Earnings call transcript Q3 2022

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Operator

Good afternoon, and welcome to INNOVATE Corp.'s Third Quarter 2022 Earnings Conference Call. [Operator Instructions].

I would now like to turn the conference call over to Anthony Rozmus, with Investor Relations. Please go ahead.

Anthony Rozmus

Good afternoon. with review being XXXX third for results. earnings you us INNOVATE's to quarter Thank by Chairman INNOVATE's Avi Barr, today joined We're Glazer, of and Officer. Jr., of INNOVATE; Mike Financial Sena, Chief CEO Wayne INNOVATE;

have website innovatecorp.com. our our presentation at release our and We slide posted on earnings

a simulcast We begin and archived our website. by will with This call to be prepared be will session. remarks is call followed our Q&A also being on

be INNOVATE's materially are management and slide provisions fully call, more included that statements and SEC. could other make and not to pursuant historical factors made may and will in results Securities filings of release Litigation harbor which Risk statements. this During with Reform our XXXX. and the to facts, and involve that statements statement from the are in Act and forward-looking in could certain factors cause forward-looking risks, forward-looking presentation differences Private differ that safe uncertainties earnings is being further XX-K to are the detailed cautionary risk cause subject of assumptions assumptions, our these these the disclosed such assumptions are Any actual the certain and

or expressly included except statements to In statements addition, intent call law. this made are update only of forward-looking this the forward-looking or by these as the and stated obligation in INNOVATE in any reports. disclaims conference as as revise call of date required our SEC

a GAAP allow operational non-GAAP in believe that these of supplemental financial Management transparency while data useful financial the such We substitute measures, performance. our refer EBITDA. measures will measures for also and greater review to not as for certain provide adjusted that,

things pleasure point, to Avi over this Glazer. At my to it's turn

Avram Glazer

to year. top INNOVATE achieved this a once macro bottom done encouraging line third and which over growth the our We the see strong XXXX of afternoon. both every increased first in we It's prior of results. grew X year weaker revenue quarter quarter period. another Consolidated adjusted for have again, XX.X% backdrop. EBITDA midst months the Good grew the X.X% financial and of quarter sustained the in

Infrastructure to and growth expanding strong backlog the revenue also cash continues margins. delivered business a pathway also to revenue as headline a benefit and quarter, market adjusted flows. while grew construction provide The and continues results to which visibility and that future in from

quarter. MediBeacon Sciences, has lockdowns, challenges Life grown navigating to incremental has each and in That had related our in revenue the quarter XXXX. negatively continue XX% In which sequentially expected as quarter said, to In targets the RX slowdown, to we half Despite China revenue the quarter, and in the MediBeacon make shipped impacted finish consecutive MediBeacon XXX second is results final RX are third and its enrollment is has to units XX% compared of the year-end. pivotal submission XXXX. globally. U.S. study growth complete now first FDA by study the its with patient in progress.

Broadcasting, distribution of on opportunities by of and platform we our leveraging scale operations. continue take the advantage group optimizing Spectrum In the focus station

of resiliency businesses. the each highlight again of to like I'd our

drive delivered the will businesses operating of despite to lines and have and our We environment, continue value. XXXX bottom execute confident each the teams growth unlock top strategy throughout on in growth our the I'm and and future challenging long-term

the to turn I'm that, call to pleased over With Wayne Barr.

Wayne Barr

of proud a for our basis. growth us company-wide delivered we focus on results segments. joining today. for for of businesses, we the share our continuing all operating year-over-year you thank and I'm on achieved third consolidated highlights our quarter. By the will quarter Across now some I operations, X Avi, third Thanks, each

and construction continue more opportunities for increased part footprint to that has of from large now, the expanded DBM expected has it's with and Banker than Global, Steel benefits acquisition capture revenue been scale demand the a clear a of larger projects. DBM scale a allowed DBM associated that At for unfold. to year The

EBITDA adjusted grew and XX.X%, X.X% Revenue and respectively.

