美国

证券交易委员会

华盛顿特区20549

表格10-Q

(Mark One)

☒根据《证券交易法》第13或15(d)条的季度报告

1934年交易所法案

截止季度结束日期：2024年9月30日

☐根据《证券交易法》第13或15(d)条的过渡报告

1934年证券交易所法案

过渡期从至

委托文件编号：001-39866001-41090

南地控股公司。

(根据其章程规定的注册人准确名称)


特拉华州		87-1783910
（国家或其他管辖区的公司成立或组织）		（美国国内国税局雇主唯一识别号码）

1100 Kubota Dr.

格雷普酒庄, TX 76051

（总部地址）（邮政编码）

(817) 293-4263

(注册人电话号码，包括区号)

根据法案第12(b)条注册证券：



每种类别的证券	交易代码	名称为每个注册的交易所:
普通股，每股面值为$0.0001	SLND	NYSE American LLC
可赎回认股证，行权价为每股11.50美元	SLND warrants	NYSE 美国 LLC

请通过复选标记表示：（1）公司是否在过去12个月内（或要求提交这些报告的较短期间内）已根据1934年证券交易法第13或15（d）条之规定提交了所有必须提交的报告，并且（2）在过去90天中是否一直受到这些提交要求的约束。 ☒ 是 ☐没有

请通过复选标记表示：公司是否在过去12个月内（或要求提交这些文件的较短期间内）已根据规定S-t第405条（本章第232.405条）要求提交了每份交互式数据文件，并且是否一直受到这些提交文件要求的约束。 ☒ 是 ☐ 不

请在交易所法规则120.2规定的“大型加速申报人”、“加速申报人”、“小型报告公司”和“新兴成长公司”的定义中选中相应选项。




大型加速报告人	☐	加速文件提交人	☐
非加速文件提交人	☒	较小的报告公司	☒
		新兴成长公司	☒

如果是新兴增长公司，请在复选框中标注，表明注册人已选择不使用根据第13(a)条规定提供的任何新的或修订的财务会计准则的延期过渡期。《交易所法》的 ☐

如果报告人是一个空壳公司（定义详见交易所法规则2（p）），请用对勾表示。《交易所法》第2条。 ☐是的☒ 不

截至2024年11月1日，有 48,105,512股普通股，每股面值为$0.0001，已发行并流通。

南地控股有限公司。



	P年龄
$
项目1.基本报表	1
ITEM 2. 管理对财务状况和经营结果的讨论与分析	22
ITEM 3. 关于市场风险的定量和定性披露	32
ITEM 4. 控制和规程	33

第二部分 – 其他信息	34
ITEM 1. 法律诉讼	34
ITEM 1A. 风险因素	34
ITEM 5. Other Information	34
ITEM 6. 陈列品	35
签名	37

除非在本季度报告10-Q表格（本“季度报告”）中另有说明，否则提到的“公司”、“我们的”、“我们”、“南方”是指南方控股公司及其子公司。

关于前瞻性声明的注意事项

本季度报告包含根据1933年证券法（“证券法”）第27A条及1934年证券交易法（“交易法”）第21E条的定义的前瞻性声明。这些声明基于我们管理层的合理信念和假设。前瞻性声明本质上受到风险、不确定性和假设的影响。通常，非历史事实的声明，包括可能或假定的未来行为、业务策略、事件或运营结果的声明，均为前瞻性声明。这些声明可能包含在“相信”、“估计”、“期望”、“预测”、“可能”、“将”、“应该”、“寻求”、“计划”、“安排”、“预期”、“意图”或类似表达之前、之后或其中。包含在本季度报告中的前瞻性声明包括但不限于关于我们能力的声明：

●

获取、收集和使用有关消费者的个人数据；

●

执行我们的业务策略，包括对提供的服务进行货币化以及在现有和新业务领域的扩展；

●

预测新业务领域和业务策略发展中的不确定性；

●

保留并招聘必要的员工；

●

提升品牌知名度；

●

吸引、培训并留住有效的高管、关键员工或董事；

●

升级和维护信息技术系统；

●

潜在的干扰、故障或我们依赖进行业务的信息技术系统的安全漏洞；

●

获取、开发和保护知识产权；

●

满足未来流动性需求，维持足够的营运资金，并遵守与长期债务相关的限制性契约；

●

有效应对一般经济、社会经济及其他业务环境；

●

保持我们在纽交所美国有限公司（"纽交所"）或其他国家证券交易所的证券上市；

●

获得更多资本，包括利用债务和资本市场；

●

提高未来的运营和财务业绩；

●

预期快速的科技变革；

●

遵守适用于其业务的法律法规，包括但不限于与数据隐私和保险业务相关的法律法规；

●

紧跟适用于我们业务的修改或新法律法规；

●

预期新会计准则的影响并作出响应；

●

预期利率的任何变化，这将改变我们的资本成本；

●

预期合同义务的重大性和时机；

●

与合作伙伴和分销商保持关键的战略关系；

●

应对与产品和服务开发及市场接受度相关的不确定性；

●

预测可再生能源板块能够发展到预期的规模或速度;

