Southland Announces Fourth Quarter & Full Year 2024 Results
Southland Holdings (NYSE: SLND) reported its Q4 and full-year 2024 financial results, showing significant declines across key metrics. Q4 2024 revenue decreased 15.5% to $267.3 million, with gross profit falling to $7.7 million from $21.1 million year-over-year. The quarterly net loss improved slightly to $4.2 million ($(0.09) per share) compared to $5.6 million loss in Q4 2023.
Full-year 2024 performance showed broader challenges with revenue declining 15.5% to $980.2 million from $1.2 billion in 2023. The company reported a substantial gross loss of $63.0 million, compared to a $35.8 million gross profit in 2023. Net loss widened significantly to $105.4 million ($(2.19) per share) from $19.3 million in 2023. The Materials & Paving business notably impacted results negatively, contributing to $83.1 million in gross losses for the year.
Southland Holdings (NYSE: SLND) ha riportato i risultati finanziari del Q4 e dell'intero anno 2024, mostrando significative diminuzioni in vari indicatori chiave. I ricavi del Q4 2024 sono diminuiti del 15,5%, arrivando a 267,3 milioni di dollari, con un utile lordo che è sceso a 7,7 milioni di dollari rispetto ai 21,1 milioni dell'anno precedente. La perdita netta trimestrale è migliorata leggermente a 4,2 milioni di dollari ($(0,09) per azione) rispetto ai 5,6 milioni di dollari di perdita nel Q4 2023.
Le performance dell'anno intero 2024 hanno evidenziato sfide più ampie, con i ricavi che sono diminuiti del 15,5%, scendendo a 980,2 milioni di dollari da 1,2 miliardi di dollari nel 2023. L'azienda ha riportato una sostanziale perdita lorda di 63,0 milioni di dollari, rispetto a un utile lordo di 35,8 milioni di dollari nel 2023. La perdita netta si è ampliata significativamente a 105,4 milioni di dollari ($(2,19) per azione) rispetto ai 19,3 milioni di dollari del 2023. Il settore Materiali & Paving ha influito negativamente sui risultati, contribuendo a perdite lorde di 83,1 milioni di dollari per l'anno.
Southland Holdings (NYSE: SLND) informó sus resultados financieros del Q4 y del año completo 2024, mostrando disminuciones significativas en varios indicadores clave. Los ingresos del Q4 2024 disminuyeron un 15.5% a 267.3 millones de dólares, con una utilidad bruta que cayó a 7.7 millones de dólares desde 21.1 millones del año anterior. La pérdida neta trimestral mejoró ligeramente a 4.2 millones de dólares ($(0.09) por acción) en comparación con la pérdida de 5.6 millones en el Q4 2023.
El rendimiento del año completo 2024 mostró desafíos más amplios, con ingresos que disminuyeron un 15.5% a 980.2 millones de dólares desde 1.2 mil millones en 2023. La compañía reportó una pérdida bruta sustancial de 63.0 millones de dólares, en comparación con una utilidad bruta de 35.8 millones en 2023. La pérdida neta se amplió significativamente a 105.4 millones de dólares ($(2.19) por acción) desde 19.3 millones en 2023. El negocio de Materiales y Pavimentación impactó negativamente los resultados, contribuyendo a pérdidas brutas de 83.1 millones de dólares para el año.
Southland Holdings (NYSE: SLND)는 2024년 4분기 및 연간 재무 결과를 발표하며 주요 지표에서 상당한 감소를 보였습니다. 2024년 4분기 매출은 15.5% 감소하여 2억 6,730만 달러에 이르렀고, 총 이익은 전년 대비 2억 1,110만 달러에서 770만 달러로 떨어졌습니다. 분기 순손실은 420만 달러($(0.09) 주당)로 개선되었지만, 2023년 4분기에는 560만 달러의 손실을 기록했습니다.
