美國

證券交易委員會

華盛頓特區20549

表格10-Q

(Mark One)

☒根據《證券交易法》第13或15(d)條的季度報告

1934年交易所法案

截止季度結束日期：2024年9月30日

☐根據《證券交易法》第13或15(d)條的過渡報告

1934年證券交易所法案

過渡期從至

委託文件編號：001-39866001-41090

南地控股公司。

(根據其章程規定的註冊人準確名稱)


特拉華州		87-1783910
（國家或其他管轄區的公司成立或組織）		（美國國內國稅局僱主唯一識別號碼）

1100 Kubota Dr.

格雷普酒莊, TX 76051

（總部地址）（郵政編碼）

(817) 293-4263

(註冊人電話號碼，包括區號)

根據法案第12(b)條註冊證券：



每種類別的證券	交易代碼	名稱爲每個註冊的交易所:
普通股，每股面值爲$0.0001	SLND	NYSE American LLC
可贖回認股證，行權價爲每股11.50美元	SLND warrants	NYSE 美國 LLC

請通過複選標記表示：（1）公司是否在過去12個月內（或要求提交這些報告的較短期間內）已根據1934年證券交易法第13或15（d）條之規定提交了所有必須提交的報告，並且（2）在過去90天中是否一直受到這些提交要求的約束。 ☒ 是 ☐沒有

請通過複選標記表示：公司是否在過去12個月內（或要求提交這些文件的較短期間內）已根據規定S-t第405條（本章第232.405條）要求提交了每份交互式數據文件，並且是否一直受到這些提交文件要求的約束。 ☒ 是 ☐ 不

請在交易所法規則120.2規定的「大型加速申報人」、「加速申報人」、「小型報告公司」和「新興成長公司」的定義中選中相應選項。




大型加速報告人	☐	加速文件提交人	☐
非加速文件提交人	☒	較小的報告公司	☒
		新興成長公司	☒

如果是新興增長公司，請在複選框中標註，表明註冊人已選擇不使用根據第13(a)條規定提供的任何新的或修訂的財務會計準則的延期過渡期。《交易所法》的 ☐

如果報告人是一個空殼公司（定義詳見交易所法規則2（p）），請用對勾表示。《交易所法》第2條。 ☐是的☒ 不

截至2024年11月1日，有 48,105,512股普通股，每股面值爲$0.0001，已發行並流通。

南地控股有限公司。



	P年齡
$
項目1.基本報表	1
ITEM 2. 管理對財務狀況和經營結果的討論與分析	22
ITEM 3. 關於市場風險的定量和定性披露	32
ITEM 4. 控制和規程	33

第二部分 – 其他信息	34
ITEM 1. 法律訴訟	34
ITEM 1A. 風險因素	34
ITEM 5. Other Information	34
ITEM 6. 陳列品	35
簽名	37

除非在本季度報告10-Q表格（本「季度報告」）中另有說明，否則提到的「公司」、「我們的」、「我們」、「南方」是指南方控股公司及其子公司。

關於前瞻性聲明的注意事項

本季度報告包含根據1933年證券法（「證券法」）第27A條及1934年證券交易法（「交易法」）第21E條的定義的前瞻性聲明。這些聲明基於我們管理層的合理信念和假設。前瞻性聲明本質上受到風險、不確定性和假設的影響。通常，非歷史事實的聲明，包括可能或假定的未來行爲、業務策略、事件或運營結果的聲明，均爲前瞻性聲明。這些聲明可能包含在「相信」、「估計」、「期望」、「預測」、「可能」、「將」、「應該」、「尋求」、「計劃」、「安排」、「預期」、「意圖」或類似表達之前、之後或其中。包含在本季度報告中的前瞻性聲明包括但不限於關於我們能力的聲明：

●

獲取、收集和使用有關消費者的個人數據；

●

執行我們的業務策略，包括對提供的服務進行貨幣化以及在現有和新業務領域的擴展；

●

預測新業務領域和業務策略發展中的不確定性；

●

保留並招聘必要的員工；

●

提升品牌知名度；

●

吸引、培訓並留住有效的高管、關鍵員工或董事；

●

升級和維護信息技術系統；

●

潛在的干擾、故障或我們依賴進行業務的信息技術系統的安全漏洞；

●

獲取、開發和保護知識產權；

●

滿足未來流動性需求，維持足夠的營運資金，並遵守與長期債務相關的限制性契約；

●

有效應對一般經濟、社會經濟及其他業務環境；

●

保持我們在紐交所美國有限公司（"紐交所"）或其他國家證券交易所的證券上市；

●

獲得更多資本，包括利用債務和資本市場；

●

提高未來的運營和財務業績；

●

預期快速的科技變革；

●

遵守適用於其業務的法律法規，包括但不限於與數據隱私和保險業務相關的法律法規；

●

緊跟適用於我們業務的修改或新法律法規；

●

預期新會計準則的影響並作出響應；

●

預期利率的任何變化，這將改變我們的資本成本；

●

預期合同義務的重大性和時機；

●

與合作伙伴和分銷商保持關鍵的戰略關係；

●

應對與產品和服務開發及市場接受度相關的不確定性；

●

預測可再生能源板塊能夠發展到預期的規模或速度;

●

預測各級聯邦、州和地方政府的資助倡議的影響;

●

管理經濟可行性基礎上的運營融資;

●

預測新的美國聯邦所得稅法的影響，包括對遞延稅資產的影響;

●

成功辯護、追索或收集索賠和訴訟。

前瞻性聲明並不保證績效，僅在此日期有效。雖然我們相信這些前瞻性聲明是合理的，但不能確保我們將實現這些計劃、意圖或期望。您應該理解，除了在我們的2023年12月31日結束的年度報告中討論的「項目1A. 風險因素」及其他地方提到的因素外，以下幾個重要因素也可能影響我們的未來業績，並可能導致這些結果或其他結果與本季度報告中的前瞻性聲明所表達或暗示的內容有重大差異：


(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)