Southland Announces Fourth Quarter & Full Year 2023 Results
- Revenue for Q4 2023 increased by 7% compared to Q4 2022.
- New awards of approximately $600 million were secured in the fourth quarter of 2023.
- Backlog increased by 12% to $2.83 billion compared to the previous quarter.
- Gross profit for the full year 2023 was $35.8 million, a decrease from $140.9 million in 2022.
- Adjusted net loss per share for the year ended December 31, 2023, was $(0.82), compared to a net income of $60.5 million in 2022.
- Net loss of $5.6 million for Q4 2023 compared to a net income of $19.5 million in Q4 2022.
- Gross profit decreased to $21.1 million in Q4 2023 from $35.9 million in Q4 2022.
- Net loss attributable to stockholders of $19.3 million for the full year 2023.
- Adjusted net loss attributable to stockholders of $38.7 million for the full year 2023.
Insights
Southland Holdings' reported revenue increase in the fourth quarter suggests a positive growth trajectory in terms of sales. However, the significant drop in gross profit and the shift from a net income to a net loss year-over-year is alarming. The decline in EBITDA further underscores operational challenges or increased costs that have not been offset by revenue growth. This performance could be indicative of margin compression, possibly due to rising material costs or lower project efficiency. Investors may be concerned about the company's profitability and the sustainability of its growth, particularly in the context of a flat annual revenue.
The backlog increase is a positive sign, indicating a strong future revenue stream. However, the quality and profitability of the backlog are key, as new awards do not necessarily translate to future profits. The market will likely focus on the company's ability to convert its backlog into profitable revenue and on management's strategies to address the profit erosion seen in the current report.
In the specialized infrastructure construction sector, backlog is a critical metric as it provides visibility into future work and potential revenue. Southland's 12% backlog increase suggests a competitive market position and an ability to secure new contracts. However, the industry is known for its cyclicality and sensitivity to economic conditions. Thus, the ability to maintain margins in the face of economic headwinds, such as inflation or potential recessions, will be crucial for Southland's long-term success.
Additionally, the construction industry is facing a tight labor market and supply chain disruptions. These factors could be contributing to Southland's reduced profitability and should be closely monitored by stakeholders. The company's strategy to navigate these challenges will be of particular interest in future quarters, as will its ability to ramp up new projects efficiently.
The reported financials of Southland Holdings reflect broader economic trends, including potential inflationary pressures that may have impacted costs, leading to reduced gross profit and net losses. The transition from net income to net loss year-over-year despite revenue growth is a red flag that may suggest inefficiencies or external cost pressures not adequately managed.
From an economic standpoint, the company's performance may also reflect the state of the infrastructure sector, which is heavily influenced by government spending and policies. As such, regulatory changes and fiscal stimulus can have significant impacts on companies like Southland. The firm's ability to adapt to these macroeconomic conditions will be critical in ensuring long-term viability and profitability.
