Company: LGN
Filing Date: 2025-08-15
Form Type: S-1
Source: 0001193125-25-181698
Chunk: 322

Company: Legence Corp.
Filing Date: 2025-08-15
Form: S-1
Chunk 322
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) that are necessary
for a fair presentation of the Company’s financial position, results of operations, comprehensive loss and cash flows for the interim periods presented. The December 31, 2024 Condensed Consolidated Balance Sheet data was derived from the
2024 audited Consolidated Financial Statements but does not include all disclosures required by GAAP. The preparation of the Condensed Consolidated Financial Statements requires management to make certain estimates, judgments and assumptions that
affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures as of the date of the financial statements. Actual results could differ from those estimates.

Results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results that will be realized for the year
ending December 31, 2025, or for any future period.

Note 2—Summary of Significant Accounting Policies

Recent Accounting Pronouncements

Business Combinations and Consolidation—In May 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-03, “Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity” (“Update 2025-03”). This update revises current guidance for determining the accounting acquirer for a transaction effected
primarily by exchanging equity interests in which the legal acquiree is a variable interest entity (“VIE”) that meets the definition of a business. It requires that an entity consider the same factors that are currently required for
determining which entity is the accounting acquirer in other acquisition transactions. Update 2025-03 is effective for fiscal years beginning after December 15, 2026 and interim reporting periods within
those annual reporting periods, with early adoption permitted. Update 2025-03 requires that an entity apply the new guidance prospectively to any acquisition that occurs after the

F-69

Legence Holdings LLC and Subsidiaries

Notes to Condensed Consolidated Financial Statements—(Continued)

(Unaudited)

initial application date. The Company is currently evaluating the impact that the adoption of Update 2025-03 will have on its Consolidated Financial
Statements.

Income Statement—Expense Disaggregation- In November 2024, the FASB issued ASU
2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures” (“Update 2024-03”). This update
requires disclosure, in the notes to the financial statements, of