2022 Q3 Form 10-Q Financial Statement

#000100683722000097 Filed on August 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $423.0M $392.2M $394.8M
YoY Change 7.14% 60.87% 121.8%
Cost Of Revenue $364.6M $341.9M $333.1M
YoY Change 7.33% 64.85% 136.58%
Gross Profit $58.40M $50.30M $61.70M
YoY Change 5.99% 38.19% 65.86%
Gross Profit Margin 13.81% 12.83% 15.63%
Selling, General & Admin $45.60M $42.10M $47.40M
YoY Change 2.93% 6.58% 30.58%
% of Gross Profit 78.08% 83.7% 76.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.600M $6.300M $11.60M
YoY Change -15.38% 18.87% 75.76%
% of Gross Profit 11.3% 12.52% 18.8%
Operating Expenses $45.60M $42.10M $54.80M
YoY Change 2.93% 6.58% 60.23%
Operating Profit $6.600M -$400.0K $6.900M
YoY Change 500.0% -94.81% 130.0%
Interest Expense $13.30M $12.50M -$10.50M
YoY Change 3.91% 0.81% -41.67%
% of Operating Profit 201.52% -152.17%
Other Income/Expense, Net -$900.0K $1.500M -$100.0K
YoY Change -250.0% 275.0% -97.37%
Pretax Income -$8.700M -$11.90M -$3.700M
YoY Change -38.3% -43.6% -68.38%
Income Tax -$2.000M $2.000M $1.800M
% Of Pretax Income
Net Earnings -$5.400M -$12.40M -$4.700M
YoY Change -97.45% -47.23% 0.0%
Net Earnings / Revenue -1.28% -3.16% -1.19%
Basic Earnings Per Share -$0.09 -$0.18
Diluted Earnings Per Share -$0.09 -$0.18 -$60.72K
COMMON SHARES
Basic Shares Outstanding 78.44M shares 77.50M shares 77.77M shares
Diluted Shares Outstanding 77.60M shares 77.50M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.80M $24.90M $45.50M
YoY Change -53.51% 37.57% 3.88%
Cash & Equivalents $25.80M $24.90M $45.50M
Short-Term Investments
Other Short-Term Assets $13.50M $11.10M $10.90M
YoY Change 22.73% -61.59% 25.29%
Inventory $20.70M $20.10M $17.00M
Prepaid Expenses
Receivables $327.9M $271.1M $247.1M
Other Receivables $320.0M $262.1M $237.4M
Total Short-Term Assets $544.3M $482.3M $442.6M
YoY Change -8.09% -92.33% -92.89%
LONG-TERM ASSETS
Property, Plant & Equipment $168.0M $164.5M $239.5M
YoY Change -28.9% -32.99% 112.32%
Goodwill $126.8M $127.1M $127.4M
YoY Change 3.26% 4.95% 14.77%
Intangibles $194.3M $198.4M $208.4M
YoY Change -8.82% -10.63% 21.09%
Long-Term Investments $40.80M $47.60M $44.20M
YoY Change 7.09% 15.25% 1.38%
Other Assets $71.40M $72.40M $73.30M
YoY Change -1.52% -5.61% 73.7%
Total Long-Term Assets $620.9M $624.1M $638.0M
YoY Change -1.33% -3.72% 28.5%
TOTAL ASSETS
Total Short-Term Assets $544.3M $482.3M $442.6M
Total Long-Term Assets $620.9M $624.1M $638.0M
Total Assets $1.165B $1.106B $1.081B
YoY Change -4.61% -84.05% -83.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $213.0M $182.4M $179.2M
YoY Change 16.27% 35.01% 157.1%
Accrued Expenses $88.20M $93.30M $93.40M
YoY Change -11.53% -8.44% 21.14%
Deferred Revenue $95.40M $93.30M $79.10M
YoY Change -40.89% 138.25%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $81.40M $73.00M $69.50M
YoY Change 14.49% 3.99% -83.97%
Total Short-Term Liabilities $498.1M $461.7M $439.5M
YoY Change -6.62% -91.95% -92.59%
LONG-TERM LIABILITIES
Long-Term Debt $627.9M $594.1M $556.8M
YoY Change 4.16% -2.01% 335.34%
Other Long-Term Liabilities $57.60M $59.80M $63.30M
YoY Change -6.65% -15.3% 59.05%
Total Long-Term Liabilities $57.60M $59.80M $63.30M
YoY Change -6.65% -15.3% 59.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $498.1M $461.7M $439.5M
Total Long-Term Liabilities $57.60M $59.80M $63.30M
Total Liabilities $1.194B $1.126B $1.069B
YoY Change -1.0% -82.46% -82.5%
SHAREHOLDERS EQUITY
Retained Earnings -$446.4M -$441.0M -$416.2M
YoY Change 8.48% 120.94% 120.56%
Common Stock $330.3M $330.8M $330.7M
YoY Change -0.3% -6.79% -7.05%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.200M
YoY Change 23.81%
Treasury Stock Shares 1.389M shares
Shareholders Equity -$118.4M -$110.7M -$84.30M
YoY Change
Total Liabilities & Shareholders Equity $1.165B $1.106B $1.081B
YoY Change -4.61% -84.05% -83.93%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income -$5.400M -$12.40M -$4.700M
YoY Change -97.45% -47.23% 0.0%
Depreciation, Depletion And Amortization $6.600M $6.300M $11.60M
YoY Change -15.38% 18.87% 75.76%
Cash From Operating Activities -$29.50M $20.70M $41.60M
YoY Change -112.32% -154.62% -143.38%
INVESTING ACTIVITIES
Capital Expenditures -$7.500M -$4.200M -$9.100M
YoY Change 7.14% -12.5% 184.37%
Acquisitions
YoY Change
Other Investing Activities $700.0K $100.0K $800.0K
YoY Change -100.4% -100.11% -99.16%
Cash From Investing Activities -$6.800M -$4.100M -$8.300M
YoY Change -96.3% -95.86% -109.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 38.40M -16.40M -50.30M
YoY Change -436.84% -116.09% -360.62%
NET CHANGE
Cash From Operating Activities -29.50M 20.70M 41.60M
Cash From Investing Activities -6.800M -4.100M -8.300M
Cash From Financing Activities 38.40M -16.40M -50.30M
Net Change In Cash 2.100M 200.0K -17.00M
YoY Change -95.27% -100.57% -212.58%
FREE CASH FLOW
Cash From Operating Activities -$29.50M $20.70M $41.60M
Capital Expenditures -$7.500M -$4.200M -$9.100M
Free Cash Flow -$22.00M $24.90M $50.70M
YoY Change -108.92% -175.23% -154.69%