2024년 전체 실적은 더 넓은 도전 과제를 보여주며, 매출은 15.5% 감소하여 2023년 12억 달러에서 9억 8,020만 달러로 줄었습니다. 회사는 6,300만 달러의 상당한 총 손실을 보고했으며, 이는 2023년 3,580만 달러의 총 이익과 비교됩니다. 순손실은 2023년 1,930만 달러에서 1억 540만 달러($(2.19) 주당)로 크게 확대되었습니다. 자재 및 포장 사업은 결과에 부정적인 영향을 미쳐 연간 8,310만 달러의 총 손실에 기여했습니다.
Southland Holdings (NYSE: SLND) a publié ses résultats financiers du Q4 et de l'année 2024, montrant des baisses significatives dans plusieurs indicateurs clés. Les revenus du Q4 2024 ont diminué de 15,5 % pour atteindre 267,3 millions de dollars, avec un bénéfice brut tombant à 7,7 millions de dollars contre 21,1 millions de dollars l'année précédente. La perte nette trimestrielle s'est légèrement améliorée à 4,2 millions de dollars ($(0,09) par action) par rapport à une perte de 5,6 millions de dollars au Q4 2023.
La performance de l'année entière 2024 a montré des défis plus larges, avec des revenus en baisse de 15,5 % à 980,2 millions de dollars contre 1,2 milliard de dollars en 2023. L'entreprise a signalé une perte brute substantielle de 63,0 millions de dollars, contre un bénéfice brut de 35,8 millions de dollars en 2023. La perte nette s'est considérablement élargie à 105,4 millions de dollars ($(2,19) par action) contre 19,3 millions de dollars en 2023. Le secteur des Matériaux et du Pavage a eu un impact négatif sur les résultats, contribuant à des pertes brutes de 83,1 millions de dollars pour l'année.
Southland Holdings (NYSE: SLND) hat seine finanziellen Ergebnisse für das 4. Quartal und das Gesamtjahr 2024 veröffentlicht, die signifikante Rückgänge in wichtigen Kennzahlen zeigen. Der Umsatz im 4. Quartal 2024 sank um 15,5 % auf 267,3 Millionen Dollar, während der Bruttogewinn von 21,1 Millionen Dollar auf 7,7 Millionen Dollar fiel. Der quartalsweise Nettoverlust verbesserte sich leicht auf 4,2 Millionen Dollar ($(0,09) pro Aktie) im Vergleich zu einem Verlust von 5,6 Millionen Dollar im 4. Quartal 2023.
Die Ergebnisse für das Gesamtjahr 2024 zeigten umfassendere Herausforderungen, da der Umsatz um 15,5 % auf 980,2 Millionen Dollar von 1,2 Milliarden Dollar im Jahr 2023 zurückging. Das Unternehmen berichtete von einem erheblichen Bruttoverlust von 63,0 Millionen Dollar, verglichen mit einem Bruttogewinn von 35,8 Millionen Dollar im Jahr 2023. Der Nettoverlust weitete sich erheblich auf 105,4 Millionen Dollar ($(2,19) pro Aktie) von 19,3 Millionen Dollar im Jahr 2023 aus. Das Geschäft mit Materialien und Asphalt hat die Ergebnisse negativ beeinflusst und trug zu einem Bruttoverlust von 83,1 Millionen Dollar für das Jahr bei.
