Southland Holdings Inc (SLND) 2026 Q1 法說會逐字稿

Good morning. My name is Tracy, and I will be your conference operator today. At this time I would like to welcome everyone to the Southland first quarter 2026 earnings conference call. (Operator Instructions) Thank you. Alex, you may begin your conference.

早安。我叫 Tracy，今天將擔任各位的電話會議接線員。此時我謹代表公司歡迎各位參加 Southland 2026 年第一季財報電話會議。(接線員指示) 謝謝。Alex，您可以開始會議。

Good morning, everyone, and welcome to the Southland first quarter 2026 conference call. This is Alex Murray, Vice President of Corporate Development and Investor Relations. Joining me today are Frank Renda, President and Chief Executive Officer; and Keith Bassano, Chief Financial Officer.

各位早安，歡迎參加 Southland 2026 年第一季電話會議。我是 Alex Murray，企業發展與投資人關係副總裁。今天與我一同出席的有總裁兼執行長 Frank Renda，以及財務長 Keith Bassano。

Before we begin, I'd like to remind everyone that this conference call may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance.

在開始之前，我想提醒各位，本次電話會議可能包含《1933 年證券法》第 27A 條、《1934 年證券交易法》第 21E 條以及《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。前瞻性陳述既非歷史事實，也非對未來績效的保證。

Forward-looking statements are uncertain and outside of Southland's control. Southland's actual results and financial condition may differ materially from those projected in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements, and we do not undertake any duty to update these statements.

前瞻性陳述具有不確定性，且不在 Southland 的控制範圍內。Southland 的實際結果與財務狀況可能與前瞻性陳述中的預測存在重大差異。因此，您不應依賴任何前瞻性陳述，且我們不承擔更新這些陳述的任何義務。

For a discussion of some of the risks that could affect these results, please see the Risk Factors section of our Form 10-K for the year ended December 31, 2025, that was filed with the SEC on March 26, 2026, and the discussion in Form 10-Q for the quarter ended March 31, 2026, that was filed with the SEC last night.

關於可能影響上述結果的部分風險之討論，請參閱我們截至 2025 年 12 月 31 日止年度的 Form 10-K 之「風險因素」章節（已於 2026 年 3 月 26 日向 SEC 提交），以及我們截至 2026 年 3 月 31 日止季度的 Form 10-Q 中的相關討論（已於昨晚向 SEC 提交）。

We will also refer to non-GAAP financial measures, and you will find reconciliations in the press release relating to this conference call, which can be found on the Investor Relations page of our website. With that, I will now turn the call over to Frank.

我們也將提及非 GAAP 財務衡量指標；您可在與本次電話會議相關的新聞稿中找到調節表，該新聞稿可於我們網站的投資人關係頁面取得。接下來，我將把電話交給 Frank。

Thank you, Alex. Good morning, and thank you for joining Southland's first quarter 2026 conference call. I will provide an update on the strategic plan outlined during our late March call as well as review our quarterly results, including progress on the wind down of legacy projects and the strength of our current pipeline of opportunities. Turning to our strategic plan and capital structure. We continue to make strong progress against the framework outlined in March.

謝謝你，Alex。早安，感謝各位參加 Southland 2026 年第一季電話會議。我將就我們在 3 月下旬電話會議中所概述的策略計畫提供最新進展，並回顧本季業績，包括既有（legacy）專案收尾（wind down）的進度，以及我們目前機會管線（pipeline）的強勁態勢。接著談我們的策略計畫與資本結構。我們持續在 3 月所提出的架構下取得良好進展。

On March 17, our surety Partners assumed the debt under our senior credit facility and waived all principal and interest payments through maturity, providing meaningful flexibility as we execute the next phase of our plan. We are now in the final stages of completing a credit amendment for this facility, which is expected to close as part of a broader financing agreement.

