Company: LGN
Filing Date: 2025-08-25
Form Type: S-1/A
Source: 0001193125-25-186788
Chunk: 290

Company: Legence Corp.
Filing Date: 2025-08-25
Form: S-1/A
Chunk 290
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 245,975 |     |   |   179,769 |
| Total Installation & Maintenance segment |                                     |                         | 1,497,000 |     |   | 1,188,816 |     |   |   917,892 |
| Revenue                                  |                                     | $                       | 2,098,602 |     | $ | 1,615,062 |     | $ | 1,246,501 |

No single customer accounted for more than 10% of revenue in the years ended December 31, 2024, 2023 or 2022. F-28

Legence Holdings LLC and Subsidiaries Notes to Consolidated Financial Statements Contract Assets and Liabilities Due 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. Contract assets represent revenue recognized in excess of amounts paid or payable to the Company on uncompleted contracts for which the right to bill is conditional on something other than the passage of time (e.g., the Company’s future performance on uncompleted contracts or performance obligations). Contract liabilities represent the Company’s obligation to perform on uncompleted contracts for which the Company has invoiced the customer or received payment. Contract assets and contract liabilities in the Consolidated Balance Sheets consist of the following amounts (in thousands):

| Contract assets:     |     | December 31, 
 2024         |         |     | 2023 |         |     | 2022 |        |
|:---------------------|:----|:-------------|--------:|:----|:-----|--------:|:----|:-----|-------:|
| Contract assets, net |     | $            | 188,132 |     | $    | 125,373 |     | $    | 91,481 |
| Other assets         |     | $            |   2,040 |     | $    |   1,772 |     | $    |  1,007 |
| Contract liabilities |     | $            | 164,130 |     | $    | 164,598 |     | $    | 94,711 |

Contract assets include $78.3 million, $83.1 million and $49.4 million of contract retentions as of December 31, 2024, 2023 and 2022, respectively. Contract retentions included in contract assets are generally subject to substantial project completion and acceptance by the