As as the to of points and the sequentially. jobs we off started starting roll are expanded have basis mentioned XXXX XX XXX EBITDA pandemic-related on margins in the to up. improved we jobs sold have are and previous margin Adjusted second calls, now half year-over-year ramping basis see points

its revenue DBM the quarter, continues were recognized revenue once also million backlog. during $XXX.X robust while generate that for outpacing to in backlog the growing quarter Sales again.

not to Rustin continues great this and slowdown into a see, the have The business can the visibility heightened current As continue XXXX environment. in point market you of give take the seen the at beyond. and to backlog team advantage and

Sciences. Life number continued Glacial has has shipped of to patients to and now now monthly treated grow. devices XXX Turning RX the

program Additionally, to growth to RX and continues a fuel subscription products, new as sales inflammatory conditions. the implemented clinical initiatives various including explore for designed other it Glacial psoriasis

early technology. still are application end days, there a this for novel these While be much and market appears to greater

and Nephrology Conference; is in U.S. to Medical Private active at show MedTech appearing has enrolled at of well Aesthetic & Ophthalmology Cantor will Kidney the Jefferies MediBeacon presenting conferences, speakers. presenting various been trade MediBeacon, Dermatology, upcoming Both have X at the and and study & RX as be Fitzgerald's Summit. MedTech American Week Orlando, now investor events subjects. RX Society of MediBeacon Virtual has continued the and pivotal progress At its circuit, on XX%

Finally, operating challenges at continued had the results. environment our an adverse impact in the Spectrum, on

Spectrum quarter, America. viewership experienced our variable we to and improve decrease and and costs a content exit Azteca By very the for challenging over operations, costs significant a remove optimize strategic Azteca services sustained strategy making overall Spectrum for is business. to of the long results the This run. decision will of part we postproduction declining it of environment the During America cost exiting high made from Azteca, success. portion

have of on for we of by channels approached the prime pending looking Azteca the availability dozens programmers With stations, carriage. been

channels of Azteca. occupied will X/X executed to In fact, we by have the or previously already contracts shortly executing over be fill

be a a we revenues, profitable have While the will with revenues overall replacing EBITDA. decrease as will flow cash broadcast revenue impact result on unprofitable will positive which closure, of and

softness the direct the as the prospects response, Revenue promising networks. overall of starting the are into new market platform a We growth multicast slowed particularly advertising in in network see to XXXX. has which for move we year, our launches look trend television of this on reversal

In wireless September, likely Wayne, LPTV granted Special we a successfully Authority conjunction completed the our spectrum. stations. Experimental is upgrade Fort ATSC Indiana The with in FCC upgrade to trial of conduct Temporary early December. commence our of to mobile trial X in This will with the X.X

and exploring work our are in we much capabilities do, still to the the be ATSC X.X with expanded OTA of linear is opportunities there broadcasting excited at current conjunction to forefront While of use.

City, a we new is of result which from providing the quarter, completed the Trade in signal the market. the World New was auction. The York incentive a WKOB-LD relocated station One of Center, for license new a the for as to During far-ranging displacement New build-out site York robust station City

certain Outside have of HMN our the regulatory segments, of the sale. administrative closing items delayed operating

in We expect and short of regulatory XX% to selling through the mechanics are we HMN still working term be the have that administrative ownership nature. hurdles encountered in

Stock level the Exchange are and is we Lastly, York of the currently New the aware recognize trading listing at regulations. stock

$X and working been exchange very We over on get next have have cooperative the been diligently months. with working and the are the back to the plan stock X over stock

continued past businesses the and are challenging demonstrated pleased X year-to-date quarter resiliency operating we with by this Overall, our despite environments.

we Looking our Life and believe and executing are segments. growth our on in Sciences strategy of remain poised Infrastructure, ahead, focused operating Spectrum, across for we each

review for Mike I'll turn capital over a and it that, of to With structure. our financials