●

预测各级联邦、州和地方政府的资助倡议的影响;

●

管理经济可行性基础上的运营融资;

●

预测新的美国联邦所得税法的影响，包括对递延税资产的影响;

●

成功辩护、追索或收集索赔和诉讼。

前瞻性声明并不保证绩效，仅在此日期有效。虽然我们相信这些前瞻性声明是合理的，但不能确保我们将实现这些计划、意图或期望。您应该理解，除了在我们的2023年12月31日结束的年度报告中讨论的“项目1A. 风险因素”及其他地方提到的因素外，以下几个重要因素也可能影响我们的未来业绩，并可能导致这些结果或其他结果与本季度报告中的前瞻性声明所表达或暗示的内容有重大差异：


(Amounts in thousands, except share and per share data)	As of
ASSETS	September 30, 2024		December 31, 2023
Current assets
Cash and cash equivalents	$	91,378	$	49,176
Restricted cash		15,370		14,644
Accounts receivable, net		193,124		194,869
Retainage receivables		108,651		109,562
Contract assets		456,176		554,202
Other current assets		19,223		20,083
Total current assets		883,922		942,536

Property and equipment, net		114,034		102,150
Right-of-use assets		13,584		12,492
Investments - unconsolidated entities		125,588		121,648
Investments - limited liability companies		2,590		2,590
Investments - private equity		3,095		3,235
Deferred tax asset		39,334		11,496
Goodwill		1,528		1,528
Intangible assets, net		1,418		1,682
Other noncurrent assets		1,701		1,711
Total noncurrent assets		302,872		258,532
Total assets	$	1,186,794	$	1,201,068

LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$	164,897	$	162,464
Retainage payable		35,954		40,950
Accrued liabilities		101,939		124,667
Current portion of long-term debt		43,072		48,454
Short-term lease liabilities		8,829		14,081
Contract liabilities		243,505		193,351
Total current liabilities		598,196		583,967

Long-term debt		275,237		251,906
Long-term lease liabilities		6,085		5,246
Deferred tax liabilities		1,952		2,548
Long-term accrued liabilities		58,075		49,109
Financing obligations, net		41,464		—
Other noncurrent liabilities		47,751		47,728
Total long-term liabilities		430,564		356,537
Total liabilities		1,028,760		940,504

Commitment and contingencies (Note 7)

Stockholders' equity
Preferred stock, $0.0001 par value, authorized 50,000,000 shares, none issued and outstanding as of September 30, 2024 and December 31, 2023		—		—
Common stock, $0.0001 par value, authorized 500,000,000 shares, 48,105,512 and 47,891,984 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively		5		5
Additional paid-in-capital		271,798		270,330
Accumulated deficit		(120,463)		(19,253)
Accumulated other comprehensive loss		(2,276)		(1,460)
Total stockholders' equity		149,064		249,622
Noncontrolling interest		8,970		10,942
Total equity		158,034		260,564
Total liabilities and equity	$	1,186,794	$	1,201,068


	Three Months Ended				Nine Months Ended
(Amounts in thousands except shares and per share data)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Revenue	$	173,320	$	312,472	$	712,929	$	844,228
Cost of construction		224,425		282,943		783,635		829,550
Gross profit (loss)		(51,105)		29,529		(70,706)		14,678
Selling, general, and administrative expenses		17,492		15,247		47,566		47,266
Operating income (loss)		(68,597)		14,282		(118,272)		(32,588)
Gain (loss) on investments, net		5		(21)		(18)		(3)
Other income, net		841		2,151		2,430		23,559
Interest expense		(7,520)		(6,231)		(19,895)		(13,790)
Earnings (losses) before income taxes		(75,271)		10,181		(135,755)		(22,822)
Income tax expense (benefit)		(17,142)		5,390		(32,796)		(11,446)
Net income (loss)		(58,129)		4,791		(102,959)		(11,376)
Net income (loss) attributable to noncontrolling interests		(3,402)		991		(1,749)		2,314
Net income (loss) attributable to Southland Stockholders	$	(54,727)	$	3,800	$	(101,210)	$	(13,690)

Net income (loss) per share attributable to common stockholders
Basic	$	(1.14)	$	0.08	$	(2.11)		(0.29)
Diluted	$	(1.14)	$	0.08	$	(2.11)		(0.29)
Weighted average shares outstanding
Basic		48,105,512		47,856,114		48,020,822		46,771,938
Diluted		48,105,512		47,872,042		48,020,822		46,771,938


