Company: LGN
Filing Date: 2025-08-25
Form Type: S-1/A
Source: 0001193125-25-186788
Chunk: 304

Company: Legence Corp.
Filing Date: 2025-08-25
Form: S-1/A
Chunk 304
---
31, 2024. F-39

Legence Holdings LLC and Subsidiaries Notes to Consolidated Financial Statements Note 7—Property and Equipment, net Property and equipment are summarized by major classifications as follows (in thousands):

|                                 | Property and equipment classification | December 31, |    2024 |   |     |   |    2023 |   |
|:--------------------------------|:--------------------------------------|:-------------|--------:|:--|:----|:--|--------:|:--|
| Autos and trucks                |                                       | $            |  38,622 |   |     | $ |  34,359 |   |
| Computer equipment and software |                                       |              |  37,450 |   |     |   |  31,567 |   |
| Leasehold improvements          |                                       |              |  22,489 |   |     |   |  15,090 |   |
| Equipment and tools             |                                       |              |  27,530 |   |     |   |  21,561 |   |
| Office furniture and other      |                                       |              |   5,164 |   |     |   |   2,998 |   |
| Finance lease assets (1)        |                                       |              |  12,242 |   |     |   |   8,452 |   |
| Work-in-progress                |                                       |              |     560 |   |     |   |     938 |   |
| Property and equipment, gross   |                                       |              | 144,057 |   |     |   | 114,965 |   |
| Less: Accumulated depreciation  |                                       |              | (70,676 | ) |     |   | (43,221 | ) |
| Property and equipment, net     |                                       | $            |  73,381 |   |     | $ |  71,744 |   |

| (1) | See “Note 8—Leases” for further information. |

The depreciation expense on property and equipment amounted to $29.9 million, $22.7 million and $16.6 million for the years ended December 31, 2024, 2023 and 2022, respectively. A portion of depreciation expense is included in Cost of revenue on the Consolidated Statements of Operations, which totaled $13.7 million, $12.6 million and