Michael Sena

$XXX market of or an segment, from Thanks, The stockholders the infrastructure increase revenue and loss a Steel in compared the to for period. attributable Wayne. $X.XX per quarter contribution to increase in $X.XX year million the prior to Banker million, share common compared million and Infrastructure of our participating net Net or increases of is XXXX by loss share $XXX by quarter the was prior X.X% was demand. year Consolidated led total the in $XXX.X third of XXXX for driven million per third period. preferred $X.X

year. million on Insurance we in a the reminder, of a prior sale $XXX.X third the recognized the As segment quarter of loss the

in an Spectrum, EBITDA $XX.X HMN, was prior primarily XXXX, our Life by of excludes investment Total driven $XX.X increase partially adjusted The million segment by and the quarter in period. EBITDA, which third which the year discontinued offset from adjusted of an the our Sciences in and million at increase was was decrease segments. nonoperating operations, Infrastructure a corporate

in million At increased the prior to X.X% Infrastructure, million quarter. year $XXX from revenue $XXX.X

increase construction business earlier, projects work this and swing into the in Clippers' increase they saw IBEC Banker arena. at businesses As they also the some They structural from is offset steel and modeling by in larger discussed Park. fabrication of part maintenance Steel increase are through including completed DBM's and and in commercial as industrial as erection by work full wins XXX in an and to due XXXX, the unrepeated XXXX. large The early was detail XXXX repair driven

$XX.X revenue EBITDA improvement increase first beginning working was million adjusted in combined The Infrastructure from of to year in the million XXXX increased by the earlier second and half in their to subsequently projects XXXX XXXX up. are of in are half ramp through system. sold now prior an quarter period. driven for $XX.X sold the And described, projects with third increases of as way margin the the largely previously

administrative and well costs profit modeling maintenance as in support repair, offset by margin partially construction and lower and to detail improvements and growth in from selling, businesses. as business general increased contributions The the industrial, the were and

are see peak the to off pandemic projects ramp As work jobs we take discussed, months to roll previously have backlog, and in to we XX jobs happy begin up. to XX through of off the sold and newer typically the

billion not $X.X $X.X $X.X at takes XXXX. XX, December XXXX, awarded billion into compared signed December from consideration billion backlog, the billion, yet end which backlog as to up of reported of As but $X.X September of XXXX. contracts, Adjusted was was

over happy to robust to market Wayne into evidenced a see mentioned, by we continue $XXX quarter. backlog As are of million this jobs sold as

of couple over into XX through giving great this months, work of next years. visibility the billion to expect We in next backlog $X.X the

$XXX.X million ended top which year-end from of at business driven movements, growth. were line DBMG at the combined with year-end $XX.X of which debt, million is increase a by an capital with working quarter low

to and At a losses in due million the funded they at trial. slight third losses The Lancer by method successful quarter. or Capital primarily $XX by a quarter EBITDA will which $XX was a their our equity raise. equity adjusted in discussed commitment made last recorded primarily which Life in increase was product driven fully million decrease RX, from as repaid pivotal gross during We be in commitment year-end an change MediBeacon the through margin work mix by the increase in RX, final bridge were investment Sciences, to

or $X.X expenses. third to of as was in decreased network as a a extent, result XX.X% content benefits to million lesser At with higher business service quarter. Spectrum result delivered a station Spectrum, of by paid in of result lower million the result of salaries or to revenue partially offset $X.X network with, decline decreased Azteca the in quarter decline the new million was This $X.X revenues, a the at The build revenue as the in a combined related decrease prior EBITDA decrease a the and adjusted legal business to of costs increased Azteca EBITDA $X.X adjusted and of along and stations. compared and costs year the million advertising programming. a in footprint

of comes debt plan our the years, far lenders. Spectrum due the at and existing our our know, month, debt are end maturity and extend prior we discussions consistent the in along with you to with As

