南land控股有限公司2025年季度报告

EXCHANGEACT OF 1934For the transition period fromto complying with any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act☐Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).☐Yes☒No TABLE OF CONTENTS ITEM3. Quantitative and Qualitative Disclosures About Market Risk30 or other outcomes to differ materially from those expressed or implied in the forward-looking statements inthis Quarterly Report:●Litigation, complaints, product liability claims and/or adverse publicity;●The impact of changes in consumer spending patterns, consumer preferences, local, regional Item 1. Financial Statements (Amounts in thousands, except share and per share data)Asof Cash and cash equivalents$65,052$72,185Restricted cash16,06415,376Accounts receivable, net171,920179,320Retainage receivables111,179112,264Contract assets493,879483,181 Investments - unconsolidated entities129,177126,705Investments - limited liability companies2,5902,590Investments - private equity2,6852,699Deferred tax asset56,06154,531Goodwill1,5281,528Intangible assets, net1,1801,180Other noncurrent assets1,5401,539Total noncurrent assets317,975321,997Total assets$1,202,929$1,203,649 Contract liabilities256,594249,706Total current liabilities638,288621,142Long-term debt241,309255,625Long-term operating lease liabilities10,07910,791Deferred tax liabilities292292Financing obligations, net41,47241,468Long-term accrued liabilities58,07558,075 PreferredCommonPreferredCommonAdditionalAccumulPaid-In instruments based on an assessment of the instruments’ specific terms and applicable authoritative guidancein FASB ASC 480, “Distinguishing Liabilities from Equity” (“ASC 480”), and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the instruments are freestanding financialinstruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the instruments meet all of the requirements for equity classification under ASC 815, including whether theinstruments are indexed to the Company’s own common shares and whether the instrument holders couldpotentially require “net cash settlement” in a circumstance outside of the Company’s control, among other instruments are outstanding. The Company has concluded that the public Warrants and private Warrantsissued pursuant to the Warrant agreement qualify for equity accounting treatment.Note 3. Fair Value of Investments (Amounts in thousands)FairValueLevel1Level2Level3Investments NoncurrentPrivate equity2,685——2,685Total noncurrent2,685——2,685Overall Total$2,685$—$—$2,685 (Amounts in thousands)FairValueLevel1Level2Level3Investments NoncurrentPrivate equity2,699——2,699Total noncurrent2,699——2,699Overall Total$2,699$—$—$2,699 by the percentage of cost incurred to date to the estimated total cost for each contract. This method is usedbecause we believe expended cost to be the best available measure of progress on contracts. Our contracts are primarily in the form of firm fixed-price and fixed-price per unit. A large portionof our contracts have scope defined adequately, which allows us to estimate total contract value upon the contractual promises to transfer a distinct good or service to a customer. These are grouped into specificperformance obligations. This process requires significant management judgement. Most of our contracts have a single performance obligation. For contracts with multiple performance obligations, we allocate thetotal transaction price based on the estimated standalone selling price, which is the total project costs plus abudgeted margin percentage, for each of the performance obligations.Revenue is recognized when, or as, the performance obligations are satisfied. Our contracts do notinclude a significant financing component. Costs to obtain contracts are generally not significant and are margin on a particular project.Our contract structures typically allow for variable consideration. A significant portion of this can include volume discounts, performance bonuses, incentives, liquidated damages, and other terms thatcan either raise or lower the total transaction price. We estimate variable consideration based on the Operating Decision Maker (“CODM”), the Chief Executive Officer, uses these segments in order to operatethe business. Our segments offer different specialty infrastructure services. Our CODM regularly reviews composed of similar business units that specialize in specialty infrastructure projects that are unique. Our business is managed using revenue and gross profit primarily. Our CODM regularly uses thisinformation to review operating results, plan future bids, allocate resources, target customers, and planfuture growth and capital allocations. To determine reportable segment gross profit, certain allocations, (Amounts in thousands)March31,2025March31,2024%ofSegment%ofSegmentSegmentGross Profit (Loss)RevenueGros