$VATE
INNOVATE Corp.

2023 Q3 Form 10-Q Financial Statement

#000100683723000098 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $375.3M $368.8M
YoY Change -11.28% -5.97%
Cost Of Revenue $316.6M $316.2M
YoY Change -13.17% -7.52%
Gross Profit $58.70M $52.60M
YoY Change 0.51% 4.57%
Gross Profit Margin 15.64% 14.26%
Selling, General & Admin $43.80M $41.10M
YoY Change -3.95% -2.38%
% of Gross Profit 74.62% 78.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.100M $6.200M
YoY Change -7.58% -1.59%
% of Gross Profit 10.39% 11.79%
Operating Expenses $43.80M $41.10M
YoY Change -3.95% -2.38%
Operating Profit $10.70M $5.800M
YoY Change 62.12% -1550.0%
Interest Expense $17.10M $16.30M
YoY Change 28.57% 30.4%
% of Operating Profit 159.81% 281.03%
Other Income/Expense, Net $400.0K $300.0K
YoY Change -144.44% -80.0%
Pretax Income -$7.500M -$10.50M
YoY Change -13.79% -11.76%
Income Tax $1.100M $1.200M
% Of Pretax Income
Net Earnings -$7.000M -$9.900M
YoY Change 29.63% -20.16%
Net Earnings / Revenue -1.87% -2.68%
Basic Earnings Per Share -$0.09 -$0.13
Diluted Earnings Per Share -$0.09 -$0.13
COMMON SHARES
Basic Shares Outstanding 79.23M shares 79.05M shares
Diluted Shares Outstanding 78.40M shares 77.90M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $55.70M $28.80M
YoY Change 115.89% 15.66%
Cash & Equivalents $55.70M $28.80M
Short-Term Investments
Other Short-Term Assets $16.40M $13.60M
YoY Change 21.48% 22.52%
Inventory $18.60M $19.90M
Prepaid Expenses
Receivables $290.8M $293.6M
Other Receivables $288.6M $290.9M
Total Short-Term Assets $552.5M $531.2M
YoY Change 1.51% 10.14%
LONG-TERM ASSETS
Property, Plant & Equipment $220.7M $222.3M
YoY Change 31.37% 35.14%
Goodwill $126.8M $127.0M
YoY Change 0.0% -0.08%
Intangibles $180.8M $182.6M
YoY Change -6.95% -7.96%
Long-Term Investments $2.400M $2.800M
YoY Change -94.12% -94.12%
Other Assets $67.20M $68.10M
YoY Change -5.88% -5.94%
Total Long-Term Assets $543.6M $548.3M
YoY Change -12.45% -12.15%
TOTAL ASSETS
Total Short-Term Assets $552.5M $531.2M
Total Long-Term Assets $543.6M $548.3M
Total Assets $1.096B $1.080B
YoY Change -5.93% -2.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $149.2M $188.7M
YoY Change -29.95% 3.45%
Accrued Expenses $66.40M $73.30M
YoY Change -24.72% -21.44%
Deferred Revenue $162.2M $117.3M
YoY Change 70.02% 25.72%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $162.8M $222.4M
YoY Change 100.0% 204.66%
Total Short-Term Liabilities $557.7M $618.9M
YoY Change 11.97% 34.05%
LONG-TERM LIABILITIES
Long-Term Debt $586.8M $519.6M
YoY Change -6.55% -12.54%
Other Long-Term Liabilities $74.80M $55.20M
YoY Change 29.86% -7.69%
Total Long-Term Liabilities $74.80M $55.20M
YoY Change 29.86% -7.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $557.7M $618.9M
Total Long-Term Liabilities $74.80M $55.20M
Total Liabilities $1.223B $1.198B
YoY Change 2.45% 6.4%
SHAREHOLDERS EQUITY
Retained Earnings -$478.0M -$471.0M
YoY Change 7.08% 6.8%
Common Stock $327.9M $327.1M
YoY Change -0.73% -1.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$157.9M -$150.9M
YoY Change
Total Liabilities & Shareholders Equity $1.096B $1.080B
YoY Change -5.93% -2.43%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$7.000M -$9.900M
YoY Change 29.63% -20.16%
Depreciation, Depletion And Amortization $6.100M $6.200M
YoY Change -7.58% -1.59%
Cash From Operating Activities $26.10M $16.20M
YoY Change -188.47% -21.74%
INVESTING ACTIVITIES
Capital Expenditures $5.700M $4.500M
YoY Change -176.0% -207.14%
Acquisitions
YoY Change
Other Investing Activities $200.0K $0.00
YoY Change -71.43% -100.0%
Cash From Investing Activities -$5.500M -$4.500M
YoY Change -19.12% 9.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.700M 700.0K
YoY Change -82.55% -104.27%
NET CHANGE
Cash From Operating Activities 26.10M 16.20M
Cash From Investing Activities -5.500M -4.500M
Cash From Financing Activities 6.700M 700.0K
Net Change In Cash 27.30M 12.40M
YoY Change 1200.0% 6100.0%
FREE CASH FLOW
Cash From Operating Activities $26.10M $16.20M
Capital Expenditures $5.700M $4.500M
Free Cash Flow $20.40M $11.70M
YoY Change -192.73% -53.01%

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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 non-controlling 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 46% 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. 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 TIC Holdco, Inc. ("TIC"), which is developing a multi-purpose cultural and performing arts space in Palm Beach, Florida, 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's results include its subsidiary's prior 19% equity method investment in HMN International Co., Ltd., formerly known as Huawei Marine Networks Co. (“HMN”), until it was sold on March 6, 2023. Refer to Note 6. Investments for additional information.</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 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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CY2022Q4 us-gaap Accrued Liabilities Current
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CY2023Q2 us-gaap Operating Lease Liability Current
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CY2022Q4 us-gaap Operating Lease Liability Current
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CY2023Q2 vate Other Liabilities Current Other
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CY2022Q4 vate Other Liabilities Current Other
