since joining the HC2 Board in 2014 Valua
Slide 28: Lee Hillman – Independent Director
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 Lee Hillman – Independent Director 27 Independent Director since 2016 Independent Director bringing expansive expertise across various sectors and a diverse public Director history with a track record of creating v
Slide 29: Julie Springer – Independent Director
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 Julie Springer – Independent Director 28 Independent Director since 2020 Carefully selected for her unique background after the Board executed a thoughtful and thorough selection process , bringing a fresh perspect
Slide 30: The Truth Behind Percy Rockdale's False Attacks on HC2's Board
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 The TRUTH Behind Percy Rockdale’s False and Misleading Attacks on HC2’s Board of Directors Percy Rockdale’s False Attacks The Truth to Percy Rockdale’s False Claims “Lead Independent Director Wayne Barr has failed to
Slide 31: Protecting Stockholder Interests Through Corporate Governance
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 Protecting Stockholder Interests Through Corporate Governance 30 x Annual elections of directors , declassified Board structure x Majority voting standard in uncontested director elections & director resignation poli
Slide 32: HC2 Continually Evaluates Board Composition
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 31 HC2 Continually Evaluates Board Composition JDS1, a ~6.4% stockholder of HC2, recently filed a Schedule 13D disclosing its intent to engage HC2 on Board composition – Item 4 of JDS1’s Schedule 13D states, “The R
Slide 33: Section Recap: Board Experience and Expertise
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 x HC2 has a highly experienced, accomplished and independent Board and actively seeks to continually refresh the Board with new perspectives and diverse backgrounds x HC2 welcomed Julie Springer as the newest Indepen
Slide 34: Part Four: Compensation Policy Rewards Long-Term Performance
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 33 Part Four HC2’s Compensation Policy Rewards Management Based on Long - Term and Sustainable Company Performance
Slide 35: HC2 Compensation Philosophy & Approach
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 34 HC2 Compensation Philosophy & Approach x The Compensation Committee believes that a rigorous incentive plan will drive our executives to achieve HC2’s corporate short - term and long - term objectives x Our compen
Slide 36: Being Responsive to Our Stockholders
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 35 At our 2019 annual meeting, we received 49% support on our Say - on - Pay proposal. In response to this support level, we engaged in robust outreach to stockholders representing more than 58% of the Company’s shar
Slide 37: HC2's NAV Compensation Plan Focuses on Long-Term Value Creation
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 36 HC2’s NAV Compensation Plan Focuses on Long - Term Value Creation for Stockholders HC2’s Compensation Structure is Focused on NAV Growth, is Aligned with Stockholder Interest and Normalizes Compensation Over the L
Slide 38: Mr. Falcone's Compensation is Aligned with Stockholder Interests
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 37 Mr. Falcone’s Compensation is Aligned with Stockholder Interests x Since HC2 was founded in 2014, Mr. Falcone’s cash compensation paid is an average of $ 1.6M / year and is subject to partial performance claw - ba
Slide 39: Section Recap: Compensation Policy
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 x HC2’s Corporate Bonus is designed around a NAV - focused compensation plan that encourages cash flow generation and asset appreciation by its subsidiaries to align with long - term stockholder performance x HC2 lis
Slide 40: Part Five: Percy Rockdale's Consent Solicitation Causes Disruption
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 39 Part Five Percy Rockdale’s Consent Solicitation Causes Disruption at Stockholders’ Expense with HC2’s Annual Meeting Mere Months Away
Slide 41: A Deceitful Smear Campaign Is Not a Case for Change
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 A Deceitful Smear Campaign Against Phil Falcone and the HC2 Board by an Unknown, Inexperienced Agitator is NOT a Case for Change Michael Gorzynski’s campaign (through his personally branded MG Capital and unknown aff
Slide 42: Mr. Gorzynski Wants to Be Interim CEO Without Relevant Experience
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 Mr. Gorzynski Wants to Be the Interim CEO Without Having Any Relevant C - Suite, Holding Company, Acquisition or Operational Experience 41 Questionable Employment History : × Claims to have “20 years of investment ex
Slide 43: False Narrative vs. The Truth
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 42 FALSE Narrative THE TRUTH × “No Real Oversight” x All of the Independent Directors are truly independent and meet NYSE independence requirements, with 4 of the 5 Independent Directors having no prior relationships
Slide 44: Jeopardizing Stockholder Value and Making False Statements
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 43 Jeopardizing Stockholder Value and Making False Statements to Mislead Investors is Not the Responsible Way of Seeking Change for HC2 FALSE Narrative THE TRUTH × “The Audit Committee mishandled MG Capital’s March 2
Slide 45: Jeopardizing Stockholder Value and Making False Statements (cont'd)
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 44 Jeopardizing Stockholder Value and Making False Statements to Mislead Investors is Not the Responsible Way of Seeking Change for HC2 (1) Fair market value of compensation as of 4/15/2020. FALSE Narrative THE TRUTH
Slide 46: Mr. Gorzynski's Case for Wholesale Change is Based on False Statements
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 45 Mr. Gorzynski’s Case for Wholesale Change is Based on Numerous False and Deceitful Statements in an Attempt to Mislead Stockholders (Cont’d) Jeopardizing Stockholder Value and Making False Statements to Mislead In
