Financial Performance - Revenue for Q2 2024 was $251.5 million, a decrease of $5.4 million, or 2.1%, compared to Q2 2023 revenue of $256.9 million[1][6] - Gross loss for Q2 2024 was $40.0 million, an increase of $6.2 million, or 18.4%, compared to a gross loss of $33.8 million in Q2 2023[1][6] - Net loss attributable to stockholders for Q2 2024 was $46.1 million, or $(0.96) per share, compared to a net loss of $12.8 million, or $(0.27) per share in Q2 2023[1][2] - Adjusted EBITDA for Q2 2024 was $(49.9) million, compared to $(42.2) million in Q2 2023[2] - Net loss attributable to Southland Stockholders for the three months ended June 30, 2024, was $(46,077) thousand, compared to $(12,826) thousand for the same period in 2023, representing a significant increase in losses[14] - Adjusted EBITDA for the six months ended June 30, 2024, was $(38,973) thousand, compared to $(29,424) thousand for the same period in 2023, indicating a worsening operational performance[14] - Net loss for the six months ended June 30, 2024, was $44,830,000, compared to a net loss of $16,167,000 for the same period in 2023[1] Operational Efficiency - Positive cash flow from operations for Q2 2024 was $27.4 million, reflecting improved operational efficiency[2][4] - Cash provided by operating activities was $17,534,000, a significant improvement from cash used in operating activities of $(10,636,000) in the prior year[1] Backlog and Awards - New awards totaled $374.8 million in Q2 2024, contributing to a backlog of $2.74 billion, up from $2.64 billion as of March 31, 2024[2] - The balance of backlog as of June 30, 2024, was $2,743,749 thousand, down from $2,834,966 thousand at the end of 2023, suggesting a decrease in future revenue visibility[15] - The company recognized contract revenue of $(566,872) thousand in 2024, which reduced the backlog balance[15] Assets and Liabilities - Total assets as of June 30, 2024, increased to $1,263,407 thousand from $1,201,068 thousand as of December 31, 2023, reflecting growth in the company's asset base[17] - Current liabilities rose to $770,242 thousand as of June 30, 2024, compared to $583,967 thousand at the end of 2023, indicating increased short-term financial obligations[17] - Total liabilities increased to $1,047,857 thousand as of June 30, 2024, from $940,504 thousand at the end of 2023, indicating a rise in the company's debt levels[17] Cash and Liquidity - Cash and cash equivalents increased to $52,352 thousand as of June 30, 2024, from $49,176 thousand at the end of 2023, indicating improved liquidity[17] - Total cash and cash equivalents at the end of the period increased to $69,169,000 from $54,108,000 year-over-year[1] - Cash paid for income taxes was $203,000, down from $2,903,000 in the previous year[1] - Cash paid for interest increased to $11,970,000 from $7,541,000 year-over-year[1] - Net cash provided by investing activities was $2,982,000, compared to $2,240,000 in the same period last year[1] - Borrowings on notes payable increased significantly to $24,678,000 from $248,000 in the previous year[1] Segment Performance - The Civil segment generated $79.4 million in revenue for Q2 2024, representing 31.6% of total revenue, while the Transportation segment accounted for $172.1 million, or 68.4%[11] - The Materials & Paving business negatively impacted gross loss by $46.8 million in Q2 2024[6][8] Future Outlook - The company expects to collect approximately $58 million from settled contract disputes in Q3 2024, which will enhance liquidity[3][4] - The company plans to host a conference call on August 13, 2024, to discuss financial results and future outlook[22] Company Overview - Southland is a leading provider of specialized infrastructure construction services, with a focus on various sectors including transportation and water treatment[23]

