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LEGATO(LGTO) - 2025 Q1 - Quarterly Results
LGTOLEGATO(LGTO)2025-05-13 20:52

Financial Performance - Revenue for Q1 2025 was 239.5million,adecreaseof239.5 million, a decrease of 48.6 million, or 16.9%, compared to 288.1millioninQ12024[6]−GrossprofitforQ12025was288.1 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 4.6million,or4.6 million, or (0.08) per share, compared to a net loss of 0.4million,or0.4 million, or (0.01) per share in Q1 2024[3] - EBITDA for Q1 2025 was 10.1million,downfrom10.1 million, down from 10.9 million in Q1 2024[11] - Net income for the three months ended March 31, 2025, was a loss of 2,786,000comparedtoaprofitof2,786,000 compared to a profit of 525,000 for the same period in 2024[17] Revenue Breakdown - Civil segment revenue increased to 102.9million,representing43.0102.9 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 18.1milliontorevenueinQ12025[6]ExpensesandCosts−Selling,general,andadministrativeexpensesincreasedby18.1 million to revenue in Q1 2025[6] Expenses and Costs - Selling, general, and administrative expenses increased by 2.1 million, or 14.4%, to 16.5millioninQ12025[8]−Interestexpenseroseto16.5 million in Q1 2025[8] - Interest expense rose to 8.9 million in Q1 2025, compared to 5.7millioninQ12024[11]−Totaldepreciationandamortizationincreasedto5.7 million in Q1 2024[11] - Total depreciation and amortization increased to 6,525,000 from 5,577,000year−over−year,indicatinghigherassetutilization[17]−Cashpaidforinterestroseto5,577,000 year-over-year, indicating higher asset utilization[17] - Cash paid for interest rose to 8,934,000, up from 5,527,000,reflectingincreasedborrowingcosts[17]CashFlowandAssets−Operatingcashflowimprovedtoanetcashprovidedof5,527,000, 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 9,897,000intheprioryear[17]−Thecompanyreportedanetdecreaseincashandcashequivalentsof9,897,000 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 17,303,000inthepreviousyear[17]−Cashflowsfrominvestingactivitiesshowedanetcashprovidedof17,303,000 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 432,000intheprioryear[17]−TotalcurrentassetsasofMarch31,2025,were432,000 in the prior year[17] - Total current assets as of March 31, 2025, were 884.9 million, slightly up from 881.7millionattheendof2024[14]−Accountsreceivableincreasedsignificantlyby881.7 million at the end of 2024[14] - Accounts receivable increased significantly by 8,565,000, while contract assets decreased by 10,684,000,indicatingchangesinrevenuerecognition[17]−Thecompanyhadabeginningcashbalanceof10,684,000, 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]CompanyOverviewandFutureOutlook−Southlandisaleadingproviderofspecializedinfrastructureconstructionservices,withastrongpresenceinNorthAmerica[19]−ThecompanywillhostaconferencecallonMay14,2025,todiscussfinancialresultsandfutureoutlook[18]BacklogInformation−ThebacklogasofMarch31,2025,was81,116,000[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]