INNOVATE (US:VATE)2023-03-15 00:19Financial Performance - INNOVATE Corp achieved full year 2022 revenue growth of 359% and Adjusted EBITDA growth of 551%[13] - Infrastructure segment (DBM Global) reported 2022 revenue of $16 billion, a 375% increase compared to 2021[13] - Consolidated Q4 revenue increased by $145 million, or 37%, driven by the Infrastructure segment[19] - Consolidated Q4 Adjusted EBITDA increased by $60 million to $281 million, driven by Infrastructure and Life Sciences segments[19] Segment Highlights - Infrastructure segment reported a backlog of $18 billion, with an adjusted backlog of approximately $18 billion[15, 20] - Spectrum segment's Adjusted EBITDA increased by $09 million year-over-year due to higher station revenues and decreased expenses[21] - Life Sciences segment's revenue was $13 million, driven by R2's Glacial Spa and Rx devices and consumables sales[21] Life Sciences Investments - R2 Technologies investment to date is $424 million with 566% equity ownership (515% on a fully diluted basis)[31] - MediBeacon investment to date is $294 million with 472% equity ownership (415% on a fully diluted basis)[31] Debt Profile - Total principal outstanding debt as of December 2022 was $7253 million[40] - Net debt was $6340 million, with cash and cash equivalents of $804 million[40]