Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 99

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 8
Chunk 99
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    Costs and expenses: 

    Educational services 
     54.8% 
     52.4% 
     2.4%
  
    General and administrative 
     31.9% 
     31.1% 
     0.8%
  
    General and administrative – related
    party 
     0.3% 
     0.4% 
     -0.1%
  
    Depreciation and amortization 
     0.8% 
     0.6% 
     0.2%
  
    Total costs and expenses 
     87.8% 
     84.5% 
     3.3%
  
    Operating income 
     12.2% 
     15.5% 
     -3.3%
  
    Interest expense 
     -0.2% 
     -0.3% 
     0.1%
  
    Interest income 
     2.1% 
     1.7% 
     0.4%
  
    Income before income taxes 
     14.1% 
     16.9% 
     -2.8%
  
    Income tax expense 
     -3.9% 
     -4.7% 
     0.8%
  
    Net income 
     10.2% 
     12.2% 
     -2.0%

Revenue.
Our revenue was approximately $13.7 million for the three months ended December 31, 2024 compared to approximately $10.5 million for
the three months ended December 31, 2023, an increase of approximately $3.2 million, or approximately 29.2%. The increase is
primarily due to a 44.8% increase in ending enrollment from 1,912 to 2,768 supported by a 3.0% increase in starts from 337
to 347 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 $7.5 million for the three months ended December 31, 2024 compared to
approximately $5.5 million for the three months ended December 31, 2023, an increase of approximately $2.0 million, or approximately
35.3%. The increase was primarily attributable to the increased instructional