Southland Announces First Quarter 2024 Results
-
Revenue of
for the quarter ended March 31, 2024, up$288.1 million 5% from for the quarter ended March 31, 2023.$274.8 million -
Gross profit of
for the quarter ended March 31, 2024, compared to$20.4 million for the quarter ended March 31, 2023.$18.9 million -
Net loss attributable to stockholders of
, or$0.4 million per share for the quarter ended March 31, 2024, compared to a net loss attributable to stockholders of$(0.01) , or$4.7 million per share for the quarter ended March 31, 2023.$(0.11) -
Adjusted Net Loss attributable to stockholders of
, or$0.4 million per share for the year ended March 31, 2024, compared to an Adjusted Net Loss attributable to stockholders of$(0.01) , or$1.5 million per share for the year ended March 31, 2023. (1)$(0.03) -
Adjusted EBITDA of
for the quarter ended March 31, 2024, compared to$10.9 million for the quarter ended March 31, 2023. (1)$12.7 million -
Backlog of
, compared to$2.64 billion as of December 31, 2023.$2.83 billion
(1) |
Please refer to “Non-GAAP Measures” and reconciliations for our non-GAAP financial measures, including, “Adjusted Net Loss,” “Adjusted Net Loss Per Share,” and “Adjusted EBITDA” |
Southland’s President and Chief Executive Officer, Frank Renda, said, “We had a good start to the year in our seasonally slowest quarter, with revenue increasing by
2024 First Quarter Results
Condensed Consolidated Statements of Operations (unaudited) |
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|
|
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Three Months Ended |
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(Amounts in thousands) |
March 31, 2024 |
|
March 31, 2023 |
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Revenue |
$ |
288,097 |
|
$ |
274,829 |
Cost of construction |
|
267,676 |
|
|
255,886 |
Gross profit |
|
20,421 |
|
|
18,943 |
Selling, general, and administrative expenses |
|
14,394 |
|
|
15,571 |
Operating income |
|
6,027 |
|
|
3,372 |
Loss on investments, net |
|
(76) |
|
|
(32) |
Other income (loss), net |
|
536 |
|
|
(2,599) |
Interest expense |
|
(5,655) |
|
|
(3,254) |
Earnings (losses) before income taxes |
|
832 |
|
|
(2,513) |
Income tax expense |
|
307 |
|
|
1,753 |
Net income (loss) |
|
525 |
|
|
(4,266) |
Net income attributable to noncontrolling interests |
|
931 |
|
|
398 |
Net loss attributable to Southland Stockholders |
$ |
(406) |
|
$ |
(4,664) |
|
|
|
|
|
|
Net loss per share attributable to common stockholders |
|
|
|
|
|
Basic (1) |
$ |
(0.01) |
|
|
(0.11) |
Diluted (1) |
$ |
(0.01) |
|
|
(0.11) |
Weighted average shares outstanding |
|
|
|
|
|
Basic (1) |
|
47,925,072 |
|
|
44,407,831 |
Diluted (1) |
|
47,925,072 |
|
|
44,407,831 |
(1) |
Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the three months ended March 31, 2024, and March 31 2023, because the inclusion of potential shares of common stock would have been anti-dilutive for the period presented. |
Revenue for the three months ended March 31, 2024, was
Gross profit for the three months ended March 31, 2024, was
Selling, general, and administrative costs for the three months ended March 31, 2024, were
Segment Revenue
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Three Months Ended |
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(Amounts in thousands) |
March 31, 2024 |
|
March 31, 2023 |
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% of Total |
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|
|
|
% of Total |
Segment |
Revenue |
|
Revenue |
|
Revenue |
|
Revenue |
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Civil |
$ |
84,273 |
|
|
$ |
72,989 |
|
|
|
Transportation |
|
203,824 |
|
|
|
201,840 |
|
|
|
Total revenue |
$ |
288,097 |
|
|
$ |
274,829 |
|
|
Segment Gross Profit
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
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(Amounts in thousands) |
March 31, 2024 |
|
March 31, 2023 |
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|
|
% of Segment |
|
|
|
|
% of Segment |
|
Segment |
Gross Profit |
|
Revenue |
|
Gross Profit |
|
Revenue |
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Civil |
$ |
17,870 |
|
|
$ |
8,766 |
|
|
|
Transportation |
|
2,551 |
|
|
|
10,177 |
|
|
|
Gross profit |
$ |
20,421 |
|
|
$ |
18,943 |
|
|
Adjusted EBITDA Reconciliation
|
|
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|
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|
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Three Months Ended |
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(Amounts in thousands) |
March 31, 2024 |
|
March 31, 2023 |
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Net loss attributable to Southland Stockholders |
$ |
(406) |
|
$ |
(4,664) |
Depreciation and amortization |
|
5,577 |
|
|
8,560 |
Income tax expense |
|
307 |
|
|
1,753 |
Interest expense |
|
5,655 |
|
|
3,254 |
Interest income |
|
(184) |
|
|
(137) |
EBITDA |
|
10,949 |
|
|
8,766 |
Transaction related costs |
|
— |
|
|
1,035 |
Contingent earnout consideration non-cash expense reversal |
|
— |
|
|
2,936 |
Adjusted EBITDA |
$ |
10,949 |
|
$ |
12,737 |
Backlog
|
|
|
(Amounts in thousands) |
|
|
Balance December 31, 2023 |
$ |
2,834,966 |
New contracts, change orders, and adjustments |
|
100,893 |
Less: contract revenue recognized in 2024 |
|
(296,947) |
Balance March 31, 2024 |
$ |
2,638,912 |
Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share Attributable to Common Stock Reconciliation
|
|
|
|
|
|
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Three Months Ended |
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(Amounts in thousands except shares and per share data) |
March 31, 2024 |
|
March 31, 2023 |
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Reconciliation of adjusted net income (loss) attributable to common stock: |
|
|
|
|
|
Net loss attributable to common stock (GAAP as reported) |
$ |
(406) |
|
$ |
(4,664) |
Adjustments: |
|
|
|
|
|
Transaction related costs |
|
— |
|
|
1,035 |
Contingent earnout consideration non-cash expense |
|
— |
|
|
2,936 |
Income tax impact of adjustments (1) |
|
— |
|
|
(774) |
Adjusted net loss attributable to common stockholders |
$ |
(406) |
|
$ |
(1,467) |
|
|
|
|
|
|
Weighted average shares outstanding for diluted and adjusted diluted earnings per share (2) |
|
47,925,072 |
|
|
44,407,831 |
|
|
|
|
|
|
Diluted loss per share attributable to common stock (2) |
$ |
(0.01) |
|
|
(0.11) |
Adjusted diluted loss per share attributable to common stock (2) |
$ |
(0.01) |
|
|
(0.03) |
(1) |
The income tax impact of adjustments that are subject to tax is determined using the incremental statutory tax rates of the jurisdictions to which each adjustment relates for the respective periods. |
|
(2) |
Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for three months ended March 31, 2024, and March 31, 2023, because the inclusion of potential shares of common stock would have been anti-dilutive for the period presented |
.
Condensed Consolidated Balance Sheets (unaudited) |
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(Amounts in thousands, except share and per share data) |
As of |
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ASSETS |
March 31, 2024 |
|
December 31, 2023 |
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Current assets |
|
|
|
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Cash and cash equivalents |
$ |
31,239 |
|
Southland Holdings Inc
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Engineering & Construction
Heavy Construction Other Than Bldg Const - Contractors
United States
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