2023 Q1 Form 10-K Financial Statement

#000100683723000018 Filed on March 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $317.9M $409.3M $1.637B
YoY Change -22.99% 3.67% 35.85%
Cost Of Revenue $274.3M $346.4M $1.416B
YoY Change -24.44% 3.99% 38.61%
Gross Profit $43.60M $62.90M $221.4M
YoY Change -12.45% 1.94% 20.52%
Gross Profit Margin 13.72% 15.37% 13.52%
Selling, General & Admin $41.70M $49.80M $180.1M
YoY Change -2.11% 5.06% 7.01%
% of Gross Profit 95.64% 79.17% 81.35%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.20M $10.40M $42.20M
YoY Change -3.77% -10.34% 12.23%
% of Gross Profit 23.39% 16.53% 19.06%
Operating Expenses $41.70M $56.20M $180.1M
YoY Change -2.11% 2.55% 7.01%
Operating Profit -$4.000M $6.700M $13.40M
YoY Change -671.43% -2.9% -226.42%
Interest Expense $15.60M -$12.80M $52.00M
YoY Change 23.81% 21.9% -12.01%
% of Operating Profit -191.04% 388.06%
Other Income/Expense, Net $16.50M -$1.700M -$1.200M
YoY Change -16600.0% 1600.0% -127.91%
Pretax Income -$7.100M -$8.000M -$41.10M
YoY Change -43.2% 116.22% -49.07%
Income Tax $900.0K -$700.0K $900.0K
% Of Pretax Income
Net Earnings -$9.000M -$7.000M -$35.90M
YoY Change -27.42% 48.94% -84.22%
Net Earnings / Revenue -2.83% -1.71% -2.19%
Basic Earnings Per Share -$0.13 -$0.53
Diluted Earnings Per Share -$0.13 -$0.09 -$0.53
COMMON SHARES
Basic Shares Outstanding 78.79M shares 78.36M shares 77.50M shares
Diluted Shares Outstanding 77.70M shares 77.50M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.60M $80.40M $80.40M
YoY Change -37.12% 76.7% 76.7%
Cash & Equivalents $16.60M $80.40M $80.40M
Short-Term Investments
Other Short-Term Assets $14.70M $16.80M $17.10M
YoY Change 20.49% 54.13% 18.75%
Inventory $21.30M $18.90M $18.90M
Prepaid Expenses $10.40M
Receivables $253.7M $254.9M $170.7M
Other Receivables $249.9M $249.3M $249.3M
Total Short-Term Assets $486.5M $536.4M $536.4M
YoY Change 2.08% 21.19% 21.19%
LONG-TERM ASSETS
Property, Plant & Equipment $228.5M $230.8M $230.8M
YoY Change -3.59% -3.63% -3.63%
Goodwill $127.0M $127.1M
YoY Change -0.39% -0.24%
Intangibles $186.1M $190.1M
YoY Change -8.86% -8.78%
Long-Term Investments $3.100M $43.60M $59.50M
YoY Change -92.94% -1.36% 6.25%
Other Assets $71.10M $71.90M $7.800M
YoY Change -4.95% -1.91% 16.42%
Total Long-Term Assets $557.6M $615.3M $615.3M
YoY Change -12.27% -3.56% -3.56%
TOTAL ASSETS
Total Short-Term Assets $486.5M $536.4M $536.4M
Total Long-Term Assets $557.6M $615.3M $615.3M
Total Assets $1.044B $1.152B $1.152B
YoY Change -6.12% 6.58% 6.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $167.0M $202.5M $202.5M
YoY Change -16.67% 13.0% 13.0%
Accrued Expenses $45.00M $65.40M $82.10M
YoY Change -47.74% -29.98% -24.33%
Deferred Revenue $104.9M $98.60M
YoY Change 90.38% 24.65%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $32.90M $30.60M $30.60M
YoY Change -58.93% -55.97% -55.97%
Total Short-Term Liabilities $374.5M $417.2M $417.2M
YoY Change -15.18% -5.07% -5.07%
LONG-TERM LIABILITIES
Long-Term Debt $664.3M $683.8M $683.8M
YoY Change 10.53% 22.81% 22.81%
Other Long-Term Liabilities $107.6M $71.20M $71.20M
YoY Change 69.98% 12.48% 12.48%
Total Long-Term Liabilities $107.6M $71.20M $755.0M
YoY Change 69.98% 12.48% 21.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $374.5M $417.2M $417.2M
Total Long-Term Liabilities $107.6M $71.20M $755.0M
Total Liabilities $1.150B $1.181B $1.255B
YoY Change 3.12% 10.54% 9.54%
SHAREHOLDERS EQUITY
Retained Earnings -$461.1M -$452.1M
YoY Change 7.58% 8.63%
Common Stock $326.9M $330.2M
YoY Change -1.21% -0.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$141.1M -$121.3M -$103.7M
YoY Change
Total Liabilities & Shareholders Equity $1.044B $1.152B $1.152B
YoY Change -6.12% 6.58% 6.58%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$9.000M -$7.000M -$35.90M
YoY Change -27.42% 48.94% -84.22%
Depreciation, Depletion And Amortization $10.20M $10.40M $42.20M
YoY Change -3.77% -10.34% 12.23%
Cash From Operating Activities -$77.00M $62.70M -$9.500M
YoY Change 21.45% 50.72% -135.19%
INVESTING ACTIVITIES
Capital Expenditures $3.700M $4.400M $20.70M
YoY Change -19.57% -148.35% -14.11%
Acquisitions
YoY Change
Other Investing Activities -$400.0K $200.0K -$700.0K
YoY Change -500.0% -75.0% -30.0%
Cash From Investing Activities $51.20M -$4.200M -$22.50M
YoY Change -791.89% -49.4% -89.92%
FINANCING ACTIVITIES
Cash Dividend Paid $1.200M $5.200M
YoY Change -50.0% 79.31%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $4.600M $28.30M
YoY Change -25.81% -93.82%
Cash From Financing Activities -$38.00M -5.100M $68.10M
YoY Change -174.22% -89.86% 1483.72%
NET CHANGE
Cash From Operating Activities -$77.00M 62.70M -$9.500M
Cash From Investing Activities $51.20M -4.200M -$22.50M
Cash From Financing Activities -$38.00M -5.100M $68.10M
Net Change In Cash -$64.20M 53.40M $34.70M
YoY Change 236.13% -414.12% 1477.27%
FREE CASH FLOW
Cash From Operating Activities -$77.00M $62.70M -$9.500M
Capital Expenditures $3.700M $4.400M $20.70M
Free Cash Flow -$80.70M $58.30M -$30.20M
YoY Change 18.68% 14.99% -1141.38%

