Financial Data and Key Metrics Changes - Consolidated total revenue for Q2 2021 was $243.8 million, an increase of 34.1% compared to $181.8 million in the prior year period [47] - Net loss attributable to common and participating preferred stockholders for Q2 2021 was $23.7 million or $0.31 per share, compared to net income of $12.7 million or $0.25 per share in the prior year period [48] - Total adjusted EBITDA was $6.5 million in Q2 2021, down from $10.6 million in the prior year period, driven by margin compression at Infrastructure and increased spending in Life Sciences [49] Business Line Data and Key Metrics Changes - Infrastructure revenue increased 34.6% to $232 million from $172.3 million in the prior quarter, primarily due to the acquisition of Banker Steel [50] - Infrastructure adjusted EBITDA decreased from $19.1 million in the prior year period to $13.9 million, impacted by project timing and market pressures [51] - Spectrum revenue increased 11.6% to $10.6 million, driven by high station revenues, resulting in adjusted EBITDA of $2.7 million, a significant improvement from a loss of $1.2 million in the prior year [60] Market Data and Key Metrics Changes - DBM reported a record project backlog of $1.6 billion at the end of the quarter, with an adjusted backlog of $1.9 billion, up from $608 million at the end of the previous year [55] - The company is beginning to capture larger project wins, which are expected to improve margins through optimized execution strategies [56] - The company anticipates the impact of potential new projects associated with federal infrastructure bills in the next 12 to 18 months [32] Company Strategy and Development Direction - The company plans to change its name to INNOVATE Corporation, reflecting a focus on best-in-class assets poised to thrive in the new economy [23] - The acquisition of Banker Steel is seen as a key milestone, expanding the size and geographic footprint of DBM [14] - The company is optimistic about the long-term prospects for innovative companies in the Pansend portfolio, particularly R2 Technologies [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the value of current assets and the ability to benefit from emerging growth catalysts in the new economy [44] - The company acknowledged industry-wide challenges such as elevated steel prices and labor constraints but noted that these have not significantly impacted operations [34] - Management is optimistic about the ongoing growth opportunities in the Life Sciences segment and the successful commercialization of new products [36] Other Important Information - The company had $18.1 million in cash and cash equivalents at the end of Q2 2021, down from $43.8 million at the end of 2020 [63] - The company closed on the sale of Continental Insurance, receiving $65 million in cash and exchanging approximately $16 million of preferred shares [65] - Total principal outstanding indebtedness was $679.6 million, up from $576.6 million at the end of 2020, primarily due to financing related to the Banker acquisition [67] Q&A Session Summary Question: Can you provide more color on the second quarter EBITDA and the progress in Infrastructure? - Management noted that point-of-sale margins are starting to recover, with around $1 billion of backlog expected to burn off over the next 12 months [74][75] Question: What is the breakdown of the $25 million of securities received from the sale of the insurance subsidiary? - Management confirmed that the securities are primarily HC2 preferred shares, which will be paid off in 2026 [90][91]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission File No. 001-35210 HC2 HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 54-1708481 (State or other jurisdiction of incorporation or organization) 295 Madison ...

HC2 Holdings, Inc. Q1 2021 Earnings Release Supplement May 7, 2021 © HC2 HOLDINGS, INC. 2021 Safe Harbor Disclaimers Cautionary Statement Regarding Forward-Looking Statements Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This presentation contains, and certain oral statements made by our representatives from time to time may contain, "forward-looking statements." Generally, forward-looking statements include information describing actions, events, results, strategies and ...

HC2 Holdings, Inc. (HCHC) Q1 2021 Earnings Conference Call May 7, 2021 8:30 AM ET Company Participants Matt Chesler - FNK IR Wayne Barr - CEO Mike Sena - CFO Conference Call Participants Kevin O'Brien - Imperial Capital Brian Charles - R.W. Pressrich Richard Faulk - Centris Operator Greetings. Welcome to the HC2 Holdings’ Inc. First Quarter 2021 Earnings Call. At this time all participants are in a listen-only mode. A question and answer session will follow the formal presentation. [Operator Instructions] P ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission File No. 001-35210 HC2 HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 54-1708481 (State or other jurisdiction of incorporation or organization) 295 Madison ...

HC2 Holdings, Inc. (HCHC) Q4 2020 Results Earnings Conference Call March 10, 2021 5:00 PM ET Company Participants Matt Chesler - FNK IR Avie Glazer - Chairman Wayne Barr - Chief Executive Officer Mike Sena - Chief Financial Officer Conference Call Participants Richter Yeske - Jefferies Booker Smith - Imperial Capital Operator Good afternoon. And welcome to the HCT -- HC2 Holdings’ Fourth Quarter and Year End ‘20 Earnings Conference Call. All participants will be in a listen-only more. After the prepared rem ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission File No. 001-35210 HC2 HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 54-1708481 (State or other jurisdiction of incorporation or organization) 450 Park Avenue, ...

