Legence Corp.
For the period ended Mar 31, 2026. Filed May 14, 2026.
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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.
Mar 31, 2026 · Filed May 14, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets
(In thousands, except par value and share amounts)
| March 31, 2026 | December 31, 2025 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $244,620 | $230,166 |
| Accounts receivable, net | 827,255 | 584,060 |
| Contract assets, net | 355,750 | 259,941 |
| Prepaid expenses and other current assets | 42,974 | 36,179 |
| Total current assets | 1,470,599 | 1,110,346 |
| Property and equipment, net of accumulated depreciation of $106,729 and $98,650 as of March 31, 2026 and December 31, 2025, respectively | 115,361 | 92,333 |
| Operating lease right-of-use assets (including $19,082 and $20,025 as of March 31, 2026 and December 31, 2025, respectively, from related parties) | 143,794 | 117,139 |
| Goodwill | 841,958 | 764,336 |
| Intangible assets, net | 843,266 | 551,420 |
| Other assets | 68,130 | 43,822 |
| Total assets(a) | $3,483,108 | $2,679,396 |
| Liabilities and Equity | ||
| Current liabilities: | ||
| Accounts payable | $350,316 | $246,161 |
| Accrued compensation and benefits | 120,264 | 68,064 |
| Accrued and other current liabilities | 73,849 | 16,475 |
| Contract liabilities | 543,280 | 339,462 |
| Current portion of operating lease liabilities (including $3,946 and $3,920 as of March 31, 2026 and December 31, 2025, respectively, from related parties) | 27,402 | 21,300 |
| Current portion of long-term debt | 18,297 | 16,694 |
| Total current liabilities | 1,133,408 | 708,156 |
| Long-term debt, net of current portion (including $96,545 and $84,735 as of March 31, 2026 and December 31, 2025, respectively, from related parties) | 1,008,769 | 812,398 |
| Operating lease liabilities, net of current portion (including $16,290 and $17,282 as of March 31, 2026 and December 31, 2025, respectively, from related parties) | 123,250 | 103,762 |
| Tax receivable agreement liability - related party | 208,838 | 207,448 |
| Deferred tax liabilities, net | 45,149 | 46,714 |
| Other long-term liabilities | 12,655 | 12,123 |
| Total liabilities(a) | 2,532,069 | 1,890,601 |
| Commitments and contingencies (Note 18) | ||
| Stockholders' equity | ||
| Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding as of March 31, 2026 and December 31, 2025 | — | — |
| Class A common stock $0.01 par value, 1,000,000,000 shares authorized, 67,338,099 and 63,856,975 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 673 | 638 |
| Class B common stock $0.01 par value, 200,000,000 shares authorized, 40,699,833 and 41,479,954 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 407 | 415 |
| Additional paid-in capital | 796,998 | 701,791 |
| Accumulated deficit | (293,855) | (309,949) |
| Accumulated other comprehensive income (loss) | 1,221 | (698) |
| Total Legence stockholders' equity | 505,444 | 392,197 |
| Noncontrolling interests | 445,595 | 396,598 |
| Total stockholders' equity | 951,039 | 788,795 |
| Total liabilities and stockholders' equity | $3,483,108 | $2,679,396 |
(a) As of March 31, 2026, total assets include $18.8 million and total liabilities include $8.7 million for consolidated variable interest PCs as defined in “Note 6—Variable Interest Entities and Equity Method Investments”. As of December 31, 2025, total assets include $21.8 million and total liabilities include $9.4 million for consolidated variable interest PCs. Substantially all of the remaining total assets and total liabilities are attributable to the consolidated Legence Holdings variable interest entity, excluding the Tax receivable agreement liability (refer to “Note 14—Tax Receivable Agreement”) and deferred tax assets net of valuation allowance of $51.9 million and $29.5 million included in Other assets as of March 31, 2026 and December 31, 2025, respectively. Assets of the variable interest entities can only be used to settle the liabilities of those entities. Refer to “Note 6—Variable Interest Entities and Equity Method Investments” for additional information.
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