Financial Data and Key Metrics Changes - Revenue for Q1 2024 was $288 million, an increase of 5% from the same quarter last year [7][22] - Gross profit was $20 million, up from $19 million in the prior year, with a gross profit margin of 7.1%, slightly up from 6.9% [7][22] - EBITDA for the quarter was $11 million, compared to $9 million for the same period in 2023 [19] - The company reported a net loss of $400,000 or negative $0.01 per share, an improvement from a net loss of $5 million or negative $0.11 per share in the same period last year [23] Business Line Data and Key Metrics Changes - Civil segment revenue was $84 million, an increase of $11 million from the same period in 2023, with a gross profit of $18 million and a gross profit margin of 21%, up from 12% [24] - Transportation segment revenue was $204 million, an increase of $2 million from the same period in 2023, but gross profit decreased to $3 million from $10 million, resulting in a gross profit margin of 1%, down from 5% [24][25] - The materials and paving business line contributed $38 million to revenue but had a negative gross profit of $10 million due to severe weather and increased project costs [25] Market Data and Key Metrics Changes - The company ended the quarter with a backlog of $2.64 billion, having booked approximately $100 million in new awards during the quarter [11] - Demand from public agencies and private clients remains strong, with expectations for continued proposal submissions for various projects [12][15] Company Strategy and Development Direction - The company aims to capitalize on opportunities in the U.S. and core end markets, with a focus on civil projects and infrastructure improvements [13][16] - There is a strategic emphasis on selecting high-margin projects and managing the backlog effectively, particularly as legacy projects are completed [44][49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong demand in end markets and the potential for new awards as the year progresses [16][44] - The company expects to see a sequential increase in backlog due to strong new awards and is focused on maintaining healthy margins [49] Other Important Information - The company has a net debt of $255 million, with plans to pay down approximately $46 million of debt in the next 12 months [26] - The company is evaluating options to simplify its debt structure and extend maturities [26] Q&A Session Summary Question: Continued M&P losses and potential offsets - Management indicated that new jobs starting should help offset losses, with a focus on completing legacy work by mid-2025 [29][30] Question: Outlook for Civil segment margins - Management is optimistic about maintaining healthy margins in the Civil segment due to strong project execution and new awards [33] Question: End market mix within Civil - The Civil segment is seeing diverse opportunities across water, wastewater, and emergency projects, contributing to strong execution [37] Question: Impact of legacy projects on gross margins - Management expects a decline in legacy backlog impact on gross margins as new work contributes positively [46] Question: Cash flow expectations - Positive cash flows are anticipated in the latter half of the year, consistent with historical trends [48]

Financial Performance - Revenue for Q1 2024 was $288,097,000, an increase of 4.6% compared to $274,829,000 in Q1 2023[18] - Gross profit for Q1 2024 was $20,421,000, up from $18,943,000 in Q1 2023, reflecting a gross margin improvement[18] - Operating income increased to $6,027,000 in Q1 2024 from $3,372,000 in Q1 2023, representing a significant growth[18] - Net income for Q1 2024 was $525,000, a turnaround from a net loss of $4,266,000 in Q1 2023[18] - For the three months ended March 31, 2024, gross profit was $20,421,000, representing a 7.1% margin, compared to $18,943,000 and a 6.9% margin for the same period in 2023[74] - Net income for the three months ended March 31, 2024, was $525,000, a significant improvement from a net loss of $4,266,000 in the same period of 2023[25] - Net income attributable to Southland Stockholders for the three months ended March 31, 2024, was a loss of $406,000, an improvement from a loss of $4.7 million in the same period in 2023[144] Assets and Liabilities - Total assets as of March 31, 2024, were $1,227,416,000, compared to $1,201,068,000 as of December 31, 2023[15] - Total liabilities increased to $966,437,000 as of March 31, 2024, from $940,504,000 at the end of 2023[15] - Total stockholders' equity as of March 31, 2024, was $260,979,000, slightly up from $260,564,000 at the end of 2023[15] - Total long-term debt as of March 31, 2024, was $255,590,000, an increase from $251,906,000 as of December 31, 2023[75] Cash Flow and Operational Efficiency - Cash flows used in operating activities decreased to $9,897,000 for the three months ended March 31, 2024, compared to $34,779,000 in the prior year, indicating improved operational efficiency[25] - Net cash used in operating activities was $9.9 million for the three months ended March 31, 2024, compared to $34.8 million for the same period in 2023, indicating a significant improvement[153] - The primary drivers for cash used in operating activities included increases in accounts receivables and contract assets of $32.1 million and $16.2 million, respectively, offset by an increase in accounts payable of $40.0 million[153] Revenue Segmentation - Civil segment revenue was $84.3 million, accounting for 29.3% of total revenue, compared to $73.0 million (26.6%) in the prior year[73] - Transportation segment revenue was $203.8 million, representing 70.7% of total revenue, slightly up from $201.8 million (73.4%) year-over-year[73] - Revenue from the Materials & Paving segment for the three months ended March 31, 2024, was $38.6 million, down from $58.1 million in the same period of 2023, reflecting a decline of approximately 33.8%[125] Debt and Financing - The weighted average interest rate on total debt outstanding increased to 6.21% as of March 31, 2024, from 6.12% as of December 31, 2023[75] - The company amended its revolving credit facility to extend maturity to April 15, 2025, with $95,000,000 drawn as of March 31, 2024[78] - The revolving credit facility was amended to a limit of $95.0 million, requiring a $5.0 million cash collateral deposit by June 15, 2024[157] - In July 2023, the company refinanced approximately $76.4 million of existing secured notes for a new equipment note of $113.5 million at a fixed rate of 7.25%[158] Other Financial Metrics - The effective tax rate for the three months ended March 31, 2024, was 36.9%, compared to a negative 69.8% for the same period in 2023[90][91] - The company incurred a loss on extinguishment of debt of $600,000 related to the refinancing of secured notes[79] - Adjusted EBITDA for the three months ended March 31, 2024, was $10.9 million, a decrease from $12.7 million in the same period in 2023[144] Backlog and Future Expectations - Backlog as of March 31, 2024, was $2.6 billion, down from $2.8 billion at the end of 2023, after accounting for new contracts and revenue recognized[146] - The company expects to recognize approximately 42% of its Remaining Unsatisfied Performance Obligations (RUPOs) as revenue during the next twelve months[95] - Approximately 7.7% of Southland's backlog as of March 31, 2024, was in the Materials & Paving segment, which is expected to be substantially completed in the next 15 months[125]

