INNOVATE Corp
For the period ended Dec 31, 2023. Filed Mar 6, 2024.
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FY2023 · Filed Mar 6, 2024
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) Operating Segments and Related Information
- Operating Segments and Related Information
The Company currently hasone primary reportable geographic segment - United States and primarily all revenue is derived in the United States. The Company hasthree reportable operating segments, plus our Other segment, based on management’s organization of the enterprise - Infrastructure, Life Sciences, Spectrum, and Other. The Company also has a Non-Operating Corporate segment. All inter-segment transactions are eliminated on consolidation. There are no inter-segment revenues.
The Company's revenue concentrations of 10% and greater were as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| Segment | 2023 | 2022 | |
| Customer A | Infrastructure | 29.2% | 23.8% |
| Customer B | Infrastructure | 11.4% | * |
- Less than 10% revenue concentration
Summarized financial information with respect to the Company’s operating segments is as follows (in millions):
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Revenue | ||
| Infrastructure | $1,397.2 | $1,594.3 |
| Life Sciences | 3.3 | 4.3 |
| Spectrum | 22.5 | 38.7 |
| Total revenue | $1,423.0 | $1,637.3 |
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Income (loss) from operations | ||
| Infrastructure | $64.4 | $57.5 |
| Life Sciences | (15.0) | (20.1) |
| Spectrum | (3.4) | (3.8) |
| Other | (3.1) | (0.6) |
| Non-Operating Corporate | (16.4) | (19.6) |
| Total income from operations | $26.5 | $13.4 |
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Reconciliation of the consolidated segment income from operations to consolidated loss from operations before income taxes: | ||
| Income from operations | $26.5 | $13.4 |
| Interest expense | (68.2) | (52.0) |
| Loss from equity investees | (9.4) | (1.3) |
| Other income (expense), net | 16.7 | (1.2) |
| Loss from operations before income taxes | $(34.4) | $(41.1) |
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Depreciation and Amortization | ||
| Infrastructure | $14.4 | $21.0 |
| Infrastructure recognized within cost of revenue | 15.7 | 15.0 |
| Total Infrastructure | 30.1 | 36.0 |
| Life Sciences | 0.5 | 0.3 |
| Life Sciences recognized within cost of revenue | 0.1 | — |
| Total Life Sciences | 0.6 | 0.3 |
| Spectrum | 5.2 | 5.8 |
| Non-Operating Corporate | 0.1 | 0.1 |
| Total depreciation and amortization | $36.0 | $42.2 |
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Capital Expenditures (*) | ||
| Infrastructure | $16.6 | $16.5 |
| Life Sciences | 0.5 | 0.8 |
| Spectrum | 1.0 | 3.3 |
| Non-Operating Corporate | 0.3 | 0.1 |
| Total | $18.4 | $20.7 |
(*)The above capital expenditures exclude assets acquired under finance lease and other financing obligations.
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Investments | ||
| Life Sciences | $1.8 | $7.6 |
| Other | — | 51.9 |
| Total | $1.8 | $59.5 |
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Equity Method Investments (included in Investments above) | ||
| Life Sciences | $0.9 | $3.0 |
| Other | — | 40.6 |
| Total | $0.9 | $43.6 |
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Total Assets | ||
| Infrastructure | $851.4 | $879.3 |
| Life Sciences | 8.3 | 15.4 |
| Spectrum | 176.6 | 188.2 |
| Other | — | 53.6 |
| Non-Operating Corporate | 7.3 | 15.2 |
| Total | $1,043.6 | $1,151.7 |
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