INNOVATE Corp
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 7, 2024
VATE$5.11-5.7%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows
| Six Months Ended June 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net loss | $(6.2) | $(19.7) |
| Adjustments to reconcile net loss to cash used in operating activities | ||
| Share-based compensation expense | 0.8 | 1.2 |
| Depreciation and amortization (including amounts in cost of revenue) | 16.7 | 19.9 |
| Gain on lease modification | (7.7) | — |
| Amortization of deferred financing costs and debt discount | 3.7 | 3.3 |
| Loss on debt extinguishment | 2.2 | — |
| Loss from equity investees | 2.3 | 4.3 |
| Realized and unrealized gains on equity method investments | — | (16.0) |
| Deferred income tax expense (benefit) | 0.2 | (5.4) |
| Other operating activities, net | (1.1) | (0.6) |
| Changes in assets and liabilities: | ||
| Accounts receivable | 102.5 | (38.3) |
| Contract assets | 17.4 | (10.2) |
| Other current assets | (0.3) | 1.9 |
| Inventory | 1.5 | (1.8) |
| Other assets | 5.4 | 5.6 |
| Accounts payable | (52.7) | (22.4) |
| Accrued liabilities | (5.8) | 3.4 |
| Contract liabilities | (80.7) | 18.7 |
| Other current liabilities | 0.8 | (3.2) |
| Other liabilities | (2.9) | (1.5) |
| Cash used in operating activities | (3.9) | (60.8) |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipment | (8.7) | (8.2) |
| Proceeds from disposal of property, plant and equipment | 9.8 | 0.3 |
| Loans to equity method investee | (2.3) | — |
| Proceeds from sale of equity method investments | — | 54.2 |
| Other investing activities | 0.5 | 0.4 |
| Cash (used in) provided by investing activities | (0.7) | 46.7 |
| Cash flows from financing activities | ||
| Proceeds from rights offering and private placement, net of issuance costs | 33.2 | — |
| Proceeds from lines of credit | 20.0 | 75.0 |
| Payments on lines of credit | (50.0) | (77.0) |
| Proceeds from other debt obligations, net of deferred financing costs | 24.8 | 3.6 |
| Principal payments on other debt obligations | (22.8) | (14.2) |
| 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 | (0.6) | (1.6) |
| Other financing activities | — | (0.2) |
| Cash provided by (used in) financing activities | 4.6 | (37.3) |
| Effects of exchange rate changes on cash, cash equivalents and restricted cash | (0.6) | (0.6) |
| Net decrease in cash and cash equivalents, including restricted cash | (0.6) | (52.0) |
| Cash, cash equivalents and restricted cash, beginning of period | 82.3 | 82.2 |
| Cash, cash equivalents and restricted cash, end of period | $81.7 | $30.2 |
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