INNOVATE Corp.

Good afternoon and welcome to Innovate Corp's 3rd Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. After the 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 Rasmus with Investor Relations. Please go ahead.

Good afternoon. Thank you for being with us to review Innovate's 3rd Quarter 2023 Earnings Results. We are joined today by Avi Glazer, Chairman of Innovate, Paul Boyd, Innovate's Interim CEO, and Mike Sena, Innovate's CFO. 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 goal, management may make certain statements and assumptions which are not historical facts, will be forward-looking, and are 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 innovative 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 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 delivered revenue of $375.3 million in the third quarter and grew adjusted EBITDA by 34.8% to $22.1 million. Our results this quarter highlight our keen focus on profitability that is essential to the strategy of all three of our operating segments. We have executed on this initiative, achieving year-over-year adjusted EBITDA improvement in multiple operating segments in the third quarter. Our infrastructure business continues to deliver strong results for Innovate, especially on the bottom line. Infrastructure experienced further growth and adjusted EBITDA margin expansion in the quarter. The backlog, while somewhat contracting this quarter, still provides strong visibility for future revenue. Turning to life sciences, R2 and MetaBeacon continue to make progress. R2 launched a new skin wellness device, GlacialFX, along with several new product enhancements for Glacial RX while MetaBeacon remains unplanned down the path for FDA approval. At Spectrum, we have a strong foundation of assets in that business. We are exploring potential opportunities for a strategic partnership to add to revenue and unlock the value in these assets, which should lead to further growth. With that, I'll turn the call over to Paul Boyce.