the by were former XXXX third from officer as quarter legal for increased adjusted million mostly the corporate up severance losses $X.X of quarter well third expenses. by to legal the of accrued $X as Nonoperating million EBITDA related driven chief XXXX,

at $XX.X the third XXXX. and and $X.X stand-alone cash the the equivalents At had compared of corporate compared as cash $XX basis, of to of the of cash had as equivalents XX, On September million company million end XXXX. XX, segment to end quarter, million million $XX.X of XXXX, a cash December of the

in indebtedness the up in million, the Lancer $XX.X increase $XXX.X end of the corporate's As utilization quarter, total of and of movements, credit as INNOVATE borrowing from million from its working of result September at principal XX, Infrastructure's of credit discussed line, of outstanding line previous driven XXXX, XXXX remaining capital Capital. as RX's had primarily $XXX.X a from million by

to continues be in working cash up capital. Our DBMG partially tied

time needs We obligations of DBMG. during through tremendous share we and expect support the tax DBM cash on distributions experiencing this through dividend to longer-term working are along capital mainly agreement meet our the with hand with growth solutions upcoming to work while we

year months to close strong. the We navigated the first look and out well X XXXX of

our focus unique each generated is our proud of work results recognize of are their of is to operating control. date. within but employees on For all segments, face We the what and we hard that of businesses challenges, each our our has

With questions. that, for operator, call we'd now up like the open to

Operator

Instructions]. [Operator

Our R.W. with first question Pressprich. will from Charles come Brian

Brian Charles

Congratulations of effect scale down, could looks that? kind EBITDA What have positive. around, your quick I turned to on Infrastructure earlier. on or guided the certainly positive come guess but net the like terms I EBITDA question about The should relatively revenue had improve -- have like on turned business. Azteca Leaving around But quarter. continues it certainly a Do the but say be not in will you of Broadcast America, you effect? any you the be color that

Wayne Barr

using matter But guided revenue broadcast station Yes. as is those by would previously costs stations you group we of process the network haven't you all with would stations. additional really the putting cost should And We been take And in of higher expect had the margin and been than continue at Azteca. stations, we've those as look fixed it the to of variable are be if of dedicated use projections. how the we operating that -- that, really to we a have on we operates, kind variable previously some the free a operation business, there, any and a there. of does experiencing new of that historically some monetizing we that give up what channels up don't And a Azteca. Azteca and Azteca associated of the operation the Azteca that on the it at trend eliminate were exit

Brian Charles

Okay.

to should up with fair stations. revenue sign assume replaced right as other now be it's losing [indiscernible] you're the So that you Azteca

Wayne Barr

a A modification. bit of

Michael Sena

down I Azteca business Yes. I mean, the the would that between in segment. replace overall will expect business. I Broadcasting so would for But to expect what revenue revenue intercompany network we come be would and the Broadcasting

we the So costs revenue business will to business. the all but in network the essence, associated eliminate add remaining with

Brian Charles

with restructuring associated exiting exit Okay. or there Are costs costs Azteca?

Wayne Barr

Not anything material.

exit associated with lot down business. awful there obligations there. or we're wind you As assets the a fixed we terminating, of but know, are through there no be an weren't of working that couple significant And this costs will costs exiting

Brian Charles

Okay. the can the or talk thing, X.X% with notes the I coupon you you cash $X.X quarter, million the but One on level, you how third if Fair don't other August? enough. if about know in at can I quarter ended corporate ask -- about X pay of

Michael Sena

the how which Well, we payment, and at talked the we had borrowed level, previously. on that's the made up corporate revolver about we

Brian Charles

the Okay. That third was during quarter. drawdown a

right. Fair Okay. no, all Yes enough. --

Michael Sena

The interest and February payment's due August X. X

coupon the due we line made payment. in of bought towards how last So quarter, the end the and was Did semiannual interest payment August. July. mention that on that's We

