Southland Announces Third Quarter 2024 Results
Southland Holdings (NYSE: SLND) reported disappointing Q3 2024 financial results. Revenue decreased 44.5% to $173.3 million compared to $312.5 million in Q3 2023. The company recorded a gross loss of $51.1 million versus a gross profit of $29.5 million in the prior year. Net loss attributable to stockholders was $54.7 million, or $(1.14) per share, compared to net income of $3.8 million, or $0.08 per share in Q3 2023. EBITDA was negative at $(58.7) million versus $22.3 million last year. Despite poor quarterly performance, backlog remained strong at $2.74 billion, up from $2.54 billion year-over-year.
Southland Holdings (NYSE: SLND) ha riportato risultati finanziari deludenti per il terzo trimestre del 2024. I ricavi sono diminuiti del 44,5% a $173,3 milioni rispetto a $312,5 milioni nel terzo trimestre del 2023. L'azienda ha registrato una perdita lorda di $51,1 milioni rispetto a un utile lordo di $29,5 milioni nell'anno precedente. La perdita netta attribuibile agli azionisti è stata di $54,7 milioni, o $(1,14) per azione, rispetto a un utile netto di $3,8 milioni, o $0,08 per azione nel terzo trimestre del 2023. L'EBITDA è stato negativo a $(58,7) milioni rispetto a $22,3 milioni dell'anno scorso. Nonostante le scarse performance trimestrali, il portafoglio ordini è rimasto solido a $2,74 miliardi, in aumento rispetto a $2,54 miliardi anno su anno.
Southland Holdings (NYSE: SLND) informó resultados financieros decepcionantes para el tercer trimestre de 2024. Los ingresos disminuyeron un 44.5% a $173.3 millones en comparación con $312.5 millones en el tercer trimestre de 2023. La empresa registró una pérdida bruta de $51.1 millones frente a una ganancia bruta de $29.5 millones en el año anterior. La pérdida neta atribuible a los accionistas fue de $54.7 millones, o $(1.14) por acción, en comparación con una ganancia neta de $3.8 millones, o $0.08 por acción en el tercer trimestre de 2023. El EBITDA fue negativo a $(58.7) millones en comparación con $22.3 millones del año pasado. A pesar del mal desempeño trimestral, el backlog se mantuvo fuerte en $2.74 mil millones, en comparación con $2.54 mil millones interanuales.
사우스랜드 홀딩스 (NYSE: SLND)는 2024년 3분기 재무 결과가 실망스럽다고 보고했습니다. 수익은 44.5% 감소하여 $173.3 million에 이르렀으며, 2023년 3분기의 $312.5 million과 비교됩니다. 이 회사는 지난해에 비해 $51.1 million의 총 손실을 기록했으며, 지난해는 $29.5 million의 총 이익을 기록했습니다. 주주에게 귀속된 순손실은 $54.7 million, 즉 주당 $(1.14)로, 2023년 제3분기의 순익 $3.8 million 또는 주당 $0.08과 비교됩니다. EBITDA는 지난해의 $22.3 million과 비교하여 $(58.7) million으로 부정적이었습니다. 저조한 분기 실적에도 불구하고, 수주 잔고는 $2.74 billion으로, 지난해 $2.54 billion에서 증가했습니다.
Southland Holdings (NYSE: SLND) a annoncé des résultats financiers décevants pour le troisième trimestre 2024. Le chiffre d'affaires a diminué de 44,5% pour atteindre 173,3 millions de dollars contre 312,5 millions de dollars au troisième trimestre 2023. L'entreprise a enregistré une perte brute de 51,1 millions de dollars contre un bénéfice brut de 29,5 millions de dollars l'année précédente. La perte nette attribuable aux actionnaires s'est élevée à 54,7 millions de dollars, soit $(1,14) par action, contre un bénéfice net de 3,8 millions de dollars, soit 0,08 $ par action au troisième trimestre 2023. L'EBITDA a été négatif à $(58,7) millions contre 22,3 millions de dollars l'année dernière. Malgré une mauvaise performance trimestrielle, le carnet de commandes est resté solide à 2,74 milliards de dollars, en hausse par rapport à 2,54 milliards de dollars d'une année sur l'autre.
