With that, I’ll turn it over to Mike for review of our financials and capital structure.
Mike Sena: Thanks, Paul. Consolidated total revenue for the fourth quarter of 2023 was $361 million, a decrease of 11.8% compared to $409.3 million in the prior-year period. The decrease was primarily driven by our Infrastructure segment and to a lesser extent our Spectrum segment. Net loss attributable to common stockholders for the fourth quarter of 2023 was $9.6 million or $0.12 per share compared to a net loss of $7 million or $0.09 per share in the prior-year period. Total adjusted EBITDA was $21.5 million in the fourth quarter of 2023, a decrease from $28.1 million in the prior-year period. The decrease was driven by our Infrastructure, Life Sciences, and Spectrum segments and by the elimination of equity method income from our investment in HMN, which was sold in March of 2023, which was partially offset by our non-operating corporate segment.
At Infrastructure, revenue decreased 10.9% to $353.8 million from $397.3 million in the prior-year quarter. This decrease was primarily driven by the timing and size of projects at DBMG’s commercial steel fabrication and erection business, which was partially offset by an increase in revenue at the industrial maintenance and repair business, Banker Steel, and the construction modeling and detail business due to timing and size of projects. Infrastructure adjusted EBITDA for the fourth quarter of 2023 decreased to $30 million from $32.7 million in the prior-year period. The decrease is primarily driven by an increase in recurring SG&A expenses and lower contributions from Banker Steel, which was partially offset by increased margins at the industrial maintenance and repair business.
As of December 31, 2023, reported backlog was $1.1 billion, and adjusted backlog, which takes into consideration awarded but not yet signed contracts, was $1.2 billion, compared to reported and adjusted backlog of $1.8 billion at the end of 2022. As Paul explained earlier, we continue to see meaningful opportunities in the market and DBM remains focused on converting those opportunities into backlogs. [DBMG] (ph) ended the quarter with $198.8 million principal amount of debt, which is a decrease of $44.2 million from year-end 2022, primarily driven by an early note repayment, normal debt amortization payments, and the reduction of the credit facility. DBMG has been able to reduce its debt obligations through early payments and line reductions as invested working capital has begun to return to the business, a trend we continue to see in early 2024.
As the backlog stabilizes, we expect flat working capital needs in 2024. Additionally, on December 12, 2023, DBMG and [UBM] (ph) entered into an amendment that extended the maturity date of the revolving line from May 31, 2024 to August 15, 2025, increased the interest rate spread for the revolving line by 0.35% across all tiers and established an interest rate of 4.25%. At Life Sciences, the increase in adjusted EBITDA losses for the quarter was primarily due to higher equity method losses recognized from Pansend’s investment in MediBeacon due to our additional investment into MediBeacon, which resulted in previously suspended losses to be recognized due to the investments carrying and not being reduced to zero. This was partially offset by a decrease in SG&A expenses at R2, driven by a decrease in marketing costs as a result of cost reduction initiatives and a decrease in compensation expenses.
At Spectrum, revenue was $5.7 million, a decrease of $5 million compared to the fourth quarter of 2022, primarily driven by the elimination of advertising revenues at Azteca, which ceased operations at the end of 2022. This was partially offset by an increase in station revenue, which launched new markets and networks with its customers during 2023. Spectrum reported adjusted EBITDA in the fourth quarter decreased to $1.1 million from $2.5 million in the prior-year quarter. The decrease was primarily due to a one-time benefit related to the termination of Azteca in the prior-year period, which was partially offset by a decrease in unrepeated SG&A expenses in the prior period. Non-operating corporate adjusted EBITDA losses were $2.5 million for the fourth quarter of 2023, an improvement from the fourth quarter of 2022 of $1.2 million.
The improvement was primarily driven by a decrease in bonus expense and legal expenses. So, the full year adjusted EBITDA losses for 2023 were $13.5 million, an improvement from the full year 2022 of $3.2 million. At the end of the fourth quarter, the company had $80.8 million of cash and cash equivalents excluding restricted cash compared to $80.4 million as of December 31, 2022. On a standalone basis, as of December 31, our non-operating corporate segment had cash and cash equivalents of $2.5 million compared to $9.1 million at the end of 2022. As mentioned by Paul, we are launching a fully backstop rights offering in private sale to shore up liquidity. The proceeds would be used to settle an intercompany advance used for our February 1, 2024 interest payment and to help meet our liquidity needs while we execute our strategy in 2024.
As of December 31, 2023, INNOVATE had total principal outstanding indebtedness of $722.8 million, down $2.5 million from $725.3 million at the end of 2022, driven primarily by the decrease in Infrastructure’s outstanding debt, which is partially offset by corporate’s new unsecured note with CGIC and R2’s additional borrowings from Lancer Capital. With that, operator, we’d now like to open up the call for questions.
Operator:
Paul Voigt: Yeah, thank you. I just want to say thank you to everybody for your continued support and we’re working very hard and diligently to make this a very profitable company. Thank you very much.
Operator: Ladies and gentlemen, this concludes today’s conference call. Thank you for joining. You may now disconnect.