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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 57% 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 acquired 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"). On a fully diluted basis, the Company would have an approximately 86% controlling interest in Broadcasting.</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 International Co., Ltd., formerly known as Huawei Marine Networks Co. (“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</span></div><div style="text-align:justify;text-indent:18pt"><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 consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of net revenue and expenses during the reporting period. Actual results may differ from these estimates. Significant estimates include allowance for doubtful accounts receivable, the extent of progress towards completion on contracts, contract revenue and costs on long-term contracts, valuation of certain investments, market assumptions used in estimating the fair values of certain assets (including goodwill and intangibles) and liabilities, the calculation used in determining the fair value of INNOVATE’s stock options required by ASC 718, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Compensation - Stock Compensation</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> ("ASC 718"), income taxes and various other contingencies.</span></div><div style="text-align:justify;text-indent:18pt"><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%">Estimates of fair value represent the Company’s best estimates developed with the assistance of independent appraisals or various valuation techniques and, where the foregoing have not yet been completed or are not available, industry data and trends and by reference to relevant market rates and transactions. The estimates and assumptions are inherently subject to significant uncertainties and contingencies beyond the control of the Company. Accordingly, the Company cannot provide assurance that the estimates, assumptions, and values reflected in the valuations will be realized, and actual results could vary materially.</span></div>
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CY2021Q4 us-gaap Operating Lease Liability Noncurrent
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CY2022Q4 vate Other Liabilities Noncurrent Other
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CY2021Q4 vate Other Liabilities Noncurrent Other
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CY2022Q4 us-gaap Other Liabilities Noncurrent
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CY2021Q4 us-gaap Other Liabilities Noncurrent
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CY2022Q4 us-gaap Asset Retirement Obligation
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CY2021Q4 us-gaap Asset Retirement Obligation
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CY2022 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
100000 usd
CY2021 us-gaap Asset Retirement Obligation Accretion Expense
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CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
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CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
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CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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10900000 usd
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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4500000 usd
CY2022Q4 us-gaap Long Term Debt Current
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30600000 usd
CY2021Q4 us-gaap Long Term Debt Current
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CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations
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CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations
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CY2022Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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1800000 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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74900000 usd
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76700000 usd
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300000 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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274500000 usd
CY2022Q4 vate Long Term Debt And Lease Obligations Maturities Repayments Of Principal In Year Two
LongTermDebtAndLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearTwo
274800000 usd
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100000 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
41800000 usd
CY2022Q4 vate Long Term Debt And Lease Obligations Maturities Repayments Of Principal In Year Three
LongTermDebtAndLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearThree
41900000 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Four
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0 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
469800000 usd
CY2022Q4 vate Long Term Debt And Lease Obligations Maturities Repayments Of Principal In Year Four
LongTermDebtAndLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFour
469800000 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Five
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
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CY2022Q4 vate Long Term Debt And Lease Obligations Maturities Repayments Of Principal In Year Five
LongTermDebtAndLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFive
0 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due After Year Five
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
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CY2022Q4 vate Long Term Debt And Lease Obligations Maturities Repayments Of Principal After Year Five
LongTermDebtAndLeaseObligationsMaturitiesRepaymentsOfPrincipalAfterYearFive
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CY2022Q4 us-gaap Finance Lease Liability Payments Due
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2200000 usd
CY2022Q4 vate Debt Including Interest Payable
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861000000.0 usd
