Legence Corp.
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 14, 2025
LGN$32.05-0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss | $(22,629) | $(9,443) |
| Adjustments to reconcile net loss to cash provided by operating activities: | ||
| Amortization of intangible assets | 61,888 | 59,506 |
| Depreciation of property and equipment | 23,723 | 21,481 |
| Amortization of debt issuance costs and discounts | 3,007 | 3,665 |
| Stock-based compensation | 21,881 | 8,726 |
| Deferred taxes | 6,378 | (4,616) |
| Equity in earnings of joint venture | (848) | (3,131) |
| Return on investment in joint venture | 500 | — |
| Operating lease right-of-use asset lease expense | 12,959 | 9,332 |
| Loss on debt extinguishment | 5,685 | — |
| Other | 148 | 3,320 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | (139,448) | 14,518 |
| Contract assets | (46,182) | (48,115) |
| Prepaid expenses and other current assets | 1,198 | (258) |
| Accounts payable | 94,542 | 9,904 |
| Accrued compensation and benefits | 34,355 | 21,183 |
| Accrued and other current liabilities | (4,110) | (35,799) |
| Contract liabilities | 120,027 | (20,855) |
| Operating lease liabilities, current and long-term | (10,727) | (7,527) |
| Other long-term assets and liabilities | (223) | 1,338 |
| Cash provided by operating activities | 162,124 | 23,229 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (24,734) | (12,776) |
| Consideration paid for acquisitions, net of cash acquired | (453) | (220,115) |
| Proceeds from sale of property and equipment | 226 | 191 |
| Cash used in investing activities | (24,961) | (232,700) |
| Cash flows from financing activities: | ||
| Term loan borrowings (including $2,495 and $38,500 in 2025 and 2024, respectively, from related parties) | 2,495 | 250,000 |
| Term loan payments (including $74,797 in 2025 to related parties) | (795,073) | (9,572) |
| Notes payable payments | (6,102) | (3,990) |
| Finance lease payments | (2,694) | (1,798) |
| Cash distributions to Legence Parent | — | (1,662) |
| Cash contributions from Legence Parent | — | 400 |
| Proceeds from IPO, net of underwriting discounts and commissions | 780,243 | — |
| Debt issuance costs | — | (1,091) |
| Payments of contingent consideration (including $(20,663) in 2024 from related parties) | — | (32,429) |
| Payments for deferred offering costs | (21,165) | — |
| Cash (used in) provided by financing activities | (42,296) | 199,858 |
| Increase (decrease) in cash and cash equivalents | 94,867 | (9,613) |
| Cash and cash equivalents, beginning of period | 81,167 | 88,920 |
| Cash and cash equivalents, end of period | $176,034 | $79,307 |
The supplemental disclosures to the Condensed Consolidated Statements of Cash Flows are included in "Note 19 – Other Financial Information".
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