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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended June 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
Commission File No. 001-35210
https://cdn.kscope.io/0013499380d6d8c66248453f15d4bfef-hchc-20210630_g1.jpg
HC2 HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware 54-1708481
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
295 Madison Avenue, 12th Floor, New York, NY
10017
(Address of principal executive offices)(Zip Code)
(212) 235-2690
(Registrant’s telephone number, including area code)
_____________________________________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.001 per shareHCHCNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No   ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.:
Large accelerated filer ☐Accelerated filer
Non-accelerated filer ☐Smaller reporting company
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   ☐    No  ý

As of July 30, 2021, 77,819,782 shares of common stock, par value $0.001, were outstanding.
F-1


HC2 HOLDINGS, INC.
INDEX TO FORM 10-Q



PART I - FINANCIAL INFORMATION
Notes to Condensed Consolidated Financial Statements
(1) Organization and Business
(2) Summary of Significant Accounting Policies
(4) Revenue
(5) Business Combinations
(6) Accounts Receivable
(7) Property, Plant and Equipment, net
(8) Goodwill and Intangible Assets
(9) Debt Obligations
(12) Income Taxes
(13) Commitments and Contingencies
(14) Share-based Compensation
(15) Equity
(16) Related Parties
(17) Operating Segment and Related Information
(18) Basic and Diluted Income (Loss) Per Common Share
(19) Subsequent Events

PART II. OTHER INFORMATION
Item 1.
Legal Proceedings
Item 1A.
Risk Factors
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.
Defaults Upon Senior Securities
Item 4.
Mine Safety Disclosures
Item 5.
Other Information
Item 6.
Exhibits

F-1

HC2 HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in millions, except per share amounts)
PART I: FINANCIAL INFORMATION
Item 1. Financial Statements
 Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Revenue$243.8 $181.8 $415.6 $368.4 
Cost of revenue207.4 152.1 348.7 308.9 
Gross profit36.4 29.7 66.9 59.5 
Operating expenses:
Selling, general and administrative39.5 36.4 76.6 75.3 
Depreciation and amortization4.8 4.5 8.7 8.8 
Other operating (income) loss(0.2)(2.3)0.2 (2.1)
Loss from operations(7.7)(8.9)(18.6)(22.5)
Other (expense) income:
Interest expense(12.4)(19.1)(33.8)(38.3)
Loss on early extinguishment or restructuring of debt(1.6)(3.4)(12.4)(9.2)
Income (loss) from equity investees0.2 (0.2)(1.9)(2.7)
Other income0.4 64.6 3.8 66.1 
(Loss) income from continuing operations before income taxes(21.1)33.0 (62.9)(6.6)
Income tax expense(2.6)(12.0)(3.7)(2.3)
(Loss) income from continuing operations(23.7)21.0 (66.6)(8.9)
(Loss) income from discontinued operations (including gain on disposal of $40.4 million and loss on disposal of $39.3 million for the six months ended June 30, 2021 and 2020, respectively)
(1.5)7.5 50.4 (63.6)
Net (loss) income(25.2)28.5 (16.2)(72.5)
Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest1.7 (15.4)5.3 2.5 
Net (loss) income attributable to HC2 Holdings, Inc.(23.5)13.1 (10.9)(70.0)
Less: Preferred dividends and deemed dividends from conversions0.2 0.4 0.6 0.8 
Net (loss) income attributable to common stock and participating preferred stockholders$(23.7)$12.7 $(11.5)$(70.8)
(Loss) income per common share - continuing operations
Basic$(0.29)$0.11 $(0.82)$(0.48)
Diluted$(0.29)$0.11 $(0.82)$(0.48)
(Loss) income per common share - discontinued operations
Basic$(0.02)$0.15 $0.67 $(1.06)
Diluted$(0.02)$0.14 $0.67 $(1.06)
(Loss) income per share - Net (loss) income attributable to common stock and participating preferred stockholders
Basic$(0.31)$0.26 $(0.15)$(1.54)
Diluted$(0.31)$0.25 $(0.15)$(1.54)
Weighted average common shares outstanding:
Basic77.0 46.8 77.1 45.9 
Diluted77.0 48.8 77.1 45.9 


