Financial Performance - Revenue for the quarter ended September 30, 2024, was $173.3 million, a decrease of $139.2 million, or 44.5%, compared to the same quarter in 2023[5] - Gross loss for the quarter ended September 30, 2024, was $51.1 million, compared to a gross profit of $29.5 million for the same quarter in 2023, resulting in a gross margin decrease from 9.5% to (29.5)%[6] - Net loss attributable to stockholders for the quarter ended September 30, 2024, was $54.7 million, or $(1.14) per share, compared to a net income of $3.8 million, or $0.08 per share for the same quarter in 2023[2] - EBITDA for the quarter ended September 30, 2024, was $(58.7) million, compared to $22.3 million for the same quarter in 2023[3] - For the nine months ended September 30, 2024, revenue was $712.9 million, a decrease of $131.3 million, or 15.6%, compared to the same period in 2023[8] - Gross loss for the nine months ended September 30, 2024, was $70.7 million, compared to a gross profit of $14.7 million for the same period in 2023, with a gross margin decrease from 1.7% to (9.9)%[9] - The company reported a net loss of $102,959,000 for the nine months ended September 30, 2024, compared to a net loss of $11,376,000 for the same period in 2023[20] - Adjusted net loss attributable to common stockholders was $54,727,000 for the three months ended September 30, 2024, compared to an adjusted net income of $3,800,000 for the same period in 2023[17] Assets and Liabilities - Total assets decreased to $1,186,794,000 as of September 30, 2024, from $1,201,068,000 as of December 31, 2023[19] - Cash and cash equivalents increased to $91,378,000 as of September 30, 2024, from $49,176,000 as of December 31, 2023[19] - Total liabilities increased to $430,564,000 as of September 30, 2024, compared to $356,537,000 as of December 31, 2023[19] - The company reported a total stockholders' equity of $149,064,000 as of September 30, 2024, down from $249,622,000 as of December 31, 2023[19] - The company had borrowings on notes payable of $167,784,000 for the nine months ended September 30, 2024, compared to $115,355,000 for the same period in 2023[20] Cash Flow and Expenses - Cash flows from operating activities showed a net cash used of $36,588,000 for the nine months ended September 30, 2024[20] - Selling, general, and administrative expenses for the quarter ended September 30, 2024, were $17.5 million, an increase of $2.2 million, or 14.7%, compared to the same quarter in 2023[7] - Southland's cash paid for interest increased to $18,886 from $12,704, representing a 48.5% increase year-over-year[21] Business Segments and Operations - Backlog as of September 30, 2024, was $2.74 billion, an increase from $2.54 billion as of September 30, 2023[3] - The Transportation segment accounted for 67.8% of total revenue in the quarter ended September 30, 2024, down from 71.0% in the same quarter of 2023[11] - Materials & Paving business contributed $17.5 million to revenue in the quarter ended September 30, 2024[5] Other Financial Metrics - Lease assets obtained in exchange for new leases rose to $9,881 from $8,529, a growth of 15.8%[21] - Assets obtained in exchange for notes payable surged to $23,286 from $8,626, marking an increase of 169.8%[21] - Related party payable exchanged for notes payable amounted to $3,797, with no previous year comparison available[21] - The issuance of post-merger earnout shares was recorded at $0, compared to $35,000 in the previous year[21] - Dividend financed with notes payable was $0, down from $50,000 in the prior year[21] Company Overview - Southland is a leading provider of specialized infrastructure construction services, with a history dating back to 1900[23] - The company serves various end markets including bridges, tunneling, and water treatment[23] - Southland's financial measures include non-GAAP metrics such as Adjusted EBITDA, which provide insights into financial trends[25] - Forward-looking statements indicate that actual results may differ materially from projections due to inherent uncertainties[27]

Financial Data and Key Metrics - Revenue for Q2 2024 was $252 million, down from $257 million in Q2 2023 [4] - Gross loss for Q2 2024 was $40 million, compared to $34 million in Q2 2023 [4] - Operating cash flow was strong at $27 million in Q2 2024 [4] - Net loss for Q2 2024 was $46 million, or $0.96 per share, compared to a net loss of $13 million, or $0.27 per share, in Q2 2023 [16] - Adjusted EBITDA for Q2 2024 was negative $49.9 million, compared to negative $42.2 million in Q2 2023 [17] Business Line Performance - Civil segment revenue increased to $79 million in Q2 2024, up from $65 million in Q2 2023, with gross profit margin improving to 12% from 9% [18] - Transportation segment revenue decreased to $172 million in Q2 2024, down from $191 million in Q2 2023, with gross profit margin worsening to negative 29% from negative 21% [18] - Materials & Paving segment contributed $9 million in revenue but had