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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">1. Organization and Business </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:115%">INNOVATE Corp. ("INNOVATE" and, together with its consolidated subsidiaries, the "Company", "we" and "our") 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. While the Company generally intends to acquire controlling equity interests in its operating subsidiaries, the Company may invest to a limited extent in a variety of noncontrolling equity interest positions or debt instruments. The Company’s shares of common stock trade on the NYSE under the symbol "VATE".</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Company currently has three reportable segments, plus our Other segment, based on management’s organization of the enterprise: Infrastructure, Life Sciences, Spectrum, and Other which includes businesses that do not meet the separately reportable segment thresholds.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">1.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:29.25pt">Our Infrastructure segment is comprised of DBM Global Inc. ("DBMG") and its wholly-owned subsidiaries. DBMG is a fully integrated industrial construction, structural steel and facility maintenance provider that provides fabrication and erection of structural steel and heavy steel plate services and also fabricates trusses and girders and specializes in the fabrication and erection of large-diameter water pipe and water storage tanks, as well as 3-D Building Information Modeling (“BIM”) and detailing. DBMG provides these services on commercial, industrial, and infrastructure construction projects such as high- and low-rise buildings and office complexes, hotels and casinos, convention centers, sports arenas and stadiums, shopping malls, hospitals, dams, bridges, mines, metal processing, refineries, pulp and paper mills and power plants. Through GrayWolf Industrial Inc.("GrayWolf"), DBMG provides integrated solutions for digital engineering, modeling and detailing, construction, heavy equipment installation and facility services including maintenance, repair, and installation to a diverse range of end markets. Through Aitken Manufacturing, Inc., DBMG manufactures pollution control scrubbers, tunnel liners, pressure vessels, strainers, filters, separators and a variety of customized products. Through Banker Steel Holdco, LLC ("Banker Steel"), DBMG provides full-service fabricated structural steel and erection services primarily for the East Coast and Southeast commercial and industrial construction market, in addition to full design-assist services. The Company maintains an approximately 91% controlling interest in DBMG.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">2.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:29.25pt">Our Life Sciences segment is comprised of Pansend Life Sciences, LLC ("Pansend"), its subsidiaries and equity method investments. Pansend maintains controlling interests of approximately 80% in Genovel Orthopedics, Inc. ("Genovel"), which seeks to develop products to treat early osteoarthritis of the knee and approximately 56% in R2 Technologies, Inc. ("R2"), which develops aesthetic and medical technologies for the skin. Pansend also invests in other early stage or developmental stage healthcare companies including an approximately 47% interest in MediBeacon Inc. ("MediBeacon"), a medical technology company specializing in the advances of fluorescent tracer agents and transdermal measurement, potentially enabling real-time, direct monitoring of kidney function, and an approximately 26% interest in Triple Ring Technologies, Inc ("Triple Ring"), a science and technology co-development company. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">3.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:29.25pt">Our Spectrum segment is comprised of HC2 Broadcasting Holdings Inc. ("Broadcasting") and its subsidiaries. Broadcasting strategically acquires and operates over-the-air broadcasting stations across the United States. In addition, Broadcasting, through its wholly-owned subsidiary, HC2 Network Inc. ("Network"), operates Azteca America, a Spanish-language broadcast network offering high quality Hispanic content to a diverse demographic across the United States. The Company maintains a 98% controlling interest in Broadcasting and maintains a controlling interest of approximately 77%, inclusive of approximately 10% proxy and voting rights from minority holders of DTV America Corporation ("DTV").</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">4.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:29.25pt">Our Other segment represents all other businesses or investments that do not meet the definition of a segment individually or in the aggregate. Included in the Other segment is the former Marine Services segment, which includes its holding company, Global Marine Holdings, LLC ("GMH"), in which the Company maintains approximately 73% controlling interest. GMH results include the current and prior year equity investment in HMN Technologies Co., Ltd. (“HMN”), its 19% equity method investment, and the discontinued operations of Global Marine Systems Limited ("GMSL"). Also included in the Other segment is the discontinued operations of Beyond6, Inc. ("Beyond6"), and Continental Insurance Group ("CIG").</span></div>
