INNOVATE Corp. Files 2023 Annual Report (10-K)

TL;DR

<b>INNOVATE Corp. has submitted its 2023 10-K annual report, detailing its financial performance and business operations.</b>

AI Summary

INNOVATE Corp. (VATE) filed a Annual Report (10-K) with the SEC on March 6, 2024. INNOVATE Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The company's principal business address is 295 Madison Avenue, 12th Floor, New York, NY 10017. The filing indicates a change in former company names, including HC2 HOLDINGS, INC. and PTGi HOLDING, INC. The SIC code for INNOVATE Corp. is 3440, related to Fabricated Structural Metal Products. The report covers the fiscal year from January 1, 2023, to December 31, 2023.

Why It Matters

For investors and stakeholders tracking INNOVATE Corp., this filing contains several important signals. This 10-K filing provides a comprehensive overview of INNOVATE Corp.'s financial health and strategic direction for the fiscal year 2023, crucial for investors and stakeholders to assess performance. Understanding the company's historical name changes and its SIC code classification offers context into its evolution and industry positioning within the fabricated structural metal products sector.

Risk Assessment

Risk Level: medium — INNOVATE Corp. shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains detailed financial information and risk factors, but lacks specific performance metrics or forward-looking statements in the provided header data, necessitating a deeper review of the full document for a precise risk assessment.

Analyst Insight

Review the full 10-K filing to analyze INNOVATE Corp.'s financial statements, risk factors, and management discussion for investment decisions.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240306 — Filing Date (Filed as of date)
• 3440 — SIC Code (Standard Industrial Classification)
• 001-35210 — SEC File Number (SEC file number)

Key Players & Entities

• INNOVATE Corp. (company) — Filer name
• HC2 HOLDINGS, INC. (company) — Former company name
• PTGi HOLDING, INC. (company) — Former company name
• 295 MADISON AVENUE (location) — Business address street
• NEW YORK (location) — Business address city
• 10017 (location) — Business address zip
• 3440 (industry) — Standard Industrial Classification
• 20231231 (date) — Conformed period of report

FAQ

Industry Context

INNOVATE Corp. operates within the Fabricated Structural Metal Products industry (SIC 3440). This sector involves the manufacturing of metal components for construction and other industrial applications.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit annual reports detailing their financial performance and business operations.

What Investors Should Do

1. Thoroughly review the full 10-K document for detailed financial statements, including balance sheets, income statements, and cash flow statements.
2. Analyze the 'Risk Factors' section to understand potential challenges and uncertainties facing INNOVATE Corp.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into the company's performance drivers and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-06: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial header data provided for the 2023 10-K filing; comparative data from the previous filing is not available in this extract.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share VATE New York Stock Exchange
• $0 — 4,991 shares of common stock, par value $0.001, were outstanding. Documents Inco
• $6.6 billion — es pipeline that includes approximately $6.6 billion in potential revenue generation. DBMG b
• $1,057.2 million — nce of 34.1% of DBMG's total backlog of $1,057.2 million as of December 31, 2023, and bonding is

Filing Documents

• vate-20231231.htm (10-K) — 3255KB
• exhibit1065q410k2023.htm (EX-10.65) — 21KB
• exhibit1066q410k2023.htm (EX-10.66) — 36KB
• exhibit1067q410k2023.htm (EX-10.67) — 70KB
• exhibit1068q42023combined.htm (EX-10.68) — 1384KB
• exhibit1069q410k2023.htm (EX-10.69) — 65KB
• exhibit1070-q42023combined.htm (EX-10.70) — 415KB
• exhibit1071-q410k2023.htm (EX-10.71) — 136KB
• exhibit1072q410k2023.htm (EX-10.72) — 52KB
• exhibit211-q410k2023.htm (EX-21.1) — 51KB
• exhibit231-consentofindepe.htm (EX-23.1) — 2KB
• exhibit311-q410k2023.htm (EX-31.1) — 11KB
• exhibit312-q410k2023.htm (EX-31.2) — 11KB
• exhibit321-q410k2023.htm (EX-32.1) — 5KB
• vate-20231231_g1.jpg (GRAPHIC) — 49KB
• 0001006837-24-000023.txt (&nbsp;) — 19889KB
• vate-20231231.xsd (EX-101.SCH) — 131KB
• vate-20231231_cal.xml (EX-101.CAL) — 179KB
• vate-20231231_def.xml (EX-101.DEF) — 828KB
• vate-20231231_lab.xml (EX-101.LAB) — 1195KB
• vate-20231231_pre.xml (EX-101.PRE) — 1092KB
• vate-20231231_htm.xml (XML) — 2642KB

Risk Factors

Item 1A. Risk Factors 18

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 44

Properties

Item 2. Properties 45

Legal Proceedings

Item 3. Legal Proceedings 45

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 45 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 45

[Reserved]

Item 6. [Reserved] 46

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 47

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 69

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 70

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 70

Controls and Procedures

Item 9A. Controls and Procedures 70

Other Information

Item 9B. Other Information 70

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 70 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 70

Executive Compensation

Item 11. Executive Compensation 71

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 71

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 71

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 71 Part IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 72

Form 10-K Summary

Item 16. Form 10-K Summary 78

SIGNATURES

SIGNATURES 1 PART I

BUSINESS

ITEM 1. BUSINESS Unless the context otherwise requires, in this Annual Report on Form 10-K, "INNOVATE," means INNOVATE Corp. and the "Company," "we" and "our" mean INNOVATE together with its consolidated subsidiaries. This Annual Report on Form 10-K contains forward-looking statements. See "Management's Discussion and Analysis of Financial Condition and Results of Operations - Special Note Regarding Forward-Looking Statements." General INNOVATE is a diversified holding company that has a portfolio of subsidiaries in a variety of operating segments. We seek to grow these businesses so that they can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. As of December 31, 2023, our three operating platforms or reportable segments, based on management's organization of the enterprise, are Infrastructure, Life Sciences and Spectrum, plus our Other segment, which includes businesses that do not meet the separately reportable segment thresholds. Our principal operating subsidiaries include the following assets: (i) DBM Global Inc. ("DBMG") (Infrastructure), a family of companies providing fully integrated structural and steel construction services; (ii) Pansend Life Sciences, LLC ("Pansend") (Life Sciences), our subsidiary focused on supporting healthcare and biotechnology product development; (iii) HC2 Broadcasting Holdings Inc. and its subsidiaries ("Broadcasting") (Spectrum), a strategic operator of Over-The-Air ("OTA") broadcasting stations across the United States ("U.S.") including Puerto Rico; and (iv) Other, which represents all other businesses or investments that do not meet the definition of a segment individually or in the aggregate. We expect to focus on operating and managing our portfolio of companies and building value in Infrastructure, Life Sciences and Spectrum in the future. We believe these segments are well positioned to take advantage of current trends in today's economy

View Full Filing

View this 10-K filing on SEC EDGAR