Fourth Quarter 2023 Results Include:
-
Revenue of
for the quarter ended December 31, 2023, up$316.2 million 7% from for the quarter ended December 31, 2022.$294.8 million -
Gross profit of
for the quarter ended December 31, 2023, compared to$21.1 million for the quarter ended December 31, 2022.$35.9 million -
Net loss attributable to stockholders of
, or$5.6 million per share for the quarter ended December 31, 2023, compared to a net income attributable to stockholders of$(0.12) for the quarter ended December 31, 2022.$19.5 million -
EBITDA of
for the quarter ended December 31, 2023, compared to$9.1 million for the quarter ended December 31, 2022.$32.0 million -
New awards of approximately
in the quarter.$600 million -
Backlog of
, up$2.83 billion 12% compared to as of September 30, 2023.$2.54 billion
Full Year 2023 Results Include:
-
Revenue of
for the year ended December 31, 2023, approximately flat from$1.2 billion for the year ended December 31, 2022.$1.2 billion -
Gross profit of
for the year ended December 31, 2023, compared to$35.8 million for the year ended December 31, 2022.$140.9 million -
Net loss attributable to stockholders of
, or$19.3 million per share for the year ended December 31, 2023, compared to a net income attributable to stockholders of$(0.41) for the year ended December 31, 2022.$60.5 million -
Adjusted Net loss attributable to stockholders of
, or$38.7 million per share for the year ended December 31, 2023, compared to a net income attributable to stockholders of$(0.82) for the year ended December 31, 2022. (1)$60.5 million
(1) |
Please refer to “Non-GAAP Measures” and reconciliations for our non-GAAP financial measures, including, “Adjusted Net Loss,” and “Adjusted Net Loss Per Share” |
Southland’s President and Chief Executive Officer, Frank Renda, said, “We fought many headwinds in 2023, yet continued to better position ourselves for the future. I'm proud of our teams for making solid operational headway in challenging circumstances as our legacy backlog continues to decline, and recently awarded new projects ramp up construction activities. We finished the year with approximately
2023 Fourth Quarter & Full Year Results
Condensed Consolidated Statements of Operations |
|||||
|
|
|
|
|
|
|
Three Months Ended |
||||
(Amounts in thousands) |
December 31, 2023 |
|
December 31, 2022 |
||
Revenue |
$ |
316,189 |
|
$ |
294,804 |
Cost of construction |
|
295,053 |
|
|
258,948 |
Gross profit |
|
21,136 |
|
|
35,856 |
Selling, general, and administrative expenses |
|
19,929 |
|
|
14,836 |
Operating income |
|
1,207 |
|
|
21,020 |
Gain on investments, net |
|
33 |
|
|
3 |
Other income, net |
|
21 |
|
|
1,268 |
Interest expense |
|
(5,681) |
|
|
(2,574) |
Earnings (losses) before income taxes |
|
(4,420) |
|
|
19,717 |
Income tax expense (benefit) |
|
2,919 |
|
|
(455) |
Net income (loss) |
|
(7,339) |
|
|
20,172 |
Net income (loss) attributable to noncontrolling interests |
|
(1,776) |
|
|
634 |
Net income (loss) attributable to Southland Stockholders |
$ |
(5,563) |
|
$ |
19,538 |
|
|
|
|
|
|
Net income per share attributable to common stockholders |
|
|
|
|
|
Basic (1) |
$ |
(0.12) |
|
|
|
Diluted (1) |
$ |
(0.12) |
|
|
|
Weighted average shares outstanding |
|
|
|
|
|
Basic (1) |
|
47,877,558 |
|
|
|
Diluted (1) |
|
47,877,558 |
|
|
|
(1) |
Southland’s historical common equity structure was in the form of membership percentages and no shares were issued. As such, reporting periods prior to the three months ended March 31, 2023, will not present share or per share data. Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the three months ended December 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 December 31, 2023, was
