Company: LGN
Filing Date: 2025-12-09
Form Type: S-1
Source: 0001193125-25-312729
Chunk: 275

Company: Legence Corp.
Filing Date: 2025-12-09
Form: S-1
Chunk 275
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ii) the right to receive benefits or the obligation to absorb losses that could be significant to Legence Holdings. Accordingly, Legence Corp. is the primary beneficiary and consolidates Legence Holdings in its consolidated financial statements. The assets of Legence Holdings can only be used to settle its own obligations. Refer to “Note 12—Noncontrolling Interests”. The Company has various contractual relationships with two professional corporations (“PCs”) that provide engineering and design services in New York and California. The Company does not own any equity interest in the PCs but provides most of the administrative functions, personnel and other resources required for the PCs to fulfill contracts with their customers. The Company receives fees from the PCs for these services. The Company is the primary beneficiary of the PCs. As such, the Company consolidates the PCs within the Condensed Consolidated Financial Statements. F-26

Legence Corp. Notes to Condensed Consolidated Financial Statements - (Continued) (Unaudited) The table below shows the carrying amounts and classification of the PCs’ assets and liabilities included on the Company’s Condensed Consolidated Balance Sheets, excluding intercompany balances (in thousands):

|                                       |     |   | September 30, 
          2025 |     |   | December 31, 
         2024 |
|:--------------------------------------|:----|:--|--------------:|:----|:--|-------------:|
| Cash                                  |     | $ |         3,938 |     | $ |       11,391 |
| Accounts receivable, net              |     |   |        12,256 |     |   |       25,744 |
| Contract assets, net                  |     |   |         3,044 |     |   |        2,475 |
| Total current assets                  |     |   |        19,238 |     |   |       39,610 |
| Other assets                          |     |   |           432 |     |   |          467 |
| Total assets                          |     | $ |        19,670 |     | $ |       40,077 |
| Accrued and other current liabilities |     | $ |         2,542 |     | $ |        1,448 |
| Contract liabilities                  |     |   |         6,450 |     |   |        4,471 |
| Total liabilities                     |     | $ |         8,992 |     | $ |