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Operating Segments and Related Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Operating Segments and Related Information
17. Operating Segments and Related Information

The Company currently has one primary reportable geographic segment - United States, and primarily all revenue is derived in the United States, and primarily all PP&E and intangible assets reside in the United States. The reportable segments are identified based on the nature of the services and products provided, the organizational structure, and the internal reporting system used by the Chief Operating Decision Maker ("CODM") to assess performance and allocate resources. The Company has three reportable operating segments, plus the Other segment, based on management’s organization of the enterprise - Infrastructure, Life Sciences, Spectrum, and Other. The Company also has a Non-Operating Corporate segment. All inter-segment transactions are eliminated on consolidation. There are no inter-segment revenues. Refer to Note 1. Organization and Business for additional information on the organizational structure of the business and Note 3. Revenue and Contracts in Process for additional information on revenue by segment.

The Chief Operating Decision Maker ("CODM") for the Company is the Interim CEO, Paul Voigt. The CODM is primarily responsible for allocating resources at all levels that do not require board approval. The CODM monitors the performance of each segment and is responsible for making strategic decisions regarding capital and resource allocation. The CODM uses a combination of monthly reports, which detail revenue and income (loss) from operations, and quarterly summaries, which include detailed breakdowns of each segment's income (loss) from operations, to evaluate segment performance, allocate resources and make strategic decisions. These financial metrics are used to view operating trends, perform analytical comparisons and benchmark performance between periods and to monitor budget-to-actual variances on a monthly basis. The primary U.S. GAAP metric used by the CODM in assessing segment performance is income (loss) from operations.

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

Three Months Ended June 30, 2025
InfrastructureLife SciencesSpectrumNon-Operating CorporateOther and EliminationsINNOVATE
Revenue$233.1 $3.2 $5.7 $— $— $242.0 
Cost of revenue191.4 2.1 2.9 — — 196.4 
Selling, general and administrative expenses26.8 3.8 1.9 2.6 — 35.1 
Depreciation and amortization3.1 0.1 1.2 — — 4.4 
Other operating loss (1)
1.2 — — — — 1.2 
Income (loss) from operations$10.6 $(2.8)$(0.3)$(2.6)$— $4.9 
Other data:
Capital cash expenditures
$5.1 $(0.1)$1.1 $— $— $6.1 
(1) Other operating loss for the three months ended June 30, 2025, primarily consisted of a loss on lease modification and a loss on the sale of various properties at our Infrastructure segment.
Three Months Ended June 30, 2024
InfrastructureLife SciencesSpectrumNon-Operating CorporateOther and EliminationsINNOVATE
Revenue$305.2 $1.7 $6.2 $— $— $313.1 
Cost of revenue243.5 1.1 2.9 — — 247.5 
Selling, general and administrative expenses33.8 4.5 1.8 2.8 — 42.9 
Depreciation and amortization2.9 0.1 1.3 0.1 — 4.4 
Other operating (income) loss (1)
(10.5)— 0.1 (0.1)— (10.5)
Income (loss) from operations$35.5 $(4.0)$0.1 $(2.8)$— $28.8 
Other data:
Capital cash expenditures
$2.7 $— $0.4 $— $— $3.1 
(1) Other operating income for the three months ended June 30, 2024, primarily consisted of a gain on lease modification and a gain on the sale of various properties at our Infrastructure segment.

Six Months Ended June 30, 2025
InfrastructureLife SciencesSpectrumNon-Operating CorporateOther and EliminationsINNOVATE
Revenue$498.0 $6.3 $11.9 $— $— $516.2 
Cost of revenue414.9 4.4 5.8 — — 425.1 
Selling, general and administrative expenses
56.1 7.5 3.8 5.5 — 72.9 
Depreciation and amortization6.2 0.2 2.4 — — 8.8 
Other operating loss (1)
1.1 — — — — 1.1 
Income (loss) from operations$19.7 $(5.8)$(0.1)$(5.5)$— $8.3 
Other data:
Capital cash expenditures
$9.2 $— $1.6 $— $— $10.8 
(1) Other operating loss for the six months ended June 30, 2025, primarily consisted of a loss on lease modification and a loss on the sale of various properties at our Infrastructure segment.

Six Months Ended June 30, 2024
InfrastructureLife SciencesSpectrumNon-Operating CorporateOther and EliminationsINNOVATE
Revenue$613.1 $2.7 $12.5 $— $— $628.3 
Cost of revenue506.6 1.7 5.8 — — 514.1 
Selling, general and administrative expenses64.7 8.0 3.7 6.0 — 82.4 
Depreciation and amortization5.9 0.2 2.6 0.1 — 8.8 
Other operating (income) loss (1)
(8.9)— 0.1 0.2 — (8.6)
Income (loss) from operations
$44.8 $(7.2)$0.3 $(6.3)$— $31.6 
Other data:
Capital cash expenditures
$7.9 $0.1 $0.7 $— $— $8.7 
(1) Other operating income for the six months ended June 30, 2024, primarily consisted of a gain on lease modification and a gain on the sale of various properties at the Company's Infrastructure segment, which was partially offset by a loss on disposal related to a plant closure.
Certain balance sheet data:
June 30, 2025
InfrastructureLife SciencesSpectrumNon-Operating CorporateOther and EliminationsINNOVATE
Investments (1)
$— $1.8 $— $2.6 $— $4.4 
Total assets
$695.7 $10.7 $176.2 $8.3 $— $890.9 
December 31, 2024
InfrastructureLife SciencesSpectrumNon-Operating CorporateOther and EliminationsINNOVATE
Investments (1)
$— $1.8 $— $1.8 $— $3.6 
Total assets
$683.6 $11.9 $178.9 $16.7 $— $891.1 
(1) The Company's equity method investments in its Life Sciences segment totaled $0.9 million as of both June 30, 2025 and December 31, 2024, respectively.
 Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Reconciliation of the consolidated segment income from operations to consolidated (loss) income from operations before income taxes:
Income from operations$4.9 $28.8 $8.3 $31.6 
Interest expense(21.4)(16.5)(41.6)(33.7)
Loss from equity investees— (1.1)(5.9)(2.3)
Other (expense) income, net(0.3)0.2 3.7 (1.0)
(Loss) income from operations before income taxes$(16.8)$11.4 $(35.5)$(5.4)