Operating Segments and Related Information (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Company's Operating Segments

Financial information, including revenue and expenses, with respect to the Company’s operating segments, is as follows (in millions):


	Year Ended December 31, 2024
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Revenue	$	1,071.6	$	9.8	$	25.7	$	—	$	—	$	1,107.1

Cost of revenue	880.4		6.4		11.5		—		—		898.3
Selling, general and administrative expenses	123.1		17.1		7.3		12.7		—		160.2
Depreciation and amortization	12.0		0.4		5.1		0.1		—		17.6
Other operating (income) loss (1)	(9.6)		—		0.4		0.2		—		(9.0)
Income (loss) from operations	$	65.7	$	(14.1)	$	1.4	$	(13.0)	$	—	$	40.0


























Other data:
Capital expenditures (2)	$	17.6	$	—	$	1.4	$	—	$	—	$	19.0
Investments (3)	$	—	$	1.8	$	—	$	1.8	$	—	$	3.6
Total assets	$	683.6	$	11.9	$	178.9	$	16.7	$	—	$	891.1

(1) Other operating income at our Infrastructure segment for the year ended December 31, 2024, related mainly to a gain on a lease modification and a net gain on the sale and disposal of various properties.

(2) Capital expenditures reflect cash expenditures.

(3) The Company's equity method investments in the Life Sciences segment totaled $0.9 million as of December 31, 2024.


	Year Ended December 31, 2023
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Revenue	$	1,397.2	$	3.3	$	22.5	$	—	$	—	$	1,423.0

Cost of revenue	1,192.6		2.6		11.8		—		—		1,207.0
Selling, general and administrative expenses	126.0		15.2		9.0		15.8		2.0		168.0
Depreciation and amortization	14.4		0.5		5.2		0.1		—		20.2
Other operating (income) loss (1)	(0.2)		—		(0.1)		0.5		1.1		1.3
Income (loss) from operations	$	64.4	$	(15.0)	$	(3.4)	$	(16.4)	$	(3.1)	$	26.5

























Other data:
Capital expenditures (2)	$	16.6	$	0.5	$	1.0	$	0.3	$	—	$	18.4
Investments (3)	$	—	$	1.8	$	—	$	—	$	—	$	1.8
Total assets	$	851.4	$	8.3	$	176.6	$	7.3	$	—	$	1,043.6

(1) Other operating loss for the year ended December 31, 2023, primarily consisted of a write-off of prepaid rent at the Other segment and an impairment of leasehold improvements at the Non-Operating Corporate segment for unutilized office space.

(2) Capital expenditures reflect cash expenditures.

(3) The Company's equity method investments in the Life Sciences segment totaled $0.9 million as of December 31, 2023.


	Year Ended December 31,
		2024		2023
Reconciliation of the consolidated segment income from operations to consolidated loss from operations before income taxes:
Income from operations		$	40.0	$	26.5
Interest expense		(74.5)		(68.2)




Loss from equity investees		(2.3)		(9.4)

Other income, net		3.4		16.7
Loss from operations before income taxes		$	(33.4)	$	(34.4)