CY2022Q4 vate Long Term Debt And Lease Obligation Including Current Maturities And Interest
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863200000 usd
CY2022Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
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100000 usd
CY2022Q4 vate Long Term Debt Maturities Interest Included In Payments
LongTermDebtMaturitiesInterestIncludedInPayments
137800000 usd
CY2022Q4 vate Long Term Debt And Lease Obligations Maturities Interest Included In Payments
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137900000 usd
CY2022Q4 us-gaap Finance Lease Liability
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2100000 usd
CY2022Q4 us-gaap Debt Longterm And Shortterm Combined Amount
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723200000 usd
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
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725300000 usd
CY2022 us-gaap Current Federal Tax Expense Benefit
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CY2021 us-gaap Current Federal Tax Expense Benefit
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100000 usd
CY2022 us-gaap Current State And Local Tax Expense Benefit
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2900000 usd
CY2021 us-gaap Current State And Local Tax Expense Benefit
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CY2022 us-gaap Current Foreign Tax Expense Benefit
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CY2021 us-gaap Current Foreign Tax Expense Benefit
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CY2022 us-gaap Current Income Tax Expense Benefit
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CY2021 us-gaap Current Income Tax Expense Benefit
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CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
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100000 usd
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
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200000 usd
CY2022 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2022 vate Deferred Income Tax Expense Benefits
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CY2021 vate Deferred Income Tax Expense Benefits
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2022 vate Income Tax Reconciliation Permanent Differences
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300000 usd
CY2021 vate Income Tax Reconciliation Permanent Differences
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400000 usd
CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
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1000000.0 usd
CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2022 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2021 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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400000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
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100000 usd
CY2021 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
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400000 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 vate Income Tax Reconciliation Transaction Costs
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CY2021 vate Income Tax Reconciliation Transaction Costs
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500000 usd
CY2022 vate Effective Income Tax Rate Reconciliation Return To Provision Amount
EffectiveIncomeTaxRateReconciliationReturnToProvisionAmount
3200000 usd
CY2021 vate Effective Income Tax Rate Reconciliation Return To Provision Amount
EffectiveIncomeTaxRateReconciliationReturnToProvisionAmount
3300000 usd
CY2022 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
1700000 usd
CY2021 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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20200000 usd
CY2022 vate Effective Income Tax Rate Reconciliation Outside Basis Difference
EffectiveIncomeTaxRateReconciliationOutsideBasisDifference
4200000 usd
CY2021 vate Effective Income Tax Rate Reconciliation Outside Basis Difference
EffectiveIncomeTaxRateReconciliationOutsideBasisDifference
900000 usd
CY2022 us-gaap Income Tax Reconciliation Other Reconciling Items
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700000 usd
CY2021 us-gaap Income Tax Reconciliation Other Reconciling Items
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1600000 usd
CY2022 us-gaap Income Tax Reconciliation Equity In Earnings Losses Of Unconsolidated Subsidiary
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CY2021 us-gaap Income Tax Reconciliation Equity In Earnings Losses Of Unconsolidated Subsidiary
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1100000 usd
CY2022 vate Effective Income Tax Rate Reconciliation Derivative
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CY2021 vate Effective Income Tax Rate Reconciliation Derivative
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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63800000 usd
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300000 usd
CY2021Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
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CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
6700000 usd
CY2022Q4 vate Deferred Tax Assets Interest Limitation Carryforward
DeferredTaxAssetsInterestLimitationCarryforward
46300000 usd
CY2021Q4 vate Deferred Tax Assets Interest Limitation Carryforward
DeferredTaxAssetsInterestLimitationCarryforward
58100000 usd
CY2022Q4 vate Deferred Tax Assets Operating Lease Liability
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20500000 usd