3 月 17 日，我們的保證（surety）合作夥伴承接了我們在優先信貸融資（senior credit facility）項下的債務，並豁免至到期日前的所有本金與利息支付，為我們執行計畫下一階段提供了重要的彈性。我們目前正處於完成該融資之信貸修訂（credit amendment）的最後階段，預期將作為更廣泛融資協議的一部分完成交割。

During the first quarter, our surety partners also advanced approximately $125 million to support active bonded projects, bringing total surety advances to $139 million. Their continued support reflects confidence in both our operating plan and execution strategy. None of these amounts are due prior to May 13, 2027, and we are actively working toward extending these maturities further as part of the broader agreement.

第一季期間，我們的保證合作夥伴亦預支約 1.25 億美元以支援正在進行的保證（bonded）專案，使保證預支總額達到 1.39 億美元。其持續支持反映了對我們營運計畫與執行策略的信心。上述款項均無須於 2027 年 5 月 13 日之前償付；我們也正積極推動，作為更廣泛協議的一部分，進一步延長這些到期日。

We believe an agreement in principle is substantially complete and are focused on finalizing the remaining details. Additional information will be provided once the agreement is executed. The working capital support has materially strengthened operations and enabled continued progress across our backlog over the past several months.

我們認為原則性協議（agreement in principle）已大致完成，目前正專注於敲定剩餘細節。待協議正式簽署後，我們將提供更多資訊。營運資金支持已在過去數月顯著強化營運，並使我們得以在積壓訂單（backlog）上持續推進。

As part of a broader plan, we have also initiated the monetization of idle assets and non-core real estate. While these transactions take time to execute properly, we expect activity to build over the coming quarters with proceeds directed towards debt reduction. We are moving with urgency while maintaining a disciplined approach to ensure these assets are monetized thoughtfully.

作為更廣泛計畫的一部分，我們也已啟動閒置資產與非核心不動產的變現（monetization）。雖然這些交易需要時間才能妥善執行，但我們預期未來幾季活動將逐步增加，所得款項將用於降低負債。我們在保持紀律的同時加速推進，以確保這些資產能以審慎方式完成變現。

And at attractive values. Turning to this quarter's results. First quarter revenue was $172 million, inclusive of the revenue reversal of $18 million from noncash adjustments related to legacy dispute negotiations and resolutions. Gross loss for the quarter was $4.8 million, primarily driven by unfavorable adjustments of $26 million from legacy dispute resolutions and the M&P business, of which $18 million were noncash impacts. These adjustments reflect continued progress in addressing legacy matters and further positioning the business for improved operational performance going forward.

並以具吸引力的估值完成。接著談本季業績。第一季營收為 1.72 億美元，其中包含因既有爭議協商與和解相關的非現金調整所造成的 1,800 萬美元營收回轉（reversal）。本季毛損為 480 萬美元，主要受既有爭議和解及 M&P 業務帶來的 2,600 萬美元不利調整影響，其中 1,800 萬美元為非現金影響。這些調整反映我們在處理既有事項方面持續取得進展，並進一步使業務定位於未來營運表現的改善。

Importantly, we expect to collect approximately $11 million in the coming weeks from the resolution of a legacy dispute with proceeds intended to further reduce the senior term loan facility. The income statement impact associated with this resolution was recorded in the first quarter, and we expect a further balance sheet impact to be recognized in the second quarter due to the timing of billing and cash receipt.

重要的是，我們預期在未來幾週內，將因一項既有爭議的解決而收取約 1,100 萬美元，該筆款項擬用於進一步償還優先定期貸款融資（senior term loan facility）。與此解決方案相關的損益表影響已於第一季入帳；由於開立帳單與收款時點的差異，我們預期第二季將確認進一步的資產負債表影響。

This represents another step forward in converting legacy matters into liquidity and strengthening the balance sheet. The vast majority of our contract assets balance relates to legacy projects where construction activities are already completed. We continue to actively pursue all avenues to collect the amounts owed to us and expect to make meaningful progress throughout 2026 to resolving these matters and converting them into cash, which we intend to use to further reduce our debt and strengthen our balance sheet.

