Exhibit 99.2

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

Introduction

On January 2, 2026, Legence Corp. (“Legence” or the “Company”) completed the acquisition of The Bowers Group, Inc. (“Bowers”) pursuant to the Equity Purchase Agreement dated November 13, 2025 (the “Purchase Agreement”) (the “Acquisition”). Bowers and its subsidiaries operate a business providing specialty mechanical contracting and related services to general contractors and building owners. The Acquisition and related financing transactions are described in the Company’s current report on Form 8-K filed on January 2, 2026. The Acquisition has been accounted for as a business combination in accordance with Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”), with Legence as the accounting acquirer. The unaudited pro forma condensed combined financial information (the “Pro Forma Financial Information”) has also been adjusted for other significant events during the periods, further described below, which reflect the application of the accounting required by U.S. GAAP, linking the effects of these events to the Company’s historical consolidated financial statements.

Basis of Presentation

The unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X (as amended by SEC Release No. 33-10786) (“Article 11”). In addition to the Acquisition, the Company had other significant events during the periods which included a series of organizational transactions (the “Corporate Reorganization”), Initial Public Offering (“IPO”) and related financing transactions which are further described below. The Pro Forma Financial Information is intended to show how the Acquisition, Corporate Reorganization, IPO and related financing transactions (collectively, the “Transactions”) might have affected the Company’s historical financial position and results of operations; it is not necessarily indicative of future results. The Pro Forma Financial Information was derived from the historical financial statements of Legence and Bowers and reflects adjustments depicting the accounting for i) Legence’s Corporate Reorganization, IPO, related repayment of outstanding indebtedness and grant of restricted stock unit and stock options in connection with the offering (the “Corporate Reorganization and Offering Transactions”) ii) the Acquisition and iii) the financing arrangements entered in connection with the Acquisition.

The Pro Forma Financial Information should be read in conjunction with (i) Legence’s historical financial statements and related notes included or incorporated by reference in the Company’s registration statement filed pursuant to Rule 424(b)(4) on September 15, 2025 (the “Prospectus”), and Legence’s historical financial statements and related notes included in the Company’s Form 10-Q for the third quarter filed on November 14, 2025, and (ii) the historical financial statements and related notes of Bowers included in this filing.

The unaudited pro forma condensed combined balance sheet is as of September 30, 2025. It contains the historical financial position of Legence that already reflected the Corporate Reorganization and Offering Transactions and the audited historical balance sheet of Bowers. It is presented to reflect adjustments depicting accounting for the Acquisition and related financing as if the Acquisition closed on September 30, 2025.

The unaudited pro forma condensed combined statements of operations for the nine months ended September 30, 2025, and the year ended December 31, 2024, are presented to reflect adjustments depicting the accounting for the Acquisition, the related financing agreement, and the Corporate Reorganization and Offering Transactions made on the unaudited pro forma condensed combined balance sheet assuming the Acquisition closed on January 1, 2024.

The following Pro Forma Financial Information gives effect to the Transactions, which includes adjustments for the following:

 

•

The Company’s Corporate Reorganization and IPO, including the grant of restricted stock units and stock options and the repayment of indebtedness in connection with the IPO; and

 

•

The alignment of the Bowers financial statements to conform with Legence financial statement presentation and accounting policies; and

•

The application of the acquisition method of accounting under the provision of ASC 805 and to reflect estimated consideration transferred of approximately $435.0 million; and

 

•

The proceeds and uses of the financing arrangements entered in connection with the Acquisition; and

 

•

Non-recurring costs incurred and expected to be incurred in connection with the Acquisition; and

 

•

The allocation between noncontrolling interest (“NCI”) and Legence stockholders due to the Acquisition and related financing.

The pro forma adjustments are based on available information and upon assumptions that Legence management believes are reasonable to reflect, on a pro forma basis, the effect of Transactions on the historical financial information of Legence. The adjustments are described in the notes to the unaudited pro forma condensed combined balance sheet and the unaudited pro forma condensed combined statements of operations.

