Good afternoon, and welcome to INNOVATE Corp.'s First Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I'd now like to turn the conference call over to Neel Sikka with Investor Relations. Please go ahead.

Good afternoon. Thank you for being with us to review INNOVATE's First Quarter 2024 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, 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 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 Paul Voigt.

Good afternoon. We had a great start to the first quarter of 2024 by achieving strong operational and financial results. INNOVATE delivered revenues of $315.2 million and adjusted EBITDA of $12.8 million in the first quarter of 2024. Rustin and his team at DBM Global delivered another strong quarter with revenues of $307.9 million and adjusted EBITDA of $18.3 million. While top line results were relatively flat compared to a year ago, we experienced strong year-over-year adjusted EBITDA growth, which was driven by significant gross margin expansion of approximately 150 basis points to 14.6%. Adjusted EBITDA margin also expanded year-over-year by approximately 70 basis points to 5.9% in the first quarter. DBM's total adjusted backlog, which takes into consideration awarded but not yet signed contracts remains at a healthy level of $1.2 billion at the end of the first quarter. Overall, the commercial construction sectors of the market continue to be very tight, although the bidding activity remained at a high level. However, we are seeing numerous opportunities both in industrial and modularization sectors of the market. This surge in new work activity will be a meaningful piece of our business in 2024 and beyond. Moving on to Life Sciences. Dave and Cherine and the R2 team had another exciting quarter and continues to gain traction. With yet another record-breaking increase in North American system sales growth of 183% as compared to the prior year quarter. R2 achieved record high system sales in a single quarter in North America for the second quarter in a row. R2 has continued to grow outside of North America by launching their product in the Middle East during the quarter. R2 continued its growth in other areas of the business, experiencing a 115% increase in patients treated and 47% increase in average monthly utilization…

Thanks, Paul. Consolidated total revenue for the first quarter of 2024 was $315.2 million, a decrease of 0.8% compared to $317.9 million in the prior year period. The decrease was primarily driven by our Infrastructure segment, which was partially offset by increases at our Spectrum and Life Sciences segments. Net loss attributable to common stockholders for the first quarter of 2024 was $17.7 million or $0.22 per share compared to a net loss of $10.2 million or $0.13 per share in the prior year period. Total adjusted EBITDA was $12.8 million in the first quarter of 2024, an increase from $4.9 million in the prior year period. The increase was driven by all of our segments. At Infrastructure, revenue decreased 1.2% to $307.9 million from $311.7 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 and Banker Steel, which was partially offset by an increase in revenue at the industrial maintenance and repair business due to timing and size of projects. Infrastructure adjusted EBITDA for the first quarter of 2024 increased to $18.3 million from $16.3 million in the prior year period. The increase was driven by higher margins at DBMG's commercial structural steel fabrication and erection and the industrial maintenance and repair businesses, which was partially offset by an increase in recurring SG&A primarily as a result of compensation-related expenses as well as a decrease in margin at the construction modeling and detailing business. As of March 31, 2024, and in line with our expectations, reported backlog was $939.1 million and adjusted backlog, which takes into consideration awarded but not yet signed contracts, was $1.2 billion compared to a reported backlog of $1.1 billion and adjusted backlog of $1.2 billion at the…

[Operator Instructions] No questions at this time. I will turn the call back over to Paul.

Yes, I appreciate everybody's time and support and patience, and look forward to coming back to everybody with some positive news over the next quarter or 2. Thank you for your time.

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