Good afternoon, and welcome to INNOVATE Corp.'s Q2 2022 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 Q2 2022 earnings results. We are joined today by Avram Glazer, Chairman of INNOVATE, Wayne Barr, Jr., CEO of INNOVATE, and Mike Sena, INNOVATE's Chief Financial Officer. 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 and 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 this date 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 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 Avram Glazer. Good afternoon. INNOVATE concluded the H1 of 2022 with strong results, and we are excited by the advances made during this period. In the Q2, consolidated revenue grew 61% and adjusted EBITDA increased 86% over the prior year period. We are pleased with this continued momentum, as well as a growing number of opportunities across all three of our operating segments, infrastructure, life sciences, and spectrum. Infrastructure had another outstanding quarter, with revenue growth of 65% in the Q2 and 99% for the first six months of 2022 compared to prior year periods. Our healthy backlog, and our visibility into large projects in the pipeline set the stage for continued steady revenue and profitability growth in future quarters. In life sciences, we are thrilled to announce that the FDA accepted MediBeacon's investigational device exemption application, and the company has now commenced its U.S. pivotal study. This is an enormous milestone in the path towards the commercialization of MediBeacon's pioneering kidney monitoring technology. Additionally, R2 continues the global commercialization of its Glacial Rx and Glacial Spa products. Finally, broadcasting demonstrated resilience against challenging OTA market dynamics in both the broadcasting distribution platform and the network business. We will look to leverage the scale of its distribution platform as we execute on our strategy and seek to capitalize on demand for our national distribution platform while we explore long-term next-generation opportunities to maximize the network's potential and embedded value. We recognize that the broader operating environment has not improved all that much since we spoke last, and that companies across all sectors are still facing a number of macro, and geopolitical challenges, both in the US and abroad. Against this challenging backdrop, I remain proud of the performance across our three businesses, which exemplifies the resiliency and sustainability of each of their respective business models. We remain confident that each segment has plenty of runway for future growth. With that, I'm pleased to turn the call over to Wayne Barr, Jr., CEO of INNOVATE Corp. Thanks, Avi, and thank you all for joining us today. During the H1 of 2022, INNOVATE built on the successes of last year, and delivered strong financial results. This momentum was indeed welcome during the Q2, as each of our businesses performed well despite challenging macroeconomic trends that we and so many others presently face. I would now like to share some highlights for each of our operating segments from the Q2. DBM Global delivered yet another impressive quarter marked by consistent top-line performance. DBM continues to benefit from the increased demand for larger scale construction projects in the commercial, industrial services, and public sector. DBM is capitalizing on these market trends, and its performance is underscored by its ability to sustain backlog levels, deliver revenue growth, and maintain a robust pipeline. In fact, sales into backlog were $483 million for the quarter, resulting in an increase to the backlog outpacing revenue recognized during the quarter. The backlog provides clear visibility into future potential revenue at DBM, and we have continued confidence in the team's ability to take advantage of the significant opportunities in the market. While DBM has begun to see increased costs for its consumables, such as welding rod and energy costs, these are a small part of the overall cost of components. As capacity saturates the market, DBM has become more discerning in its selection of new jobs. We believe that this strategy will lead to better point-of-sale margins over the long term. Turning now to Life Sciences. I'd like to elaborate on some of the updates Avi provided. R2 has now shipped 171 glacial devices, and continues to receive overwhelming positive feedback from customers on the transformative results of its technology and products. We also see significant upside potential in the global marketplace, and we believe that with the help of our strategic partners, we will begin to see an acceleration of sales in China. At MediBeacon, as Avi mentioned earlier, we are excited to announce the commencement of the U.S. pivotal study after its IDE application was accepted by the FDA. The transdermal GFR measurement system study targets a total of 140 evaluation subjects over a 90-day period. The study is well underway, as over 25% of the subjects have been completed to date. We have also submitted a pre-market approval or PMA Module Three to the FDA. As a reminder, PMA submissions have 5 modules. MediBeacon