The Pro Forma Financial Information is presented for informational purposes only and does not purport to represent the actual results of operations or financial position that would have occurred had the Transactions been completed on the dates indicated, nor is it necessarily indicative of the results to be expected in any future period.

The Corporate Reorganization and Offering Transactions

On September 11, 2025, the Securities and Exchange Commission declared effective Legence Corp.’s registration statement on Form S-1 relating to its IPO. The Company’s Class A common stock (“Class A Common Stock”) commenced trading on the Nasdaq Global Select Market on September 12, 2025, and the IPO closed on September 15, 2025. The Company issued and sold 29,487,627 shares of Class A Common Stock, including shares issued upon the partial exercise of the underwriters’ option to purchase additional shares, at a public offering price of $28.00 per share, resulting in net proceeds of approximately $780.2 million after underwriting discounts and commissions.

In connection with the IPO, the Company completed a series of organizational transactions that resulted in an Umbrella Partnership-C Corporation (“UP-C”) structure, under which Legence Corp. became the managing member of Legence Holdings, LLC (“Legence Holdings”) The Company contributed the net proceeds from the IPO to Legence Holdings in exchange for newly issued limited liability company interests, and Legence Holdings used the proceeds to pay offering-related costs and repay outstanding indebtedness. Following the Corporate Reorganization and the IPO, Legence consolidates Legence Holdings and reports noncontrolling interest representing the equity interests in Legence Holdings not owned by the Company.

The Acquisition

On November 13, 2025, Legence, together with its wholly owned subsidiary, Legence Subsidiary Holdings, LLC, a Delaware limited liability company (the “Purchaser”), entered into a Purchase Agreement with Bowers, and with the Wayne E. Bowers Revocable Living Trust, the Quiet Harbor Trust, and The David O’Donnell Revocable Trust dated November 15, 2008 (each, a “Seller” and collectively, the “Sellers”).

Under the terms of the Purchase Agreement, the parties undertook a series of reorganization steps whereby (i) the Sellers caused Bowers and certain of its subsidiaries to convert into Maryland limited liability companies, (ii) the Sellers contributed 100% of their equity interests in Bowers (the “Bowers Interests”) to a newly formed Delaware limited liability company (“NewCo”), wholly owned by the Sellers, and (iii) NewCo joined the Purchase Agreement as a party (collectively, the “Bowers Reorganization”).

On January 2, 2026 (the “Closing Date”), Legence completed the acquisition of all the outstanding Bowers Interests from NewCo pursuant to the terms and conditions of the Purchase Agreement. At the closing of the Acquisition, the Company paid aggregate consideration consisting of:

 

•

Approximately $291.4 million paid in cash, subject to customary post-closing purchase price adjustments; and

 

1

•

2,551,672 shares of Legence Class A Common Stock with a preliminary fair value of approximately $98.6 million, which includes a discount due to certain lock-up and other provisions; and

 

•

Deferred consideration with a preliminary fair value of $44.9 million, payable on December 31, 2026, in cash, Class A Common Stock, or a combination thereof, at Legence’s discretion.

The shares of Class A Common Stock issued in the Acquisition are subject to applicable restrictive legends under the Securities Act of 1933, as amended, and are subject to a contractual lock-up on transfers, subject to specified exceptions, through and including March 10, 2026.

Concurrently, Legence Holdings amended its existing credit agreement to add an incremental term loan of $200.0 million that was drawn in full at closing of the Acquisition. The incremental term loan proceeds, together with cash on hand and borrowings under the revolving credit facility, were used to fund cash consideration and transaction-related fees and expenses.

 

2

Legence Corp.

