Company: LGN
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0002052568-25-000018
Chunk: 28

Company: Legence Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 28
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 indicates that we are booking backlog and awarded contracts at the same pace as we are recognizing revenue, suggesting stable revenue in future periods. A book-to-bill ratio above 1.0 indicates that backlog and awarded contracts are outpacing revenue, which could indicate an increase in revenue in future periods. Conversely, a book-to-bill ratio below 1.0 indicates that backlog and awarded contracts are trailing revenue, which could indicate a decrease in future revenue. Given that backlog and awarded contracts and book-to-bill ratio are operational measures and that our methodology for calculating backlog and awarded contracts and book-to-bill ratio does not meet the definition of a non-GAAP measure, as that term is defined by the Commission, a quantitative reconciliation for each is not required nor provided. 

The following table presents our backlog and awarded contracts and book-to-bill ratio by reportable segment with book-to-bill ratio calculated during the periods noted (dollars in thousands): 

September 30,20252024Engineering & ConsultingBacklog$552,181 $546,371Awarded contracts342,553 335,098 Backlog and awarded contracts$894,734 $881,469 Book-to-bill ratio for the three months ended September 301.0x1.0xBook-to-bill ratio for the nine months ended September 301.1x1.1xInstallation & MaintenanceBacklog$1,765,626 $1,028,531 Awarded contracts405,088 459,571 Backlog and awarded contracts$2,170,714 $1,488,102 Book-to-bill ratio for the three months ended September 301.7x1.5xBook-to-bill ratio for the nine months ended September 301.4x1.5xTotalBacklog$2,317,807 $1,574,902 Awarded contracts747,641 794,669 Backlog and awarded contracts$3,065,448 $2,369,571 Book-to-bill ratio for the three months ended September 301.5x1.3xBook-to-bill ratio for the nine months ended September 301.3x1.4x

The increase in backlog and awarded contracts from September 30, 2024 to September 30, 2025 resulted from an increase in awards in both segments. The modest increase in Engineering & Consulting was primarily driven by new projects within the state & local government client