previously submitted two modules during the past year. Module three, which is device manufacturing, was submitted earlier this month, demonstrating clear progress being made by MediBeacon on this front. This is yet another step closer towards commercializing its pioneering kidney monitoring technology. Earlier in the year, we participated in MediBeacon's capital raise, thereby protecting our ownership stake in the business. As MediBeacon makes strides towards commercializing its product, we feel increasingly bullish on the future prospects of the company and look forward to providing you with additional updates. Finally, at Spectrum, the financial results in the Q2 reflect a challenging operating environment. On the broadcasting distribution side, softness in the television advertising market this year, particularly in direct response advertising, has slowed revenue growth and the origination of new diginets. We are seeing new revenue opportunities, however, with shopping, news, and religious networks. Our network business as Azteca America has been particularly challenged by the current advertising markets, along with declining viewership, and increased costs for content and post-production services. We have been exploring various strategies to address these challenges and will communicate them as they solidify. We continue to be focused on filling the capacity available on our network while exploring long-term next-generation opportunities. As mentioned on our last call, we are committed to optimizing operations, decreasing costs, and improving revenue at Spectrum over the long term. All 24 new station builds targeted for 2022 have been completed and are now on air. Additionally, we are currently completing the build-out of a new station for licensed WKOB-LD in New York City, which was relocated as a result of displacement from the incentive auction. The new site for the station is One World Trade Center, and will be on air within the next several weeks, providing a far-ranging, robust signal to the New York City market. The actions we are taking on this front will improve Spectrum's overall performance, and we believe that we will begin to benefit from these changes in relatively short order. Before I turn it over to Mike, I'd like to discuss some corporate governance changes that occurred in the Q2, as well as some measures that we believe will help to ensure, and reinforce the company's alignment with all of our key stakeholders. During the quarter, directors Michael Gorzynski, Shelley Lombard, and Kenneth Courtis informed the INNOVATE board that they would not stand for reelection to the board of directors at our annual meeting of stockholders that was held in June. Please let me thank them for their service to the company and to our board over the past few years. At the end of June, we announced the reduction of our board from six members to five members and the appointment of Brian Goldstein to the board of directors to fill one of two vacant board seats. Brian currently sits on the board at DBM and brings over 35 years of business and tax expertise to bear, having served as partner at PwC since 1995, before his retirement last year. At PwC, Brian helped Fortune 500 companies navigate complex business and tax landscapes. We are fortunate to have him join the board here at INNOVATE, and we look forward to his unique perspective. Just yesterday, we announced the appointment of Amy Wilkinson to fill the remaining vacancy. Ms. Wilkinson is the founder, and CEO of Ingenuity, an entrepreneurship advisory firm for leaders of companies of all sizes, including several Fortune 500 clients. She is also a lecturer in management at the Stanford Graduate School of Business. Amy will join Brian Goldstein and Warren H. Gfeller on our audit committee, thereby enabling us to notify the New York Stock Exchange that we are once again in compliance with the New York Stock Exchange rule requiring a listed company to have at least three independent members on its audit committee. As previously disclosed, we were not in compliance with this requirement as a consequence of the departure of Ms. Lombard and Mr. Curtis. We are pleased to welcome Amy and Brian to the INNOVATE board and look forward to working with both of them. In conclusion, we continue to execute against our strategic framework and delivered strong financial results during the Q2. We remain optimistic about the future for each of INNOVATE's core operating segments, while continually exploring and implementing measures we believe will help us navigate an increasingly challenging macroeconomic environment. With that, I'll turn it over to Mike for a review of our financials and capital structure. Thanks, Wayne. I will first review our financial performance, and then I will walk you through key aspects of our capital structure. Consolidated total revenue for the Q2 of 2022 was $392.2 million, an increase of 60.9% compared to $243.8 million in the prior year period. The increase was driven by our infrastructure segment, led by the contribution from Banker Steel and increases in infrastructure market demand, along with larger projects