Southland Holdings (NYSE: SLND) hat enttäuschende Finanzergebnisse für das dritte Quartal 2024 gemeldet. Der Umsatz ging um 44,5% auf $173,3 Millionen zurück im Vergleich zu $312,5 Millionen im dritten Quartal 2023. Das Unternehmen verzeichnete einen Bruttoverlust von $51,1 Millionen im Vergleich zu einem Bruttogewinn von $29,5 Millionen im Vorjahr. Der den Aktionären zurechenbare Nettoverlust betrug $54,7 Millionen oder $(1,14) pro Aktie, im Vergleich zu einem Nettogewinn von $3,8 Millionen oder $0,08 pro Aktie im dritten Quartal 2023. Das EBITDA war mit $(58,7) Millionen negativ im Vergleich zu $22,3 Millionen im Vorjahr. Trotz der schlechten Quartalsleistung blieb der Auftragsbestand mit $2,74 Milliarden stark, ein Anstieg von $2,54 Milliarden im Jahresvergleich.
- Backlog increased to $2.74 billion from $2.54 billion year-over-year
- Highest quarter-end cash balance since becoming public company
- Revenue declined 44.5% to $173.3 million year-over-year
- Gross loss of $51.1 million compared to $29.5 million profit in Q3 2023
- Net loss of $54.7 million versus $3.8 million profit in prior year
- Negative EBITDA of $58.7 million compared to positive $22.3 million in Q3 2023
- Materials & Paving business negatively impacted gross loss by $18.3 million
Insights
The Q3 2024 results reveal significant operational challenges. Revenue declined
The Materials & Paving segment particularly underperformed, contributing
-
Revenue of
$173.3 $312.5 million -
Gross loss of
$51.1 million $29.5 million -
Net loss attributable to stockholders of
$54.7 million $(1.14) $3.8 million $0.08 -
EBITDA of
$(58.7) million $22.3 million -
Backlog of
$2.74 billion $2.54 billion
(1) |
Please refer to “Non-GAAP Measures” and reconciliations for our non-GAAP financial measures, including, “EBITDA” and “Backlog” |
Southland’s President & Chief Executive Officer, Frank Renda, said, “While this quarter was disappointing due to legacy project impacts, I remain very confident in Southland's long-term outlook. We finished the quarter with the highest quarter end cash balance we have had since becoming a public company and backlog of
2024 Third Quarter Results
Condensed Consolidated Statements of Operations (unaudited) |
|||||
|
|
|
|
|
|
|
Three Months Ended |
||||
(Amounts in thousands) |
September 30, 2024 |
|
September 30, 2023 |
||
Revenue |
$ |
173,320 |
|
$ |
312,472 |
Cost of construction |
|
224,425 |
|
|
282,943 |
Gross profit (loss) |
|
(51,105) |
|
|
29,529 |
Selling, general, and administrative expenses |
|
17,492 |
|
|
15,247 |
Operating income (loss) |
|
(68,597) |
|
|
14,282 |
Gain (loss) on investments, net |
|
5 |
|
|
(21) |
Other income, net |
|
841 |
|
|
2,151 |
Interest expense |
|
(7,520) |
|
|
(6,231) |
Earnings (losses) before income taxes |
|
(75,271) |
|
|
10,181 |
Income tax expense (benefit) |
|
(17,142) |
|
|
5,390 |
Net income (loss) |
|
(58,129) |
|
|
4,791 |
Net income (loss) attributable to noncontrolling interests |
|
(3,402) |
|
|
991 |
Net income (loss) attributable to Southland Stockholders |
$ |
(54,727) |
|
$ |
3,800 |
|
|
|
|
|
|
Net income (loss) per share attributable to common stockholders |
|
|
|
|
|
Basic (1) |
$ |
(1.14) |
|
$ |
0.08 |
Diluted (1) |
$ |
(1.14) |
|
$ |
0.08 |
Weighted average shares outstanding |
|
|
|
|
|
Basic (1) |
|
48,105,512 |
|
|
47,856,114 |
Diluted (1) |
|
48,105,512 |
|
|
47,872,042 |
| _____________________________ | ||
(1) |
Basic net income (loss) per share is the same as diluted net loss per share attributable to common stockholders for the three months ended September 30, 2024, because the inclusion of potential shares of common stock would have been anti-dilutive. |
