v3.26.1
Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Consideration Transferred
Total consideration transferred of $460.0 million for the 2026 acquisitions consists of the following, subject to customary post‑closing purchase price adjustments (in thousands):

BowersMetrixTotal
Cash$283,104 $25,181 $308,285 
Issuance of Legence Corp. Class A Common Stock98,635 7,802 106,437 
Deferred consideration44,941 — 44,941 
Holdback— 299 299 
Total consideration transferred$426,680 $33,282 $459,962 
Total consideration transferred of $21.5 million for the 2025 acquisitions consists of the following (in thousands):
IMDOther 2025 AcquisitionTotal
Cash$9,302 $6,909 $16,211 
Issuance of Legence Corp. Class A Common Stock3,589 449 4,038 
Holdback1,000 250 1,250 
Purchase price receivable(37)— (37)
Total consideration transferred$13,854 $7,608 $21,462 
Schedule of Asset and Liabilities
A summary of the purchased assets and liabilities for the 2026 acquisitions acquired at their fair value was as follows (in thousands):
BowersMetrixTotal
Cash$27,934 $34 $27,968 
Accounts receivable180,536 3,267 183,803 
Contract assets67,416 2,691 70,107 
Prepaid expenses and other current assets3,432 81 3,513 
Property and equipment15,611 359 15,970 
Operating lease right-of-use assets21,679 902 22,581 
Goodwill72,197 5,425 77,622 
Intangible assets302,000 22,400 324,400 
Other assets468 — 468 
691,273 35,159 726,432 
Accounts payable(79,834)(47)(79,881)
Accrued compensation and benefits(28,156)— (28,156)
Accrued and other current liabilities(11,505)(4)(11,509)
Contract liabilities(123,752)(925)(124,677)
Current portion of operating lease liabilities(4,000)(180)(4,180)
Current portion of long-term debt(1,276)— (1,276)
Long-term debt, net of current portion(1,391)— (1,391)
Operating lease liabilities, net of current portion(14,679)(721)(15,400)
(264,593)(1,877)(266,470)
Net acquired assets$426,680 $33,282 $459,962 
Finite-lived intangible assets that are being amortized using the straight-line method over their estimated lives at the applicable acquisition dates in 2026 consist of the following (in thousands, except weighted-average useful lives):
BowersMetrixTotalWeighted-
average
Useful Life
(in years)
Customer relationships$199,900 $18,700 $218,600 11.0
Trade names46,600 — 46,600 10.0
Contract backlog55,500 3,700 59,200 2.0
$302,000 $22,400 $324,400 
A summary of the purchased assets and liabilities for the 2025 acquisitions acquired at their fair value was as follows (in thousands):
IMDOther 2025 AcquisitionTotal
Cash$— $76 $76 
Accounts receivable3,293 989 4,282 
Contract assets419 225 644 
Prepaid expenses and other current assets— 3 3 
Property and equipment1,318 23 1,341 
Operating lease right-of-use assets634 121 755 
Goodwill3,232 3,139 6,371 
Intangible assets7,690 4,070 11,760 
Other assets— 8 8 
16,586 8,654 25,240 
Accounts payable(1,100)(64)(1,164)
Accrued compensation and benefits(215)(74)(289)
Accrued and other current liabilities(152)(18)(170)
Contract liabilities(631)(769)(1,400)
Current portion of operating lease liabilities(238)(104)(342)
Operating lease liabilities, net of current portion(396)(17)(413)
(2,732)(1,046)(3,778)
Net acquired assets$13,854 $7,608 $21,462 
Schedule of Supplemental Pro Forma Information
The following unaudited supplemental pro forma results of operations for Legence are presented as if the Bowers acquisition had been consummated on January 1, 2025. There is no pro forma information included for the three months ended March 31, 2026, as the Company’s actual financial results for the period fully reflect the acquisition of Bowers. Pro forma results for the Metrix acquisition are not presented as they are not material to the Company’s Condensed Consolidated Financial Statements. These unaudited supplemental pro forma results are provided for illustrative purposes only and may not be indicative of the actual results that would have been achieved by the combined companies or the future results of the combined companies (in thousands).
Three Months Ended March 31,
2025
Revenue$682,737 
Net loss attributable to Legence$(31,561)