second performance will cover and you, financial for prepared Frank, Thank good My morning, XXXX. everyone. the quarter of remarks our
and and that Form last night. discussion financial additional statements, XX-Q management the information can details was in analysis and on filed footnotes, You find
address the preliminary evening. select Thursday I we information like first to last would pre-announced financial
refer filings in as the founders shares to sponsor or As in connection the placements Inc., a with you private Corp. of Exchange number Legato the are significant shares Merger public of Corp. aware prior II. Commission, as there to from previous these Securities SEC, with or Southland were shares. now and issued Legato initial of offering known II, to We Holdings, Merger certain
the sponsor combination issued of Holdings the respect shares of X the the LLC were the business the shares. We as significant to after respective their shares target there target shares terms part and of agreements, shares Pursuant of target subject and days addition, LLC. provision Southland the Holdings lockup XXX shares. respect number business closing to these the with sellers In the sponsor of with to months after the to closing business with refer of combination to were shares expired Southland a combination, that the as to
which first of expiration had were provisions these desire upon XX, had opened after sell Monday, on and sponsor shareholders August believe markets have a company was the to As that a result, may the of non-affiliate period. shares reason such lockup the expiration trading yesterday, to day lockup the
that with statement Southland a the with filed business was March were registration LLC, agreement which SEC, on on maintain with which executed combination to the Form and and XX, rights in obligated XXXX. we resale on May Holdings effective XX, file effective S-X registration we to connection Pursuant an went XXXX,
order preserve of and on Form order availability and the market Form hours the preliminary announced, the As we second Monday, on period, plan have after yesterday previously lockup to, this to for the financial to information. pre-announce selling Thursday quarter's select XX-Q enough trading resale in on shareholders S-X expiration the the August information properly subsequently company the to for time information file XX. earnings did, Monday, August of company XX, digest decided to In the after
the $XX period. Revenue for the to the segments work our year lower these make awards $XXX discuss new a or amount an contributed XXXX. starts continue million initially of was year. expected albeit of slower same XXXX period-over-period as this of pace a for revenues. in decrease and results We of financial a and period won impact, progress Now Both second from quarter record we X% than the at new our last to million, through
risk As last from always weather, the the into quarters we and revenue subsequent factors. we many slipping delays, other project mentioned permitting of on have call,
be first the to full XXXX half and revenue of Given last the we impacted certain year made will as unfavorable through for revenue the the year. have that charges year it difficult slower with progress compared significantly quarter, in second grow the
the XXXX million same for a $XX decrease the of in negative quarter profit from $XX million, was Gross second of period XXXX.
Our majority Paving & this in The gross was quarter. by driven of the Materials our decision was second XX% profit business. margin negative decrease discontinue the line to of
from our Selling, XXXX. the decision The $XX Paving XXXX. the being a quarter million, driven second administrative costs an line of million period $XX was was same This driven discontinue also company. business. general million related the to quarter the period in $X by for primarily this decrease Materials negative same Operating income the of decrease of costs majority in & a from million, by and public of increase to was $XX were increase in
was Interest million, compared this million for million previously the an tax discussed. and the by income debt operations, tax higher balances. driver in the in profit majority an negative was $XX quarter was increase borrowing of tax for of million was of for $X Income for $X primary benefit same the increase increased period to quarter second period costs The XXXX. income from driven The benefit as XXXX. expense same gross $X the from
years, an resulting depending we S-corp XX% and credits, and Southland tax non-deductible out non-comparable range, in rate tax On that comparing basis, point to taxes. treatment in XX% be tax like earlier expect tax items, selection the subsidiaries in XXXX to I'd the certain prior of and local go-forward a the years. certain on to state when XXXX to had majority
in share of We negative net net $XX same the or $XX per to compared million period second loss of recorded in GAAP quarter a XXXX. million income $X.XX in the
basic backing count average are loss recorded We net shares. basic share share adjusted our $XX Today, or was $X.XX per XX.X of out weighted an negative outstanding shares million liability the income after of XX.X million. Our value same period XXXX, This for from compares changes by income the net in in in million adjusted fair an expenses. of XXXX. transaction-related offset earn-out $XX to the other million
EBITDA interest, quarter, or and of negative before earn-out in earnings second after $XX negative million adjusted million the amortization benefit In the fair EBITDA million transaction-related EBITDA $XX adjusted the compares liability $XX XXXX. and and of XXXX reversing value we for This period same the of depreciation and the of for taxes, expenses. from EBITDA in to produced changes out
on touch performance. to segment Now
$XX of $X For period same XXXX. the had segment decrease our a the from in revenues Civil quarter, of million million,
segment Civil from XXXX. of in profit decrease $X million, period Our gross the same a was $X million
revenue same of period quarter, our in compared X% gross the had in of a XX% As to Civil margin for a percentage profit the segment XXXX.
$X of Transportation revenues million, period decrease the a same had $XXX For in the our segment quarter, from of XXXX. million
of decrease million same period a Our Transportation from million, $XX gross was segment profit negative $XX in XXXX. the
As period profit compared our of Transportation revenue the quarter, for a a in segment percentage to negative XX% XXXX. had XX% the of same gross margin for
negative business million $XX profit second Paving to & quarter. $XX million line Materials The revenue in contributed to the and gross
have this $X and Our revenue of core of in results operating margin million of gross for & segment excluding been a results profit $XXX million Materials X%. profit Paving, or would gross
to Turning the sheet. balance
As of $XX XXXX, of cash paid additional debt we million, million of of $XX net June inclusive had considering $XXX our this quarter down restricted million. secured XX, before notes We on and borrowings. cash
$X.X at from the backlog quarter the to at Regarding our backlog, the decreased this end of end quarter. first billion $X.X slightly of billion
second in had second new million new During last we $XX in year. quarter awards, million quarter, the $XXX compares which awards in the to
second year, For year. backlog million the $X half awards in new billion compares first at million. end the the year. $XXX had XX% last This quarter with of first our $XXX increased of the from Year-over-year, the last of half we
for closing you commitment Southland. now pass Frank call remarks. your the to time Thank for and I'll in back