|
Revenue for the three months ended September 30, 2024, was
Gross loss for the three months ended September 30, 2024, was
Selling, general, and administrative costs for the three months ended September 30, 2024, were
Condensed Consolidated Statements of Operations (unaudited) |
|||||
|
|
|
|
|
|
|
Nine Months Ended |
||||
(Amounts in thousands) |
September 30, 2024 |
|
September 30, 2023 |
||
Revenue |
$ |
712,929 |
|
$ |
844,228 |
Cost of construction |
|
783,635 |
|
|
829,550 |
Gross profit (loss) |
|
(70,706) |
|
|
14,678 |
Selling, general, and administrative expenses |
|
47,566 |
|
|
47,266 |
Operating loss |
|
(118,272) |
|
|
(32,588) |
Loss on investments, net |
|
(18) |
|
|
(3) |
Other income, net |
|
2,430 |
|
|
23,559 |
Interest expense |
|
(19,895) |
|
|
(13,790) |
Losses before income taxes |
|
(135,755) |
|
|
(22,822) |
Income tax benefit |
|
(32,796) |
|
|
(11,446) |
Net loss |
|
(102,959) |
|
|
(11,376) |
Net income (loss) attributable to noncontrolling interests |
|
(1,749) |
|
|
2,314 |
Net loss attributable to Southland Stockholders |
$ |
(101,210) |
|
$ |
(13,690) |
|
|
|
|
|
|
Net loss per share attributable to common stockholders |
|
|
|
|
|
Basic (1) |
$ |
(2.11) |
|
|
(0.29) |
Diluted (1) |
$ |
(2.11) |
|
|
(0.29) |
Weighted average shares outstanding |
|
|
|
|
|
Basic (1) |
|
48,020,822 |
|
|
46,771,938 |
Diluted (1) |
|
48,020,822 |
|
|
46,771,938 |
| ______________________________ | ||
(1) |
Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the nine months ended September 30, 2024, and September 30, 2023, because the inclusion of potential shares of common stock would have been anti-dilutive for the periods presented. |
|
Revenue for the nine months ended September 30, 2024, was
Gross loss for the nine months ended September 30, 2024, was
Selling, general, and administrative costs for the nine months ended September 30, 2024, were
Segment Revenue |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||||
(Amounts in thousands) |
|
September 30, 2024 |
September 30, 2023 |
|||||||
|
|
|
|
|
% of Total |
|
|
|
% of Total |
|
Segment |
|
Revenue |
|
Revenue |
Revenue |
|
Revenue |
|||
Civil |
|
$ |
55,849 |
|
|
$ |
90,708 |
|
|
|
Transportation |
|
|
117,471 |
|
|
|
221,764 |
|
|
|
Total revenue |
|
$ |
173,320 |
|
|
$ |
312,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
||||||||
(Amounts in thousands) |
|
September 30, 2024 |
September 30, 2023 |
|||||||
|
|
|
|
|
% of Total |
|
|
|
% of Total |
|
Segment |
|
Revenue |
|
Revenue |
Revenue |
|
Revenue |
|||
Civil |
|
$ |
219,490 |
|
|
$ |
229,264 |
|
|
|
Transportation |
|
|
493,439 |
|
|
|
614,964 |
|
|
|
Total revenue |
|
$ |
712,929 |
|
|
$ |
844,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Gross Profit (Loss) |
||||||||||
|
|
Three Months Ended |
||||||||
(Amounts in thousands) |
|
September 30, 2024 |
September 30, 2023 |
|||||||
|
|
|
|
% of Segment |
|
|
% of Segment |
|||
Segment |
|
Gross Loss |
|
Revenue |
Gross Profit |
|
Revenue |
|||
Civil |
|
$ |
(18,336) |
|
(32.8)% |
$ |
12,465 |
|
|
|
Transportation |
|
|
(32,769) |
|
(27.9)% |
|
17,064 |
|
|
|
Gross profit (loss) |
|
$ |
(51,105) |
|
(29.5)% |
$ |
29,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
||||||||
(Amounts in thousands) |
|
September 30, 2024 |
September 30, 2023 |
|||||||
|
|
|
|
% of Segment |
|
|
|
% of Segment |
||
Segment |
|
Gross Profit |
|
Revenue |
Gross Profit |
|
Revenue |
|||
Civil |
|
$ |
8,694 |
|
|
$ |
27,137 |