entering the market. Net loss attributable to common and participating preferred stockholders for the Q2 of 2022 was $13.6 million or $0.18 per share, compared to a net loss of $23.7 million or $0.31 per share in the prior year period. Total adjusted EBITDA, which excludes discontinued operations, was $12.1 million in the Q2 of 2022, an increase from an adjusted EBITDA of $6.5 million in the prior year period. The increase was primarily driven by the contribution from Banker Steel at the infrastructure segment, which was acquired in May 2021. Now, on to some color for each of our three operating segments. In infrastructure, revenue increased 64.7% to $382.1 million from $232 million in the prior year quarter. As discussed earlier, this increase is due to the acquisition of Banker Steel, resulting in an incremental $105.4 million in revenue, as well as an increase in DBM's commercial structural steel fabrication and erection business, which was partially offset by decreases at the industrial maintenance, and repair and construction and modeling and detailing businesses due to the completion of certain large projects in 2021. Infrastructure adjusted EBITDA for the Q2 of 2022 increased to $20.9 million from $13.9 million in the prior year period. The increase was largely driven by the contribution from Banker Steel and increased profit at the fabrication and erection business, offset in part by an increase in G&A expenses, as well as lower profits in the industrial maintenance and repair business and the construction modeling and detailing business. While we continue to see higher profits due to the volume of revenue and work, we also continue to see lower margins as we are working off lower margin projects sold in the H1 of 2021. As a reminder, duration of contracts for both Schuff and Banker Steel projects range from 12-18 months from start to finish. We expect to see those projects continue to roll off through the back half of 2022. As of June 2022, reported backlog was $1.5 billion, slightly down from $1.6 billion as of December 31, 2021. Adjusted backlog, which takes into consideration awarded but not yet signed contracts, was $1.7 billion, compared to $1.9 billion at the end of December 2021. While reported and adjusted backlog are down from year-end, Rustin and the team continue to see a robust market. In fact, they have sold $483 million into reported backlog during the quarter, which increased reported backlog while maintaining adjusted backlog at $1.7 billion when compared to the Q1. DBMG ended the quarter with $230.4 million of debt, which is an increase of $41.8 million from year-end, however, down slightly from last quarter. At Life Sciences, the slight increase in adjusted EBITDA losses were primarily driven by an increase in spend at MediBeacon as the pivotal study commenced in the Q2, as well as a decrease in gross margin at R2 due to a change in product mix. This was partially offset by higher income recorded from our investment in Triple Ring. We continue to be pleased with the progress R2 has made with its launch of Glacial Rx and Glacial Spa as the business is in the very early stages of building momentum from the rollout. At Spectrum, revenue decreased $1.5 million or 14.2% to $9.1 million as a result of lower advertising revenue at the network business as a result of decreased footprint and declines in paid programming. Spectrum delivered adjusted EBITDA of $0.4 million in the Q2 compared to adjusted EBITDA of $2.7 million in the prior year quarter. The decrease was the result of a decline in network revenues combined with increased content and service costs related to the network business along with, to a lesser extent, higher station costs as a result of new built stations. Non-operating corporate adjusted EBITDA losses were $3.4 million for the Q2 of 2022, down from the Q2 of 2021 by $2.3 million, driven mostly by a settlement with the company's former CEO approved in the prior year, as well as decreased legal expenses driven by lower activity in 2022. At the end of the Q2, the company had $24.9 million of cash, and cash equivalents compared to $45.5 million as of December 31, 2021. On a standalone basis, as of June 30, 2022, the corporate segment had cash and cash equivalents of $3.6 million compared to $22 million at the end of 2021. At the end of July, the company utilized the remainder of the corporate credit line. We had expected to receive a dividend from DBMG in July as planned. DBMG's top line growth, combined with movements and changes in ongoing projects, has resulted in greater than anticipated working capital needs at DBMG in the near term and has delayed the planned distributions from DBMG. We also entered into an amendment to increase their available line of credit at the UMB facility at DBMG, along with a change to the definition for the fixed charge coverage ratio that will allow for greater capacity to meet working capital needs. While we recognize the cash constraints on our business, we are working through various solutions to free up working capital at DBMG and believe we will have sufficient liquidity to meet the needs of the business. As