這代表我們在將既有事項轉化為流動性並強化資產負債表方面又向前邁進一步。我們合約資產（contract assets）餘額的絕大部分與既有專案相關，且這些專案的施工活動已完成。我們持續積極透過各種途徑追討應收款項，並預期在 2026 年期間於解決這些事項並將其轉換為現金方面取得實質進展；我們擬將該等現金用於進一步降低負債並強化資產負債表。

Our legacy portfolio also continues to shrink. We are down to $71 million of M&P backlog with three projects in active construction and $42 million of non-M&P legacy backlog remaining. We expect the three M&P projects to be substantially completed this year and remaining non-M&P legacy project to go into 2027.

我們的既有投資組合也持續縮減。目前 M&P 積壓訂單降至 7,100 萬美元，其中有三個專案正在施工；另有 4,200 萬美元的非 M&P 既有積壓訂單尚未完成。我們預期三個 M&P 專案將於今年大致完工，而剩餘的非 M&P 既有專案將延續至 2027 年。

As these projects are completed and outstanding disputes are resolved, we expect our overall earnings risk to continue declining. At the same time, our core backlog remains strong and continues to demonstrate the quality of our underlying business. This was highlighted in the quarter by a 14% gross margin in our Civil segment, driven by execution on core projects.

隨著這些專案完工及未決爭議獲得解決，我們預期整體獲利風險將持續下降。同時，我們的核心積壓訂單仍然強勁，並持續展現我們基礎業務的品質。本季在土木（Civil）事業部門的 14% 毛利率即為例證，主要由核心專案的執行所帶動。

The $48 million data center project announced last quarter remains on track for completion within the next two months and is an example of our strategy to focus on high-margin, short-duration projects within our core markets. This project is being led by a team of tenured managers, which is the same group executing short duration, high-margin emergency projects in the region.

上季宣布的 4,800 萬美元資料中心專案仍按計畫推進，預計在未來兩個月內完工，並體現我們聚焦於核心市場中高毛利、短工期專案的策略。該專案由一支資深管理團隊主導，亦即同一批在該地區執行短工期、高毛利緊急專案的團隊。

The market backdrop across our core end market also remains strong. Federal, state and local infrastructure funding continues to translate into active procurement for water, bridge, marine and tunnel work. As we move towards finalizing the broader financing agreement, we expect increased bonding support and bidding activity to continue increasing with several key bids and proposals expected to be submitted this week. We expect a combination of improving financial flexibility, a shrinking legacy portfolio and strong market demand positions us well to convert upcoming opportunities into awards over the coming months.

我們核心終端市場的市場環境仍然強勁。聯邦、州與地方的基礎建設資金持續轉化為水務、橋梁、海事與隧道工程的積極採購。隨著我們朝完成更廣泛的融資協議邁進，我們預期保證保險（bonding）支持將增加，投標活動也將持續升溫；本週預計將提交數項關鍵投標與提案。我們預期，財務彈性改善、歷史遺留組合縮減以及強勁的市場需求三者結合，將使我們在未來數月能夠把即將到來的機會轉化為得標。

Active pursuits in our pipeline include the Phase 3 Winnipeg North End sewage treatment plant, packages on the GDOT I-285 top-end Express Lanes in Georgia, various marine and bridge opportunities in the Southeast, packages on the Gardner Expressway Rehabilitation in Toronto, the MoDOT Liberty Bend Bridge design build in Missouri, the 42-inch pipeline seamar in Texas, the NTMWD Fossil Creek wastewater treatment plant design build in Texas, the BW Pipeline and Tunnel in Dallas, the Clayborn Pell Bridge rehabilitation in Rhode Island and the MTA Bronx Whitestone Bridge rehabilitation in New York.

我們管線中的積極追案包括：溫尼伯北端污水處理廠第三期、喬治亞州 GDOT I-285 北端快速車道（Express Lanes）相關標包、東南部多項海事與橋梁機會、多倫多 Gardner 快速道路整修工程相關標包、密蘇里州 MoDOT Liberty Bend Bridge 設計—建造案、德州 42 吋管線海上段（seamar）、德州 NTMWD Fossil Creek 污水處理廠設計—建造案、達拉斯 BW 管線與隧道工程、羅德島州 Clayborn Pell Bridge 整修工程，以及紐約州 MTA Bronx Whitestone Bridge 整修工程。

In summary, we have begun executing the strategic plan we outlined in March. Our surety partners have provided capital to support execution. Our senior credit facility has been restructured to provide meaningful cash debt service relief and we are nearing completion of the broader financing agreement. While we are encouraged by this progress, more important work remains ahead.