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET

As of September 30, 2025

 

(in thousands, except par value amounts)
		Legence Corp. (Historical)				The Bowers Group, Inc. (Historical) Adjusted (Note 2)				Transaction Accounting Adjustments				Notes				Pro Forma Combined for Transaction Accounting Adjustments				Financing Adjustments				Notes				Pro Forma Combined
ASSETS
Current assets
Cash and cash equivalents			176,034				56,986				(291,411	)			4B				(63,502	)			195,917				4L				132,415
											(5,111	)			4F								—
Accounts receivable, net			588,433				147,362				—								735,795				—								735,795
Contract assets, net			234,302				63,686				—								297,988				—								297,988
Prepaid expenses and other current assets			39,038				3,785				—								42,823				—								42,823
Total Current assets			1,037,807				271,819				(296,522	)							1,013,104				195,917								1,209,021
Property and equipment, net of accumulated depreciation			81,094				6,735				6,120				4C				95,850				—								95,850
											1,901				4K
Operating lease right-of-use assets			106,469				17,036				3,000				4E				129,705				—								129,705
											3,200				4J
Goodwill			782,931				—				(105,125	)			4A				820,590				—								820,590
											434,987				4B								—
											(6,120	)			4C								—
											(302,200	)			4D								—
											(3,000	)			4E								—
											5,272				4G								—
											14,433				4H								—
											(588	)			4J
Intangible assets, net			562,361				—				302,200				4D				864,561				—								864,561
Other assets			29,607				6,033				(5,272	)			4G				30,368				—								30,368
Total			1,562,462				29,804				348,808								1,941,074				—								1,941,074
Total Assets			2,600,269				301,623				52,286								2,954,178				195,917								3,150,095
LIABILITIES
Current liabilities
Accounts payable			224,256				68,249				(250	)			4F				292,255				53				4L				292,308
Accrued compensation and benefits			89,832				—				23,398				4H				113,230				—								113,230
Accrued and other current liabilities			25,659				33,849				44,941				4B				104,449				—								104,449
Contract liabilities			285,894				76,776				—								362,670				—								362,670
Current portion of operating lease liabilities			18,051				3,701				852				4J				22,604				—								22,604
Current portion of long-term debt			16,301				—				824				4K				17,125				—								17,125
Total Current liabilities			659,993				182,575				69,765								912,333				53								912,386
Long-term debt, net of current portion			812,628				—				1,077				4K				813,705				198,991				4L				1,012,696
Operating lease liabilities, net of current portion			94,568				13,923				1,760				4J				110,251				—								110,251
Tax receivable agreement liability - related party			146,474				—				—								146,474				—								146,474
Deferred tax liabilities, net			41,543				—				—								41,543				—								41,543
Other long-term liabilities			17,590				—				—								17,590				—								17,590
Total			1,112,803				13,923				2,837								1,129,563				198,991								1,328,554
Total Liabilities			1,772,796				196,498				72,602								2,041,896				199,044								2,240,940
EQUITY
Stockholders’ equity
Class A common stock $ 0.01 par value			585				—				26				4B				611				—								611
Class B common stock $ 0.01 par value			467				—				—								467				—								467
Common stock $ 0.01 par value - Voting			—				9				(9	)			4A				—				—								—
Common stock $ 0.01 par value - Nonvoting			—				32				(32	)			4A				—				—								—
Additional paid-in capital			664,299				3,376				(3,376	)			4A				737,174				—								737,174
											98,609				4B								—
											(25,734	)			4I								—
Accumulated deficit			(277,228	)			101,708				(101,708	)			4A				(291,054	)			(3,127	)			4L				(294,181	)
											(4,861	)			4F								—
											(8,965	)			4H								—
Accumulated other comprehensive (loss) income			(248	)			—				(5	)			4I				(253	)			—								(253	)
Total Stockholders’ equity			387,875				105,125				(46,055	)							446,945				(3,127	)							443,818
Noncontrolling interests			439,598				—				25,739				4I				465,337				—								465,337
Total Equity			827,473				105,125				(20,316	)							912,282				(3,127	)							909,155
Total liabilities and equity			2,600,269				301,623				52,286								2,954,178				195,917								3,150,095

See accompanying notes to unaudited pro forma condensed combined financial information

 

3

Legence Corp.