See notes to Condensed Consolidated Financial Statements
F-2

HC2 HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited, in millions)
 Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Net (loss) income$(25.2)$28.5 $(16.2)$(72.5)
Other comprehensive income (loss)
Foreign currency translation adjustment(0.4)3.8 (1.2)4.0 
Unrealized income (loss) on available-for-sale securities123.5 283.8 (57.7)7.8 
Dispositions  (0.7) 22.1 
Other comprehensive income (loss)123.1 286.9 (58.9)33.9 
Comprehensive income (loss)97.9 315.4 (75.1)(38.6)
Comprehensive (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests(1.7)16.2 (5.4)7.3 
Comprehensive income (loss) attributable to HC2 Holdings, Inc. $96.2 $331.6 $(80.5)$(31.3)























See notes to Condensed Consolidated Financial Statements
F-3

HC2 HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in millions, except share amounts)
June 30,
2021
December 31,
2020
Assets
Current assets
Cash and cash equivalents$18.1 $43.8 
Accounts receivable, net364.6 184.7 
Costs and recognized earnings in excess of billings on uncompleted contracts63.7 55.6 
Assets held for sale5,812.4 5,942.1 
Other current assets28.9 20.1 
Total current assets6,287.7 6,246.3 
Investments53.1 55.4 
Deferred tax asset2.0 3.0 
Property, plant and equipment, net173.3 112.8 
Goodwill121.1 111.0 
Intangibles, net222.0 172.1 
Other assets76.7 42.2 
Total assets$6,935.9 $6,742.8 
Liabilities, temporary equity and stockholders’ equity
Current liabilities
 Accounts payable $135.1 $69.7 
 Accrued liabilities101.9 77.1 
Current portion of debt obligations70.2 433.6 
Billings in excess of costs and recognized earnings on uncompleted contracts146.8 52.2 
Liabilities held for sale5,261.6 5,306.7 
 Other current liabilities 18.7 12.9 
Total current liabilities5,734.3 5,952.2 
Deferred tax liability7.0 7.0 
Debt obligations606.3 127.9 
Other liabilities70.6 39.8 
Total liabilities6,418.2 6,126.9 
Commitments and contingencies
Temporary equity
Preferred stock 10.4 
Redeemable noncontrolling interest6.2 5.3 
Total temporary equity6.2 15.7 
Stockholders’ equity
Common stock, $0.001 par value
0.1 0.1 
Shares authorized: 160,000,000 at June 30, 2021 and December 31, 2020, respectively
Shares issued: 79,208,998 and 77,836,586 at June 30, 2021 and December 31, 2020, respectively
Shares outstanding: 77,823,942 and 76,726,835 at June 30, 2021 and December 31, 2020, respectively
Additional paid-in capital354.8 355.7 
Treasury stock, at cost: 1,385,056 and 1,109,751 shares at June 30, 2021 and December 31, 2020, respectively
(5.2)(4.2)
Accumulated deficit(199.6)(188.7)
Accumulated other comprehensive income338.2 396.9 
Total HC2 Holdings, Inc. stockholders’ equity488.3 559.8 
Noncontrolling interest23.2 40.4 
Total stockholders’ equity511.5 600.2 
Total liabilities, temporary equity and stockholders’ equity$6,935.9 $6,742.8 



See notes to Condensed Consolidated Financial Statements
F-4

HC2 HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited, in millions)


