Company: LGN
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0002052568-25-000018
Chunk: 110

Company: Legence Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 110
---
 most directly comparable financial measure presented in accordance with GAAP, to Adjusted EBITDA, and a calculation of Adjusted EBITDA margin for the periods presented herein (dollars in thousands): 

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Net income (loss)$379 $(676)$(22,629)$(9,443)Interest expense28,183 23,707 88,228 65,392 Interest income(1,069)(523)(2,588)(4,356)Income tax expense4,078 4,564 13,662 9,500 Depreciation and amortization27,490 28,666 85,611 80,987 Credit agreement amendment fees(1)64 — 2,990 4,119 Net loss (gain) on sale and disposition of property and equipment21 (118)(199)(299)Loss on debt extinguishment5,685 — 5,685 — Acquisition and integration costs(2)1,169 881 2,935 7,069 System deployment costs(3)— 1,393 2,140 3,909 Strategic initiative costs(4)4,181 2,022 14,128 7,233 Stock-based compensation expense18,640 4,040 21,881 8,726 Adjusted EBITDA$88,821 $63,956 $211,844 $172,837 Net income (loss) margin0.1 %(0.1)%(1.2)%(0.6)%Adjusted EBITDA margin12.5 %11.4 %11.7 %11.1 %

(1)Represents costs incurred in connection with our debt refinancings in each of the periods presented. 

(2)For the three months ended September 30, 2025 and 2024, the figures include $0.8 million and $0.2 million, respectively, of acquisition costs recorded in acquisition-related costs and $0.4 million and $0.7 million, respectively, of acquisition integration costs recorded in selling, general and administrative costs in the Consolidated Condensed Statement of Operations. For the nine months ended September 30, 2025 and 2024, the figures include $1.0 million and $5.6 million, respectively,