- Slight improvement in Q4 net loss to $(0.09) per share from $(0.12)
- Strong backlog of $2.57 billion
- Reduced SG&A costs by 21.2% in Q4 2024
- Revenue declined 15.5% to $980.2M in 2024
- Full-year gross loss of $63.0M vs $35.8M profit in 2023
- Net loss widened to $105.4M from $19.3M in 2023
- Materials & Paving business contributed $83.1M to gross losses
- Q4 gross margin decreased to 2.9% from 6.7%
Insights
Southland Holdings' Q4 and full-year 2024 results reveal a company in significant financial distress, with deteriorating performance across nearly all key metrics. The 15.5% revenue decline to
The quarterly results show similar troubling patterns. Q4 revenue fell
The Materials & Paving business appears to be the primary culprit in this performance deterioration. This segment contributed
While management highlights their
The only modest positives include reduced SG&A expenses (down
Fourth Quarter 2024 Results Include:
-
Revenue of
$267.3 million $316.2 million -
Gross profit of
$7.7 million $21.1 million -
Net loss attributable to stockholders of
$4.2 million $(0.09) $5.6 million $(0.12) -
EBITDA of
$(2.7) million $9.1 million -
Backlog of
$2.57 billion
Full Year 2024 Results Include:
-
Revenue of
$980.2 million $1.2 billion -
Gross loss of
$63.0 million $35.8 million -
Net loss attributable to stockholders of
$105.4 million $(2.19) $19.3 million $(0.41) -
Adjusted Net loss attributable to stockholders of
$105.4 million $(2.19) $38.7 million $(0.82)
| (1) | Please refer to “Non-GAAP Measures” and reconciliations for our non-GAAP financial measures, including, “Adjusted Net Loss,” “Adjusted Net Loss Per Share,” “EBITDA” and “Backlog” |
“Despite the challenges we faced in 2024, I am proud of how our teams performed operationally under difficult conditions,” said Frank Renda, Southland’s President & Chief Executive Officer. “As we move into 2025, we remain focused on executing our new core work with precision, winding down legacy work, and capitalizing on the great opportunities in our core markets. Sustained strong demand for Southland’s services positions us for long-term success.”
2024 Fourth Quarter & Full Year Results
Condensed Consolidated Statements of Operations |
|||||
|
|
|
|
|
|
|
Three Months Ended |
||||
(Amounts in thousands) |
December 31, 2024 |
|
December 31, 2023 |
||
Revenue |
$ |
267,250 |
|
$ |
316,189 |
Cost of construction |
|
259,584 |
|
|
295,053 |
Gross profit |
|
7,666 |
|
|
21,136 |
Selling, general, and administrative expenses |
|
15,708 |
|
|
19,929 |
Operating income (loss) |
|
(8,042) |
|
|
1,207 |
Gain (loss) on investments, net |
|
(207) |
|
|
33 |
Other income, net |
|
1,201 |
|
|
21 |
Interest expense |
|
(9,617) |
|
|
(5,681) |
Losses before income taxes |
|
(16,665) |
|
|
(4,420) |
Income tax expense (benefit) |
|
(14,096) |
|
|
2,919 |
Net loss |
|
(2,569) |
|
|
(7,339) |
Net income (loss) attributable to noncontrolling interests |
|
1,586 |
|
|
(1,776) |
Net loss attributable to Southland Stockholders |
$ |
(4,155) |
|
$ |
(5,563) |
|
|
|
|
|
|
Net loss per share attributable to common stockholders |
|
|
|
|
|
Basic (1) |
$ |
(0.09) |
|
$ |
(0.12) |
Diluted (1) |
$ |
(0.09) |
|
$ |
(0.12) |
Weighted average shares outstanding |
|
|
|
|
|
Basic (1) |
|
47,877,558 |
|
|
47,877,558 |
Diluted (1) |
|
47,877,558 |
|