OtherLiabilitiesCurrentOther
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CY2023Q2 us-gaap Other Liabilities Current
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CY2022Q4 us-gaap Other Liabilities Current
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CY2023Q2 us-gaap Operating Lease Liability Noncurrent
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CY2022Q4 us-gaap Operating Lease Liability Noncurrent
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53800000 usd
CY2023Q2 vate Other Liabilities Noncurrent Other
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CY2022Q4 vate Other Liabilities Noncurrent Other
OtherLiabilitiesNoncurrentOther
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CY2023Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
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CY2022Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
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CY2023Q2 us-gaap Assets Of Disposal Group Including Discontinued Operation
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1800000 usd
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CY2023Q2 us-gaap Disposal Group Including Discontinued Operation Inventory Current
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CY2023Q2 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
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CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
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725300000 usd
CY2023Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
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CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
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CY2023Q2 us-gaap Long Term Debt Current
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CY2022Q4 us-gaap Long Term Debt Current
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CY2023Q2 us-gaap Long Term Debt And Capital Lease Obligations
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CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
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CY2023Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
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CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
50400000 usd
CY2023Q2 vate Long Term Debt And Lease Obligations Maturities Repayments Of Principal Remainder Of Year
LongTermDebtAndLeaseObligationsMaturitiesRepaymentsOfPrincipalRemainderOfYear
52000000.0 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
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CY2023Q2 vate Long Term Debt And Lease Obligations Maturities Repayments Of Principal In Year One
LongTermDebtAndLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearOne
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CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
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CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
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CY2023Q2 vate Long Term Debt And Lease Obligations Maturities Repayments Of Principal In Year Two
LongTermDebtAndLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearTwo
64700000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
200000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
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CY2023Q2 vate Long Term Debt And Lease Obligations Maturities Repayments Of Principal In Year Three
LongTermDebtAndLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearThree
506800000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
200000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
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CY2023Q2 vate Long Term Debt And Lease Obligations Maturities Repayments Of Principal In Year Four
LongTermDebtAndLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFour
200000 usd
CY2023Q2 vate Finance Lease Liability To Be Paid After Year Four
FinanceLeaseLiabilityToBePaidAfterYearFour
0 usd
CY2023Q2 vate Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
0 usd
CY2023Q2 vate Long Term Debt And Lease Obligations Maturities Repayments Of Principal After Year Four
LongTermDebtAndLeaseObligationsMaturitiesRepaymentsOfPrincipalAfterYearFour
0 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
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CY2023Q2 vate Debt Including Interest Payable
DebtIncludingInterestPayable
882300000 usd
CY2023Q2 vate Long Term Debt And Lease Obligation Including Current Maturities And Interest
LongTermDebtAndLeaseObligationIncludingCurrentMaturitiesAndInterest
885000000.0 usd
CY2023Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
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CY2023Q2 vate Long Term Debt Maturities Interest Included In Payments
LongTermDebtMaturitiesInterestIncludedInPayments
135200000 usd
CY2023Q2 vate Long Term Debt And Lease Obligations Maturities Interest Included In Payments
LongTermDebtAndLeaseObligationsMaturitiesInterestIncludedInPayments
135300000 usd
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
2600000 usd
CY2023Q2 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
747100000 usd
CY2023Q2 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
