Financial Performance - Revenue for Q1 2025 was $239.5 million, a decrease of $48.6 million, or 16.9%, compared to $288.1 million in Q1 2024[6] - Gross profit for Q1 2025 was $21.5 million, with a gross profit margin of 9.0%, up from 7.1% in Q1 2024[7] - Net loss attributable to stockholders was $4.6 million, or $(0.08) per share, compared to a net loss of $0.4 million, or $(0.01) per share in Q1 2024[3] - EBITDA for Q1 2025 was $10.1 million, down from $10.9 million in Q1 2024[11] - Net income for the three months ended March 31, 2025, was a loss of $2,786,000 compared to a profit of $525,000 for the same period in 2024[17] Revenue Breakdown - Civil segment revenue increased to $102.9 million, representing 43.0% of total revenue, while Transportation segment revenue decreased to $136.6 million, representing 57.0%[9] - The Materials & Paving business contributed $18.1 million to revenue in Q1 2025[6] Expenses and Costs - Selling, general, and administrative expenses increased by $2.1 million, or 14.4%, to $16.5 million in Q1 2025[8] - Interest expense rose to $8.9 million in Q1 2025, compared to $5.7 million in Q1 2024[11] - Total depreciation and amortization increased to $6,525,000 from $5,577,000 year-over-year, indicating higher asset utilization[17] - Cash paid for interest rose to $8,934,000, up from $5,527,000, reflecting increased borrowing costs[17] Cash Flow and Assets - Operating cash flow improved to a net cash provided of $6,429,000, a significant recovery from a net cash used of $9,897,000 in the prior year[17] - The company reported a net decrease in cash and cash equivalents of $6,445,000, compared to a decrease of $17,303,000 in the previous year[17] - Cash flows from investing activities showed a net cash provided of $1,117,000, contrasting with a net cash used of $432,000 in the prior year[17] - Total current assets as of March 31, 2025, were $884.9 million, slightly up from $881.7 million at the end of 2024[14] - Accounts receivable increased significantly by $8,565,000, while contract assets decreased by $10,684,000, indicating changes in revenue recognition[17] - The company had a beginning cash balance of $87,561,000 and ended the period with $81,116,000[17] Company Overview and Future Outlook - Southland is a leading provider of specialized infrastructure construction services, with a strong presence in North America[19] - The company will host a conference call on May 14, 2025, to discuss financial results and future outlook[18] Backlog Information - The backlog as of March 31, 2025, was $2.47 billion, reflecting a decrease from $2.57 billion at the end of 2024[12]
LEGATO(LGTO) - 2025 Q1 - Quarterly Results