總結而言，我們已開始執行我們在三月所概述的策略計畫。我們的保證保險合作夥伴已提供資本以支持執行。我們的優先擔保信貸融資已完成重整，以提供實質的現金債務償付紓困，而我們也即將完成更廣泛的融資協議。儘管我們對此進展感到鼓舞，但更重要的工作仍在前方。

Our operational priorities continue to be winding down legacy projects, collecting cash on outstanding legacy disputes, executing on our strong core backlog and targeting new high-margin opportunities that align with our core capabilities. Lastly, I want to thank our experienced team for their continued dedication, resilience and commitment as we execute on these priorities.

我們的營運優先事項仍包括：逐步收尾歷史遺留專案、就未結的歷史遺留爭議收回現金、執行我們強勁的核心在手訂單（backlog），並鎖定與核心能力相符的新高毛利機會。最後，我要感謝我們經驗豐富的團隊在執行這些優先事項時持續展現投入、韌性與承諾。

The steps ahead have been carefully planned for, and we are now focused on putting the final pieces in place to complete this transition. With the right team, deep industry experience and a clear strategic focus, I know we are well positioned to navigate the path ahead and create long-term value. With that, I'll now turn the call over to Keith for a financial update.

接下來的步驟都已周密規劃，我們目前專注於把最後幾塊拼圖就位，以完成這次轉型。憑藉合適的團隊、深厚的產業經驗與清晰的策略聚焦，我相信我們已具備良好條件，能夠走過前方道路並創造長期價值。接下來我把電話會議交給 Keith，請他提供財務更新。

Thank you, Frank, and good morning, everyone. I will discuss an overview of our financial performance during the first quarter of 2026. You can find additional details and information in the financial statements, footnotes and management's discussion and analysis that were filed on Form 10-Q last night.

謝謝你，Frank，各位早安。我將說明我們 2026 年第一季的財務表現概況。更多細節與資訊可參閱我們昨晚以 Form 10-Q 提交的財務報表、附註以及管理階層討論與分析（MD&A）。

Revenue in the first quarter was $172 million compared to $239 million in the same period in 2025. Gross loss in the quarter was $4.8 million compared to gross profit of $21.5 million in the first quarter of 2025. This was driven by unfavorable adjustments of $26 million from legacy dispute resolutions and the M&P business, of which $18 million were noncash impacts.

第一季營收為 1.72 億美元，較 2025 年同期的 2.39 億美元下降。本季毛損為 480 萬美元，相較之下，2025 年第一季毛利為 2,150 萬美元。主要原因為來自歷史遺留爭議解決與 M&P 業務的 2,600 萬美元不利調整，其中 1,800 萬美元為非現金影響。

Selling, general and administrative expenses in the first quarter were $14.9 million, a decrease of $1.5 million compared to the same period in 2025. The decrease was primarily driven by a $2.4 million reduction in compensation expense, a $600,000 decrease in professional fees and a $500,000 decrease in real estate and personal property taxes, partially offset by a $2.1 million increase in business transformation expenses. The reduction in selling, general and administrative expenses reflects our commitment to reducing our administrative spend to better align with our revenue volume.

第一季銷售、一般及行政費用為 1,490 萬美元，較 2025 年同期減少 150 萬美元。下降主要來自薪酬費用減少 240 萬美元、專業服務費減少 60 萬美元，以及不動產與動產稅減少 50 萬美元；部分被業務轉型費用增加 210 萬美元所抵銷。銷售、一般及行政費用的降低反映我們致力於削減管理費用支出，以更貼近我們的營收規模。

Exclusive of business transformation expenses, selling, general and administrative expense was 7% of revenue in the quarter. Interest expense for the quarter totaled $8.7 million, a decrease of $200,000 compared to the same period in 2025, primarily due to lower total debt outstanding. Cash interest in the quarter was $8.5 million, the difference mainly attributable to the suspended interest service on our senior term loan, which started in late March.

