Company: LGN
Filing Date: 2025-11-03
Form Type: DRS
Source: 0001193125-25-262782
Chunk: 320

Company: Legence Corp.
Filing Date: 2025-11-03
Form: DRS
Chunk 320
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 |       25,744 |
| Contract assets, net                  |     |   |    2,966 |     |   |        2,475 |
| Total current assets                  |     |   |   16,226 |     |   |       39,610 |
| Other assets                          |     |   |      507 |     |   |          467 |
| Total assets                          |     | $ |   16,733 |     | $ |       40,077 |
| Accrued and other current liabilities |     | $ |    3,301 |     | $ |        1,448 |
| Contract liabilities                  |     |   |    5,363 |     |   |        4,471 |
| Total liabilities                     |     | $ |    8,664 |     | $ |        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 related-party revenue from subcontracts with these joint ventures of $0.8 million and $2.0 million during the three and six months ended June 30, 2025, respectively, and $1.0 million and $2.6 million during the three and six months ended June 30, 2024, respectively. These amounts are included in Revenue on the Condensed Consolidated Statements of Operations. Note 7—Debt Debt obligations consist of the following (in thousands):

|                                                     |     |   |  June 30, 
      2025 |   |     |   | December 31, 
         2024 |   |
|:----------------------------------------------------|:----|:--|----------:|:--|:----|:--|-------------:|:--|
| Term loan