Company: LGN
Filing Date: 2025-11-03
Form Type: DRS
Source: 0001193125-25-262782
Chunk: 120

Company: Legence Corp.
Filing Date: 2025-11-03
Form: DRS
Chunk 120
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 been selected for a large number of projects by Black Bear’s clients offered to immediately pay Black Bear all of the fees that Black Bear          
 would earn in the future if all of the projects received permits, provided that Black Bear would agree to discount the fee amounts. Black Bear agreed to discount the fee amounts and recorded significantly higher revenues than would be typical in a   
 quarter. Given the unique nature of the transaction, we consider it to be non-recurring in nature. This adjustment is to eliminate the approximately $7.4 million profit we recorded from the transaction.                                                |

| (7) | Refer to “Note 18—Commitments and Contingencies” in the Notes to Consolidated Financial 
 Statements, for details on the nature of the settlement.                                |

Quarterly Non-GAAPInformation The following table provides a reconciliation of our Net (Loss) Income, the most directly comparable financial measure presented in accordance with GAAP, to Adjusted EBITDA, and a calculation of Adjusted EBITDA Margin for the quarterly periods below (dollars in thousands):

|                                                                   |     | For the Three Months Ended | March 31, 
      2024 |    |     |   | June 30, 
     2024 |   |     |   | September 30, 
          2024 |    |     |   | December 31, 
         2024 |    |     |   | March 31, 
      2025 |    |     |   | June 30, 
     2025 |    |
|:------------------------------------------------------------------|:----|:---------------------------|----------:|:---|:----|:--|---------:|:--|:----|:--|--------------:|:---|:----|:--|-------------:|:---|:----|:--|----------:|:---|:----|:--|---------:|:---|
| Net (Loss) Income                                                 |     | $                          |   (14,957 | )  |     | $ |    6,190 |   |     | $ |          (676 | )  |     | $ |      (18,200 | )  |     | $ |   (19,139 | )  |     | $ |   (3,869 | )  |
| Interest expense                                                  |     |                            |    20,867 |    |     |   |   20,818 |   |     |