若排除業務轉型費用，本季銷售、一般及行政費用占營收比重為 7%。本季利息費用合計 870 萬美元，較 2025 年同期減少 20 萬美元，主要因未償還總債務較低。本季現金利息為 850 萬美元，差異主要歸因於我們的優先定期貸款自三月下旬起暫停支付利息。

Income tax expense was approximately $19,000 for the quarter compared to a $300,000 benefit in the same period last year. As we discussed on our last call, we recorded a valuation allowance against our domestic deferred tax assets in the third quarter of 2025. As a reminder, that valuation allowance does not limit our ability to use these deferred tax assets in the future.

本季所得稅費用約為 1.9 萬美元，去年同期則為 30 萬美元的稅務利益。如同我們在上次電話會議所提到的，我們在 2025 年第三季對國內遞延所得稅資產提列估值備抵（valuation allowance）。提醒各位，該估值備抵不會限制我們未來使用這些遞延所得稅資產的能力。

Our effective tax rate for the quarter was approximately 0. Net loss attributable to Southland stockholders in the first quarter was $28.4 million or a loss of $0.52 per diluted share compared to a net loss of $4.6 million or a loss of $0.08 per diluted share in the first quarter of 2025. EBITDA in the first quarter was negative $14.1 million compared to a positive $10.1 million in the first quarter of 2025.

本季有效稅率約為 0。第一季歸屬於 Southland 股東的淨損為 2,840 萬美元，或每股稀釋後虧損 0.52 美元；相較之下，2025 年第一季淨損為 460 萬美元，或每股稀釋後虧損 0.08 美元。第一季 EBITDA 為負 1,410 萬美元，2025 年第一季則為正 1,010 萬美元。

As I mentioned earlier, this quarter's results were impacted by unfavorable adjustments of $26 million from legacy dispute resolutions and the M&P business, of which $18 million were noncash impacts. Now to touch on segment performance for the quarter. Our Civil segment had revenue of $103.8 million compared to $102.9 million in the same period in 2025.

如我先前提到，本季結果受到來自歷史遺留爭議解決與 M&P 業務的 2,600 萬美元不利調整影響，其中 1,800 萬美元為非現金影響。接著簡要說明本季各事業部門表現。我們的土木（Civil）部門營收為 1.038 億美元，較 2025 年同期的 1.029 億美元略增。

Civil gross profit was $14.7 million or a 14.1% margin compared to a gross profit of $22.6 million or a 22% margin in the prior year period. Our Transportation segment had revenue of $68.6 million, a decrease of $68 million from the same period in 2025. Transportation had a gross loss of $19.4 million compared to a gross loss of $1.2 million in the same period in the prior year.

土木部門毛利為 1,470 萬美元，毛利率 14.1%；相較之下，去年同期毛利為 2,260 萬美元，毛利率 22%。我們的運輸（Transportation）部門營收為 6,860 萬美元，較 2025 年同期減少 6,800 萬美元。運輸部門毛損為 1,940 萬美元，去年同期毛損為 120 萬美元。

The increase in gross loss was primarily driven by a $13 million unfavorable adjustment from a dispute resolution on a project in the South and a $5 million unfavorable adjustment from a dispute resolution on an M&P project in the Southeast. The Materials & Paving business line contributed $11 million to revenue and a gross loss of $13.1 million in the first quarter compared to revenue of $18.1 million and a gross loss of $9.1 million in the same period in 2025.

毛損擴大主要由兩項不利調整所致：南部某專案爭議解決帶來 1,300 萬美元不利調整，以及東南部一項 M&P 專案爭議解決帶來 500 萬美元不利調整。材料與鋪面（Materials & Paving）業務線第一季貢獻營收 1,100 萬美元、毛損 1,310 萬美元；相較之下，2025 年同期營收為 1,810 萬美元、毛損為 910 萬美元。

M&P now represents approximately 4% of the total backlog, and we expect substantially all of the remaining M&P work to be complete by the end of 2026. Excluding M&P and the unfavorable adjustments from legacy dispute resolutions, our core business produced double-digit gross profit margins in the quarter. As we put the remaining legacy work behind us, we expect the consolidated margin profile to move toward our core performance.