|
47,877,558 |
| ____________________________ | ||
| (1) | 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, 2024, and 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, 2024, was
Gross profit for the three months ended December 31, 2024, was
Selling, general, and administrative costs for the three months ended December 31, 2024, were
Condensed Consolidated Statements of Operations |
|||||
|
|
|
|
|
|
|
Year Ended |
||||
(Amounts in thousands) |
December 31, 2024 |
|
December 31, 2023 |
||
Revenue |
$ |
980,179 |
|
$ |
1,160,417 |
Cost of construction |
|
1,043,219 |
|
|
1,124,603 |
Gross profit (loss) |
|
(63,040) |
|
|
35,814 |
Selling, general, and administrative expenses |
|
63,274 |
|
|
67,195 |
Operating loss |
|
(126,314) |
|
|
(31,381) |
Gain (loss) on investments, net |
|
(225) |
|
|
30 |
Other income, net |
|
3,631 |
|
|
23,580 |
Interest expense |
|
(29,512) |
|
|
(19,471) |
Losses before income taxes |
|
(152,420) |
|
|
(27,242) |
Income tax benefit |
|
(46,892) |
|
|
(8,527) |
Net loss |
|
(105,528) |
|
|
(18,715) |
Net income (loss) attributable to noncontrolling interests |
|
(163) |
|
|
538 |
Net loss attributable to Southland Stockholders |
$ |
(105,365) |
|
$ |
(19,253) |
|
|
|
|
|
|
Net loss per share attributable to common stockholders |
|
|
|
|
|
Basic (1) |
$ |
(2.19) |
|
$ |
(0.41) |
Diluted (1) |
$ |
(2.19) |
|
$ |
(0.41) |
Weighted average shares outstanding |
|
|
|
|
|
Basic (1) |
|
48,073,973 |
|
|
47,088,813 |
Diluted (1) |
|
48,073,973 |
|
|
47,088,813 |
| ____________________________ | ||
| (1) | Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the year ended December 31, 2024, and 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, 2024, was
Gross loss for the year ended December 31, 2024, was
Selling, general, and administrative costs for the year ended December 31, 2024, were
Segment Revenue |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
||||||||
(Amounts in thousands) |
|
December 31, 2024 |
|
December 31, 2023 |
|
||||||
|
|
|
|
|
% of Total |
|
|
|
|
% of Total |
|
Segment |
|
Revenue |
|
Revenue |
|
Revenue |
|
Revenue |
|
||
Civil |
|
$ |
103,798 |
|
38.8 |
% |
$ |
108,260 |
|
34.2 |
% |
Transportation |
|
|
163,452 |
|
61.2 |
% |
|
207,929 |
|
65.8 |
% |
Total revenue |
|
$ |
267,250 |
|
100.0 |
% |
$ |
316,189 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
||||||||
(Amounts in thousands) |
|
December 31, 2024 |
|
December 31, 2023 |
|
||||||
|
|
|
|
|
% of Total |
|
|
|
|
% of Total |
|
Segment |
|
Revenue |
|
Revenue |
|
Revenue |
|
Revenue |
|
||
Civil |
|
$ |
323,288 |
|
33.0 |
% |
$ |
337,524 |
|
29.1 |
% |
Transportation |
|
|
656,891 |
|
67.0 |
% |
|
822,893 |
|
70.9 |
% |
Total revenue |
|
$ |
980,179 |
|
100.0 |
% |
$ |
1,160,417 |
|
100.0 |
% |
Segment Gross Profit (Loss) |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
||||||||
(Amounts in thousands) |
|
December 31, 2024 |
|
December 31, 2023 |
|
||||||
|
|
|
|
% of Segment |
|
|
|
|
% of Segment |
|
|
Segment |
|
Gross Profit |
|
Revenue |
|
Gross Profit |
|
Revenue |
|
||
Civil |
|
$ |
8,031 |
|
7.7 |
% |
$ |
24,549 |
|
22.7 |
% |
Transportation |
|
|
(365) |
|
(0.2) |
% |
|
(3,413) |
|
(1.6) |
% |
Gross profit |
|
$ |
7,666 |
|
2.9 |
% |
$ |
21,136 |
|
6.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
||||||||
