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
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
(In thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net income (loss) | $17,394 | $(19,139) |
| Adjustments to reconcile net income (loss) to cash provided by operating activities: | ||
| Amortization of intangible assets | 32,554 | 21,462 |
| Depreciation of property and equipment | 9,722 | 7,889 |
| Amortization of debt issuance costs and discounts | 425 | 1,084 |
| Stock-based compensation | 36,652 | (4,458) |
| Compensation expense - Performance Interests | 3,763 | — |
| Deferred taxes | (19,321) | (1,452) |
| Equity in earnings of joint venture | (504) | (460) |
| Operating lease right-of-use asset lease expense | 6,877 | 4,001 |
| Other | 31 | (200) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | (59,199) | 32,451 |
| Contract assets | (25,711) | (9,991) |
| Prepaid expenses and other current assets | (1,549) | (664) |
| Accounts payable | 26,144 | (5,733) |
| Accrued compensation and benefits | 24,044 | 11,009 |
| Accrued and other current liabilities | (5,856) | 1,919 |
| Contract liabilities | 79,141 | (4,932) |
| Operating lease liabilities, current and long-term | (5,153) | (3,272) |
| Other long-term assets and liabilities | 658 | (53) |
| Cash provided by operating activities | 120,112 | 29,461 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (17,822) | (5,364) |
| Consideration paid for acquisitions, net of cash acquired | (281,330) | (453) |
| Proceeds from sale of property and equipment | 133 | 67 |
| Cash used in investing activities | (299,019) | (5,750) |
| Cash flows from financing activities: | ||
| Term loan borrowings (including $15,000 and $2,495 in 2026 and 2025, respectively, from related parties) | 200,000 | 2,495 |
| Term loan payments | (2,494) | (6,604) |
| Revolver borrowings | 25,000 | — |
| Revolver payments | (25,000) | — |
| Notes payable payments | (1,905) | (3,379) |
| Finance lease payments | (1,288) | (849) |
| Debt issuance costs | (892) | — |
| Payments for deferred offering costs | (60) | (7,416) |
| Cash provided by (used in) financing activities | 193,361 | (15,753) |
| Increase in cash and cash equivalents | 14,454 | 7,958 |
| Cash and cash equivalents, beginning of period | 230,166 | 81,167 |
| Cash and cash equivalents, end of period | $244,620 | $89,125 |
The supplemental disclosures to the Condensed Consolidated Statements of Cash Flows are included in "Note 19 – Other Financial Information.”
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