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

For the Nine Months Ended September 30, 2025

(in thousands, except per share data)

 

		Legence Corp. (Historical)				Corporate Reorganization and Offering Adjustments (Note 3)				Notes				Legence Corp. (Historical) Adjusted				The Bowers Group, Inc. (Historical) - Adjusted (Note 2)				Transaction Accounting Adjustments				Notes				Financing Adjustments				Notes				Pro Forma Combined
Revenue		$	1,812,849				—								1,812,849				640,520				(2,950	)			4II				—								2,450,419
Cost of revenue			1,424,412				1,438				3H				1,425,850				520,357				31				4GG				—								1,943,291
							—																(2,950	)			4II				—
																							3				4KK
Gross profit			388,437				(1,438	)							386,999				120,163				(34	)							—								507,128
Selling, general and administrative			227,814				5,275				3H				233,089				54,808				453				4DD				—								295,059
			—				—								—				—				3,643				4EE				—								—
			—				—								—				—				3,015				4GG				—								—
																							51				4KK												—
Depreciation and amortization			75,619				—								75,619				1,311				1,801				4AA				—								116,812
			—				—								—				—				37,951				4BB				—								—
																							130				4KK
Acquisition-related costs			971				—								971				—				—								—								971
Loss (gain) on sale of property and equipment			(199	)			—								(199	)			—				—								—								(199	)
Equity in earnings of joint venture			(848	)			—								(848	)			—				—								—								(848	)
Income (loss) from operations			85,080				(6,713	)							78,367				64,044				(47,078	)							—								95,333
Interest expense, net of capitalized interest			88,228				(50,710	)			3G				37,518				—				32				4KK				10,501				4LL				48,051
Interest income			(2,588	)			—								(2,588	)			(1,893	)			—								—								(4,481	)
Loss on debt extinguishment			5,685				(5,685	)			3I				—				—				—								—								—
Credit agreement amendment fees			2,990				—								2,990				—				—								—								2,990
Other income, net			(268	)			—								(268	)			(29	)			—								—								(297	)
Total Other expenses, net			94,047				(56,395	)							37,652				(1,922	)			32								10,501								46,263
Income (loss) before income tax			(8,967	)			49,682								40,715				65,966				(47,110	)							(10,501	)							49,070
Income tax expense			13,662				(2,921	)			3E				10,741				3,950				(519	)			4FF				(1,544	)			4MM				12,628
Net income (loss)			(22,629	)			52,603								29,974				62,016				46,591								(8,957	)							36,442
Net income (loss) attributable to noncontrolling interests			4,430				10,518				3F				14,948				—				7,655				4JJ				(4,550	)			4NN				18,053
Net income (loss) attributable to Legence			(27,059	)			42,085								15,026				62,016				(54,246	)							(4,407	)							18,389
			Period from September 12, 2025 to September 30, 2025(1)
Weighted Average Class A Common Shares:
Basic			58,511																																5				62,516
Diluted			58,511																																5				62,855
(Loss) Earnings per share
Basic			(0.02	)																															5				0.29
Diluted			(0.02	)																															5				0.29

 

(1)

The Legence historical computation of basic and diluted earnings per share of Class A Common Stock represents the period from September 12, 2025 to September 30, 2025, the period where the Company had Class A Common Stock and Class B Common Stock outstanding. Prior to the IPO, Legence Holdings was a single-member limited liability company and did not present earnings per share.

See accompanying notes to unaudited pro forma condensed combined financial information.

 

4

Legence Corp.

