Company: LGN
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0002052568-25-000018
Chunk: 56

Company: Legence Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 56
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 and various overhead costs such as maintenance, depreciation, consumables, or equipment rentals, which are either directly related to the fulfillment of specific contract performance obligations or indirectly contribute to the overall customer service delivery fulfillment of multiple contracts and obligations. Costs associated with change orders, unresolved contract modifications, claims to or from owners and back-charge recoveries are recorded as incurred. Revisions to estimated total costs are reflected in the Company's measure of progress.These revisions, as well as the stage of completion of contracts in process and the mix of contracts at different margins, may cause fluctuations in gross profit from period to period, which may have a significant impact on the Condensed Consolidated Financial Statements. At the time a loss on a contract becomes probable, the entire amount of the estimated loss is accrued. Management monitors for circumstances that may affect the accuracy of its estimates.Disaggregation of RevenueThe Company’s revenue was derived from contracts to provide goods or services in the Engineering & Consulting and Installation & Maintenance segments. Refer to “Note 16—Segment Information” for additional information on reportable segments.The Company disaggregates revenue by service line as management believes this category best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. See details in the following table (in thousands):Three Months Ended September 30,Nine Months Ended September 30,Revenue by Service Line and Segment2025202420252024Engineering & Consulting: Engineering & Design$110,939 $99,712 $324,166 $244,394 Program & Project Management101,233 94,085 229,547 200,336 Total Engineering & Consulting segment212,172 193,797 553,713 444,730 Installation & Maintenance:Installation & Fabrication408,717 289,428 1,018,424 873,481 Maintenance & Service87,117 77,579 240,712 232,176 Total Installation & Maintenance segment495,834 367,007 1,259,136 1,105,657 Revenue$708,006 $560,804 $1,812,849 $1,550,387 For the three and nine months ended September 30, 2025, one customer of the Installation & Maintenance segment represented 10.0% and 7.5%, respectively, of the Company's revenue. No single customer accounted for more than 10% of revenue in the three and nine months