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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, 2022
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/4629d2d75b836ab52b5af2cfea9d7c24-vate-20220630_g1.jpg
INNOVATE CORP.
(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 shareVATENew York Stock Exchange
Preferred Stock Purchase Rights
N/ANew 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 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 August 1, 2022, 78,440,287 shares of common stock, par value $0.001, were outstanding.





INNOVATE CORP.
INDEX TO FORM 10-Q
Item 1.
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 6.


1

INNOVATE CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in millions, except per share amounts)
PART I: FINANCIAL INFORMATION
Item 1. Unaudited Financial Statements
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Revenue$392.2 $243.8 $805.0 $415.6 
Cost of revenue341.9 207.4 704.9 348.7 
Gross profit50.3 36.4 100.1 66.9 
Operating expenses:
Selling, general and administrative42.1 39.5 84.7 76.6 
Depreciation and amortization6.9 4.8 13.8 8.7 
Other operating loss (income)1.7 (0.2)1.3 0.2 
(Loss) income from operations(0.4)(7.7)0.3 (18.6)
Other (expense) income:
Interest expense(12.5)(12.4)(25.1)(33.8)
Loss on early extinguishment or restructuring of debt (1.6) (12.4)
(Loss) income from equity investees(0.5)0.2 (1.0)(1.9)
Other income, net1.5 0.4 1.4 3.8 
Loss from continuing operations before income taxes(11.9)(21.1)(24.4)(62.9)
Income tax expense(2.0)(2.6)(3.6)(3.7)
Loss from continuing operations(13.9)(23.7)(28.0)(66.6)
(Loss) income from discontinued operations (including gain on disposal of $40.4 million for the six months ended June 30, 2021)
 (1.5) 50.4 
Net loss(13.9)(25.2)(28.0)(16.2)
Net loss attributable to noncontrolling interest and redeemable noncontrolling interest1.5 1.7 3.2 5.3 
Net loss attributable to INNOVATE Corp.(12.4)(23.5)(24.8)(10.9)
Less: Preferred dividends and deemed dividends from conversions1.2 0.2 2.4 0.6 
Net loss attributable to common stock and participating preferred stockholders$(13.6)$(23.7)$(27.2)$(11.5)
Loss per common share - continuing operations
Basic$(0.18)$(0.29)$(0.35)$(0.82)
Diluted$(0.18)$(0.29)$(0.35)$(0.82)
(Loss) income per common share - discontinued operations
Basic$ $(0.02)$ $0.67 
Diluted$ $(0.02)$ $0.67 
Loss per share - Net loss attributable to common stock and participating preferred stockholders
Basic$(0.18)$(0.31)$(0.35)$(0.15)
Diluted$(0.18)$(0.31)$(0.35)$(0.15)
Weighted average common shares outstanding:
Basic77.5 77.0 77.4 77.1 
Diluted77.5 77.0 77.4 77.1 
See notes to Condensed Consolidated Financial Statements
2

INNOVATE CORP.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited, in millions)
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Net loss$(13.9)$(25.2)$(28.0)$(16.2)
Other comprehensive (loss) income
Foreign currency translation adjustment, net of tax(2.5)(0.4)(1.8)(1.2)
Unrealized income (loss) on available-for-sale securities, net of tax 123.5  (57.7)
Other comprehensive (loss) income(2.5)123.1 (1.8)(58.9)
Comprehensive (loss) income(16.4)97.9 (29.8)(75.1)
Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests1.7 1.7 3.3 5.4 
Comprehensive (loss) income attributable to INNOVATE Corp.$(14.7)$99.6 $(26.5)$(69.7)






