|
|
|
Transportation |
|
|
(79,400) |
|
(16.1)% |
|
(12,459) |
|
(2.0)% |
|
Gross profit (loss) |
|
$ |
(70,706) |
|
(9.9)% |
$ |
14,678 |
|
|
|
Adjusted EBITDA Reconciliation |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
(Amounts in thousands) |
|
September 30, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
September 30, 2023 |
||||
Net income (loss) attributable to Southland Stockholders |
|
$ |
(54,727) |
|
$ |
3,800 |
|
$ |
(101,210) |
|
$ |
(13,690) |
Depreciation and amortization |
|
|
5,776 |
|
|
7,968 |
|
|
16,925 |
|
|
24,704 |
Income tax expense (benefit) |
|
|
(17,142) |
|
|
5,390 |
|
|
(32,796) |
|
|
(11,446) |
Interest expense |
|
|
7,520 |
|
|
6,231 |
|
|
19,895 |
|
|
13,790 |
Interest income |
|
|
(167) |
|
|
(1,060) |
|
|
(527) |
|
|
(1,358) |
EBITDA |
|
|
(58,740) |
|
|
22,329 |
|
|
(97,713) |
|
|
12,000 |
Transaction related costs |
|
|
— |
|
|
— |
|
|
— |
|
|
1,594 |
Contingent earnout consideration non-cash expense reversal |
|
|
— |
|
|
— |
|
|
— |
|
|
(20,689) |
Adjusted EBITDA |
$ |
(58,740) |
|
$ |
22,329 |
$ |
(97,713) |
|
$ |
(7,095) |
||
Backlog |
|
|
(Amounts in thousands) |
|
|
Balance December 31, 2023 |
$ |
2,834,966 |
New contracts, change orders, and adjustments |
|
615,151 |
Less: contract revenue recognized in 2024 |
|
(712,928) |
Balance September 30, 2024 |
$ |
2,737,189 |
Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share Attributable to Common Stock Reconciliation |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|||||||||
(Amounts in thousands except shares and per share data) |
September 30, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
September 30, 2023 |
|||||
Reconciliation of adjusted net loss attributable to common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common stock (GAAP as reported) |
$ |
(54,727) |
|
$ |
3,800 |
|
$ |
(101,210) |
|
$ |
(13,690) |
|
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 |
$ |
(54,727) |
|
$ |
3,800 |
|
$ |
(101,210) |
|
$ |
(33,096) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding for diluted and adjusted diluted earnings per share (2) |
|
48,105,512 |
|
|
47,872,042 |
|
|
48,020,822 |
|
|
46,771,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss) per share attributable to common stock (2) |
$ |
(1.14) |
|
$ |
0.08 |
|
$ |
(2.11) |
|
$ |
(0.29) |
|
Adjusted diluted income (loss) per share attributable to common stock (2) |
$ |
(1.14) |
|
$ |
0.08 |
|
$ |
(2.11) |
|
$ |
(0.71) |
|
| ____________________________ | ||
(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 income (loss) per share is the same as diluted net income (loss) per share attributable to common stockholders for the three and nine months ended September 30, 2024, and the nine months ended September 30, 2023, because the inclusion of potential shares of common stock would have been anti-dilutive for the periods presented. |
|
Condensed Consolidated Balance Sheets (unaudited) |
||||||
|
|
|
|
|
|
|
(Amounts in thousands, except share and per share data) |
As of |
|||||
ASSETS |
September 30, 2024 |
|
December 31, 2023 |
|||
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
91,378 |
|
$ |
49,176 |
|
Restricted cash |
|
15,370 |
|
|
14,644 |
|
Accounts receivable, net |
|
193,124 |
|
|
194,869 |
|
Retainage receivables |
|
108,651 |
|
|
109,562 |
|
Contract assets |
|
456,176 |
|
|
554,202 |
|
Other current assets |
|
19,223 |
|
|
20,083 |
|
Total current assets |
|
883,922 |
|
|
942,536 |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
114,034 |
|
|
102,150 |
|
Right-of-use assets |
|
