INNOVATE Corp
For the period ended Dec 31, 2023. Filed Mar 6, 2024.
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FY2023 · Filed Mar 6, 2024
VATE$5.11-5.7%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Cash flows from operating activities | ||
| Net loss | $(38.9) | $(42.0) |
| Adjustments to reconcile net loss to cash provided by (used in) operating activities | ||
| Share-based compensation expense | 2.2 | 2.4 |
| Depreciation and amortization (including amounts in cost of revenue) | 36.0 | 42.2 |
| Amortization of deferred financing costs and debt discount | 6.9 | 3.4 |
| Loss from equity investees | 9.4 | 1.3 |
| Gain on sale of investments and step-up of equity method investments | (15.8) | — |
| Asset impairment expense | 1.8 | 2.1 |
| Deferred income tax (benefit) expense | (5.3) | 1.1 |
| Other operating activities, net | 2.1 | — |
| Changes in assets and liabilities, net of acquisitions: | ||
| Accounts receivable | (25.7) | (5.5) |
| Contract assets | 46.5 | (46.5) |
| Other current assets | (0.6) | (6.0) |
| Inventory | (3.5) | (1.9) |
| Other assets | 15.1 | 16.9 |
| Accounts payable | (60.2) | 21.7 |
| Accrued liabilities | 9.9 | (12.7) |
| Contract liabilities | 54.9 | 19.5 |
| Other current liabilities | (11.2) | (9.9) |
| Other liabilities | 2.9 | 4.4 |
| Cash provided by (used in) operating activities | 26.5 | (9.5) |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipment | (18.4) | (20.7) |
| Proceeds from disposal of property, plant and equipment | 1.6 | 2.0 |
| Loans to equity method investee | (4.0) | (4.5) |
| Proceeds from the sale of investments | 59.2 | — |
| Other investing activities | 0.7 | 0.7 |
| Cash provided by (used in) investing activities | 39.1 | (22.5) |
| Cash flows from financing activities | ||
| Proceeds from lines of credit | 87.0 | 176.7 |
| Payments on lines of credit | (94.7) | (85.1) |
| Proceeds from other debt obligations, net of deferred financing costs | 4.9 | 10.7 |
| Principal payments on other debt obligations | (37.1) | (28.3) |
| Purchase of preferred stock | (7.0) | — |
| Payments to non-controlling interests and redeemable non-controlling interests related to sale of equity method investment | (15.9) | — |
| Dividend payments | (2.2) | (5.2) |
| Other financing activities | (0.3) | (0.7) |
| Cash (used in) provided by financing activities | (65.3) | 68.1 |
| Effects of exchange rate changes on cash, cash equivalents and restricted cash | (0.2) | (1.4) |
| Net increase in cash and cash equivalents, including restricted cash | 0.1 | 34.7 |
| Cash, cash equivalents and restricted cash, beginning of year | 82.2 | 47.5 |
| Cash, cash equivalents and restricted cash, end of year | $82.3 | $82.2 |
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