(Amounts in thousands) |
|
December 31, 2024 |
|
December 31, 2023 |
|
||||||
|
|
|
|
% of Segment |
|
|
|
|
% of Segment |
|
|
Segment |
|
Gross Profit |
|
Revenue |
|
Gross Profit |
|
Revenue |
|
||
Civil |
|
$ |
16,725 |
|
5.2 |
% |
$ |
51,686 |
|
15.3 |
% |
Transportation |
|
|
(79,765) |
|
(12.1) |
% |
|
(15,872) |
|
(1.9) |
% |
Gross profit (loss) |
|
$ |
(63,040) |
|
(6.4) |
% |
$ |
35,814 |
|
3.1 |
% |
Adjusted EBITDA Reconciliation |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year ended |
||||||||
(Amounts in thousands) |
|
December 31, 2024 |
|
December 31, 2023 |
|
December 31, 2024 |
|
December 31, 2023 |
||||
Net loss attributable to Southland Stockholders |
|
$ |
(4,155) |
|
$ |
(5,563) |
|
$ |
(105,365) |
|
$ |
(19,253) |
Depreciation and amortization |
|
|
6,373 |
|
|
5,825 |
|
|
23,298 |
|
|
30,529 |
Income tax expense (benefit) |
|
|
(14,096) |
|
|
2,919 |
|
|
(46,892) |
|
|
(8,527) |
Interest expense |
|
|
9,617 |
|
|
5,681 |
|
|
29,512 |
|
|
19,471 |
Interest income |
|
|
(464) |
|
|
215 |
|
|
(991) |
|
|
(1,143) |
EBITDA |
|
|
(2,725) |
|
|
9,077 |
|
|
(100,438) |
|
|
21,077 |
Transaction related costs |
|
|
— |
|
|
— |
|
|
— |
|
|
1,594 |
Contingent earnout consideration non-cash expense reversal |
|
|
— |
|
|
— |
|
|
— |
|
|
(20,689) |
Adjusted EBITDA |
|
$ |
(2,725) |
|
$ |
9,077 |
|
$ |
(100,438) |
|
$ |
1,982 |
Backlog |
|||
|
|
|
|
(Amounts in thousands) |
|
Backlog |
|
Balance: December 31, 2023 |
|
$ |
2,834,966 |
New contracts, change orders, and adjustments |
|
|
718,125 |
Less: contract revenue recognized in 2024 |
|
|
(980,179) |
Balance December 31, 2024 |
|
$ |
2,572,912 |
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, 2024 |
|
December 31, 2023 |
|
December 31, 2024 |
|
December 31, 2023 |
||||
Reconciliation of adjusted net loss attributable to common stock: |
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to common stock (GAAP as reported) |
$ |
(4,155) |
|
$ |
(5,563) |
|
$ |
(105,365) |
|
$ |
(19,253) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Transaction related costs |
|
— |
|
|
— |
|
|
— |
|
|
1,594 |
Contingent earnout consideration non-cash expense |
|
— |
|
|
— |
|
|
— |
|
|
(20,689) |
Income tax impact of adjustments (1) |
|
— |
|
|
— |
|
|
— |
|
|
(311) |
Adjusted net loss attributable to common stockholders |
$ |
(4,155) |
|
$ |
(5,563) |
|
$ |
(105,365) |
|
$ |
(38,659) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding for diluted and adjusted diluted earnings per share (2) |
|
48,232,271 |
|
|
47,877,558 |
|
|
48,073,973 |
|
|
47,088,813 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per share attributable to common stock (2) |
$ |
(0.09) |
|
$ |
(0.12) |
|
$ |
(2.19) |
|
$ |
(0.41) |
Adjusted diluted loss per share attributable to common stock (2) |
$ |
(0.09) |
|
$ |
(0.12) |
|
$ |
(2.19) |
|
$ |
(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) |
Basic net loss per share is the same as diluted net income (loss) per share attributable to common stockholders for the three months and the year ended December 31, 2024, and 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, 2024 |
|
December 31, 2023 |
||
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
72,185 |
|
$ |
49,176 |
Restricted cash |
|
|
15,376 |
|
|
14,644 |
Accounts receivable, net |
|
|