CY2021Q4 vate Deferred Tax Assets Operating Lease Liability
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20900000 usd
CY2022Q4 us-gaap Deferred Tax Assets Other
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13300000 usd
CY2021Q4 us-gaap Deferred Tax Assets Other
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13400000 usd
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170100000 usd
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
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CY2021Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
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27800000 usd
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26100000 usd
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CY2021Q4 us-gaap Deferred Tax Liabilities
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Not Subject To Expiration
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CY2021Q4 us-gaap Unrecognized Tax Benefits
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CY2020Q4 us-gaap Unrecognized Tax Benefits
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CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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5300000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
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17600000 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits
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17600000 usd
CY2022Q4 us-gaap Purchase Obligation Due In Next Twelve Months
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288200000 usd
CY2022Q4 us-gaap Purchase Obligation Due In Second Year
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3600000 usd
CY2022Q4 vate Purchase Obligation To Be Paid After Year Two
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CY2022Q4 us-gaap Purchase Obligation
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291800000 usd
CY2019Q4 vate Sale Of Equity Interest Number Of Tranches
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CY2022Q4 vate Cash And Cash Equivalents In Foreign Accounts
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3200000 usd
CY2021Q4 vate Cash And Cash Equivalents In Foreign Accounts
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4700000 usd
CY2022 us-gaap Allocated Share Based Compensation Expense
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CY2021 us-gaap Allocated Share Based Compensation Expense
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5.13
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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5.13
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CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P1Y9M18D
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
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CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
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CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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0 usd
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2022Q4 us-gaap Preferred Stock Shares Authorized
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CY2021Q4 us-gaap Preferred Stock Shares Authorized
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CY2021Q4 us-gaap Other Liabilities Fair Value Disclosure
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CY2021Q3 vate Proceed From Exchange For Accrued And Unpaid Dividend
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300000 usd
CY2022Q4 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
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17600000 usd
CY2022 us-gaap Preferred Stock Dividend Rate Percentage
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CY2022 vate Preferred Stock Accreting Dividends Accruing Rate
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CY2022 vate Preferred Stock Accreting Dividends Accruing Rate Required Threshold
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CY2022 vate Volume Weighted Average Price Threshold Percentage
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CY2022 vate Preferred Stock Force Conversion Trading Period To Calculate Volume Weighted Average Price
PreferredStockForceConversionTradingPeriodToCalculateVolumeWeightedAveragePrice
P30D
CY2022 vate Volume Weighted Average Price Threshold Percentage
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CY2022 vate Volume Weighted Average Price Threshold Percentage
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CY2022 vate Preferred Stock Consent Rights Percentage
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CY2022Q1 us-gaap Dividends Preferred Stock Cash
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CY2022Q2 us-gaap Dividends Preferred Stock Cash
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300000 usd
CY2022Q3 us-gaap Dividends Preferred Stock Cash
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300000 usd
CY2022Q4 us-gaap Dividends Preferred Stock Cash
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300000 usd
CY2021Q1 us-gaap Dividends Preferred Stock Cash
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200000 usd
CY2021Q2 us-gaap Dividends Preferred Stock Cash
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100000 usd
CY2021Q3 us-gaap Dividends Preferred Stock Cash
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300000 usd
CY2021Q4 us-gaap Dividends Preferred Stock Cash
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300000 usd
CY2021Q3 vate Tax Benefits Preservation Plan Outstanding Shares Ownership Threshold
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