	Three Months Ended				Nine Months Ended
(Amounts in thousands)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Net income (loss)	$	(58,129)	$	4,791	$	(102,959)	$	(11,376)
Foreign currency translation adjustment, net of tax		238		(1,972)		(1,039)		(119)
Comprehensive income (loss), net of tax		(57,891)		2,819		(103,998)		(11,495)
Comprehensive (income) loss attributable to noncontrolling interest		(3,310)		646		(1,972)		2,170
Comprehensive income (loss) attributable to Southland Stockholders	$	(54,581)	$	2,173	$	(102,026)	$	(13,665)


	Nine Months Ended September 30, 2024
	Shares
	Preferred	Common	Preferred		Common				Additional		Accumulated		Members		Noncontrolling		Total
(Amounts in thousands)	stock	stock	Stock		Stock		AOCI		Paid-In Capital		Deficit		Capital		Interest		Equity
Balance as of December 31, 2023	—	47,891,984	$	—	$	5	$	(1,460)	$	270,330	$	(19,253)	$	—	$	10,942	$	260,564
Issuance of shares - RSUs, net of tax	—	133,704		—		—		—		(206)		—		—		—		(206)
Share based compensation	—	—		—		—		—		677		—		—		—		677
Net income (loss)	—	—		—		—		—		—		(406)		—		931		525
Other comprehensive loss	—	—		—		—		(372)		—		—		—		(209)		(581)
Balance as of March 31, 2024	—	48,025,688	$	—	$	5	$	(1,832)	$	270,801	$	(19,659)	$	—	$	11,664	$	260,979
Issuance of shares - RSUs, net of tax	—	79,824		—		—		—		—		—		—		—		—
Share based compensation	—	—		—		—		—		622		—		—		—		622
Net income (loss)	—	—		—		—		—		—		(46,077)		—		722		(45,355)
Other comprehensive loss	—	—		—		—		(590)		—		—		—		(106)		(696)
Balance as of June 30, 2024	—	48,105,512	$	—	$	5	$	(2,422)	$	271,423	$	(65,736)	$	—	$	12,280	$	215,550
Share based compensation	—	—		—		—		—		375		—		—		—		375
Net loss	—	—		—		—		—		—		(54,727)		—		(3,402)		(58,129)
Other comprehensive income	—	—		—		—		146		—		—		—		92		238
Balance as of September 30, 2024	—	48,105,512	$	—	$	5	$	(2,276)	$	271,798	$	(120,463)	$	—	$	8,970	$	158,034


	Nine Months Ended September 30, 2023
	Shares
	Preferred	Common	Preferred		Common				Additional		Accumulated		Members		Noncontrolling		Total
(Amounts in thousands)	stock	stock	Stock		Stock		AOCI		Paid-In Capital		Deficit		Capital		Interest		Equity
Balance as of December 31, 2022	24,400,000	—	$	24,400	$	—	$	(2,576)	$	—	$	—	$	327,614	$	10,446	$	359,884
Recapitalization	—	44,407,831		—		4		—		284,569		—		(327,614)		—		(43,041)
Balance as of December 31, 2022	24,400,000	44,407,831		24,400		4		(2,576)		284,569		—		—		10,446		316,843
Preferred stock repurchase and dividends	(24,400,000)	—		(24,400)		—		—		(50,129)		—		—		(24)		(74,553)
Issuance of post-merger earnout shares	—	—		—		4		—		34,996		—		—		—		35,000
Distributions to joint venture partner	—	—		—		—		—		—		—		—		(110)		(110)
Net income (loss)	—	—		—		—		—		—		(4,664)		—		398		(4,266)
Other comprehensive income	—	—		—		—		504		—		—		—		2		506
Balance as of March 31, 2023	—	44,407,831	$	—	$	8	$	(2,072)	$	269,436	$	(4,664)	$	—	$	10,712	$	273,420
Issuance of post-merger earnout shares	—	3,448,283		—		—		—		—		—		—		—		—
Net income (loss)	—	—		—		—		—		—		(12,826)		—		925		(11,901)
Other comprehensive income	—	—		—		—		1,149		—		—		—		198		1,347
Balance as of June 30, 2023	—	47,856,114	$	—	$	8	$	(923)	$	269,436	$	(17,490)	$	—	$	11,835	$	262,866
Share based compensation	—	—		—		—		—		484		—		—		—		484
Net income	—	—		—		—		—		—		3,800		—		991		4,791
Other comprehensive loss	—	—		—		—		(1,628)		—		—		—		(344)		(1,972)
Balance as of September 30, 2023	—	47,856,114	$	—	$	8	$	(2,551)	$	269,920	$	(13,690)	$	—	$	12,482	$	266,169


