Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 180

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 2
Chunk 180
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 million, or approximately 32.1%. The increase is primarily due
to a 44.8% increase in ending enrollment from 1,912 to 2,768 supported by a 16.2% increase in starts from 964 to 1,120 in the
quarter compared to prior year as well as the acquisition of CCMCC adding 389 students.

Educational
services. Our educational services expense was approximately $14.7 million for the six months ended December 31, 2024 compared to
approximately $11.3 million for the six months ended December 31, 2023, an increase of approximately $3.5 million, or approximately 30.4%.
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 public company costs and our investments in our RN program.

General
and administrative expense. Our general and administrative expense was approximately $8.3 million for the six months ended December
31, 2024 compared to approximately $6.4 million for the six months ended December 31, 2023, an increase of approximately $1.9 million,
or approximately 29.2%. The increase was primarily attributable to an increase in marketing expense, professional fees and bad debt expense.
Of the total general and administrative expense, $2.3 million and $2.1 million relate to marketing expense relate for the first six months
of fiscal 2025 and 2024, respectively.

Depreciation
and amortization. Our depreciation and amortization expense was approximately $0.2 million for the six months ended December 31,
2024 compared to approximately $0.1 million for the six months ended December 31, 2023.

Interest
expense. Our interest expense was approximately $0.1 for the six months ended December 31, 2024 compared to approximately $0.1 for
the six months ended December 31, 2023.

Income
tax expense. Our income tax expense was approximately $1.3 million for the six months ended December 31, 2024 compared to approximately
$0.9 million for the six months ended December 31, 2023, an increase of approximately $0.4 million, or approximately 45.9%. The increase
is primarily attributable to the increase in income.

Net
Income. Our net income was approximately $3.5 million for the six months ended