Gross profit for the three months ended December 31, 2023, was
Selling, general, and administrative costs for the three months ended December 31, 2023, were
Condensed Consolidated Statements of Operations |
|||||
|
|
|
|
|
|
|
Year Ended |
||||
(Amounts in thousands) |
December 31, 2023 |
|
December 31, 2022 |
||
Revenue |
$ |
1,160,417 |
|
$ |
1,161,431 |
Cost of construction |
|
1,124,603 |
|
|
1,020,497 |
Gross profit |
|
35,814 |
|
|
140,934 |
Selling, general, and administrative expenses |
|
67,195 |
|
|
58,231 |
Operating income (loss) |
|
(31,381) |
|
|
82,703 |
Gain (loss) on investments, net |
|
30 |
|
|
(76) |
Other income, net |
|
23,580 |
|
|
2,204 |
Interest expense |
|
(19,471) |
|
|
(8,891) |
Earnings (losses) before income taxes |
|
(27,242) |
|
|
75,940 |
Income tax expense (benefit) |
|
(8,527) |
|
|
13,290 |
Net income (loss) |
|
(18,715) |
|
|
62,650 |
Net income attributable to noncontrolling interests |
|
538 |
|
|
2,108 |
Net income (loss) attributable to Southland Stockholders |
$ |
(19,253) |
|
$ |
60,542 |
|
|
|
|
|
|
Net income (loss) per share attributable to common stockholders |
|
|
|
|
|
Basic (1) |
$ |
(0.41) |
|
|
|
Diluted (1) |
$ |
(0.41) |
|
|
|
Weighted average shares outstanding |
|
|
|
|
|
Basic (1) |
|
47,088,813 |
|
|
|
Diluted (1) |
|
47,088,813 |
|
|
|
(1) | Southland’s historical common equity structure was in the form of membership percentages and no shares were issued. As such, reporting periods prior to the three months ended March 31, 2023, will not present share or per share data. Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the twelve months ended December 31, 2023, because the inclusion of potential shares of common stock would have been anti-dilutive for the period presented. |
Revenue for the year ended December 31, 2023, was
Gross profit for the year ended December 31, 2023, was
Selling, general, and administrative costs for the year ended December 31, 2023, were
Segment Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||||
(Amounts in thousands) |
|
December 31, 2023 |
December 31, 2022 |
|||||||
|
|
|
|
|
% of Total |
|
|
|
% of Total |
|
Segment |
|
Revenue |
|
Revenue |
Revenue |
|
Revenue |
|||
Civil |
|
$ |
108,260 |
|
|
$ |
84,021 |
|
|
|
Transportation |
|
|
207,929 |
|
|
|
210,783 |
|
|
|
Total revenue |
|
$ |
316,189 |
|
|
$ |
294,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
||||||||
(Amounts in thousands) |
|
December 31, 2023 |
December 31, 2022 |
|||||||
|
|
|
|
|
% of Total |
|
|
|
% of Total |
|
Segment |
|
Revenue |
|
Revenue |
Revenue |
|
Revenue |
|||
Civil |
|
$ |
337,524 |
|
|
$ |
305,324 |
|
|
|
Transportation |
|
|
822,893 |
|
|
|
856,107 |
|
|
|
Total revenue |
|
$ |
1,160,417 |
|
|
$ |
1,161,431 |
|
|
Segment Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||||
(Amounts in thousands) |
|
December 31, 2023 |
December 31, 2022 |
|||||||
|
|
|
|
% of Segment |
|
|
|
% of Segment |
||
Segment |
|
Gross Profit |
|
Revenue |
Gross Profit |
|
Revenue |
|||
Civil |
|
$ |
24,549 |
|
|
$ |
17,149 |
|
|
|
Transportation |
|
|
(3,413) |
|
(1.6)% |
|
18,707 |
|
|
|
Gross profit |
|
$ |
21,136 |
|
|
$ |
35,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
||||||||
(Amounts in thousands) |
|
December 31, 2023 |
December 31, 2022 |
|||||||
|
|
|
|
% of Segment |
|
|
|
% of Segment |
||
Segment |
|
Gross Profit |
|
Revenue |
Gross Profit |
|
Revenue |
|||
Civil |
|
$ |
51,686 |
|
|
$ |
45,464 |
|
|
|
Transportation |
|
|
(15,872) |
|
(1.9)% |
|
95,470 |
|
|
|