a gross loss of $47 million due to unfavorable adjustments from dispute settlements [19] Market and Backlog Data - Backlog at the end of Q2 2024 was $2.74 billion, up from $2.64 billion in Q1 2024 [8] - New awards in Q2 2024 totaled $375 million, including the $202 million Bull Run Filtration Facility and $150 million in water resource projects [8] - The company was selected for phase 2 of the North End Treatment Plant in Winnipeg, with an expected construction contract value of $220 million [9] Strategic Direction and Industry Competition - The company is focusing on resolving legacy disputes to strengthen the balance sheet and generate cash [5][6] - Alternative delivery contracts, such as progressive design builds, are becoming more prevalent, and the company is well-positioned to capitalize on these opportunities due to its technical expertise and competitive advantage [10][11] - The EPA's updated Clean Water Infrastructure Needs survey estimates $630 billion will be needed over the next 20 years to address water quality objectives, presenting significant opportunities for the company [11][12] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the core business and the ability to capitalize on opportunities from the IIJA (Infrastructure Investment and Jobs Act) [13][14] - The company expects to generate significant cash from resolving legacy disputes and strong performance in core business projects in the coming quarters [6][14] Other Important Information - The company closed a $42.5 million real estate transaction in July 2024, resulting in $16 million of debt reduction and $25 million in cash for general corporate purposes [7] - A debt refinancing transaction is expected to be finalized before Q3 2024 results are announced, which will refinance approximately $110 million of existing debt [21] Q&A Session Summary Question: When will the Civil segment backlog start flowing into revenue? - Revenue from the Civil segment is expected to increase in Q3 and Q4 2024, with backlog up 38% year-over-year [23][24] Question: How will the remaining Materials & Paving backlog be recognized? - The remaining $200 million in Materials & Paving backlog will be heavily weighted towards Q3 and Q4 2024, with some projects trailing into 2025 [25] Question: What is the potential for more dispute settlements in the coming quarters? - The company expects to generate significant cash from ongoing dispute settlements, with approximately half of the CIE balance related to substantially completed projects [27] Question: How many projects are involved in the disputed contracts? - The company has a handful of claims related to its legacy portfolio, with the CityLYNX project being one of the larger claims [29][30] Question: What is the outlook for organic growth excluding legacy disputes? - The company expects strong organic growth driven by the IIJA and healthy market conditions, with the Civil segment backlog up 38% [33][34] Question: What are the chances of contract disputes being settled in 2025 instead of 2024? - Most claims are from projects bid in 2018 and 2019, and the company is working to resolve them as quickly as possible [37] Question: Why was the revenue from Materials & Paving only $9 million in Q2 2024? - The settlement resulted in a derecognition of revenue from prior periods, but operational progress remains on track for substantial completion by mid-2025 [38] Question: How will the $110 million refinancing affect GAAP interest expense? - The refinancing is expected to support working capital better, but details will be provided once the transaction is finalized [40] Question: Did weather impact Q2 or early Q3 performance? - Higher-than-normal rain events impacted some work, but no significant weather-related issues were noted for July [41] Question: What is the pro forma balance sheet position after recent transactions? - The real estate transaction and dispute settlements have strengthened the balance sheet, with $25 million in net proceeds and $16 million in debt reduction [43] Question: What are the remaining risks in executing the Materials & Paving backlog? - Risks include change orders, weather, and inflation, but the company expects to collect on recorded claims and sees potential cash upside [45][47]