749700000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1200000 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2000000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2100000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3600000 usd
vate Income Tax Expense Benefit Interim Tax
IncomeTaxExpenseBenefitInterimTax
-1100000 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
162900000 usd
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
58700000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
700000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
500000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1200000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1300000 usd
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
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
280791 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.25
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
1500 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
4.06
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4995150 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.02
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
280791 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
3.25
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4714359 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.13
CY2023Q2 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
P1Y3M18D
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
0 shares
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
0 usd
CY2021Q3 vate Proceed From Exchange For Accrued And Unpaid Dividend
ProceedFromExchangeForAccruedAndUnpaidDividend
300000 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 Force Conversion Trading Period To Calculate Volume Weighted Average Price
PreferredStockForceConversionTradingPeriodToCalculateVolumeWeightedAveragePrice
P30D
vate Preferred Stock Consent Rights Percentage
PreferredStockConsentRightsPercentage
0.75
CY2023Q1 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
300000 usd
CY2023Q2 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
300000 usd
CY2023Q2 us-gaap Preferred Stock Dividends Per Share Declared
PreferredStockDividendsPerShareDeclared
0
CY2021Q3 vate Tax Benefits Preservation Plan Outstanding Shares Ownership Threshold
TaxBenefitsPreservationPlanOutstandingSharesOwnershipThreshold
0.049
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
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
368800000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
392200000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
686700000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
805000000.0 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
5800000 usd
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-400000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
1800000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
300000 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
5800000 usd
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
1800000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
300000 usd
CY2023Q2 us-gaap Interest Expense
InterestExpense
16300000 usd
CY2022Q2 us-gaap Interest Expense
InterestExpense
12500000 usd
us-gaap Interest Expense
InterestExpense
31900000 usd
us-gaap Interest Expense
InterestExpense
25100000 usd
CY2023Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-300000 usd
CY2022Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-500000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-4300000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
300000 usd
CY2022Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1500000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
16800000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1400000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-10500000 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-11900000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-17600000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-24400000 usd
CY2023Q2 vate Depreciation Depletion And Amortization Nonproduction Including Cost Of Revenue
DepreciationDepletionAndAmortizationNonproductionIncludingCostOfRevenue
9600000 usd
CY2022Q2 vate Depreciation Depletion And Amortization Nonproduction Including Cost Of Revenue
DepreciationDepletionAndAmortizationNonproductionIncludingCostOfRevenue
10500000 usd
vate Depreciation Depletion And Amortization Nonproduction Including Cost Of Revenue
DepreciationDepletionAndAmortizationNonproductionIncludingCostOfRevenue
19900000 usd
vate Depreciation Depletion And Amortization Nonproduction Including Cost Of Revenue
DepreciationDepletionAndAmortizationNonproductionIncludingCostOfRevenue
21100000 usd
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
8200000 usd
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
8800000 usd
CY2023Q2 us-gaap Investments
Investments
7400000 usd
CY2022Q4 us-gaap Investments
Investments
59500000 usd
CY2023Q2 us-gaap Equity Method Investments
EquityMethodInvestments
2800000 usd
CY2022Q4 us-gaap Equity Method Investments
EquityMethodInvestments
43600000 usd
CY2023Q2 us-gaap Assets
Assets
1079500000 usd
CY2022Q4 us-gaap Assets
Assets
1151700000 usd
CY2023Q2 us-gaap Profit Loss
ProfitLoss
-11700000 usd
CY2022Q2 us-gaap Profit Loss
ProfitLoss
-13900000 usd
us-gaap Profit Loss
ProfitLoss
-19700000 usd
