INNOVATE Corp
For the period ended Dec 31, 2023. Filed Mar 6, 2024.
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FY2023 · Filed Mar 6, 2024
VATE$5.42+3.0%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
(in millions, except share amounts)
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $80.8 | $80.4 |
| Accounts receivable, net | 278.4 | 254.9 |
| Contract assets | 118.6 | 165.1 |
| Inventory | 22.4 | 18.9 |
| Assets held for sale | 3.1 | — |
| Other current assets | 14.6 | 17.1 |
| Total current assets | 517.9 | 536.4 |
| Investments | 1.8 | 59.5 |
| Deferred tax asset | 2.0 | 1.7 |
| Property, plant and equipment, net | 154.6 | 165.0 |
| Goodwill | 127.1 | 127.1 |
| Intangibles, net | 178.9 | 190.1 |
| Other assets | 61.3 | 71.9 |
| Total assets | $1,043.6 | $1,151.7 |
| Liabilities, temporary equity and stockholders’ deficit | ||
| Current liabilities | ||
| Accounts payable | $142.9 | $202.5 |
| Accrued liabilities | 70.8 | 65.4 |
| Current portion of debt obligations | 30.5 | 30.6 |
| Contract liabilities | 153.5 | 98.6 |
| Other current liabilities | 16.1 | 20.1 |
| Total current liabilities | 413.8 | 417.2 |
| Deferred tax liability | 4.1 | 9.1 |
| Debt obligations | 679.3 | 683.8 |
| Other liabilities | 82.7 | 71.2 |
| Total liabilities | 1,179.9 | 1,181.3 |
| Commitments and contingencies | ||
| Temporary equity | ||
| Preferred stock Series A-3 and Series A-4, $0.001 par value | 16.4 | 17.6 |
| Shares issued and outstanding: 6,125 of Series A-3 and 10,000 of Series A-4 as of both December 31, 2023 and 2022 | ||
| Redeemable non-controlling interest | (1.0) | 43.4 |
| Total temporary equity | 15.4 | 61.0 |
| Stockholders’ deficit | ||
| Common stock, $0.001 par value | 0.1 | 0.1 |
| Shares issued: 80,722,983 and 80,216,028 as of December 31, 2023 and 2022, respectively | ||
| Shares outstanding: 79,234,991 and 78,787,768 as of December 31, 2023 and 2022, respectively | ||
| Additional paid-in capital | 328.2 | 330.1 |
| Treasury stock, at cost: 1,487,992 and 1,428,260 shares as of December 31, 2023 and 2022, respectively | (5.4) | (5.3) |
| Accumulated deficit | (487.3) | (452.1) |
| Accumulated other comprehensive (loss) income | (1.1) | 5.9 |
| Total INNOVATE Corp. stockholders’ deficit | (165.5) | (121.3) |
| Non-controlling interest | 13.8 | 30.7 |
| Total stockholders’ deficit | (151.7) | (90.6) |
| Total liabilities, temporary equity and stockholders’ deficit | $1,043.6 | $1,151.7 |
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