Brian Charles

back then all been you I a residual just and be queue. services have made the finally, marine fourth HMN, in Do about right to in about know resolved And Okay. headwinds now. regulatory you quarter? now, you expect The still that and put with talking some I'll those comment get

Wayne Barr

as the fourth We that China by In purchaser the of being regulatory are sale that lockdowns have as issues experienced well the Yes. Chinese primarily headwinds arising the quarter? out consummating facing, we're that delayed in of the that. think continued

the constantly year. there concluded will We end quickly done be trying of counterparties get hopeful with as the iterating as possible. that We're are and this to the it by

Operator

with Our Financial. Riley come Riley B. will next question from Bryant

Bryant Riley

like and about have second insider. might a of the in seen kind and looked and deal it, all. for and not guess process the saw great make years It's I bigger wanted So to past. rights maybe you, had any as X we're sure and challenging before bigger Avi, it And to the been thesis your been whole you thinking offering and we obviously forever, have of you're that incorrectly respect picture this we've a I get investment potential take recognizing at thoughts understand just and an then the

as look $XXX that appreciate debt sheet, working So capital at the going I based debt to that simply is on net I million. And of up and go needs. balance of -- down some

that, with $XXX to doing at of a lot not it, believe a trade chain got hear on, it's And with million Spectrum and You've on issues it's free of it of that multiple. subsidiary deck have flow all you again, Life some I could you're at traded that's Xx now, love I your suggesting roughly and you a but when things thoughts your imagine it's with other supply EBITDA. doing leaves I'm multiple, decent but EBITDA would cash if would Science. that simplistically. I'd dealing not selling

guys, potential of that option, these business. not we've and represents And underwrite to don't around long And But believe that that, to able really me that just there's Spectrum, from kind Sciences big know no you around, the thrown I debt, so biz. -- been call but worth the a you'll and numbers you I've have the value never assets. Life Xx, if of been about some of the no for have business time, really clue. fully you'll Infrastructure that is

you remind you Marine. what me Wayne, what but have Then I talking fully heard about -- Global guys at you still I don't understand it,

I million something. it's or $XX think

So something like that's shares there's that. -- or and been XX million

million the could Life worth those option, Science call it if $XXX So plus are businesses meaningful. be

we've -- simplistic it, about it unfortunately worked. been the way And thought so I hasn't mean, that's really

pay corporation borrow not from the you then about that interest, having contemplated revolver. never enough I side other the had the thought to obviously, to money which was the and And had really

is, sense does any what make love laid number I on out, you? laid hear just I that to would does what to I'd thoughts one love I what just -- So to know, out. And your

corporate on us happens get million, And it can I comfortable payment value, that we because you'll options around then does that this -- overhead, make that's of is would understand you and help how so guess I'm -- $XX the and incremental there's with that every have so what out you two, months, thesis I sure X figure that -- interest -- much guess if the be. believe what is

component if love equity -- Lancer to Life I'm is the on the going be we're I'd we with are, part an investor you're because right certain Lancer thesis, is Sciences, then that's insiders, And of the by big a debt I to understand think going rights always that to offering a fair. to that treated

unpack lot thoughts. to there. to your I'd a So hear love

Wayne Barr

Unfortunately, Bryant. touch phone to Sure, day. But the stay prior not for of Avi every balance we're was obviously, had the able obligation. He the in a on call.

questions And not so to speaking at management's the from risk trying him, for answer perspective. some your but of of

of and for interpretation you've Your is your said, the as And been summary fairly a in you accurate. while. business game the

we've I was continuing years represent flow done perspective, since and the think as believe holding operate a Board the new much to Spectrum. from was of the And focus X obviously, led And that, Board, we've more by a segments do been continue good Avi, maintaining that. which honestly, that more value. company and company operating the sharpen is we'll company. quite DBM, recent consequence, mature Broadcasting leans seated X on last trying the a entities and than at X the this both the things over cash to course doing mature by the very that that company the the of to

and issue. constraint, bit solve able the different is of variety little expect the help at think a be and business just continue which business, team tremendous and new driven to DBM, to that, which has to a sell levels by that ways business, working that case. we've liquidity we exceptional run that a had at would through I seen would their And been company operating the selling liquidity is we're new They've at of

