INNOVATE Corp.

Good afternoon and welcome to Innovate Corp's fourth quarter and full year 2022 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. Please note this event is being recorded. I would now like to turn the conference over to Anthony Romas with Investor Relations. Thank you. Please go ahead.

Good afternoon. Thank you for being with us to review Innovate's fourth quarter 2022 earnings results. We are 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. The 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 this date 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 for our financial and operational performance. At this point, it is my pleasure to turn things over to Avi Glaser.

Good afternoon. Innovate finished the year on a strong note and is heading into 2023 with significant momentum across all of our business segments. Since Innovate's strategic transformation was announced over two years ago, we have built upon our success in each quarter and achieved record financial results in 2022. Our sharpened focus on Innovate's best-in-class business segments has allowed the company to deliver back-to-back years of record growth. Infrastructure achieved $1.6 billion in revenue for 2022, growing 37% over 2021 levels. That business continues to benefit from the strength in commercial, industrial, and construction markets and has a runway for sustained growth supported by its backlog of $1.8 billion. In life sciences, We are encouraged by the positive indicators we are seeing in the PanSEN portfolio and remain excited about the upside in that business and the direction in which both R2 and MetaBeacon are headed. R2 sequentially grew its top line every quarter in 2022, and MetaBeacon recently completed enrollment of both its U.S. and China pivotal studies and is targeting its final FDA submission in the first half of this year. Broadcasting achieved positive adjusted EBITDA for all four quarters in 2022 and successfully completed its initial two-way spectrum demonstration in our Fort Wayne market. Towards the end of the year, we made the strategic decision to shut down Azteca, which will drive enhanced profitability in this segment going forward. We are pleased with the results in 2022 and plan to build on this progress as we see future growth in each of our three business segments. We remain focused on maximizing value in each of our best-in-class assets and remain excited about our future prospects. With that, I am pleased to turn the call over to Wayne Barr.