		September 30, 2024
	RSUs		Weighted-Average Grant-Date Fair Value per RSU
Outstanding, beginning balance		173,333	$	8.94
Granted		681,310		4.83
Vested		(133,704)		9.35
Canceled		(41,568)		8.32
Outstanding, ending balance		679,371	$	5.31


		September 30, 2024
	PSUs		Weighted-Average Grant-Date Fair Value per PSU
Outstanding, beginning balance		—	$	—
Granted		304,880		4.58
Outstanding, ending balance		304,880	$	4.58


(Amounts in thousands)
Balance December 31, 2023	$	2,834,966
New contracts, change orders, and adjustments		615,151
Less: contract revenue recognized in 2024		(712,928)
Balance September 30, 2024	$	2,737,189


(Amounts in thousands)
Balance December 31, 2023	$	634,458
New contracts, change orders, and adjustments		569,895
Less: contract revenue recognized in 2024		(213,678)
Balance September 30, 2024	$	990,675


(Amounts in thousands)
Balance December 31, 2023	$	2,200,508
New contracts, change orders, and adjustments		45,256
Less: contract revenue recognized in 2024		(499,250)
Balance September 30, 2024	$	1,746,514



Exhibit No.	Description
2.1	Agreement and Plan of Merger, dated as of May 25, 2022, by and among the Company, Legato Merger Sub, Inc. and Southland Holdings, LLC (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 25, 2022).
3.1	Second Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on February 14, 2023).
3.2	Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed with the SEC on February 14, 2023).
4.1	Specimen Warrant Certificate (incorporated by reference to Exhibit 4.3 to the Company’s Registration Statement on Form S-1 (File No. 333-260816) filed with the SEC on November 5, 2021).
4.2	Warrant Agreement between American Stock Transfer & Trust Company and the Company (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on November 23, 2021).
4.3	Specimen Common Stock Certificate (incorporated by reference to Exhibit 4.2 to the Company’s Registration Statement on Form S-1 (File No. 333-260816) filed with the SEC on November 5, 2021).
10.1	Real Estate Purchase Agreement, by and between Southland Holdings, LLC and Reksuh Acquisition, LLC, dated May 7, 2024 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on July 23, 2024).
10.2	First Amendment to Real Estate Purchase Agreement, by and between Southland Holdings, LLC and Reksuh Acquisition, LLC, dated May 7, 2024 (incorporated by reference to Exhibit 10.2 to the Company’s Current Report o Form 8-K filed with the SEC on July 23, 2024).
10.3	Second Amendment and Assignment and Assumption of Real Estate Purchase Agreement, by and between Southland Holdings, LLC, Reksuh Acquisition, LLC, American Bridge Company and GCP Southland, LLC, dated July 17, 2024 (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the SEC on July 23, 2024).
10.4	Lease Agreement, by and between Southland Holdings, Inc. and GCP Southland, LLC, dated July 19, 2024 (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed with the SEC on July 23, 2024).
10.5	Lease Agreement, by and between Southland Holdings, Inc. and GCP Southland, LLC, dated July 19, 2024 (incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K filed with the SEC on July 23, 2024).
10.6	Lease Agreement, by and between Southland Holdings, Inc. and GCP Southland, LLC, dated July 19, 2024 (incorporated by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K filed with the SEC on July 23, 2024).
10.7	Credit Agreement, dated as of September 30, 2024, by and among the Company, as borrowers, and Callodine Commercial Finance, LLC, as administrative agent and lender (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 3, 2024).
31.1*	Certification of Principal Executive Officer pursuant to Exchange Act Rules 13a-14 and 15d-14, as adopted pursuant to Section 302 Sarbanes Oxley Act of 2002.
31.2*	Certification of Principal Financial Officer pursuant to Exchange Act Rules 13a-14 and 15d-14, as adopted pursuant to Section 302 Sarbanes Oxley Act of 2002.
32.1**	Certification of Principal Executive Officer pursuant to Section 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.
32.2**	Certification of Principal Financial Officer pursuant to Section 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.

101*	The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets (Unaudited); (ii) Condensed Consolidated Statements of Operations (unaudited); (iii) Condensed Consolidated Statements of Comprehensive Income (unaudited); (iv) Condensed Consolidated Statements of Equity (unaudited); (v) Condensed Consolidated Statements of Cash Flows (unaudited); and (vi) Notes to Condensed Consolidated Financial Statements (unaudited), tagged as blocks of text and including detailed tags.
104*	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).


	SOUTHLAND HOLDINGS, INC.

	By:	/s/ Frank Renda
	Name:	Frank Renda
	Title:	President, Chief Executive Officer
		(Principal Executive Officer)

	By:	/s/ Cody Gallarda
	Name:	Cody Gallarda
	Title:	Executive Vice President, Chief Financial Officer
		(Principal Financial and Accounting Officer)