-- XX very if But operates, it next And from visibility fairly business idea as in you I the into fairly the DBM of not represents, the months And operations what this the or take the have the truly worth. XX think you forward that but good a can next a is DBM. business you months have particular, I gives only appreciates currently, Board perspective, in backlog so. also from look that INNOVATE to you this value good at think at good going a to XX way

the runways value, segments, supporting indicated, very operating To I the of segments operating other to those in whatever believe the X effectively and divided the manner realize that X working to need All companies between are companies, value. them other that can. are X we're as we've X to try realize longer we

help with and the at that tell and I would group focus think the to move are in holding we're Pansend story expect to going both there. continue the the at on station performing very is Broadcasting forward. create RX And to happy manner we them value and company,

The results themselves light to the for MediBeacon including has some towards will this debt pivotal point is operating it hope they MediBeacon quarter, that are company move and focus was think well. applying and the of on we the took for that segments move forward Board kind the Continental. the X right now in successes it think kind speak divest which out. when the this And I accurate has, that continue. I of of you way BeyondX that decided of that experienced going And this those constraints approval, approaches to very as FDA would these And an service,

the our the bonds. and We've some execute able able be we're on to forward satisfy the we're been, in interest forward. that I debt a demonstrated steps service that to we're and last we've I and taking place in going diligent put path, payment that to additional to the And to needs think with going have including needs liquidity of be going think, liquidity path planning satisfy parent, the the on at our

that to is management basically we're the again, Board But forward liquidity is generate to them, do -- our do The to that the that I'm here. each way performance good that. confident able working this solving a to looking very value at continue and We opportunity the and be company's through. at of comes companies. every path we're to have going constraints we have And

Bryant Riley

like be is those think So of Infrastructure high the cash, Can business, a me can the mode. know cash utilization what I especially the normalized having flow free companies what on rate? do working conversion in on in What tell growth you invested you would free cash expect basis pushed you swings of conversion? million capital run cash free $XXX think out, EBITDA but how flow and in to might the be, be forgetting you project flow one general,

Michael Sena

Yes.

call slides it million. about running, in is, of think The working historically CapEx is basis. it, $X the an the on -- They're outside to annual they $XX have, business cash banker of million $XX load rest on of I million And context debt the the free call XX of then to it, of million, flow we that with $X So our have one capital kind put debt which and needs. outside amortization one. that

Bryant Riley

Right.

in know your Can a place then us to of I there's NOL, of just give put the that. that? you And prevent pill terms been in impairing Okay. status that

Wayne Barr

Sure.

February March. expires beginning believe, in February, -- end So the pill in of I of March,

tax the to consolidated first XXXX a on of time for the approved NOL the re-upped results of the this period it it. the And last quarter re-up return half through with stockholders so to was consolidation than add We were annual Continental. the able shorter

million So to NOL. we and building right the think thing I to added a place, it's think, that think continue $XX And is we the asset to do. in valuable about the I

virtue control. -- pill change the as have frame would that did put the comfortable that that of Board March not and the convoluted the IRS by us calculation enable an the of And to virtue in regulations that by would the there'd know, control limitation risk got in purchases be that is, that place. change having The in the you of pretty February, of us at the be time eliminate for of XXX by off analysis roll

Michael Sena

we the that, period. in about least the rights the the November, we at was say happened rolling course, big May. our in, then, Most And just Rockdale control of when of in January. ownership, of changes all piece come X-year on or of the is had had would I the shift think Percy in And We you of change offering. if XXX created, in a XXXX history changes capital in

the those of begin time frames, roll will off at And those are So the biggest causes those shift. to in XXXX, basically.