Financial Performance - Revenue for the three months ended June 30, 2024, was $251,512,000, a decrease of 2% from $256,927,000 for the same period in 2023[11] - Gross loss for the three months ended June 30, 2024, was $(40,022,000), compared to $(33,794,000) for the same period in 2023, indicating a deterioration in gross margin[11] - Operating loss for the three months ended June 30, 2024, was $(55,702,000), an increase from $(50,242,000) in the prior year[11] - Net loss attributable to Southland Stockholders for the three months ended June 30, 2024, was $(46,077,000), compared to $(12,826,000) for the same period in 2023[11] - Net loss per share attributable to common stockholders for the three months ended June 30, 2024, was $(0.96), compared to $(0.27) in the same period of 2023[11] - Comprehensive loss attributable to Southland Stockholders for the three months ended June 30, 2024, was $(46,667,000), compared to $(11,678,000) for the same period in 2023[12] - The company reported a net loss before income taxes of $(61,316,000) for the three months ended June 30, 2024, compared to $(30,490,000) for the same period in 2023[11] - The 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[17] - Revenue for the six months ended June 30, 2024, was $539.6 million, an increase of $7.9 million, or 1.5%, compared to $531.8 million for the same period in 2023[122] - Gross loss for the six months ended June 30, 2024, was $19.6 million, an increase of $4.8 million, or 32.0%, compared to a gross loss of $14.9 million for the same period in 2023[124] Cash Flow and Liquidity - Cash flows from operating activities provided $17,534,000 in the first half of 2024, a significant improvement from a cash outflow of $10,636,000 in the first half of 2023[17] - Cash and cash equivalents at the end of the period increased to $69,169,000 from $54,108,000 year-over-year[17] - The total cash, cash equivalents, and restricted cash at the end of the period was $69,169,000, up from $63,820,000 at the beginning of the period[28] - Net cash provided by operating activities was $17.5 million during the six months ended June 30, 2024, compared to a net cash used of $10.6 million in the same period in 2023[159] - Net cash used in financing activities was $15.1 million for the six months ended June 30, 2024, compared to $9.7 million for the same period in 2023[162] Debt and Financing - Total long-term debt as of June 30, 2024, was $173,239 thousand, an increase from $251,906 thousand as of December 31, 2023[58] - The weighted average interest rate on total debt increased to 7.01% as of June 30, 2024, from 6.12% as of December 31, 2023[58] - The company amended its revolving credit facility to extend maturity to April 15, 2025, with a current drawn amount of $90,000 thousand[60] - The company projects compliance with all applicable debt covenants through the maturity of the revolving credit facility[59] - Total long-term debt as of June 30, 2024, was $307.8 million, with $134.5 million due within the next twelve months[163] - The revolving credit facility limit was amended to $95.0 million in May 2024, with $90.0 million drawn as of June 30, 2024[164] Segment Performance - Civil segment revenue increased to $79,368 thousand (31.6% of total revenue) in Q2 2024, compared to $65,567 thousand (25.5%) in Q2 2023[56] - Transportation segment revenue decreased to $172,144 thousand (68.4% of total revenue) in Q2 2024, down from $191,360 thousand (74.5%) in Q2 2023[56] - Revenue for the Civil segment for the three months ended June 30, 2024, was $79.4 million, an increase of $13.8 million, or 21.0%, compared to $65.6 million for the same period in 2023[130] - Revenue for the Transportation segment for the three months ended June 30, 2024, was $172.1 million, a decrease of $19.2 million, or 10.0%, compared to $191.4 million for the same period in 2023[135] Operational Adjustments - The company discontinued certain projects in its Materials & Paving business line to focus on more profitable areas, although this did not qualify for Discontinued Operations treatment[21] - The company reported a gain on the sale of assets amounting to $2,855,000 in the first half of 2024, compared to a gain of $85,000 in the same period of 2023[17] - The company entered into a real estate purchase agreement to sell three properties for a total of $42.5 million, with proceeds allocated for general corporate purposes and debt reduction[97][98] Accounting and Regulatory Changes - The company plans to adopt ASU 2023-05 regarding joint venture formations in the first quarter of 2025, expecting no material impact on consolidated financial statements[33] - The Company is evaluating the impact of ASU 2023-07 and ASU 2023-09 on its consolidated financial statements, with ASU 2023-07 effective for annual periods beginning after January 1, 2024[35][36] - The Company has not elected to early adopt ASU 2023-09, which establishes new income tax disclosure requirements effective for annual periods beginning after December 15, 2024[36] - The Company’s significant accounting policies remained unchanged for the three and six months ended June 30, 2024[37] Backlog and Future Expectations - As of June 30, 2024, Southland had $2.7 billion of Remaining Unsatisfied Performance Obligations (RUPO), expecting to recognize approximately 39% as revenue in the next twelve months[81] - Backlog as of June 30, 2024, was $2,743.7 million, down from $2,834.9 million at the end of 2023[151] - The company anticipates further spending on infrastructure projects due to economic stimulus initiatives, including the Infrastructure Investment and Jobs Act[106]

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 ...