As of March 31, 2024, and in line with our expectations, reported backlog was $939.1 million and adjusted backlog, which takes into consideration awarded but not yet signed contracts, was $1.2 billion compared to a reported backlog of $1.1 billion and adjusted backlog of $1.2 billion at the end of 2023. DBMG ended the quarter with $159.7 million in principal amount of debt, which is a decrease of $39.1 million from year-end 2023, primarily driven by the reduction of the credit facility and normal debt amortization payments. DBMG has been able to reduce its debt obligations through line reduction as investor working capital has continued to return to the business, a trend that began at the end of 2023. As backlog stabilizes, we expect flat working capital needs throughout 2024.
And as a reminder, DBMG has reduced its outstanding debt by approximately $73 million in the last six months. At Life Sciences, revenue was $1 million, an increase of $0.5 million from the prior year quarter. The increase in revenue was attributable to R2, primarily due to growth in unit sales in North America. Life Sciences adjusted EBITDA losses decreased for the quarter, which was primarily due to lower equity method losses recognized from our investment in MediBeacon and to a lesser extent, a decrease in SG&A expenses at R2 as well as an increase in revenue, primarily due to an increase in unit sales. At Spectrum, revenue was $6.3 million, an increase of $0.6 million compared to the first quarter of 2023, primarily driven by the launch of new networks and expanded coverage with existing customers.
The increase is partially offset by the termination of a number of smaller networks and individual markets subsequent to the comparable period. Spectrum reported adjusted EBITDA in the first quarter increased to $1.6 million from $0.4 million in the prior year quarter. The increase was primarily due to the increase in revenue and the impact of the personnel realignment implemented in the second half of 2023. Non-operating corporate adjusted EBITDA losses were $2.9 million for the quarter of 2024, an improvement from the first quarter of 2023 of $0.6 million. The improvement was primarily driven by decreases in compensation related expenses, consulting fees and insurance expense, which was partially offset by an increase in legal fees. At the end of the first quarter, the company had $38.4 million of cash and cash equivalents, excluding restricted cash, compared to $80.8 million as of December 31, 2023.
On a standalone basis as of March 31, 2024, our Non-Operating Corporate segment had cash and cash equivalents of $9.2 million, compared to $2.5 million at the end of 2023. As announced earlier in the year, we received notice that we are not in compliance with NYSE listing requirements as our stock price has fallen below $1 per share. We are working on options to regain compliance with the NYSE, which includes the potential for a reverse stock split, as disclosed in our recently filed proxy statement. As of March 31, 2024, INNOVATE had total principal outstanding indebtedness of $687 million, down $35.8 million from $722.8 million at the end of 2023, driven by the decrease of infrastructure’s outstanding debt, which was partially offset by R2’s extension of Lancer Capital, which capitalized interest payments into the principal balance.
With that operator, we would now like to open up the call for questions.
Operator: Q – A –
Operator: No questions at this time. I will turn the call back over to Paul.
Paul Voigt: Yes, I appreciate everybody’s time and support and patience, and look forward to coming back to everybody with some positive news over the next quarter or two. Thank you for your time.
Operator: Ladies and gentlemen, this concludes today’s conference call. You may now disconnect.