Bryant Riley

it. Got

So I and X I'll sorry. follow-ups, have one comment. go,

First a is with a have shortage extent perfect the that before. company done equity have I this, that if in way know the you of a think holders all, deal that I like you this valuation. you've to offering through rights to the believe

participate in. where of picked and to think to you do the I equity offering worst way deal with would choose it -- be outright an kind

I point shareholders to saying just Riley And would gap, need going was a out. have this, if because who a but out that of B. and of diluting because a working I'm need, not Financial, I that to to of you're be wanted big proponent re-up. infrastructure, point wanted just want it, So not there to when you capital

So that's one.

the know goes. you you Marine outstanding what I I am Global and Two is I'm -- -- I or thought what potential Can was -- something. million what -- talking payable where $XX forget it you about? -- that just Can

Michael Sena

Yes. Yes.

XX%. same that transact. in that's and is $XX roughly we There interest the sold had It's hold a working we a That the on a equity to are is original it, we at XX%, local XX% XX% valuation so is trying So million. call value. we when that equity close still tax, what million investment. $XXX

deal. XXX% that of some have the We interest. transaction-related we then attached fees own that that And don't entity to owns

over So interest million. so about XX% that expect a $XX we have to get there, about little we

Bryant Riley

what get were the by to you of that's end talking And hoping the year? you were it. Got about,

Wayne Barr

Correct.

Bryant Riley

And it. trouble, then you're of to some in so one the if subsidiaries shareholder Got would of Okay. have outside lendings that an the other is -- case times Lancer concern Sciences and you the like? that's any talk that potential Life looked here. into I Lancer just don't But onerous. can about debt concern, the what the think business you to might relieve be

Wayne Barr

piece equity component. paper secured senior A with of no

Operator

Instructions]. [Operator

Sacheti will Our Capital. Nitin from next with question Papyrus come

Nitin Sacheti

Can you looks of -- at is the million. just looking like the pretty government at it in $XX the breakdown Q, low still backlog

curious about states thinking the that Act, through IRA, And funds the, sort generally, in elsewhere when of hit do business. we that's the about bill, we the of backlog? you're distribution think to CHIPS classified think DBM when of the that sort and just unless think just how sort of infrastructure the will the you So I when comes guess,

Wayne Barr

The infrastructure act?

Nitin Sacheti

act, them. Yes, all infrastructure the CHIPS, of

Wayne Barr

haven't really out could sales attributed it have of of It to -- these governmental to seen, infrastructure. flagged being contribution guys to as far has the be we hasn't been available mean us. funds that I made DBM that making any as kind for know, if I any happened, just been it

Nitin Sacheti

that get Okay. Any sense backlog then? to might when the timing of as

Wayne Barr

Not from my perspective.

Michael Sena

is So down. now, from the $XXX what right market They seen we backlog. we've I seeing robust it sold and in DBM's think The haven't I growth quite backlog. tremendous in you're million seen, slow think

as my the seen mentioned, Wayne the not have that's and come understanding from market, infrastructure anything into also. bill We

projects are down there extent the the to backlog, that's into that road. think I come

next taking advantage happening So good we're course, is given taking we X has with years. right team into backlog, what's DBM which, see of really the what's in I and the the the visibility and think us -- now, that market, of

Operator

call like remarks. Barr over Wayne This turn session. closing any conclude for the I'd to back will question-and-answer our to

Wayne Barr

earnings this Joe. hope appreciate We nice everybody Thanks, participation you. a today, evening. everyone's Thank has and call on I

Operator

concluded. presentation. now Thank attending you today's The conference has for

disconnect You may now lines. your

INNOVATE (VATE) 2 Nov 222022 Q3 Earnings call transcript