INNOVATE Corp.
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
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FY2024 · Filed Mar 31, 2025
VATE$5.11-5.7%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
(in millions)
| Year ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net loss | $(39.7) | $(38.9) |
| Adjustments to reconcile net loss to cash provided by operating activities | ||
| Share-based compensation expense | 3.4 | 2.2 |
| Depreciation and amortization (including amounts in cost of revenue) | 32.9 | 36.0 |
| Gain on lease modification | (8.7) | — |
| Amortization of deferred financing costs and debt discount | 7.7 | 6.9 |
| Net loss on repurchase or extinguishment of debt | 0.3 | — |
| Loss from equity investees | 2.3 | 9.4 |
| Realized and unrealized losses (gains) on investments | 0.2 | (15.8) |
| Asset impairment expense | 0.1 | 1.8 |
| Deferred income tax expense (benefit) | 0.5 | (5.3) |
| Other operating activities, net | (2.0) | 2.1 |
| Changes in assets and liabilities: | ||
| Accounts receivable | 91.8 | (25.7) |
| Contract assets | 12.3 | 46.5 |
| Other current assets | (0.1) | (0.6) |
| Inventory | 1.9 | (3.5) |
| Other assets | 8.4 | 15.1 |
| Accounts payable | (57.2) | (60.2) |
| Accrued liabilities | 12.2 | 9.9 |
| Contract liabilities | (44.4) | 54.9 |
| Other current liabilities | 2.1 | (11.2) |
| Other liabilities | (14.9) | 2.9 |
| Cash provided by operating activities | 9.1 | 26.5 |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipment | (19.0) | (18.4) |
| Proceeds from disposal of property, plant and equipment | 10.1 | 1.6 |
| Loans to equity method investee | (2.3) | (4.0) |
| Purchase of investments | (2.0) | — |
| Proceeds from sale of equity method investments | — | 59.2 |
| Cash paid for asset acquisitions | (1.2) | — |
| Other investing activities | 0.5 | 0.7 |
| Cash (used in) provided by investing activities | (13.9) | 39.1 |
| Cash flows from financing activities | ||
| Proceeds from rights offering and private placement, net of issuance costs | 33.2 | — |
| Proceeds from lines of credit | 70.0 | 87.0 |
| Payments on lines of credit | (125.0) | (94.7) |
| Proceeds from other debt obligations, net of deferred financing costs | 24.8 | 4.9 |
| Principal payments for and repurchases of other debt obligations | (28.0) | (37.1) |
| Purchase of preferred stock | — | (7.0) |
| Payments to non-controlling interests and redeemable non-controlling interests related to sale of equity method investment | (0.3) | (15.9) |
| Dividend payments | (1.2) | (2.2) |
| Other financing activities | — | (0.3) |
| Cash used in financing activities | (26.5) | (65.3) |
| Effects of exchange rate changes on cash, cash equivalents and restricted cash | (1.7) | (0.2) |
| Net (decrease) increase in cash and cash equivalents, including restricted cash | (33.0) | 0.1 |
| Cash, cash equivalents and restricted cash, beginning of year | 82.3 | 82.2 |
| Cash, cash equivalents and restricted cash, end of year | $49.3 | $82.3 |
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