179,320 |
|
|
194,869 |
Retainage receivables |
|
|
112,264 |
|
|
109,562 |
Contract assets |
|
|
483,181 |
|
|
554,202 |
Other current assets |
|
|
19,326 |
|
|
20,083 |
Total current assets |
|
|
881,652 |
|
|
942,536 |
|
|
|
|
|
|
|
Property and equipment, net |
|
|
116,328 |
|
|
102,150 |
Right-of-use assets |
|
|
14,897 |
|
|
12,492 |
Investments - unconsolidated entities |
|
|
126,705 |
|
|
121,648 |
Investments - limited liability companies |
|
|
2,590 |
|
|
2,590 |
Investments - private equity |
|
|
2,699 |
|
|
3,235 |
Deferred tax asset |
|
|
54,531 |
|
|
11,496 |
Goodwill |
|
|
1,528 |
|
|
1,528 |
Intangible assets, net |
|
|
1,180 |
|
|
1,682 |
Other noncurrent assets |
|
|
1,539 |
|
|
1,711 |
Total noncurrent assets |
|
|
321,997 |
|
|
258,532 |
Total assets |
|
|
1,203,649 |
|
|
1,201,068 |
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
191,670 |
|
$ |
162,464 |
Retainage payable |
|
|
33,622 |
|
|
40,950 |
Accrued liabilities |
|
|
91,515 |
|
|
124,667 |
Current portion of long-term debt |
|
|
44,525 |
|
|
48,454 |
Short-term lease liabilities |
|
|
10,104 |
|
|
14,081 |
Contract liabilities |
|
|
249,706 |
|
|
193,351 |
Total current liabilities |
|
|
621,142 |
|
|
583,967 |
|
|
|
|
|
|
|
Long-term debt |
|
|
255,625 |
|
|
251,906 |
Long-term lease liabilities |
|
|
10,791 |
|
|
5,246 |
Deferred tax liabilities |
|
|
292 |
|
|
2,548 |
Financing obligations, net |
|
|
41,468 |
|
|
— |
Long-term accrued liabilities |
|
|
58,075 |
|
|
49,109 |
Other noncurrent liabilities |
|
|
40,847 |
|
|
47,728 |
Total long-term liabilities |
|
|
407,098 |
|
|
356,537 |
Total liabilities |
|
|
1,028,240 |
|
|
940,504 |
|
|
|
|
|
|
|
Commitments and contingencies (see Note 17) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
Preferred stock, |
|
|
— |
|
|
— |
Common stock, |
|
|
5 |
|
|
5 |
Additional paid-in-capital |
|
|
292,173 |
|
|
270,330 |
Accumulated deficit |
|
|
(124,618) |
|
|
(19,253) |
Accumulated other comprehensive loss |
|
|
(3,902) |
|
|
(1,460) |
Total stockholders' equity |
|
|
163,658 |
|
|
249,622 |
Noncontrolling interest |
|
|
11,751 |
|
|
10,942 |
Total equity |
|
|
175,409 |
|
|
260,564 |
Total liabilities and equity |
|
$ |
1,203,649 |
|
$ |
1,201,068 |
Condensed Consolidated Statement of Cash Flows |
||||||
|
|
|
|
|
|
|
|
|
Year Ended |
||||
(Amounts in thousands) |
|
December 31, 2024 |
|
December 31, 2023 |
||
Cash flows from operating activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(105,528) |
|
$ |
(18,715) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
23,298 |
|
|
30,529 |
Loss on extinguishment of debt |
|
|
246 |
|
|
631 |
Deferred taxes |
|
|
(44,751) |
|
|
(12,341) |
Change in fair value of earnout liability |
|
|
— |
|
|
(20,689) |
Share-based compensation |
|
|
2,049 |
|
|
891 |
Gain on sale of assets |
|
|
(3,439) |
|
|
(1,328) |
Foreign currency remeasurement gain |
|
|
(12) |
|
|
(109) |
Loss (earnings) from equity method investments |
|
|
415 |
|
|
(7,740) |
TZC investment present value accretion |
|
|
(3,367) |
|
|
(2,449) |
Loss (gain) on trading securities, net |
|
|
224 |
|
|
(26) |
Changes in assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
9,924 |
|
|
(48,971) |
Contract assets |
|
|
70,713 |
|
|
(42,921) |
Other current assets |
|
|
757 |
|
|
4,136 |
Right-of-use assets |
|
