Company: LGN
Filing Date: 2025-07-15
Form Type: DRS/A
Source: 0000950123-25-006399
Chunk: 331

Company: Legence Corp.
Filing Date: 2025-07-15
Form: DRS/A
Chunk 331
---
 Holdings LLC and Subsidiaries Notes to Condensed Consolidated Financial Statements—(Continued) (Unaudited) The table below shows the carrying amounts and classification of the PCs’ assets and liabilities included on the Company’s Condensed Consolidated Balance Sheets, excluding intercompany balances (in thousands):

|                                       |     |   | March 31, 
      2025 |     |   | December 31, 
         2024 |
|:--------------------------------------|:----|:--|----------:|:----|:--|-------------:|
| Cash                                  |     | $ |     4,492 |     | $ |       11,391 |
| Accounts receivable, net              |     |   |    11,825 |     |   |       25,744 |
| Contract assets, net                  |     |   |     3,163 |     |   |        2,475 |
| Total current assets                  |     |   |    19,480 |     |   |       39,610 |
| Other assets                          |     |   |       493 |     |   |          467 |
| Total assets                          |     | $ |    19,973 |     | $ |       40,077 |
| Accrued and other current liabilities |     | $ |     2,946 |     | $ |        1,448 |
| Contract liabilities                  |     |   |     4,946 |     |   |        4,471 |
| Total liabilities                     |     | $ |     7,892 |     | $ |        5,919 |

The assets of the PCs can only be used to settle their own obligations. The Company and the PCs have a promissory note agreement that allows each PC to borrow up to $1.0 million from the Company; however, no amounts have been borrowed. The Company’s Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows, net of intercompany eliminations, are impacted by the performance of the PCs. The Company’s Condensed Consolidated Financial Statements show noncontrolling interests, which represent the equity owned by the PCs’ owner. Equity Method Investments The Company has investments in, and transactions with, a number of unconsolidated joint ventures. The investments and earnings are immaterial. In addition, the Company recognized $1.2 million and $1