INNOVATE Corp
For the period ended Sep 30, 2024. Filed Nov 6, 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.
Sep 30, 2024 · Filed Nov 6, 2024
VATE$5.11-5.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(Unaudited, in millions)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net loss | $(22.4) | $(28.3) |
| Adjustments to reconcile net loss to cash used in operating activities | ||
| Share-based compensation expense | 1.1 | 2.0 |
| Depreciation and amortization (including amounts in cost of revenue) | 24.8 | 27.7 |
| Gain on lease modification | (8.4) | — |
| Amortization of deferred financing costs and debt discount | 5.6 | 4.8 |
| Net loss on repurchase or extinguishment of debt | 0.3 | — |
| Loss from equity investees | 2.3 | 5.8 |
| Realized and unrealized gains on equity method investments | — | (16.0) |
| Asset impairment expense | — | 0.6 |
| Deferred income tax expense (benefit) | 0.2 | (5.3) |
| Other operating activities, net | (0.5) | 1.3 |
| Changes in assets and liabilities: | ||
| Accounts receivable | 93.5 | (37.4) |
| Contract assets | 4.8 | (5.9) |
| Other current assets | (1.5) | (2.5) |
| Inventory | 1.4 | 0.3 |
| Other assets | 7.0 | 8.5 |
| Accounts payable | (58.9) | (52.8) |
| Accrued liabilities | (3.2) | 10.4 |
| Contract liabilities | (68.0) | 63.6 |
| Other current liabilities | 0.1 | (8.7) |
| Other liabilities | (10.5) | (2.8) |
| Cash used in operating activities | (32.3) | (34.7) |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipment | (11.8) | (13.9) |
| Proceeds from disposal of property, plant and equipment | 9.9 | 1.5 |
| Loans to equity method investee | (2.3) | (1.0) |
| Proceeds from sale of equity method investments | — | 54.2 |
| Cash paid for asset acquisitions | (0.3) | — |
| Other investing activities | 0.5 | 0.4 |
| Cash (used in) provided by investing activities | (4.0) | 41.2 |
| Cash flows from financing activities | ||
| Proceeds from rights offering and private placement, net of issuance costs | 33.2 | — |
| Proceeds from lines of credit | 40.0 | 87.0 |
| Payments on lines of credit | (65.0) | (77.0) |
| Proceeds from other debt obligations, net of deferred financing costs | 24.8 | 5.3 |
| Principal payments on other debt obligations and repurchase of debt | (25.7) | (20.8) |
| 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 | (0.9) | (1.8) |
| Other financing activities | — | (0.4) |
| Cash provided by (used in) financing activities | 6.4 | (30.6) |
| Effects of exchange rate changes on cash, cash equivalents and restricted cash | 0.1 | (1.0) |
| Net decrease in cash and cash equivalents, including restricted cash | (29.8) | (25.1) |
| Cash, cash equivalents and restricted cash, beginning of period | 82.3 | 82.2 |
| Cash, cash equivalents and restricted cash, end of period | $52.5 | $57.1 |
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