See notes to Condensed Consolidated Financial Statements
3

INNOVATE CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in millions, except share amounts)
June 30,
2022
December 31,
2021
Assets
Current assets
Cash and cash equivalents$24.9 $45.5 
Accounts receivable, net271.1 247.1 
Contract assets152.7 118.6 
Inventory20.1 17.0 
Restricted cash1.0 2.0 
Assets held for sale1.4 1.5 
Other current assets11.1 10.9 
Total current assets482.3 442.6 
Investments58.9 56.0 
Deferred tax asset2.8 3.0 
Property, plant and equipment, net164.5 169.9 
Goodwill127.1 127.4 
Intangibles, net198.4 208.4 
Other assets72.4 73.3 
Total assets$1,106.4 $1,080.6 
Liabilities, temporary equity and stockholders’ deficit
Current liabilities
Accounts payable $182.4 $179.2 
Accrued liabilities93.3 93.4 
Current portion of debt obligations73.0 69.5 
Contract liabilities93.3 79.1 
 Other current liabilities 19.7 18.3 
Total current liabilities461.7 439.5 
Deferred tax liability9.9 9.1 
Debt obligations594.1 556.8 
Other liabilities59.8 63.3 
Total liabilities1,125.5 1,068.7 
Commitments and contingencies
Temporary equity
Preferred stock18.2 18.8 
Redeemable noncontrolling interest46.8 49.3 
Total temporary equity65.0 68.1 
Stockholders’ deficit
Common stock, $0.001 par value
0.1 0.1 
Shares authorized: 160,000,000 at both June 30, 2022 and December 31, 2021
Shares issued: 79,829,503 and 79,225,964 at June 30, 2022 and December 31, 2021, respectively
Shares outstanding: 78,440,287 and 77,836,748 at June 30, 2022 and December 31, 2021, respectively
Additional paid-in capital330.7 330.6 
Treasury stock, at cost: 1,389,216 shares at both June 30, 2022 and December 31, 2021
(5.2)(5.2)
Accumulated deficit(441.0)(416.2)
Accumulated other comprehensive income4.7 6.4 
Total INNOVATE Corp. stockholders’ deficit(110.7)(84.3)
Noncontrolling interest26.6 28.1 
Total stockholders’ deficit(84.1)(56.2)
Total liabilities, temporary equity and stockholders’ deficit$1,106.4 $1,080.6 
See notes to Condensed Consolidated Financial Statements
4

INNOVATE CORP.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ (DEFICIT) EQUITY
(Unaudited, in millions)

Common StockAdditional
Paid-In
Capital
Treasury
Stock
Accumulated DeficitAccumulated Other Comprehensive Income (Loss) (a)Total INNOVATE Stockholders' Equity (Deficit)Non-
controlling
Interest
Total Stockholders’ Equity (Deficit)Temporary Equity
SharesAmount
Balance as of March 31, 202278.4 $0.1 $330.8 $(5.2)$(428.6)$7.0 $(95.9)$26.6 $(69.3)$66.2 
Share-based compensation— — 0.5 — — — 0.5 — 0.5 — 
Fair value adjustment of redeemable noncontrolling interest— — 0.1 — — — 0.1 — 0.1 (0.1)
Preferred stock dividend— — — — — — — — — (0.3)
Issuance of preferred stock— — (0.9)— — — (0.9)— (0.9)0.9 
Other— — 0.2 — — — 0.2 — 0.2 — 
Net loss— — — — (12.4)— (12.4)0.2 (12.2)(1.7)
Other comprehensive loss— — — — — (2.3)(2.3)(0.2)(2.5) 
Balance as of June 30, 202278.4 $0.1 $330.7 $(5.2)$(441.0)$4.7 $(110.7)$26.6 $(84.1)$65.0 
Common StockAdditional
Paid-In
Capital
Treasury
Stock
Accumulated DeficitAccumulated Other Comprehensive Income (Loss) (a)Total INNOVATE Stockholders' Equity (Deficit)Non-
controlling
Interest
Total Stockholders’ Equity (Deficit)Temporary Equity
SharesAmount
Balance as of December 31, 202177.8 $0.1 $330.6 $(5.2)$(416.2)$6.4 $(84.3)$28.1 $(56.2)$68.1 
Share-based compensation— — 1.3 — — — 1.3 — 1.3 — 
Fair value adjustment of redeemable noncontrolling interest— — 0.1 — — — 0.1 — 0.1 (0.1)
Preferred stock dividend— — (0.8)— — — (0.8)(1.3)(2.1)(0.6)
Issuance of common stock0.6 — — — — — — — — — 
Issuance of preferred stock— — (0.9)— — — (0.9)— (0.9)0.9 
Transactions with noncontrolling interests— — 0.1 — — — 0.1 (0.2)(0.1)0.1 
Other— — 0.3 — — — 0.3 — 0.3 — 
Net loss— — — — (24.8)— (24.8)0.2 (24.6)(3.4)
Other comprehensive loss— — — — — (1.7)(1.7)(0.2)(1.9)— 
Balance as of June 30, 202278.4 $0.1 $330.7 $(5.2)$(441.0)$4.7 $(110.7)$26.6 $(84.1)$65.0 




5

INNOVATE CORP.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ (DEFICIT) EQUITY
(Unaudited, in millions)
Common StockAdditional
Paid-In
Capital
Treasury
Stock
Accumulated DeficitAccumulated Other Comprehensive Income (Loss) (a)Total INNOVATE Stockholders' Equity (Deficit)Non-
controlling
Interest
Total Stockholders’ Equity (Deficit)Temporary 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 preferred shares— — — — — — — — — (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) (a)Total INNOVATE Stockholders' Equity (Deficit)Non-
controlling
Interest
Total Stockholders’ Equity (Deficit)Temporary 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 preferred shares— — — — — — — — — (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)