Company: LGN
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0002052568-25-000018
Chunk: 115

Company: Legence Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 115
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Item 1. Financial Statements

Legence Corp.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

September 30, 2025December 31, 2024AssetsCurrent assets:Cash and cash equivalents$176,034 $81,167 Accounts receivable, net588,433 448,610 Contract assets, net234,302 188,132 Prepaid expenses and other current assets39,038 38,506 Total current assets1,037,807 756,415 Property and equipment, net of accumulated depreciation of $92,084 and $70,676 as of September 30, 2025 and December 31, 2024, respectively81,094 73,381 Operating lease right-of-use assets (including $20,705 and $23,375 as of September 30, 2025 and December 31, 2024, respectively, from related parties)106,469 90,922 Goodwill782,931 781,194 Intangible assets, net562,361 624,250 Other assets29,607 26,338 Total assets(a)$2,600,269 $2,352,500 Liabilities and EquityCurrent liabilities:Accounts payable$224,256 $126,502 Accrued compensation and benefits89,832 54,601 Accrued and other current liabilities25,659 28,490 Contract liabilities285,894 164,130 Current portion of operating lease liabilities (including $3,906 and $3,654 as of September 30, 2025 and December 31, 2024, respectively, from related parties)18,051 14,402 Current portion of long-term debt16,301 22,984 Total current liabilities659,993 411,109 Long-term debt, net of current portion (including $87,486 and $211,039 as of September 30, 2025 and December 31, 2024, respectively, from related parties)812,628 1,585,846 Operating lease liabilities, net of current portion (including $17,997 and $20,960 as of September 30, 2025 and December 31, 2024, respectively, from related parties)94,568 80,669 Tax receivable agreement liability - related party146,474 — Deferred tax liabilities, net41,543