v3.26.1
Segments and Related Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segments and Related Information
18. Segments and Related Information

The Company currently operates in one primary geography - United States, and substantially all revenue is derived in the United States, and substantially all PP&E and intangible assets reside in the United States. The Company's 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. As of December 31, 2025, the Company had 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 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):

Year Ended December 31, 2025
InfrastructureLife SciencesSpectrumNon-Operating CorporateOther and EliminationsINNOVATE
Revenue$1,210.3 $12.5 $23.2 $— $— $1,246.0 
Cost of revenue1,026.2 8.4 11.7 — — 1,046.3 
Selling, general and administrative expenses
115.2 14.6 7.6 15.6 0.1 153.1 
Depreciation and amortization12.1 0.4 5.0 — — 17.5 
Other operating loss (income) (1)
1.4 — (1.0)— — 0.4 
Income (loss) from operations$55.4 $(10.9)$(0.1)$(15.6)$(0.1)$28.7 
Other data:
Capital cash expenditures
$23.4 $— $2.7 $— $— $26.1 
(1) Other operating loss for the year ended December 31, 2025, primarily consisted of a loss on lease modification and losses on the sales of various properties at the Company's Infrastructure segment, partially offset primarily by a gain on legal settlement at the Company's Spectrum Segment.
Year Ended December 31, 2024
InfrastructureLife SciencesSpectrumNon-Operating CorporateOther and EliminationsINNOVATE
Revenue$1,071.6 $9.8 $25.7 $— $— $1,107.1 
Cost of revenue880.4 6.4 11.5 — — 898.3 
Selling, general and administrative expenses123.1 17.1 7.3 12.7 — 160.2 
Depreciation and amortization12.0 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 cash expenditures
$17.6 $— $1.4 $— $— $19.0 
(1) Other operating income at the Company's 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.

Certain balance sheet data:
December 31, 2025
InfrastructureLife SciencesSpectrumNon-Operating CorporateOther and EliminationsINNOVATE
Investments (1)
$— $1.8 $— $— $— $1.8 
Total assets
$758.9 $9.6 $174.5 $7.1 $— $950.1 
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 December 31, 2025 and 2024.

 Year Ended December 31,
20252024
Reconciliation of the consolidated segment income from operations to consolidated loss from operations before income taxes:
Income from operations$28.7 $40.0 
Interest expense(89.0)(74.5)
Loss from equity investees(5.9)(2.3)
Other income, net4.7 3.4 
Loss from operations before income taxes$(61.5)$(33.4)