|
(2,410) |
|
|
4,402 |
Accounts payable and accrued liabilities |
|
|
(3,652) |
|
|
46,608 |
Contract liabilities |
|
|
56,426 |
|
|
61,775 |
Operating lease liabilities |
|
|
2,538 |
|
|
(4,314) |
Other |
|
|
(1,504) |
|
|
367 |
Net cash provided by (used in) operating activities |
|
|
1,927 |
|
|
(10,264) |
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(7,416) |
|
|
(10,846) |
Proceeds from sale of property and equipment |
|
|
6,513 |
|
|
8,813 |
Purchase of trading securities |
|
|
(89) |
|
|
— |
Proceeds from the sale of trading securities |
|
|
401 |
|
|
61 |
Distributions received from equity method investees |
|
|
— |
|
|
7,000 |
Distributions received from investees |
|
|
4,069 |
|
|
— |
Capital contribution to unconsolidated investments |
|
|
(250) |
|
|
— |
Capital contribution to equity method investees |
|
|
— |
|
|
(540) |
Net cash provided by investing activities |
|
|
3,228 |
|
|
4,488 |
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
Borrowings on revolving credit facility |
|
|
5,000 |
|
|
8,000 |
Payments on revolving credit facility |
|
|
(95,000) |
|
|
(13,000) |
Borrowings on notes payable |
|
|
168,127 |
|
|
115,265 |
Payments on notes payable |
|
|
(89,781) |
|
|
(123,720) |
Proceeds from financing obligations |
|
|
42,500 |
|
|
— |
Payments of deferred financing costs |
|
|
(7,982) |
|
|
(565) |
Pre-payment premium |
|
|
(246) |
|
|
(471) |
Advances from (to) related parties |
|
|
12 |
|
|
(242) |
Payments on finance lease and financing obligations |
|
|
(5,481) |
|
|
(4,835) |
Capital contributions from noncontrolling members |
|
|
1,838 |
|
|
— |
Distribution to members |
|
|
— |
|
|
(110) |
Payment of taxes related to net share settlement of RSUs |
|
|
(206) |
|
|
— |
Proceeds from merger of Legato II and Southland LLC |
|
|
— |
|
|
17,088 |
Net cash provided by (used in) financing activities |
|
|
18,781 |
|
|
(2,590) |
|
|
|
|
|
|
|
Effect of exchange rate on cash |
|
|
(195) |
|
|
195 |
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents and restricted cash |
|
|
23,741 |
|
|
(8,171) |
Beginning of period |
|
|
63,820 |
|
|
71,991 |
End of period |
|
$ |
87,561 |
|
$ |
63,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information |
|
|
|
|
|
|
Cash paid for income taxes |
|
$ |
1,561 |
|
$ |
7,587 |
Cash paid for interest |
|
$ |
28,047 |
|
$ |
18,277 |
Non-cash investing and financing activities: |
|
|
|
|
|
|
Lease assets obtained in exchange for new leases |
|
$ |
18,718 |
|
$ |
13,875 |
Assets obtained in exchange for notes payable |
|
$ |
27,365 |
|
$ |
10,884 |
Related party payable exchanged for note payable |
|
$ |
3,797 |
|
$ |
— |
Conversion of promissory notes payable to equity |
|
$ |
20,000 |
|
$ |
— |
Distribution to joint venture partner |
|
$ |
276 |
|
$ |
— |
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, March 5, 2025. The call may be accessed here, or at www.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/20250304882897/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.
FAQ
What caused SLND's significant net loss increase in 2024?
How much did SLND's Q4 2024 revenue decline compared to Q4 2023?
What is SLND's current backlog value as of Q4 2024?
How did SLND's gross margin perform in Q4 2024 vs Q4 2023?
What was SLND's earnings per share (EPS) for full-year 2024?
