v3.26.1
Segments and Related Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Operating Segments
Financial information, including revenue and expenses, with respect to the Company’s operating segments, is as follows (in millions):
Three Months Ended June 30, 2026
Infrastructure
Life SciencesSpectrumNon-Operating CorporateOther and EliminationsINNOVATE
Revenue$414.0 $2.2 $5.4 $— $— $421.6 
Cost of revenue337.6 1.3 3.2 — — 342.1 
Selling, general and administrative expenses
34.1 1.6 3.1 2.7 — 41.5 
Depreciation and amortization2.8 — 0.7 — — 3.5 
Income (loss) from operations$39.5 $(0.7)$(1.6)$(2.7)$— $34.5 
Other data:
Capital cash expenditures $9.9 $— $0.5 $— $— $10.4 
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 sales of various properties at our Infrastructure segment.


Six Months Ended June 30, 2026
InfrastructureLife SciencesSpectrumNon-Operating CorporateOther and EliminationsINNOVATE
Revenue$771.9 $3.8 $10.7 $— $— $786.4 
Cost of revenue644.6 2.7 6.1 — — 653.4 
Selling, general and administrative expenses66.1 3.9 4.8 6.1 — 80.9 
Depreciation and amortization5.7 0.1 1.9 — — 7.7 
Other operating income— — (0.1)— — (0.1)
Income (loss) from operations
$55.5 $(2.9)$(2.0)$(6.1)$— $44.5 
Other data:
Capital cash expenditures$18.8 $— $1.1 $— $— $19.9 


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 expenses56.1 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.
Certain balance sheet data:
June 30, 2026
InfrastructureLife SciencesNon-Operating CorporateOther and EliminationsSub-TotalSpectrum - Held for SaleTotal
Investments (1)
$— $1.8 $0.4 $— $2.2 $— $2.2 
Total assets
$820.1 $7.6 $4.0 $— $831.7 $175.0 $1,006.7 
December 31, 2025
InfrastructureLife SciencesNon-Operating CorporateOther and EliminationsSub-TotalSpectrum - Held for SaleTotal
Investments (1)
$— $1.8 $— $— $1.8 $— $1.8 
Total assets
$758.9 $9.6 $7.1 $— $775.6 $174.5 $950.1 
(1) The Company's equity method investments in its Life Sciences segment totaled $0.9 million as of both June 30, 2026 and December 31, 2025.

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Reconciliation of the consolidated segment income from operations to consolidated income (loss) from operations before income taxes:
Income from operations$34.5 $4.9 $44.5 $8.3 
Interest expense(27.6)(21.4)(52.1)(41.6)
Gain (loss) on extinguishment of debt18.4 (0.3)18.4 (0.3)
Loss from equity investees— — — (5.9)
Other income, net0.2 — 0.5 4.0 
Income (loss) from operations before income taxes$25.5 $(16.8)$11.3 $(35.5)