Company: LGN
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0002052568-25-000018
Chunk: 136

Company: Legence Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 136
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 (in thousands):Three Months Ended September 30,Nine Months Ended September 30,Revenue by Service Line and Segment2025202420252024Engineering & Consulting: Engineering & Design$110,939 $99,712 $324,166 $244,394 Program & Project Management101,233 94,085 229,547 200,336 Total Engineering & Consulting segment212,172 193,797 553,713 444,730 Installation & Maintenance:Installation & Fabrication408,717 289,428 1,018,424 873,481 Maintenance & Service87,117 77,579 240,712 232,176 Total Installation & Maintenance segment495,834 367,007 1,259,136 1,105,657 Revenue$708,006 $560,804 $1,812,849 $1,550,387 For the three and nine months ended September 30, 2025, one customer of the Installation & Maintenance segment represented 10.0% and 7.5%, respectively, of the Company's revenue. No single customer accounted for more than 10% of revenue in the three and nine months ended September 30, 2024.Contract Assets and LiabilitiesDue to the nature of the Company’s performance obligations and the timing of contractual payment terms, the Company has material contract asset and liability balances. 

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Legence Corp.Notes to Condensed Consolidated Financial Statements - (Continued)(Unaudited)

Contract assets and contract liabilities on the Condensed Consolidated Balance Sheets consist of the following amounts (in thousands):September 30, 2025December 31, 2024Contract assets:Contract assets, net$234,302 $188,132 Other assets$2,379 $2,040 Contract liabilities$285,894 $164,130 Contract assets include $84.9 million and $78.3 million of contract retentions as of September 30, 2025 and December 31, 2024, respectively. Contract retentions included in contract assets are generally subject to substantial project completion and acceptance by the customer. Contract assets and liabilities fluctuate based on factors that occur in the normal course of business, including the volume of projects in progress at period end, the timing of negotiated payment terms, billing frequency and other differences in payment terms relative to revenue recognition.The increase in contract assets from December 31,