us-gaap Profit Loss
ProfitLoss
-28000000.0 usd
CY2023Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1800000 usd
CY2022Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1500000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-800000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-3200000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-9900000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-12400000 usd
us-gaap Net Income Loss
NetIncomeLoss
-18900000 usd
us-gaap Net Income Loss
NetIncomeLoss
-24800000 usd
CY2023Q2 us-gaap Dividends Preferred Stock
DividendsPreferredStock
600000 usd
CY2022Q2 us-gaap Dividends Preferred Stock
DividendsPreferredStock
1200000 usd
us-gaap Dividends Preferred Stock
DividendsPreferredStock
1800000 usd
us-gaap Dividends Preferred Stock
DividendsPreferredStock
2400000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-10500000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-10500000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-13600000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-13600000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-20700000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-20700000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-27200000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-27200000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77900000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77900000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77500000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77500000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77800000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77800000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77400000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77400000 shares
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.18
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.27
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.27
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.35
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.35
CY2023Q2 vate Gain Loss On Step Up Of Equity Method Investment
GainLossOnStepUpOfEquityMethodInvestment
0 usd
CY2022Q2 vate Gain Loss On Step Up Of Equity Method Investment
GainLossOnStepUpOfEquityMethodInvestment
0 usd
vate Gain Loss On Step Up Of Equity Method Investment
GainLossOnStepUpOfEquityMethodInvestment
3800000 usd
vate Gain Loss On Step Up Of Equity Method Investment
GainLossOnStepUpOfEquityMethodInvestment
0 usd
CY2023Q2 vate Other Income Expense Net
OtherIncomeExpenseNet
300000 usd
CY2022Q2 vate Other Income Expense Net
OtherIncomeExpenseNet
1500000 usd
vate Other Income Expense Net
OtherIncomeExpenseNet
800000 usd
vate Other Income Expense Net
OtherIncomeExpenseNet
1400000 usd
CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
300000 usd
CY2022Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1500000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
16800000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1400000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
80400000 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
45500000 usd
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
300000 usd
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
2000000.0 usd
CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1500000 usd
CY2021Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
0 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
82200000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
47500000 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
28800000 usd
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
24900000 usd
CY2023Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
0 usd
CY2022Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1800000 usd
CY2023Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1400000 usd
CY2022Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
0 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
30200000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
26700000 usd
us-gaap Interest Paid Net
InterestPaidNet
23700000 usd
us-gaap Interest Paid Net
InterestPaidNet
20500000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
6000000.0 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1900000 usd
us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
1500000 usd
us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
400000 usd
vate Debt Issuance In Connection With Preferred Stock Purchase And Dividend Payments
DebtIssuanceInConnectionWithPreferredStockPurchaseAndDividendPayments
35100000 usd
vate Debt Issuance In Connection With Preferred Stock Purchase And Dividend Payments
DebtIssuanceInConnectionWithPreferredStockPurchaseAndDividendPayments
0 usd

Files In Submission

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0001006837-23-000098-index-headers.html Edgar Link pending
0001006837-23-000098-index.html Edgar Link pending
0001006837-23-000098.txt Edgar Link pending
0001006837-23-000098-xbrl.zip Edgar Link pending
exhibit1010-q210q2023.htm Edgar Link pending
exhibit1011-q210q2023.htm Edgar Link pending
exhibit1012-q210q2023.htm Edgar Link pending
exhibit103-q210q2023.htm Edgar Link pending
exhibit104-q210q2023.htm Edgar Link pending
exhibit105-q210q2023.htm Edgar Link pending
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