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

For the Year ended December 31, 2024

(in thousands, except per share data)

 

		Legence Holdings (Historical)				Corporate Reorganization and Offering Adjustments (Note 3)				Notes				Legence Corp. Adjusted				The Bowers Group, Inc. (Historical) - Adjusted (Note 2)				Transaction Accounting Adjustments				Notes				Financing Adjustments				Notes				Pro Forma Combined
Revenue			2,098,602				—								2,098,602				554,207				(177	)			4II				—								2,652,632
Cost of revenue			1,667,835				2,088				3H				1,669,923				448,844				41				4GG				—								2,119,907
			—																				(177	)			4II				—
																							1,276				4KK
Gross profit			430,767				(2,088	)							428,679				105,363				(1,317	)							—								532,725
Selling, general and administrative			242,888				7,661				3H				250,549				55,983				604				4DD				—								326,442
			—				—								—				—				15,147				4EE				—
			—				—								—				—				4,042				4GG				—
																							117				4KK
Depreciation and amortization			97,153				—								97,153				1,550				3,576				4AA				—								153,110
			—				—								—				—				50,601				4BB				—								—
																							230				4KK
Acquisition-related costs			5,634				—								5,634				—				13,826				4CC				—								19,460
Goodwill impairment			17,804				—								17,804				—				—								—								17,804
Equity in earnings of joint venture			(3,063	)			—								(3,063	)			—				—								—								(3,063	)
Income (loss) from operations			70,351				(9,749	)							60,602				47,830				(89,460	)							—								18,972
Interest expense, net of capitalized interest			91,609				(74,945	)			3G				16,664				216				5,059				4HH				16,939				4LL				38,946
																							68				4KK
Interest income			(5,464	)			—								(5,464	)			(2,698	)			—								—								(8,162	)
Loss on debt extinguishment			—				12,433				3I				12,433				—				—								—								12,433
Credit agreement amendment fees			7,801				—								7,801				—				—								3,127				4LL				10,928
Other income, net			(473	)			—								(473	)			(48	)			—								—								(521	)
Total Other expenses, net			93,473				(62,512	)							30,961				(2,530	)			5,127								20,066								53,624
Income (loss) before income tax			(23,122	)			52,763								29,641				50,360				(94,587	)							(20,066	)							(34,652	)
Income tax expense (benefit)			4,521				(367	)			3E				4,154				2,216				(8,354	)			4FF				(2,964	)			4MM				(4,948	)
Net income (loss)			(27,643	)			53,130								25,487				48,144				(86,233	)							(17,102	)							(29,704	)
Net income (loss) attributable to noncontrolling interests			912				10,743				3F				11,655				—				(19,587	)			4JJ				(8,694	)			4NN				(16,626	)
Net income (loss) attributable to Legence			(28,555	)			42,387								13,832				48,144				(66,646	)							(8,408	)							(13,078	)
Weighted Average Class A Common Shares:
Basic																																			5				61,063
Diluted																																			5				61,063
Loss per share
Basic																																			5				(0.21	)
Diluted																																			5				(0.21	)

See accompanying notes to unaudited pro forma condensed combined financial information.

 

5

Note 1. Basis of Presentation

The historical condensed consolidated financial statements of Legence and the consolidated financial statements of Bowers have been adjusted in the accompanying Pro Forma Financial Information to reflect adjustments reflecting the accounting for the Transactions.

The unaudited pro forma condensed combined statements of operations and financial position were prepared using the following historical information:

Legence

 

•

Unaudited condensed consolidated balance sheet from the Form 10-Q filing for the third quarter as of September 30, 2025, filed on November 14, 2025.

 

•

Unaudited condensed consolidated statement of operations for the nine months ended September 30, 2025, from the Form 10-Q filing for the third quarter filed on November 14, 2025.

 

•

Audited consolidated statement of operations for the year ended December 31, 2024, of Legence Holdings and subsidiaries from Legence Corp.’s Prospectus filed pursuant to Rule 424(b)(4) filed on September 15, 2025.

Bowers

 

•

Audited consolidated balance sheet as of September 30, 2025, included elsewhere in this filing.

 

•

Audited consolidated statement of operations for the year ended September 30, 2025, included elsewhere in this filing.

 

•

Audited consolidated statement of operations for the year ended September 30, 2024, included elsewhere in this filing.