Gross profit |
|
$ |
35,814 |
|
|
$ |
140,934 |
|
|
Adjusted EBITDA Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year ended |
||||||||
(Amounts in thousands) |
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2023 |
|
December 31, 2022 |
||||
Net income (loss) attributable to Southland Stockholders |
|
$ |
(5,563) |
|
$ |
19,538 |
|
$ |
(19,253) |
|
$ |
60,542 |
Depreciation and amortization |
|
|
5,825 |
|
|
10,534 |
|
|
30,529 |
|
|
45,697 |
Income taxes (benefit) |
|
|
2,919 |
|
|
(455) |
|
|
(8,527) |
|
|
13,290 |
Interest expense |
|
|
5,681 |
|
|
2,574 |
|
|
19,471 |
|
|
8,891 |
Interest income |
|
|
215 |
|
|
(143) |
|
|
(1,143) |
|
|
(172) |
EBITDA |
|
|
9,077 |
|
|
32,048 |
|
|
21,077 |
|
|
128,248 |
Transaction related costs |
|
|
— |
|
|
— |
|
|
1,594 |
|
|
— |
Contingent earnout consideration non-cash expense reversal |
|
|
— |
|
|
— |
|
|
(20,689) |
|
|
— |
Adjusted EBITDA |
|
$ |
9,077 |
|
$ |
32,048 |
|
$ |
1,982 |
|
$ |
128,248 |
Backlog
|
|
|
|
(Amounts in thousands) |
|
Backlog |
|
Balance: December 31, 2022 |
|
$ |
2,973,885 |
New contracts, change orders, and adjustments |
|
|
1,011,797 |
Gross backlog |
|
|
3,985,682 |
Less: contract revenue recognized in 2023 |
|
|
(1,150,716) |
Balance December 31, 2023 |
|
$ |
2,834,966 |
Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share Attributable to Common Stock Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
||||||||
(Amounts in thousands except shares and per share data) |
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2023 |
|
December 31, 2022 |
||||
Reconciliation of adjusted net income (loss) attributable to common stock: |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common stock (GAAP as reported) |
$ |
(5,563) |
|
$ |
35,199 |
|
$ |
(19,253) |
|
$ |
60,542 |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Transaction related costs |
|
— |
|
|
— |
|
|
1,594 |
|
|
— |
Contingent earnout consideration non-cash expense |
|
— |
|
|
— |
|
|
(20,689) |
|
|
— |
Income tax impact of adjustments (1) |
|
— |
|
|
— |
|
|
(311) |
|
|
— |
Adjusted net income (loss) attributable to common stockholders |
$ |
(5,563) |
|
$ |
35,199 |
|
$ |
(38,659) |
|
$ |
60,542 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding for diluted and adjusted diluted earnings per share (2) |
|
47,877,558 |
|
|
|
|
|
47,088,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share attributable to common stock (2) |
$ |
(0.12) |
|
|
|
|
$ |
(0.41) |
|
|
|
Adjusted diluted earnings (loss) per share attributable to common stock (2) |
$ |
(0.12) |
|
|
|
|
$ |
(0.82) |
|
|
|
(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) | Southland’s historical common equity structure was in the form of membership percentages and no shares were issued. As such, reporting periods prior to the three months ended March 31, 2023, will not present share or per share data. Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the nine months ended December 31, 2023, because the inclusion of potential shares of common stock would have been anti-dilutive for the period presented |
Condensed Consolidated Balance Sheets |
||||||
|
|
|
|
|
|
|
(Amounts in thousands, except shares and per share data) |
|
As of |
||||
ASSETS |
|
December 31, 2023 |
|
December 31, 2022 |
||
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
49,176 |
|
$ |
57,915 |
Restricted cash |
|
|
14,644 |
|
|
14,076 |
Accounts receivable, net |
|
|
194,869 |
|
|
135,678 |
Retainage receivables |
|
|
109,562 |
|
|
122,682 |
Contract assets |
|
|
554,202 |
|
|
512,906 |
Other current assets |
|
|
20,083 |
|
|
24,047 |
Total current assets |
