INNOVATE Corp.

Good afternoon and welcome to Innovate Corp's fourth quarter and full year 2021 earnings conference call. All participants will be in a listen-only mode. After prepared remarks and presentation, there will be a question and answer session. And please note that this event is being recorded. I would now like to turn the conference call over to Anthony Rasmus with Investor Relations. Thank you. Please go ahead.

Good afternoon. Thank you for being with us to review Innovate's fourth quarter and full year 2021 earnings results. We are joined today by Avi Glaser, Chairman of Innovate, Wayne Barr, Jr., CEO of Innovate, and Mike Sena, Innovate's Chief Financial Officer. 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 a Q&A session. This call is also being simulcast and will be archived on our website. During this 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 of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risk, assumptions, and 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 results and in the slide presentation and further detailed 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 this date of the call and as stated in our SEC reports. Innovate 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-GAAP financial measures, such as adjusted EBITDA. We believe these measures provide useful supplemental data that, while not a substitute for GAAP measures, allow for greater transparency in the review of our financial and operational performance. At this point, it is my pleasure to turn things over to Avi Glaser.

Good afternoon, and I'd like to thank you all for joining us. I'm incredibly proud of the progress Innovate achieved in 2021. In a short period of time, Innovate successfully transformed into a business with three best-in-class companies that should benefit from growth trends in the new economy. I'd like to spend a few minutes highlighting our accomplishments. We sharpened our business focus by reducing our number of primary operating segments from five to three by completing the sale of Beyond Six Clean Energy and Continental Insurance. We both enhanced our capital structure and improved our financial flexibility by refinancing our senior notes and credit facility. We rebranded and changed our name to Innovate Corporation in order to align with our core principles along with stakeholder capitalism and sustainable value generation. Our infrastructure segment acquired Banker Steel, which added an industry leader to DBM and helped expand DBM's size and geographic footprint. On the heels of that transaction, DBM entered into a new credit agreement at more favorable terms. In life sciences, R2 launched its first product, Glacial RX, and invested in R2's business to increase our ownership position. We are pleased with R2's progress and continue to be excited by the opportunity in that business. Additionally, R2's Glacial RX earned an important FDA indication and unique product code. And with the network largely in place, we saw great interest from both new and existing customers and achieved our first year of adjusted EBITDA profitability and spectrum for 2021, while at the same time expanding our nationwide broadcast footprint. As you can see, 2021 was an eventful and exciting year for Innovate. We believe we are still in the early stages of this transformation, and we see much more value to be derived from infrastructure, life sciences, and spectrum. We remain excited about the opportunities in front of us and look forward to operational excellence in each of our three best-in-class assets in 2022. With that, I am pleased to turn the call over to Wayne Barr, CEO of Innovate.