Financial Data and Key Metrics Changes - Consolidated total net revenue for Q3 2020 was $393.3 million, down from $427.5 million in the prior-year period, attributed to lower revenues from telecommunications, Infrastructure, Spectrum, and Insurance segments, partially offset by an increase in Clean Energy segment revenue [19] - Net loss attributable to common and participating preferred stockholders for Q3 2020 was $17.7 million or $0.38 per share, compared to a net loss of $7.5 million or $0.16 per share in the prior-year period [20] - Total adjusted EBITDA, excluding the Insurance segment, was $11.9 million in Q3 2020, comparable to the prior-year period [20] Business Line Data and Key Metrics Changes - Infrastructure segment generated adjusted EBITDA of $17.7 million in Q3 2020, down from $19.4 million in the prior-year period, impacted by project timing and COVID-related costs [21] - Clean Energy segment recorded adjusted EBITDA of $3.7 million in Q3 2020, up from $2.3 million in the prior-year period, benefiting from the renewal of the Alternative Fuels Tax Credit [24] - Insurance segment generated pretax adjusted operating income of $14.3 million in Q3 2020, compared to $13.5 million in the prior-year period, driven by favorable claims activity [25] Market Data and Key Metrics Changes - Infrastructure segment's reported backlog increased to $436 million, up from $410 million at the end of the second quarter, with adjusted backlog at $640 million [22] - Clean Energy revenue and adjusted EBITDA for Q4 2020 are expected to be well below Q4 2019 totals due to the retroactive nature of the Alternative Fuels Tax Credit renewal [24] Company Strategy and Development Direction - The company is focused on simplifying its portfolio, identifying businesses that can capitalize on market trends, and reducing debt through asset sales [7] - The rights offering of $65 million is a key step in improving the capital structure and is partially backstopped by major stockholders [15] - The company aims to build long-term value with its remaining assets after addressing capital structure issues [16] Management's Comments on Operating Environment and Future Outlook - Management noted the resilience of the business despite pandemic impacts and expressed optimism about the gradual economic rebound [6] - The company is actively exploring strategic alternatives for its Insurance segment and has completed the sale of its telecom subsidiary [12] - Management emphasized the importance of refinancing efforts to strengthen the balance sheet and maximize business value [17] Other Important Information - The company has reduced outstanding principal on its 11.5% notes by 27% since the beginning of 2020, resulting in annualized interest savings of $15 million [26] - Consolidated cash, cash equivalents, and investments totaled $4.7 billion, including $49 million in cash without the Insurance segment [25] Q&A Session All Questions and Answers Question: What are the likely pathways the board and management are considering for refinancing? - Management indicated that improving the overall capital structure is a priority, with the rights offering being a significant step, and they are exploring various refinancing options [33] Question: What are the explicit holding company-level cash requirements for the balance of the year? - The company expects about $22 million in interest costs and $3.5 million to $4 million in corporate SG&A expenses for the remaining months [35] Question: Can you provide more details on the backlog composition in the Infrastructure segment? - The backlog is primarily composed of small to medium-sized projects, with no significant customer or project concentration noted [41] Question: Can you provide any guidance on the outlook for Q4 and calendar year 2021? - Management does not provide specific guidance but expects some recovery in delayed maintenance and CapEx projects in 2021 [47] Question: What is the status of the rights offering? - The rights offering commenced at a market price of $2.27 and is open until November 20, with partial backstop support from major shareholders [51] Question: Were any dividends or management fees taken from the Insurance segment this quarter? - The company is pulling $1 million to $1.5 million a quarter in management fees from the Insurance segment [71] Question: What is the opportunity for the R2 device in Life Sciences? - Initial preorders for the R2 device are strong, indicating positive market reception, although specific quantitative guidance was not provided [72]

HC2 Holdings, Inc. Q3 2020 Earnings Release Supplement November 9th, 2020 © HC2 HOLDINGS, INC. 2020 Safe Harbor Disclaimers Cautionary Statement Regarding Forward-Looking Statements Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This presentation contains, and certain oral statements made by our representatives from time to time may contain, forward-looking statements, including, among others, statements related to the expected or potential impact of the novel coronavirus ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission File No. 001-35210 HC2 HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 54-1708481 (State or other jurisdiction of incorporation or organization) 450 Par ...