Slide 47: Percy Rockdale's Consent Solicitation is Distracting
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 46 Percy Rockdale’s Uncalled For Consent Solicitation is Distracting and Jeopardizing Stockholder Value Jeopardizing Stockholder Value and Making False Statements to Mislead Investors is Not the Responsible Way of Se
Slide 48: HC2 Remains Committed to Stockholders
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 47 Despite Percy Rockdale’s Attempts to Distract Management, HC2 Remains Committed to Stockholders Percy Rockdale claims to have stockholders’ best interests in mind yet repeatedly takes actions to the detriment of H
Slide 49: Percy Rockdale Continues to Make False and Misleading Statements
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 Percy Rockdale Claims to Understand HC2’s Business and Wants to Take Control of the Company, Yet Has Continued to Make False, Misleading and Value Destructive Statements to Stockholders Percy Rockdale has presented
Slide 50: Percy Rockdale's Slate Also Lacks the Right Experience and Track Record
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 Percy Rockdale’s Slate Also Lacks the Right Experience and Track Record … Putting the Future of HC2 at Great Risk 49 George Brokaw has been named in numerous lawsuits for alleged breach of stockholder fiduciary trust
Slide 51: Percy Rockdale's Unqualified Slate Lacks Track Record
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 50 Percy Rockdale’s Unqualified Slate Lacks A Track Record of Overseeing Public Companies or Generating Stockholder Value Relevant Public Board Experience Relevant Public C - Suite Experience Relevant Industry Operat
Slide 52: George Brokaw – Dissident Nominee
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 George Brokaw – Dissident Nominee 51 No Public Company Management Experience Mr. Brokaw has no relevant public company C - suite experience Mr. Brokaw possesses no relevant industry operating experience While M
Slide 53: Kenneth Stuart Courtis – Dissident Nominee
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 Kenneth Stuart Courtis – Dissident Nominee 52 No Public Company Management Experience Mr. Courtis is an Asia - based public speaker and market commentator with no public company management experience Mr. Courtis
Slide 54: Michael Gorzynski – Dissident Nominee
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 Michael Gorzynski – Dissident Nominee 53 Michael Gorzynski is the founder and still manages MG Capital, the dissident investor pursuing an unwarranted consent solicitation Prior to establishing MG Capital, Mr. Go
Slide 55: Robin Greenwood – Dissident Nominee
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 Robin Greenwood – Dissident Nominee 54 Mr. Greenwood was Michael Gorzynski’s MBA professor and has close professional ties with Mr. Gorzynski Mr. Greenwood has no relevant public company C - suite experience Mr
Slide 56: Liesl Hickey – Dissident Nominee
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 Liesl Hickey – Dissident Nominee 55 Ms. Hickey describes herself as a “veteran Republican political strategist” Ms. Hickey’s professional experience is in the small niche space of political campaign advertising w
Slide 57: Jay Newman – Dissident Nominee
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 Jay Newman – Dissident Nominee 56 Mr. Newman is a sovereign debt investor mainly in Latin America and has focused on debt investing his entire career Mr. Newman has no relevant public company Board experience M
Slide 58: Consent solicitation is unnecessary, costly and could destroy stockholder value
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 Percy Rockdale’s consent solicitation is unnecessary, costly and could destroy stockholder value Percy Rockdale has not only refused to engage with HC2 after multiple attempts to have a candid conversation, but h
Slide 59: The Truth About HC2
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 58 The Truth About HC2 HC2’s Board and management team have been continuously executing on increasing stockholder value – Taking meaningful steps to improve the Company’s capital structure – Successfully reducing o
Slide 60: Disclaimer
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 59 Disclaimer Cautionary Statement Regarding Forward - Looking Statements Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This communication, and certain oral statem ent s made by ou
Slide 61: Appendix: HC2's Management Team
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 60 Appendix: HC2’s Management Team HC2’s Deeply Experienced Management Team
Slide 62: Deeply Experienced Management
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 Deeply Experienced Management 61 Chief Accounting Officer of HRG (NYSE: HRG) Various accounting and financial reporting positions with Reader’s Digest Association, Inc., last serving as Vice President and North A
Slide 63: Appendix: Non-GAAP Reconciliation
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 62 Appendix: Non - GAAP Reconciliation Non - GAAP Reconciliation
Slide 64: Reconciliation: Year ended December 31, 2019
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 (in millions) Year ended December 31, 2019 Core Operating Subsidiaries Early Stage & Other Non - operating Corporate HC2 Construction Marine Services Energy Telecom Life Sciences Broadcasting Other and Elimination Ne
Slide 65: Reconciliation: Year ended December 31, 2018
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 (in millions) Year ended December 31, 2018 Core Operating Subsidiaries Early Stage & Other Non - operating Corporate HC2 Construction Marine Services Energy Telecom Life Sciences Broadcasting Other and Elimination Ne
Slide 66: Insurance Segment Reconciliation
© 2020 H C 2 H OLDINGS , I NC . © HC2 HOLDINGS, INC. 2020 © HC2 HOLDINGS, INC. 2020 ( 1 ) The Insurance segment revenues are inclusive of realized and unrealized gains and net investment income for the year ended December 31 , 2019 and 2018 . Such adjustments are related to transactions between enti