Company: LGCY
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010844
Chunk: 100

Company: Legacy Education Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 100
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     15.2% 
     14.6% 
     0.6%

Revenue.
Our revenue was approximately $18.6 million for the three months ended March 31, 2025 compared to approximately $12.3 million for
the three months ended March 31, 2024, an increase of approximately $6.3 million, or approximately 50.7%. The increase is primarily
due to a 49.8% increase in ending enrollment from 2,166 to 3,245 supported by a 70.7% increase in starts from 710 to 1,227 in the
quarter compared to prior year, which includes the impact of the acquisition of CCMCC adding 468 students.

Educational
services. Our educational services expense was approximately $10.1 million for the three months ended March 31, 2025 compared to
approximately $6.5 million for the three months ended March 31, 2024, an increase of approximately $3.6 million, or approximately 54.6%.
The increase was primarily attributable to the increased instructional and staffing required to support the increase in enrollments as
well as increased rent and externship fees and our investments in our RN program.

General
and administrative expense. Our general and administrative expense was approximately $4.6 million for the three months ended March
31, 2025 compared to approximately $3.3 million for the three months ended March 31, 2024, an increase of approximately $1.3 million,
or approximately 39.5%. The increase was primarily attributable to an increase in marketing expense, professional fees and bad debt expense.
Of the total general and administrative expense, $1.2 million and $0.9 million relate to marketing expense for the third quarter of fiscal
2025 and 2024, respectively.

Depreciation
and amortization. Our depreciation and amortization expense was approximately $0.1 million for the three months ended March 31, 2025
compared to approximately $0.07 million for the three months ended March 31, 2024.

Interest
expense. Our interest expense was approximately $0.0 for the three months ended March 31, 2025 compared to approximately $0.0 for
the three months ended March 31, 2024.

Income
tax expense. Our income tax expense was approximately $1.1 million for the three months ended March 31,