Company: LGN
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0002052568-25-000018
Chunk: 88

Company: Legence Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 88
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, electrical and plumbing (“MEP”) systems for new facilities and upgrading HVAC, lighting and building controls in existing facilities to make them more energy efficient and sustainable. Our clients include large technology and industrial companies and public sector institutions who contract with us directly to provide services, as well as intermediaries such as architects and general contractors who subcontract MEP services to us as part of a larger project. 

Recent Developments

On September 11, 2025, our registration statement on Form S-1 related to our IPO was declared effective by the Commission, and our Class A common stock ("Class A Common Stock") began trading on the Nasdaq Global Select Market, or the Nasdaq, under the ticker symbol “LGN” on September 12, 2025. Our IPO was completed on September 15, 2025. The Company sold 29,487,627 shares, including the partial exercise of the underwriters’ option to purchase additional shares, of its Class A Common Stock at a public offering price of $28.00 per share. Legence Corp. received net proceeds from the IPO of $780.2 million, net of underwriting discounts and commissions. Legence Corp. contributed the proceeds from the IPO in exchange for newly issued limited liability common equity interests in Legence Holdings and Legence Holdings used the net proceeds to pay outstanding offering costs and repay outstanding debt. 

In connection with the IPO, the Company completed the Corporate Reorganization and entered into a tax receivable agreement (the “TRA”).

The results of operations discussed in this report include those of Legence Holdings LLC prior to the Corporate Reorganization and the IPO and that of Legence Corp. and consolidated subsidiaries, including Legence Holdings LLC, following the completion of the Corporate Reorganization and the IPO. As a result, the unaudited condensed consolidated financial information may not give you an accurate indication of what our actual results would have been if the Corporate Reorganization and the IPO had been completed at the beginning of the periods presented, or be indicative of the results that will be realized for the year ended December 31, 2025, or for any future period.

Please refer to “Item 1. Financial Statements, Note 1—Nature of Operations and Basis of Presentation” in Notes to Condensed Consolidated Financial Statements for additional information related to the IPO, Corporate Reorganization, and related transactions.

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Disaggregation of Revenue

The contribution to our revenue by building type and client end market is as follows (dollars in thousands):