|
|
942,536 |
|
|
867,304 |
|
|
|
|
|
|
|
Property and equipment, net |
|
|
102,150 |
|
|
114,084 |
Right-of-use assets |
|
|
12,492 |
|
|
16,893 |
Investments - unconsolidated entities |
|
|
121,648 |
|
|
113,724 |
Investments - limited liability companies |
|
|
2,590 |
|
|
2,590 |
Investments - private equity |
|
|
3,235 |
|
|
3,261 |
Deferred tax asset |
|
|
11,496 |
|
|
— |
Goodwill |
|
|
1,528 |
|
|
1,528 |
Intangible assets, net |
|
|
1,682 |
|
|
2,218 |
Other noncurrent assets |
|
|
1,711 |
|
|
3,703 |
Total noncurrent assets |
|
|
258,532 |
|
|
258,001 |
Total assets |
|
|
1,201,068 |
|
|
1,125,305 |
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
162,464 |
|
$ |
126,385 |
Retainage payable |
|
|
40,950 |
|
|
33,677 |
Accrued liabilities |
|
|
124,667 |
|
|
121,584 |
Current portion of long-term debt |
|
|
48,454 |
|
|
46,322 |
Short-term lease liabilities |
|
|
14,081 |
|
|
16,572 |
Contract liabilities |
|
|
193,351 |
|
|
131,557 |
Total current liabilities |
|
|
583,967 |
|
|
476,097 |
|
|
|
|
|
|
|
Long-term debt |
|
|
251,906 |
|
|
227,278 |
Long-term lease liabilities |
|
|
5,246 |
|
|
10,032 |
Deferred tax liabilities |
|
|
2,548 |
|
|
3,392 |
Long-term accrued liabilities |
|
|
49,109 |
|
|
47,219 |
Other noncurrent liabilities |
|
|
47,728 |
|
|
1,403 |
Total long-term liabilities |
|
|
356,537 |
|
|
289,324 |
Total liabilities |
|
|
940,504 |
|
|
765,421 |
Commitments and contingencies (see Note 17) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
Preferred stock, |
|
|
— |
|
|
— |
Preferred stock, |
|
|
— |
|
|
24,400 |
Common stock, |
|
|
5 |
|
|
— |
Additional paid-in-capital |
|
|
270,330 |
|
|
— |
Accumulated deficit |
|
|
(19,253) |
|
|
— |
Accumulated other comprehensive loss |
|
|
(1,460) |
|
|
(2,576) |
Members’ capital |
|
|
— |
|
|
327,614 |
Total stockholders' equity |
|
|
249,622 |
|
|
349,438 |
Noncontrolling interest |
|
|
10,942 |
|
|
10,446 |
Total equity |
|
|
260,564 |
|
|
359,884 |
Total liabilities and equity |
|
$ |
1,201,068 |
|
$ |
1,125,305 |
Condensed Consolidated Statement of Cash Flows |
||||||
|
|
|
|
|
|
|
|
|
Year Ended |
||||
(Amounts in thousands) |
|
December 31, 2023 |
|
December 31, 2022 |
||
Cash flows from operating activities: |
|
|
|
|
|
|
Net income (loss) |
|
$ |
(18,715) |
|
$ |
62,650 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
30,529 |
|
|
45,697 |
Loss on extinguishment of debt |
|
|
631 |
|
|
— |
Deferred taxes |
|
|
(12,341) |
|
|
(2,103) |
Change in fair value of earnout liability |
|
|
(20,689) |
|
|
— |
Share-based compensation |
|
|
891 |
|
|
— |
Gain on sale of assets |
|
|
(1,328) |
|
|
(3,377) |
Foreign currency remeasurement loss (gain) |
|
|
(109) |
|
|
548 |
Earnings from equity method investments |
|
|
(7,740) |
|
|
(9,299) |
TZC investment present value accretion |
|
|
(2,449) |
|
|
(2,355) |
Gain on trading securities, net |
|
|
(26) |
|
|
(260) |
Changes in assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(48,971) |
|
|
(18,432) |
Contract assets |
|
|
(42,921) |
|
|
(138,677) |
Other current assets |
|
|
4,136 |
|
|
(1,293) |
Right-of-use assets |
|
|
4,402 |
|
|
(1,315) |
Accounts payable and accrued liabilities |
|
|
46,608 |
|
|
(13,546) |
Contract liabilities |
|
|
61,775 |
|
|
20,049 |
Operating lease liabilities |
|
|
(4,314) |
|
|
1,264 |
Other |
|
|
367 |
|
|
(5,753) |
Net cash used in operating activities |
|
|
(10,264) |
|
|
(66,202) |
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(10,846) |
|
|
(4,765) |
Proceeds from sale of property and equipment |
|
|
8,813 |
|
|
10,064 |
Loss on investment in limited liability company |
