Financial Performance - Revenue for Q4 2024 was $267.3 million, a decrease of 15.5% compared to $316.2 million in Q4 2023[5] - 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 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 a gross margin decline 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[13] - 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, reflecting a 25.2% improvement[22] - 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] 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[9][14] Expenses and Cash Flow - Selling, general, and administrative expenses for Q4 2024 were $15.7 million, a decrease of 21.2% compared to $19.9 million in Q4 2023[11] - Net cash provided by operating activities for the year ended December 31, 2024, was $1,927,000, a significant recovery from a net cash used of $10,264,000 in 2023[29] - The company reported a net loss of $105,528,000 for the year ended December 31, 2024, compared to a net loss of $18,715,000 for the previous year[29] Assets and Liabilities - Total current assets decreased to $881,652,000 as of December 31, 2024, from $942,536,000 as of December 31, 2023, representing a decline of 6.5%[26] - Cash and cash equivalents increased to $72,185,000 as of December 31, 2024, from $49,176,000 as of December 31, 2023, marking a 46.8% increase[26] - Total liabilities rose to $1,028,240,000 as of December 31, 2024, compared to $940,504,000 as of December 31, 2023, indicating a 9.3% increase[26] - Total stockholders' equity decreased to $175,409,000 as of December 31, 2024, from $260,564,000 as of December 31, 2023, reflecting a decline of 32.7%[26] - The company had a total of 53,936,411 shares issued and outstanding as of December 31, 2024, compared to 47,891,984 shares as of December 31, 2023, representing an increase of 12.6%[26] Cash Management - The company experienced a net increase in cash and cash equivalents and restricted cash of $23,741,000 for the year ended December 31, 2024, compared to a decrease of $8,171,000 in 2023[29] - Southland reported cash paid for income taxes of $1,561 and cash paid for interest of $28,047, compared to $7,587 and $18,277 respectively in the previous period[30] - The company obtained lease assets in exchange for new leases valued at $18,718, an increase from $13,875[30] - Assets obtained in exchange for notes payable amounted to $27,365, up from $10,884[30] - Southland's related party payable exchanged for notes payable was $3,797, indicating a change from the previous period[30] - The company issued post-merger earnouts shares valued at $35,000[30] Future Outlook and Company Information - Southland's conference call is scheduled for March 5, 2025, at 10:00 a.m. Eastern Time[31] - The company emphasizes the importance of non-GAAP financial measures, including Adjusted EBITDA, to provide insights into financial trends[34] - Southland is a leading provider of specialized infrastructure construction services, with a history dating back to 1900[32] - The company operates in various sectors, including bridges, tunneling, and water treatment, making it one of the largest infrastructure construction companies in North America[32] - Forward-looking statements indicate that actual results may differ materially from projections due to inherent uncertainties and risks[36]
LEGATO(LGTO) - 2024 Q4 - Annual Results