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates and Assumptions</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The preparation of the Company’s Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used.</span></div>
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CY2022Q2 vate Cost Earned On Uncompleted Contracts Net
CostEarnedOnUncompletedContractsNet
59400000 usd
CY2021Q4 vate Cost Earned On Uncompleted Contracts Net
CostEarnedOnUncompletedContractsNet
39500000 usd
CY2022Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
152700000 usd
CY2021Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
118600000 usd
CY2022Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
93300000 usd
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
79100000 usd
CY2022Q2 vate Contract With Customer Net Asset Liability
ContractWithCustomerNetAssetLiability
59400000 usd
CY2021Q4 vate Contract With Customer Net Asset Liability
ContractWithCustomerNetAssetLiability
39500000 usd
CY2022Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
16900000 usd
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
14300000 usd
CY2022Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
1000000.0 usd
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
1200000 usd
CY2022Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2200000 usd
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1500000 usd
CY2022Q2 us-gaap Inventory Net
InventoryNet
20100000 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
17000000.0 usd
CY2022Q2 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
11300000 usd
CY2022Q2 us-gaap Equity Method Investments
EquityMethodInvestments
47600000 usd
CY2022Q2 us-gaap Investments
Investments
58900000 usd
CY2021Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
11800000 usd
CY2021Q4 us-gaap Equity Method Investments
EquityMethodInvestments
44200000 usd
CY2021Q4 us-gaap Investments
Investments
56000000.0 usd
CY2022Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-500000 usd
CY2021Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
200000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-1000000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-1900000 usd
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
67700000 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
69600000 usd
CY2022Q2 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
4700000 usd
CY2021Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
3700000 usd
CY2022Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
72400000 usd
CY2021Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
73300000 usd
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
400000 usd
CY2022Q2 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
400000 usd
CY2022Q2 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
27600000 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
24500000 usd
CY2022Q2 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
33500000 usd
CY2021Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
38900000 usd
CY2022Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
32000000.0 usd
CY2021Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
29600000 usd
CY2022Q2 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
200000 usd
CY2021Q4 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
400000 usd
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
93300000 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
93400000 usd
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
55000000.0 usd
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
58500000 usd
CY2022Q2 vate Other Liabilities Noncurrent Other
OtherLiabilitiesNoncurrentOther
4800000 usd
CY2021Q4 vate Other Liabilities Noncurrent Other
OtherLiabilitiesNoncurrentOther
4800000 usd
CY2022Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
59800000 usd
CY2021Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
63300000 usd
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
67700000 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
69600000 usd
CY2022Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
600000 usd
CY2021Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
200000 usd
CY2022Q2 vate Lease Right Of Use Asset
LeaseRightOfUseAsset
68300000 usd
CY2021Q4 vate Lease Right Of Use Asset
LeaseRightOfUseAsset
69800000 usd
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
17100000 usd
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
15500000 usd
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
55000000.0 usd
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
58500000 usd