of June 30, 2022, INNOVATE had total principal outstanding indebtedness of $669.9 million, up $39.1 million from $630.8 million at the end of 2021, driven primarily by Infrastructure's increase in its line of credit as a result of working capital movements. Finally, as you know, the window to exit our 19% ownership in HMN opened in May for a six-month period. We are still working through the mechanics of selling the 19% ownership in HMN. We expect to be wrapped up with the sale by the end of the Q3 or the beginning of the Q4 of this year. We finished the H1 of 2022 strong and are keenly focused on our operations across the three businesses as we approach the H2 of the year in the face of known macro headwinds impacting all companies today. Our long-term strategy remains intact, and we look forward to reporting on more success across Infrastructure, Life Sciences and Spectrum next quarter. With that, operator, we'd now like to open up the call for questions. Thank you. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star and then one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star and then two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. We have a question from Brian Charles of RW Baird Research. Please go ahead. Hi, good afternoon. Thanks for taking my question. A couple of questions actually. One, just for a little bit of color regarding the DBMG backlog. It's still down a little bit from year-end, but it did increase a bit from the Q1. I remember in the last call, you were talking about being able to be more discerning, even in a difficult operating environment, and more selective for higher margin projects going forward as you run off the lower margin projects from 2021. Does that still characterize with the contracts you signed in the Q2? Thanks for your question. Yeah, I mean, I think in the quarter they had a couple of big projects such as Clippers that really helped drive sales for the quarter. Yeah, I mean, they're still seeing improvements in point-of-sale margins, and they are continuing to be selective in their jobs. They did have some help from some larger projects. The other big one was the JFK terminal that we talked about last quarter. There were some big things that came in during the quarter that helped bolster the backlog this quarter. Okay. Fair to say that the backlog might be pricing at a higher margin now than it did at the end of the year? We've continued to see. At least it has been. Like I said, we continue to see improving margins now. You know, they were pretty low in the H1 of 2021, as you're seeing in our results over the past two quarters. They are improving, but just wanna make sure we understand where we're coming from. The market has improved. Okay. Is continuing to see. Okay, great. Thanks. Just on general corporate liquidity, I guess you drew down your credit line. Did you draw the full amount? I think a $20 million credit line at the corporate, or in July. That's right. We had $15 million of availability on it, so we drew down the $15 million. We had already drawn $5 million, when we took out- Mm-hmm. The preferred last year in 2021. Yeah. Okay. For the distribution you were expecting or at least, you know, anticipating from DBMG that you decided to delay just for working capital purposes there, is that something you would expect to receive later in the year, or is it something that's just you're keeping liquidity at DBMG? Yeah. Obviously, DBMG is delivering on the results, and we're continuing to see success there. We need to ensure they continue to do so, you know, as a. Like you say, it is a timing issue, and we're working on ways to relieve the pressure on working capital. These are good problems to have, and we believe we have a way to, you know, continue to meet our ongoing obligations. Okay, thanks. Finally, and I'll get back in queue. For the remaining residual put, you discussed, you're working on a sale now. I'm sorry. Is there any way you can give a little color on that in terms of is it you're exercising the put or you're working on a sale to a third party? No, not a sale to a third party. I mean, we're within the window for the put, but we entered into a separate agreement with the same buyer, same terms. Everything's the same. We're just working towards the actual closing of the sale. Okay. We have to go through some, you know, regulatory approvals, things like that. Like we said, we expect it late in the Q3 or early in the Q4 at this time. Okay, fair enough. Excellent. Thank you. That's all I got for now. Great. Brian, do you have any other follow-up questions? No, I'm good. I'm good for now. Thank you. Thanks, Brian. Thank you. Ladies and gentlemen, we have reached the end of the question and answer session, and I would like to turn the call back to management for closing remarks. Thank you, operator. We appreciate your participation with us today on this earnings call, and we look forward to keeping you apprised as developments happen across all three of our operating segments. Thank you. Have a good afternoon. This concludes today's conference. Thank you for joining us. You may now disconnect your line.