Company: LGN
Filing Date: 2025-09-02
Form Type: S-1/A
Source: 0001193125-25-193346
Chunk: 335

Company: Legence Corp.
Filing Date: 2025-09-02
Form: S-1/A
Chunk 335
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 Legence were prepared in accordance with accounting principles generally accepted in
the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do
not include all information or notes required by GAAP for annual financial statements and should be read together with the Company’s audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2024 included
in this Form S-1. In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements includes all adjustments (consisting of normal recurring adjustments) that are necessary
for a fair presentation of the Company’s financial position, results of operations, comprehensive loss and cash flows for the interim periods presented. The December 31, 2024 Condensed Consolidated Balance Sheet data was derived from the
2024 audited Consolidated Financial Statements but does not include all disclosures required by GAAP. The preparation of the Condensed Consolidated Financial Statements requires management to make certain estimates, judgments and assumptions that
affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures as of the date of the financial statements. Actual results could differ from those estimates.

Results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results that will be realized for the year
ending December 31, 2025, or for any future period.

Note 2—Summary of Significant Accounting Policies

Recent Accounting Pronouncements

Business Combinations and Consolidation—In May 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-03, “Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity” (“Update 2025-03”). This update revises current guidance for determining the accounting acquirer for a transaction effected
primarily by exchanging equity interests in which the legal acquiree is a variable interest entity (“VIE”) that meets the definition of a business. It requires that an entity consider the same factors that are currently required for
determining which entity is the accounting acquirer in other acquisition transactions. Update 2025-03 is effective for fiscal years beginning after December 15, 2026 and interim reporting periods within
those annual reporting periods, with early adoption permitted. Update 2025-03 requires that an entity apply the new guidance prospectively to any acquisition that occurs after the

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