|
|
— |
|
|
336 |
Proceeds from the sale of trading securities |
|
|
61 |
|
|
927 |
Distributions received from equity method investees |
|
|
7,000 |
|
|
— |
Capital contribution to investees |
|
|
(540) |
|
|
(1,000) |
Net cash provided by (used in) investing activities |
|
|
4,488 |
|
|
5,562 |
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
Borrowings on revolving credit facility |
|
|
8,000 |
|
|
75,000 |
Payments on revolving credit facility |
|
|
(13,000) |
|
|
— |
Borrowings on notes payable |
|
|
115,265 |
|
|
281 |
Payments on notes payable |
|
|
(123,720) |
|
|
(42,934) |
Payments of deferred financing costs |
|
|
(565) |
|
|
— |
Pre-payment premium |
|
|
(471) |
|
|
— |
Advances to related parties |
|
|
(242) |
|
|
(1,603) |
Payments from related parties |
|
|
— |
|
|
5 |
Payments on finance lease |
|
|
(4,835) |
|
|
(8,157) |
Distribution to members |
|
|
(110) |
|
|
(2,457) |
Proceeds from merger of Legato II and Southland LLC |
|
|
17,088 |
|
|
— |
Net cash provided by financing activities |
|
|
(2,590) |
|
|
20,135 |
|
|
|
|
|
|
|
Effect of exchange rate on cash |
|
|
195 |
|
|
1,254 |
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents and restricted cash |
|
|
(8,171) |
|
|
(39,251) |
Beginning of period |
|
|
71,991 |
|
|
111,242 |
End of period |
|
$ |
63,820 |
|
$ |
71,991 |
|
|
|
|
|
|
|
Supplemental cash flow information |
|
|
|
|
|
|
Cash paid for income taxes |
|
$ |
7,587 |
|
$ |
10,392 |
Cash paid for interest |
|
$ |
18,277 |
|
$ |
9,044 |
Non-cash investing and financing activities: |
|
|
|
|
|
|
Lease assets obtained in exchange for new leases |
|
$ |
13,875 |
|
$ |
19,558 |
Assets obtained in exchange for notes payable |
|
$ |
10,884 |
|
$ |
4,091 |
Issuance of post-merger earn out shares |
|
$ |
35,000 |
|
|
— |
Dividend financed with notes payable |
|
$ |
50,000 |
|
|
— |
Conference
About
For more information, please visit Southland’s website at www.southlandholdings.com.
Non-GAAP Financial Measures
This press release includes certain unaudited financial measures not presented in accordance with generally accepted accounting principles (“GAAP”), including but not limited to earnings before interest, taxes, depreciation, and amortization (“EBITDA”), adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”), backlog, adjusted net income (loss), adjusted net income (loss) per share and certain ratios and other metrics derived therefrom. Note that other companies may calculate these non-GAAP financial measures differently, and therefore such financial measures may not be directly comparable to similarly titled measures of other companies. Further, these non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP.
Please see the accompanying tables for reconciliations of the following non-GAAP financial measures for Southland’s current and historical results: adjusted net income (loss) per share attributable to common stock (a non-GAAP financial measure) to net income (loss) per share attributable to common stock; and adjusted net income (loss) attributable to common stock, and Adjusted EBITDA (non-GAAP financial measures) to net income (loss) attributable to common stock.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the
Any forward-looking statement made by
View source version on businesswire.com: https://www.businesswire.com/news/home/20240304918788/en/
Cody Gallarda
EVP, Chief Financial Officer
cgallarda@southlandholdings.com
Alex Murray
Corporate Development & Investor Relations
amurray@southlandholdings.com
Source: Southland Holdings, Inc.
FAQ
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