Southland Announces First Quarter 2024 Results GRAPEVINE, Texas, May 13, 2024 (Business Newswire) -- Southland Holdings, Inc. (NYSE American: SLND and SLND WS) ("Southland"), a leading provider of specialized infrastructure construction services, today announced financial results for the quarter ended March 31, 2024. 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 5% and gross margins improvi ...

Southland Holdings, Inc. (NYSE:SLND) Q4 2023 Earnings Conference Call March 5, 2024 10:00 AM ET Company Participants Alex Murray - Director, Corporate Development & IR Frank Renda - President & CEO Cody Gallarda - EVP & CFO Conference Call Participants Adam Thalhimer - Thompson Davis Christian Schwab - Craig-Hallum Capital Group Jean Ramirez - D.A. Davidson Alex Hantman - Sidoti & Company Operator Good morning. My name is Joanna and I will be your conference operator today. At this time, I would like to wel ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Table of Contents Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-41090 Southland Holdings, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R. ...

Fourth Quarter 2023 Results Include: Full Year 2023 Results Include: 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 $600 million of new awards in the fourt ...

Southland Holdings, Inc. (NYSE:SLND) Q3 2023 Earnings Conference Call November 14, 2023 10:00 AM ET Company Participants Alex Murray - Corporate Development & Investor Relations Frank Renda - President and Chief Executive Officer Cody Gallarda - EVP, Chief Financial Officer Conference Call Participants Adam Thalhimer - Thompson, Davis & Company Oliver Chornous - D.A. Davidson Christian Schwab - Craig-Hallum Capital Group Julio Romero - Sidoti & Company Operator Good morning. My name is Sergio and I will be ...

Washington, D.C. 20549 For the quarterly period ended: September 30, 2023 Table of Contents ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Registrant's telephone number, including area code) Securities Registered Pursuant to Section 12(b) of the Act: | Title of Each Class | Trading Symbol | Name of Each Ex ...

Southland Holdings, Inc. (NYSE:SLND) Q2 2023 Earnings Conference Call August 15, 2023 10:00 AM ET Company Participants Alex Murray - Corporate Development & Investor Relations Frank Renda - President and Chief Executive Officer Cody Gallarda - EVP, Chief Financial Officer Conference Call Participants Adam Thalhimer - Thompson, Davis & Company Christian Schwab - Craig-Hallum Capital Group Brent Thielman - D.A. Davidson & Co. Julio Romero - Sidoti & Company Operator Good day, ladies and gentlemen, and welcome ...