M&P 目前約占總積壓訂單的 4%，我們預期剩餘的 M&P 工作幾乎全部將於 2026 年底前完成。若排除 M&P 以及因歷史爭議解決所造成的不利調整，我們的核心業務在本季實現了雙位數的毛利率。隨著我們把剩餘的歷史工作告一段落，我們預期合併後的利潤率結構將朝向核心表現靠攏。

We finished the quarter with approximately $1.88 billion of backlog, of which we expect to recognize approximately 38% as revenue over the next 12 months. Turning to liquidity. We ended the quarter with cash and cash equivalents of $20.5 million and total cash, including restricted cash of $32 million. During the quarter, our sureties advanced approximately $125 million under our general indemnity agreements to support ongoing project performance.

本季結束時，我們的積壓訂單約為 18.8 億美元，其中我們預期約 38% 將在未來 12 個月內認列為營收。接著談流動性。本季結束時，我們的現金及約當現金為 2,050 萬美元，包含受限制現金在內的總現金為 3,200 萬美元。本季期間，我們的保證公司依據一般補償協議預支約 1.25 億美元，以支持持續的專案履約。

As Frank noted, the principal and interest waiver on the senior facility, combined with the amounts funded by the sureties under the general indemnity agreements gives us the runway to execute on our backlog and complete our legacy wind down. Consistent with what we've communicated on our last call, our focus remains on closing out legacy work, improving the balance sheet through asset monetization and our surety partnership and executing on our core business in the markets and geographies where our margins are the strongest.

如 Frank 所提到，高級融資安排的本金與利息豁免，加上保證公司依一般補償協議所提供的資金，使我們有足夠的時間與資源來執行積壓訂單並完成歷史業務的收尾。與我們在上次電話會議所傳達的一致，我們的重點仍是結清歷史工作、透過資產變現與保證公司合作夥伴關係改善資產負債表，並在我們利潤率最強的市場與地理區域執行核心業務。

As Frank mentioned, we are making meaningful progress on the financing agreement with our surety partners, and we look forward to sharing those details once finalized. I'll now return the call to the operator for questions.

如 Frank 所提到，我們在與保證公司合作夥伴的融資協議方面正取得實質進展，待最終定案後，我們期待分享相關細節。接下來我把電話交回接線員進行提問。

(Operator Instructions)

(接線員指示)

Julio Romero, Sidoti & Company.

Julio Romero，Sidoti & Company。

Congratulations guys on being on the final stages of executing on your credit agreement. While we wait for those additional details, can you help us dive a little deeper into what the agreement means for you guys from an operational perspective, particularly around your ability to bid and go after new work. I believe you mentioned you'll be submitting some new bids this week. So I would love any more color on that as well.

恭喜各位已進入執行信貸協議的最後階段。在我們等待更多細節之際，能否請你們從營運角度更深入說明這項協議對你們的意義，特別是對你們投標並爭取新案的能力有何影響。我相信你們提到本週會提交一些新的投標案。也希望能就此提供更多說明。

Yes. Thank you, Julio. Now as far as the deal terms, we believe it's in the best interest of us and the sureties to work through this agreement with favorable terms and extended maturities. We've worked closely with our surety partners over the past few months. They reviewed our operations and business plan and are confident in the path forward. We just aren't in a spot yet to share specifics as we work through the final details.

好的。謝謝你，Julio。就交易條款而言，我們認為以有利條件與延長到期日來推進這項協議，符合我們與保證公司的共同最佳利益。過去幾個月我們與保證公司合作夥伴密切合作。他們已審視我們的營運與商業計畫，並對未來方向充滿信心。但在我們敲定最後細節之前，現在還不便分享具體內容。

As far as workload over the past few months, obviously, it's -- our bonding program has been a little undefined as we work through this financing agreement, but we're in the final stages of this agreement. And once it's finalized, we expect a comprehensive bonding program that supports the long-term plan. In the meantime, we've got about $1.8 billion of backlog to execute on and several key bids going forward.