CY2022Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
600000 usd
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
100000 usd
CY2022Q2 vate Lease Liability
LeaseLiability
72700000 usd
CY2021Q4 vate Lease Liability
LeaseLiability
74100000 usd
CY2022Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
100000 usd
CY2021Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
300000 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
100000 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
600000 usd
CY2022Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
0 usd
CY2021Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
0 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
0 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
0 usd
CY2022Q2 vate Finance Lease Cost
FinanceLeaseCost
100000 usd
CY2021Q2 vate Finance Lease Cost
FinanceLeaseCost
300000 usd
vate Finance Lease Cost
FinanceLeaseCost
100000 usd
vate Finance Lease Cost
FinanceLeaseCost
600000 usd
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
5900000 usd
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
4300000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
11800000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
7800000 usd
CY2022Q2 us-gaap Variable Lease Cost
VariableLeaseCost
200000 usd
CY2021Q2 us-gaap Variable Lease Cost
VariableLeaseCost
100000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
300000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
200000 usd
CY2022Q2 us-gaap Sublease Income
SubleaseIncome
200000 usd
CY2021Q2 us-gaap Sublease Income
SubleaseIncome
0 usd
us-gaap Sublease Income
SubleaseIncome
400000 usd
us-gaap Sublease Income
SubleaseIncome
0 usd
CY2022Q2 us-gaap Lease Cost
LeaseCost
6000000.0 usd
CY2021Q2 us-gaap Lease Cost
LeaseCost
4700000 usd
us-gaap Lease Cost
LeaseCost
11800000 usd
us-gaap Lease Cost
LeaseCost
8600000 usd
CY2022Q2 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
0 usd
CY2021Q2 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
0 usd
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
0 usd
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
0 usd
CY2022Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
100000 usd
CY2021Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
200000 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
100000 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
500000 usd
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
5800000 usd
CY2021Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
4200000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
12000000.0 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
7900000 usd
CY2022Q2 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
500000 usd
CY2021Q2 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0 usd
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
500000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0 usd
CY2022Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1200000 usd
CY2021Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
37300000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
7700000 usd
vate Preferred Stock Force Conversion Trading Period To Calculate Volume Weighted Average Price
PreferredStockForceConversionTradingPeriodToCalculateVolumeWeightedAveragePrice
P30D
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
41200000 usd
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y6M
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y6M
CY2022Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y
CY2021Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y3M18D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.054
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.054
CY2022Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.052
CY2021Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.042
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
10100000 usd
CY2022Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
100000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
18400000 usd
CY2022Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
200000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
12600000 usd
CY2022Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
200000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
9300000 usd
CY2022Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
100000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6500000 usd
CY2022Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
0 usd
CY2022Q2 vate Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
31300000 usd
CY2022Q2 vate Finance Lease Liability To Be Paid After Year Four
FinanceLeaseLiabilityToBePaidAfterYearFour
0 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
88200000 usd
CY2022Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
600000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
16100000 usd
CY2022Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
0 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
