INNOVATE Corp.

Good morning, and welcome to Innovate Corporation third quarter 2021 earnings call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question and answer session. At that time, if you have a question, please press the 1 followed by the 4 on your telephone. If at any time during the conference you need to reach an operator, please press star 0. As a reminder, today's conference call is being recorded. I would now like to turn the conference over to Anthony Rosmas, Investor Relations for Innovate Corporation. Please go ahead.

Good afternoon. Thank you for being with us to review Innovate's third quarter 2021 earnings results. We are joined today by Avi Glazer, Chairman of Innovate, Wayne Barr, Jr., CEO of Innovate, Mike Sena, Innovate's Chief Financial Officer, and Rustin Roach, EBM Global's President and CEO. As usual, we have posted our earnings release and our slide presentation on our website at innovatecorp.com. We will begin our call with prepared remarks to be followed by Q&A sessions. This call will also be simulcast and will be archived on our website. Now for some brief disclaimers. During the call, management may make certain statements and assumptions which are not historical facts, will be forward-looking, and are being made pursuant to the Safe Harbor Provisions and the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risks, assumptions, uncertainties, and are subject to certain assumptions and risk factors that could cause Innovate's actual results to differ materially from these forward-looking statements. The risk factors that could cause these differences are more fully discussed in the cautionary statement that is included in our earnings release and the slide presentation and further details in our 10-K and other filings with the SEC. In addition, the forward-looking statements included in this conference call are only made as of the date of this call and as stated in our SEC report. INIFATE disclaims any intent or obligation to update or revise these forward-looking statements except as expressly required by law. Management will also refer to certain non-DAP financial measures, such as adjusted EBITDA. We believe that these measures provide useful supplemental data that, while not a substitute for DAP measures, allow for greater transparency in the review for our financial and operational performance. At this point, it is my pleasure to turn things over to Adi Blaser.

Good afternoon, everyone, and thank you all for joining us. I'm pleased to be speaking to you today on our first earnings call under our company's new name, Innovate. Innovate embodies the vision for our best-in-class assets. We believe that each of our segments is primed to unlock significant value. In infrastructure, the banker's steel acquisition now has been a part of the DBM family for a full quarter, and we are encouraged by the expanded footprint we have in the steel erection and fabrication space in the United States. BBM's revenues increased 138% from the prior year quarter, and adjusted EBITDA was up almost 38%. Moving on to Panthen, one of the most exciting developments this quarter came when R2's GlacialRx earned its third FDA indication and unique product code. GlacialRx is now the first and only Class II dermal cooling system FDA cleared for general dermabrasion, scar, and acne scar revision and tattoo removal, permanently changing the aesthetics industry. What this means is that GlacialRx went from being part of one classification among hundreds of other devices to being placed in its very own FDA-issued product code, and this significant milestone for R2 will help it further penetrate the $22 billion aesthetic dermatology market. We invested an additional $15 million in R2 to increase our ownership position, and we continue to be excited by the opportunity. And finally, in spectrum, we are adjusted EBITDA positive for the fourth consecutive quarter. We are continually expanding our nationwide broadcast station footprint, and the business is positioned to take advantage of the opportunity that lies ahead with the rise of OTA broadcast access in homes across the country. We couldn't be more excited for the future prospects of Innovate Corporation. In fact, I'd like to invite everyone to visit our new website, InnovateCorp.com, and once you're on the site, you can download our latest investor presentation. I think it's a very informative overview of Innovate and what we're doing. And with that, I'm pleased to turn the call over to Wayne Barr, CEO of Innovate.