Southland (SLND) - 2024 Q4 - Annual Results

Financial Performance - Revenue for Q4 2024 was $267.3 million, a decrease of $48.9 million, or 15.5%, compared to Q4 2023 revenue of $316.2 million[9] - Gross profit for Q4 2024 was $7.7 million, down from $21.1 million in Q4 2023, resulting in a gross margin decrease from 6.7% to 2.9%[10] - Net loss attributable to stockholders for Q4 2024 was $4.2 million, or $(0.09) per share, compared to a net loss of $5.6 million, or $(0.12) per share in Q4 2023[5] - Full year 2024 revenue was $980.2 million, a decrease of $180.2 million, or 15.5%, from $1.2 billion in 2023[14] - Full year 2024 gross loss was $63.0 million, compared to a gross profit of $35.8 million in 2023, with gross margin decreasing from 3.1% to (6.4)%[15] - Net loss attributable to stockholders for the full year 2024 was $105.4 million, or $(2.19) per share, compared to a net loss of $19.3 million, or $(0.41) per share in 2023[5] - Adjusted EBITDA for Q4 2024 was $(2.7) million, compared to $9.1 million in Q4 2023[20] - Adjusted net loss attributable to common stockholders for Q4 2024 was $4,155,000, compared to $5,563,000 in Q4 2023, showing a 25.2% improvement[22] - The net loss for the year ended December 31, 2024, was $105,528,000, compared to $18,715,000 in 2023, indicating a significant increase in losses[29] Backlog and Business Segments - The backlog as of December 31, 2024, was $2.57 billion, down from $2.83 billion at the end of 2023[21] - The Materials & Paving business contributed $35.6 million to revenue in Q4 2024 and $100.6 million for the full year 2024[14] Expenses and Liabilities - Selling, general, and administrative expenses for Q4 2024 were $15.7 million, a decrease of $4.2 million, or 21.2%, compared to Q4 2023[11] - Total liabilities rose from $940,504,000 in 2023 to $1,028,240,000 in 2024, an increase of 9.3%[26] Assets and Cash Flow - Total current assets decreased from $942,536,000 in 2023 to $881,652,000 in 2024, a decline of 6.5%[26] - Cash and cash equivalents increased from $49,176,000 in 2023 to $72,185,000 in 2024, representing a growth of 46.8%[26] - Net cash provided by operating activities for 2024 was $1,927,000, a recovery from a cash outflow of $10,264,000 in 2023[29] - The company reported a cash inflow of $18,781,000 from financing activities in 2024, compared to an outflow of $2,590,000 in 2023[29] Stockholders' Equity and Shares - Total stockholders' equity decreased from $260,564,000 in 2023 to $175,409,000 in 2024, a decline of 32.7%[26] - The diluted loss per share attributable to common stock for the year ended December 31, 2024, was $2.19, compared to $0.41 for the year ended December 31, 2023[22] - The weighted average shares outstanding for diluted earnings per share increased from 47,088,813 in 2023 to 48,073,973 in 2024[22] Tax and Interest Payments - Cash paid for income taxes was $1.561 billion, compared to $7.587 billion in the previous period[30] - Cash paid for interest was $28.047 million, an increase from $18.277 million[30] Lease and Note Payable Transactions - Assets obtained in exchange for new leases totaled $18.718 million, up from $13.875 million[30] - Assets obtained in exchange for notes payable amounted to $27.365 million, compared to $10.884 million previously[30] - Related party payable exchanged for notes payable was $3.797 million, with no previous amount reported[30] - Conversion of promissory notes payable to equity was $20,000, with no previous amount reported[30] - The issuance of post-merger earnouts shares was $35 million[30] - Dividend financed with notes payable was $50 million, with no previous amount reported[30] Company Overview - Southland is a leading provider of specialized infrastructure construction services, with a history dating back to 1900[33] - The company serves various end markets including bridges, tunneling, and water treatment[33]