72100000 usd
CY2022Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
600000 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2000000 usd
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2600000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3600000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3700000 usd
CY2022Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
95700000 usd
CY2021 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
-58700000 usd
CY2019Q4 vate Sale Of Equity Interest Number Of Tranches
SaleOfEquityInterestNumberOfTranches
2 security
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
500000 usd
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
700000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1300000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1300000 usd
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4739858 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.13
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
23999 shares
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
5.31
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4715859 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.13
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
280791 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.25
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
1500 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
4.06
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4995150 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.02
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4995150 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.02
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y4M24D
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y4M24D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
0 shares
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
0 usd
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2021Q3 vate Proceed From Exchange For Accrued And Unpaid Dividend
ProceedFromExchangeForAccruedAndUnpaidDividend
300000 usd
CY2022Q2 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
18200000 usd
us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.0750
vate Preferred Stock Accreting Dividends Accruing Rate
PreferredStockAccretingDividendsAccruingRate
0.0400
vate Preferred Stock Accreting Dividends Accruing Rate Required Threshold
PreferredStockAccretingDividendsAccruingRateRequiredThreshold
0.0725
vate Volume Weighted Average Price Threshold Percentage
VolumeWeightedAveragePriceThresholdPercentage
1.50
vate Preferred Stock Force Conversion Trading Period To Calculate Volume Weighted Average Price
PreferredStockForceConversionTradingPeriodToCalculateVolumeWeightedAveragePrice
P30D
vate Volume Weighted Average Price Threshold Percentage
VolumeWeightedAveragePriceThresholdPercentage
1.50
vate Volume Weighted Average Price Threshold Percentage
VolumeWeightedAveragePriceThresholdPercentage
1.50
vate Preferred Stock Consent Rights Percentage
PreferredStockConsentRightsPercentage
0.75
us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
300000 usd
CY2021Q4 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
300000 usd
us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
200000 usd
CY2020Q4 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
100000 usd
CY2018Q3 vate Lessee Lease Term
LesseeLeaseTerm
P75M
vate Number Of Geographic Reportable Segments
NumberOfGeographicReportableSegments
1 segment
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 segment
CY2022Q2 us-gaap Revenues
Revenues
392200000 usd
CY2021Q2 us-gaap Revenues
Revenues
243800000 usd
us-gaap Revenues
Revenues
805000000.0 usd
us-gaap Revenues
Revenues
415600000 usd
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-400000 usd
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-7700000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
300000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-18600000 usd
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-400000 usd
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-7700000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
300000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-18600000 usd
CY2022Q2 us-gaap Interest Expense
InterestExpense
12500000 usd
CY2021Q2 us-gaap Interest Expense
InterestExpense
12400000 usd
us-gaap Interest Expense
InterestExpense
25100000 usd
us-gaap Interest Expense
InterestExpense
33800000 usd
CY2022Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 usd
CY2021Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-1600000 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-12400000 usd
CY2022Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-500000 usd
CY2021Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
200000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-1000000.0 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-1900000 usd
CY2022Q2 us-gaap Other Nonoperating Income Expense
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