INNOVATE Corp.

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 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 is my pleasure to turn things over to Avi Glazer.

Good afternoon. Innovate generated solid momentum across our three business segments during the quarter, and we continue to make progress on the transformation the company started over two years ago. Since that time, we have right-sized the company to focus on our best-in-class assets and maximize their exposure to attractive areas of the economy, and we continue to evolve to capture new and emerging opportunities in the market. We are focused on ways to increase profitability, insulate the company from market downturns and changing macroeconomic conditions, and fuel growth for years to come in order to extract optimal value from each of the businesses. In the first quarter, infrastructure revenue was impacted by project delays, but the DBM team continues to build upon its strong foundation. It is important to note that these projects have only shifted in their timing and we're still in backlog at the end of the quarter. In life sciences, both R2 and MetaBeacon continue along their growth plans with positive progress toward anticipated milestones ahead. R2 announced three new FDA clearances in April, and MetaBeacon's pivotal study remains on track for final regulatory submission in the near future. In spectrum, the legacy channels previously occupied by Azteca have largely been filled and programming on these channels began in the first quarter. Also, with the success of our initial experiment using LPTV frequencies in Fort Wayne, Indiana, we are designing the second phase experiments intended to continue to demonstrate use of our spectrum in a variety of applications and potential opportunities for innovation in this space. With that, I am pleased to turn the call over to Wayne Barr.

Thanks, Avi, and thank you all for joining us today.