INNOVATE Corp.

Good afternoon, and welcome to InnovateCore's third quarter 2022 earnings conference call. All participants will be in a listen-only mode today. After prepared remarks and presentation, there will be a question and answer session. Please note this event is being recorded. I would now like to turn the conference call over to Anthony Rosmas with Investor Relations. Please go ahead.

Good afternoon. Thank you for being with us to review Innovate's third quarter 2022 earnings results. We're joined today by Avi Glazer, 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 risks, 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. Risk factors that could cause these differences are more fully disclosed in the cautionary statement that is included in our earnings release and 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 the date of this 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 that 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's my pleasure to turn things over to Avi Glaser.

Avi Glaser Good afternoon. Innovate achieved another quarter of strong financial results. We grew both our top and bottom line once again, which we have done every quarter this year. Consolidated revenue for the third quarter grew 7.1% and adjusted EBITDA increased 14.7% over the prior year period. It's encouraging to see the sustained growth in the first nine months of 2022 in the midst of a weaker macro backdrop. Infrastructure headlined the results as that business continues to benefit from a strong construction market and delivered revenue and adjusted growth while also expanding margins. The backlog also grew in the quarter, which continues to provide visibility and a pathway to future revenue and cash flows. In life sciences, revenue has grown sequentially each consecutive quarter in 2022. That said, we are navigating challenges in China related to lockdowns, which has negatively impacted our results in the quarter. Despite the slowdown, MetaBeacon and R2 continue to make incremental progress. In the third quarter, R2 had 20% revenue growth as compared to the second quarter. It has now shipped 215 units globally. MetaBeacon patient enrollment is 85% complete with its U.S. pivotal study and is expected to finish the study by year end. MetaBeacon targets its final FDA submission in the first half of 2023. In broadcasting, we continue our focus on leveraging the scale spectrum station group distribution platform and take advantage of the opportunities by optimizing operations. I'd like to again highlight the resiliency of each of our businesses. We have delivered growth on the top and bottom lines throughout 2022, despite the challenging operating environment. And I'm confident our teams and each of the businesses will continue to execute our strategy and drive long-term growth and unlock future value. With that, I'm pleased to turn the call over to Wayne Barr.