The unaudited pro forma condensed combined balance sheet is presented as if the adjustments made reflecting the accounting for the Acquisition and related financing were made on September 30, 2025. The unaudited pro forma condensed combined statements of operations for the nine months ended September 30, 2025, and the year ended December 31, 2024, are presented as if the adjustments made on the historical balance sheet and the unaudited pro forma condensed combined balance sheet reflect the accounting for the Corporate Reorganization and Offering Transactions and the Acquisition and related financing were made on January 1, 2024.

For the unaudited pro forma condensed combined statements of operations for the year ended December 31, 2024, Legence reports on a fiscal year ending December 31, while Bowers historically reported on a fiscal year ending September 30. Since the fiscal year-ends differ by not more than one quarter, consistent with Article 11, Legence combined Bowers’s statement of operations for the year-ended September 30, 2024, with Legence’s statement of operations for the year-ended December 31, 2024.

In order to derive the unaudited pro forma condensed combined statement of operations for the nine months ended September 30, 2025, Bowers’s results of operations for the period October 1, 2024 through December 31, 2024 have been removed from Bowers’s audited consolidated statement of operations for the year ended September 30, 2025.

Bowers’s revenue for the period from October 1, 2024 through December 31, 2024, was $131.4 million, and its net income for this same period was $9.5 million. During this omitted period, Bowers continued normal operating activities. Management has not identified any unusual or non-recurring transactions for this period that would be necessary to understand the Pro Forma Financial Information. Refer to Note 2.1 below for calculating Bowers’s statement of operations activity for the interim period starting January 1, 2025 through September 30, 2025.

Legence’s historical results for the year ended December 31, 2024, reflect the operations of Legence Holdings, the Company’s subsidiary upon the Corporate Reorganization and Offering Transactions. The interim financial information for the nine months ended September 30, 2025, is derived from Legence Corp.’s Form 10-Q for the period then ended, and reflects the period following the Corporate Reorganization and Offering Transactions. As a result, the historical periods included in the pro forma information incorporate the change in reporting structure from Legence Holdings to Legence Corp. Refer to Note 3 below for additional information.

 

6

The audited and unaudited historical consolidated (condensed) financial statements of both Legence and Bowers were prepared in accordance with U.S. GAAP and presented in U.S. dollars.

The Acquisition will be accounted for using the acquisition method of accounting, as prescribed in ASC 805, under U.S. GAAP, which requires an allocation of the purchase price to the assets acquired and liabilities assumed, based on their fair values as of the date of the Acquisition. As of the date of this Form 8-K/A filing, Legence has not yet completed its detailed valuations and other activities necessary to arrive at the required final estimates of the fair value of Bowers’s assets acquired and liabilities assumed, therefore the related allocations of purchase price are preliminary.

The fair value of the consideration transferred to be paid by Legence upon the consummation of the Acquisition was measured using Legence’s Class A Common Stock price on the Acquisition date, as adjusted to reflect the contractual terms of the Acquisition, including lock-up restrictions and other limitations on transfer. The pro forma adjustments are preliminary and are subject to change as additional information becomes available and as additional analysis is performed. The preliminary pro forma adjustments have been made solely for the purpose of providing the Pro Forma Financial Information presented herein.

Legence has estimated the fair value of Bowers’s assets and liabilities based on discussions with Bowers’s management, preliminary valuations and information presented in Bowers’s consolidated financial statements. Any increases or decreases in the fair value of assets acquired and liabilities assumed upon completion of the final valuations would result in adjustments to the unaudited pro forma condensed combined balance sheet and unaudited pro forma condensed combined statements of operations. The final allocation of the consideration transferred may be materially different than that reflected in the pro forma allocation of the consideration transferred presented herein.

The Pro Forma Financial Information should be read in conjunction with the Company’s historical consolidated financial statements and related notes included in its Prospectus filed on September 15, 2025, and its Quarterly Report on Form 10-Q for the period ending September 30, 2025, as well as the historical financial statements of Bowers included elsewhere in this filing pursuant to Rule 3-05 of Regulation S-X.