13,584 |
|
|
12,492 |
|
Investments - unconsolidated entities |
|
125,588 |
|
|
121,648 |
|
Investments - limited liability companies |
|
2,590 |
|
|
2,590 |
|
Investments - private equity |
|
3,095 |
|
|
3,235 |
|
Deferred tax asset |
|
39,334 |
|
|
11,496 |
|
Goodwill |
|
1,528 |
|
|
1,528 |
|
Intangible assets, net |
|
1,418 |
|
|
1,682 |
|
Other noncurrent assets |
|
1,701 |
|
|
1,711 |
|
Total noncurrent assets |
|
302,872 |
|
|
258,532 |
|
Total assets |
$ |
1,186,794 |
|
$ |
1,201,068 |
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
$ |
164,897 |
|
$ |
162,464 |
|
Retainage payable |
|
35,954 |
|
|
40,950 |
|
Accrued liabilities |
|
101,939 |
|
|
124,667 |
|
Current portion of long-term debt |
|
43,072 |
|
|
48,454 |
|
Short-term lease liabilities |
|
8,829 |
|
|
14,081 |
|
Contract liabilities |
|
243,505 |
|
|
193,351 |
|
Total current liabilities |
|
598,196 |
|
|
583,967 |
|
|
|
|
|
|
|
|
Long-term debt |
|
275,237 |
|
|
251,906 |
|
Long-term lease liabilities |
|
6,085 |
|
|
5,246 |
|
Deferred tax liabilities |
|
1,952 |
|
|
2,548 |
|
Long-term accrued liabilities |
|
58,075 |
|
|
49,109 |
|
Financing obligations, net |
|
41,464 |
|
|
— |
|
Other noncurrent liabilities |
|
47,751 |
|
|
47,728 |
|
Total long-term liabilities |
|
430,564 |
|
|
356,537 |
|
Total liabilities |
|
1,028,760 |
|
|
940,504 |
|
|
|
|
|
|
|
|
Commitment and contingencies (Note 7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
Preferred stock, |
|
— |
|
|
— |
|
Common stock, |
|
5 |
|
|
5 |
|
Additional paid-in-capital |
|
271,798 |
|
|
270,330 |
|
Accumulated deficit |
|
(120,463) |
|
|
(19,253) |
|
Accumulated other comprehensive loss |
|
(2,276) |
|
|
(1,460) |
|
Total stockholders' equity |
|
149,064 |
|
|
249,622 |
|
Noncontrolling interest |
|
8,970 |
|
|
10,942 |
|
Total equity |
|
158,034 |
|
|
260,564 |
|
Total liabilities and equity |
$ |
1,186,794 |
|
$ |
1,201,068 |
|
Condensed Consolidated Statement of Cash Flows (unaudited) |
||||||
|
|
|
|
|
|
|
|
Nine Months Ended |
|||||
(Amounts in thousands) |
September 30, 2024 |
|
September 30, 2023 |
|||
Cash flows from operating activities: |
|
|
|
|
|
|
Net loss |
$ |
(102,959) |
|
$ |
(11,376) |
|
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
|
|
Depreciation and amortization |
|
16,925 |
|
|
24,704 |
|
Loss on extinguishment of debt |
|
246 |
|
|
— |
|
Deferred taxes |
|
(28,379) |
|
|
(22,148) |
|
Change in fair value of earnout liability |
|
— |
|
|
(20,689) |
|
Share based compensation |
|
1,674 |
|
|
484 |
|
Gain on sale of assets |
|
(3,279) |
|
|
(118) |
|
Foreign currency remeasurement gain |
|
(53) |
|
|
(37) |
|
Loss (earnings) from equity method investments |
|
2,453 |
|
|
(5,102) |
|
TZC investment present value accretion |
|
(3,367) |
|
|
(1,828) |
|
Loss on trading securities, net |
|
18 |
|
|
3 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
2,196 |
|
|
(69,471) |
|
Contract assets |
|
97,801 |
|
|
(4,376) |
|
Other current assets |
|
859 |
|
|
1,564 |
|
Right-of-use assets |
|
(1,096) |
|
|
4,034 |
|
Accounts payable and accrued liabilities |
|
(22,659) |
|
|
20,584 |
|
Contract liabilities |
|
50,115 |
|
|
53,048 |
|
Operating lease liabilities |
|
1,227 |
|
|
(3,991) |
|
Other |
|
520 |
|
|
(1,873) |
|
Net cash provided by (used in) operating activities |
|
12,242 |
|
|
(36,588) |
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
Purchase of property and equipment |
|
(6,210) |
|
|
(7,475) |
|
Proceeds from sale of property and equipment |
|
4,453 |
|
|
7,461 |
|
Contributions to other investments |
|
(59) |
|
|
— |
