Good afternoon, and welcome to INNOVATE Corp.'s Fourth Quarter 2023 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 Rozmus with Investor Relations. Please go ahead.

Good afternoon. Thank you for being with us to review INNOVATE's fourth quarter 2023 earnings results. We are joined today by Paul Voigt, 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 call, management may make certain statements and assumptions, which are not historical facts and 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 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 report. 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 Paul Voigt.

Good afternoon. INNOVATE delivered revenues of $361 million and adjusted EBITDA of $21.5 million in the fourth quarter, and revenues of $1.4 billion and adjusted EBITDA of $65 million for the full year of 2023. We are pleased with these results and the performance of our three operating segments in 2023. To provide some perspective of the magnitude of progress at INNOVATE, when we made the strategic decision to start the transformation of HC2 to INNOVATE back in 2020, at that time, annual revenue was $716.9 million, adjusted to exclude our former insurance company, and adjusted EBITDA for only approximately $25.5 million. Since then, INNOVATE has experienced significant growth and today's results represent roughly a three-year 25.7% CAGR on the top-line and approximately 36.6% CAGR for the adjusted EBITDA. Over that time, DBM has continued to be a cash flow machine for INNOVATE, and most recently, experienced strong margin expansions in 2023. Pansend has benefited from key milestones hit each year by MediBeacon and R2, and Spectrum remains focused on delivering profitability by adding new station bills, launching new networks and existing -- exiting unprofitable operations. We are pleased with the progress that INNOVATE has made over the last three years, but there is still much work to be done. We will continue to look for ways to optimize the value in each of our assets and remain encouraged by the future prospects at INNOVATE. Now, moving on to the fourth quarter highlights and results. In the fourth quarter, DBM Global delivered another strong quarter with revenues of $353.8 million and adjusted EBITDA of $30 million. Year-over- year, DBM significantly expanded gross margins by approximately 200 basis points and adjusted EBITDA margin by 25 basis points to 16.4% and 8.5%, respectively. As we forecasted at the beginning of 2023, DBM…

Thanks, Paul. Consolidated total revenue for the fourth quarter of 2023 was $361 million, a decrease of 11.8% compared to $409.3 million in the prior-year period. The decrease was primarily driven by our Infrastructure segment and to a lesser extent our Spectrum segment. Net loss attributable to common stockholders for the fourth quarter of 2023 was $9.6 million or $0.12 per share compared to a net loss of $7 million or $0.09 per share in the prior-year period. Total adjusted EBITDA was $21.5 million in the fourth quarter of 2023, a decrease from $28.1 million in the prior-year period. The decrease was driven by our Infrastructure, Life Sciences, and Spectrum segments and by the elimination of equity method income from our investment in HMN, which was sold in March of 2023, which was partially offset by our non-operating corporate segment. At Infrastructure, revenue decreased 10.9% to $353.8 million from $397.3 million in the prior-year quarter. This decrease was primarily driven by the timing and size of projects at DBMG's commercial steel fabrication and erection business, which was partially offset by an increase in revenue at the industrial maintenance and repair business, Banker Steel, and the construction modeling and detail business due to timing and size of projects. Infrastructure adjusted EBITDA for the fourth quarter of 2023 decreased to $30 million from $32.7 million in the prior-year period. The decrease is primarily driven by an increase in recurring SG&A expenses and lower contributions from Banker Steel, which was partially offset by increased margins at the industrial maintenance and repair business. As of December 31, 2023, reported backlog was $1.1 billion, and adjusted backlog, which takes into consideration awarded but not yet signed contracts, was $1.2 billion, compared to reported and adjusted backlog of $1.8 billion at the end of 2022. As…

Yeah, thank you. I just want to say thank you to everybody for your continued support and we're working very hard and diligently to make this a very profitable company. Thank you very much.

Ladies and gentlemen, this concludes today's conference call. Thank you for joining. You may now disconnect.