至於過去幾個月的工作量，顯然在我們推進這項融資協議期間，我們的保證額度計畫一直有些不明確，但目前已進入協議的最後階段。一旦定案，我們預期將建立一套支持長期計畫的完整保證額度方案。同時，我們仍有約 18 億美元的積壓訂單需要執行，並且未來還有數個關鍵投標案。

And Julio, the market really does remain strong. We're seeing large water and wastewater opportunities across the Sunbelt bridge and bridge rehab projects in the North and Southeast. We're also seeing unique opportunities for our services on these large-scale data centers. We've been very intentional to align projects with -- that we were pursuing with the surety support that we had. As this agreement closes and bonding support expands, we expect bidding and award activity to step up over the back half of the year.

而且 Julio，市場確實仍然強勁。我們在陽光帶地區看到大型供水與污水處理機會，在北部與東南部也看到橋梁與橋梁整修專案。我們也在這些大型資料中心上看到我們服務的獨特機會。我們一直非常有意識地，將我們所追求的專案與現有的保證支持相匹配。隨著這項協議完成、保證支持擴大，我們預期在今年下半年投標與得標活動將會加速。

Perfect. And I was just hoping that towards the tail end of that, the types of projects you mentioned, waste -- water and wastewater, data center type of projects. Just curious how the comprehensive bonding plan kind of affects the projects that you'll be going after now? Will they be kind of -- will they maintain their short duration status? Will they be a little bit larger in nature? Just any additional color you could help as well.

很好。我也想在你剛才提到的那些專案類型上再追問一下，例如供水與污水處理、資料中心類型的專案。想請教完整的保證額度計畫會如何影響你們接下來要爭取的專案？它們會維持短工期的特性嗎？還是規模會更大一些？若能再補充一些說明就更好了。

Yes. Thanks, Julio. No, we continue to see that civil market being really strong. And so we're looking for those short -- we're looking for a lot of those short duration, higher-margin projects. The teams are fully engaged and executing well on that work. But transportation market is healthy as well. And so we continue to look for that optimal blend of transportation and civil projects. Both markets are healthy, but a heavy focus on those short duration, high-margin projects.

是的。謝謝你，Julio。我們仍然看到土木市場非常強勁。因此我們在尋找那些短工期、較高毛利的專案。團隊也全力投入並且在這些工作上執行良好。不過運輸市場同樣健康。因此我們持續尋求運輸與土木專案之間的最佳組合。兩個市場都很健康，但我們仍會高度聚焦於短工期、高毛利的專案。

Helpful. And just turning to this quarter's performance a bit. The Civil segment posted a 14% gross margin. Is that kind of a good baseline for the year absent any of the accelerated project closeouts you may be doing throughout the year?

很有幫助。再談一下本季的表現。土木事業部的毛利率為 14%。若不考慮你們全年可能進行的加速專案結案，這是否可作為今年的良好基準？

Yes, absolutely. Civil business continues to perform well. Our quarter was in line with our long-term target of those mid-teen gross margins. New awards we added in Q4 came in at really strong bid margins. So overall, we feel really good about where Civil is performing and headed.

是的，完全可以。土木業務持續表現良好。本季表現符合我們長期目標，也就是毛利率落在 10% 中段。我們在第四季新增的得標案，其投標毛利率非常強勁。整體而言，我們對土木業務目前的表現與未來走向都感到非常有信心。

There are no further questions at this time. I would now turn the call back to Frank Renda, President and CEO, for closing remarks.

目前沒有其他問題。我現在把電話交回總裁兼執行長 Frank Renda 作結語。

Thanks, everyone, for your interest in Southland and look forward to speaking again here soon.

感謝各位對 Southland 的關注，期待不久後再次與各位交流。

This concludes today's call. Thank you all for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。