|
Distributions from other investments |
|
181 |
|
|
47 |
|
Distributions from investees |
|
4,183 |
|
|
— |
|
Capital contribution to unconsolidated investments |
|
(250) |
|
|
(540) |
|
Net cash provided by (used in) investing activities |
|
2,298 |
|
|
(507) |
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
Borrowings on revolving credit facility |
|
5,000 |
|
|
3,000 |
|
Payments on revolving credit facility |
|
(95,000) |
|
|
(8,000) |
|
Borrowings on notes payable |
|
167,784 |
|
|
115,355 |
|
Payments on notes payable |
|
(80,613) |
|
|
(111,908) |
|
Proceeds from financing obligations |
|
42,500 |
|
|
— |
|
Payments of deferred financing costs |
|
(5,468) |
|
|
(578) |
|
Pre-payment premium |
|
(246) |
|
|
— |
|
Advances from related parties |
|
— |
|
|
425 |
|
Payments to related parties |
|
— |
|
|
(4) |
|
Payments on finance lease and financing obligations |
|
(5,314) |
|
|
(3,538) |
|
Distribution to members |
|
— |
|
|
(110) |
|
Payment of taxes related to net share settlement of RSUs |
|
(206) |
|
|
— |
|
Proceeds from merger of Legato II and Southland Holdings, LLC |
|
— |
|
|
17,088 |
|
Net cash provided by financing activities |
|
28,437 |
|
|
11,730 |
|
|
|
|
|
|
|
|
Effect of exchange rate on cash |
|
(49) |
|
|
126 |
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents and restricted cash |
|
42,928 |
|
|
(25,239) |
|
Beginning of period |
|
63,820 |
|
|
71,991 |
|
End of period |
$ |
106,748 |
|
$ |
46,752 |
|
|
|
|
|
|
|
|
Supplemental cash flow information |
|
|
|
|
|
|
Cash paid for income taxes |
$ |
1,079 |
|
$ |
3,033 |
|
Cash paid for interest |
$ |
18,886 |
|
$ |
12,704 |
|
Non-cash investing and financing activities: |
|
|
|
|
|
|
Lease assets obtained in exchange for new leases |
$ |
9,881 |
|
$ |
8,529 |
|
Assets obtained in exchange for notes payable |
$ |
23,286 |
|
$ |
8,626 |
|
Related party payable exchanged for note payable |
$ |
3,797 |
|
$ |
— |
|
Issuance of post-merger earn out shares |
$ |
— |
|
$ |
35,000 |
|
Dividend financed with notes payable |
$ |
— |
|
$ |
50,000 |
|
Conference
Southland will host a conference call at 10:00 a.m. Eastern Time on Wednesday, November 13, 2024. The call may be accessed here, or at southlandholdings.com. Following the conference call, a replay will be available on Southland’s website.
About Southland
Southland is a leading provider of specialized infrastructure construction services. With roots dating back to 1900, Southland and its subsidiaries form one of the largest infrastructure construction companies in
For more information, please visit Southland’s website at 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. Southland believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Southland’s financial condition and results of operations. Southland also believes that these non-GAAP financial measures provide an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which items of expense and income are excluded or included in determining these non-GAAP financial measures.
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 Southland in this press release is based only on information currently available to Southland and speaks only as of the date on which it is made. Southland undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241112061906/en/
Southland Contacts:
Cody Gallarda
EVP, Chief Financial Officer
cgallarda@southlandholdings.com
Alex Murray
Corporate Development & Investor Relations
amurray@southlandholdings.com
Source: Southland Holdings, Inc.
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