Note 2. Reclassification and Accounting Policy Alignment Adjustments

These adjustments represent the reclassification adjustments and accounting policy alignment adjustments applied to Bowers’s statement of financial position and combined statement of operations to conform to Legence’s financial statement presentation and significant accounting policies. Bowers’s combined financial statements were mapped to Legence’s financial statement line items, and differences in classification and accounting policies identified through this mapping were recorded as reclassification and policy adjustments.

These adjustments reflect only the preliminary assessment of differences and do not represent a final determination of all reclassification and accounting policy differences that may exist between Legence and Bowers. Legence will continue to perform a comprehensive review of Bowers’s accounting policies following the Acquisition. Upon completion of this review, additional differences may be identified, which, once conformed, could result in further adjustments that may have a material impact on the unaudited pro forma condensed combined financial information. The adjustments are summarized below:

 

7

Balance Sheet for the Year Ended 9/30/25

(in thousands)

 

Legence Presentation		Bowers Presentation		The Bowers Group, Inc. (Historical)				Reclassifications to Conform to Legence’s Presentation								Accounting Policy Adjustments				Notes				The Bowers Group, Inc. (Historical) - Adjusted
ASSETS		ASSETS
Current assets		Current assets
Cash and Cash Equivalents		Cash and Cash Equivalents			56,986				—								—								56,986
		Contract receivables			147,362				(147,362	)			2A				—								—
Accounts receivable, net					—				147,362				2A				—								147,362
		Contract assets - costs and estimated earnings in excess of billing on uncompleted contracts			24,304				(24,304	)			2B				—								—
		Contract assets - Conditional retention			23,029				(23,029	)			2B				—								—
Contract assets, net									47,333				2B				16,353				2AA, 2CC				63,686
		Inventories, at lower of cost (weighted average) or market			2,675				(2,675	)			2C				—								—
Prepaid expenses and other current assets		Prepaid expenses			1,110				2,675				2C				—								3,785
Total current assets					255,466				—								16,353								271,819
Property and equipment, net of accumulated depreciation		Property and equipment, net			6,735				—								—								6,735
Operating lease right-of-use assets		Right-of-use assets			17,036				—								—								17,036
		Equipment deposits			640				(640	)			2D				—								—
		Tax deposit			4,475				(4,475	)			2D				—								—
		Deposits			121				(121	)			2D				—								—
		Cash surrender value of officers’ life insurance			797				(797	)			2D				—								—
Other assets					—				6,033				2D				—								6,033
Total assets					285,270				—								16,353								301,623
Liabilities and Equity																									—
Current Liabilities																									—
Accounts payable		Accounts payable			60,820				—								7,429				2CC				68,249
Accrued and other current liabilities		Accrued liabilities			22,684				11,165				2E				—								33,849
		Retentions payable			10,035				(10,035	)			2E				—								—
		Contract liabilities - billing in excess of costs and estimated earnings on uncompleted contracts			124,013				(124,013	)			2F				—								—
		Contract liabilities - Conditional retentions			(44,270	)			44,270				2F				—								—
Contract liabilities					—				79,743				2F				(2,967	)			2AA				76,776
Current portion of operating lease liabilities		Current maturities of operating leases liability			3,701												—								3,701
		Income tax payable			1,130				(1,130	)			2E				—								—
Current portion of long-term debt		Current portion of long-term debt			—				—								—								—
Total current liabilities					178,113				—								4,462								182,575
Long-term debt, net of current portion					—				—								—								—
Operating lease liabilities, net of current portion		Operating leases liability, less current maturities			13,923				—								—								13,923
Total liabilities					192,036				—								4,462								196,498
Stockholders’ Equity																									—
		Voting- 9,100 shares issued and outstanding			9				—								—								9
		Nonvoting- 32,112 shares issued and outstanding			32				—								—								32
Additional paid-in capital		Additional paid-in capital			3,376				—								—								3,376
Accumulated deficit		Retained earnings			89,817				—								11,891				2AA, 2CC				101,708
Total stockholders’ equity					93,234				—								11,891								105,125
Total liabilities and equity					285,270				—								16,353								301,623

 

8