Common StockAdditional
Paid-In
Capital
Treasury
Stock
Accumulated DeficitAccumulated Other Comprehensive Income (Loss)Total HC2 Stockholders' EquityNon-
controlling
Interest
Total Stockholders’ EquityTemporary Equity
SharesAmount
Balance as of March 31, 202177.6 $0.1 $355.7 $(5.2)$(176.1)$215.1 $389.6 $23.9 $413.5 $18.0 
Share-based compensation— — 0.6 — — — 0.6 — 0.6 — 
Fair value adjustment of redeemable noncontrolling interest— — (0.1)— — — (0.1)— (0.1)0.1 
Preferred stock dividend— — (0.1)— — — (0.1)— (0.1)— 
Issuance of common stock0.2 — 0.5 — — — 0.5 — 0.5 — 
Purchase of preferred stock by subsidiary— — (0.2)— — — (0.2)— (0.2)— 
Redemption of Series A and A-2 Preferred Stock— — — — — — — — — (10.4)
Transactions with noncontrolling interests— — (1.6)— — — (1.6)(0.5)(2.1) 
Net loss— — — — (23.5)— (23.5)(0.2)(23.7)(1.5)
Other comprehensive income— — — — — 123.1 123.1  123.1 — 
Balance as of June 30, 202177.8 $0.1 $354.8 $(5.2)$(199.6)$338.2 $488.3 $23.2 $511.5 $6.2 
Common StockAdditional
Paid-In
Capital
Treasury
Stock
Accumulated DeficitAccumulated Other Comprehensive Income (Loss)Total HC2 Stockholders' EquityNon-
controlling
Interest
Total Stockholders’ EquityTemporary Equity
SharesAmount
Balance as of December 31, 202076.7 $0.1 $355.7 $(4.2)$(188.7)$396.9 $559.8 $40.4 $600.2 $15.7 
Share-based compensation— — 1.3 — — — 1.3 — 1.3 — 
Fair value adjustment of redeemable noncontrolling interest— — (0.3)— — — (0.3)— (0.3)0.3 
Taxes paid in lieu of shares issued for share-based compensation— — — (1.0)— — (1.0)— (1.0)— 
Preferred stock dividend— — (0.3)— — — (0.3)— (0.3)— 
Issuance of common stock1.1 — 0.7 — — — 0.7 — 0.7 — 
Purchase of preferred stock by subsidiary— — (0.2)— — — (0.2)— (0.2)— 
Redemption of Series A and A-2 Preferred Stock— — — — — — — — — (10.4)
Transactions with noncontrolling interests— — 0.8 — — — 0.8 (15.0)(14.2)3.8 
Other— — (2.9)— — — (2.9)— (2.9)— 
Net loss— — — — (10.9)— (10.9)(2.1)(13.0)(3.2)
Other comprehensive loss— — — — — (58.7)(58.7)(0.1)(58.8)— 
Balance as of June 30, 202177.8 $0.1 $354.8 $(5.2)$(199.6)$338.2 $488.3 $23.2 $511.5 $6.2 



See notes to Condensed Consolidated Financial Statements
F-5

HC2 HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited, in millions)
Common StockAdditional
Paid-In
Capital
Treasury
Stock
Accumulated DeficitAccumulated Other Comprehensive Income (Loss)Total HC2 Stockholders' EquityNon-
controlling
Interest
Total Stockholders’ EquityTemporary Equity
SharesAmount
Balance as of March 31, 202046.5 $ $282.7 $(4.2)$(179.8)$(84.6)$14.1 $46.4 $60.5 $18.6 
Share-based compensation— — 0.3 — — — 0.3 — 0.3 — 
Fair value adjustment of redeemable noncontrolling interest— — 2.9 — — — 2.9 — 2.9 (2.9)
Preferred stock dividend— — (0.2)— — — (0.2)— (0.2)— 
Issuance of common stock0.1 —  — — —  —  — 
Transactions with noncontrolling interests— — 2.8 — — — 2.8 (15.2)(12.4)1.5 
Net income— — — — 13.1 — 13.1 14.0 27.1 1.4 
Other comprehensive income— — — — — 286.3 286.3 0.7 287.0 0.1 
Balance as of June 30, 202046.6 $ $288.5 $(4.2)$(166.7)$201.7 $319.3 $45.9 $365.2 $18.7 

Common StockAdditional
Paid-In
Capital
Treasury
Stock
Accumulated DeficitAccumulated Other Comprehensive Income (Loss)Total HC2 Stockholders' EquityNon-
controlling
Interest
Total Stockholders’ EquityTemporary Equity
SharesAmount
Balance as of December 31, 201946.1 $ $281.1 $(3.3)$(96.7)$168.7 $349.8 $93.8 $443.6 $21.6 
Share-based compensation— — 2.9 — — — 2.9 — 2.9 — 
Fair value adjustment of redeemable noncontrolling interest— — (1.2)— — — (1.2)— (1.2)1.2 
Taxes paid in lieu of shares issued for share-based compensation(0.4)— — (0.9)— — (0.9)— (0.9)— 
Preferred stock dividend— — (0.4)— — — (0.4)— (0.4)— 
Issuance of common stock0.9 — — — — —  —  — 
Transactions with noncontrolling interests— — 6.1 — — — 6.1 (55.3)(49.2)(4.0)
Net loss— — — — (70.0)— (70.0)(1.0)(71.0)(1.5)
Other comprehensive income— — — — — 33.0 33.0 8.4 41.4 1.4 
Balance as of June 30, 202046.6 $ $