Company: LGN
Filing Date: 2025-09-02
Form Type: S-1/A
Source: 0001193125-25-193346
Chunk: 147

Company: Legence Corp.
Filing Date: 2025-09-02
Form: S-1/A
Chunk 147
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 adjustments for non-cash items was mostly offsetting in nature and is detailed on the Condensed Consolidated Statements of Cash Flows.

Cash flows from operating activities decreased $4.6 million during 2024 compared to 2023. This decrease is primarily attributable to
fluctuations in the main components of working capital, as detailed in the Consolidated Statements of Cash Flows. Specifically, net loss decreased by $18.4 million, while the benefit was partially offset by a $22.5 million decrease in cash
provided by the effects of changes in operating assets and liabilities. The decrease from changes in operating assets and liabilities is primarily attributable to an increase in contract assets of $27.3 million due to increased revenue and
contract retentions and the decrease in accrued and other current liabilities of $37.9 million, approximately half of which related to the payment of contingent earnouts from acquisitions in excess of the amounts of the acquisition-date fair
value of the liability. These changes were partially offset by other operating assets and liabilities, primarily an increase in accounts payable of $15.7 million due to the volume and timing of payments to vendors, and a $98.9 million
benefit from changes in accounts receivable due to the timing of collections from customers. The impact of adjustments for noncash items was mostly offsetting in nature and is detailed on the Consolidated Statements of Cash Flows.

Cash flows from operating activities increased $6.9 million during 2023 compared to 2022. This increase is primarily attributable to a
smaller net loss from the business adjusted for noncash items and fluctuations in the main components of working capital, as detailed in the Consolidated Statements of Cash Flows. Specifically, net loss decreased by $36.2 million, while the
benefit was partially offset by a $25.7 million decrease in cash provided by the effects of changes in operating assets and liabilities. The decrease from changes in operating assets and liabilities is primarily attributable to an increase in
contract assets of $21.8 million due to increased revenue and contract retentions, as well as a decrease in accounts payable of $22.3 million due to the volume and timing of payments to vendors. These changes were partially offset by other
operating assets and liabilities, primarily a $14.3 million benefit from changes in accounts receivable due to the timing of collections from customers. The impact of adjustments for noncash items was mostly offsetting in nature and is detailed
on the Consolidated Statements of Cash Fl