Company: LGCY
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010844
Chunk: 102

Company: Legacy Education Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 102
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.7% 
     12.5% 
     1.2%

Revenue.
Our revenue was approximately $46.2 million for the nine months ended March 31, 2025 compared to approximately $33.2 million for the
nine months ended March 31, 2024, an increase of approximately $12.9 million, or approximately 39.0%. The increase is primarily due to
a 49.8% increase in ending enrollment from 2,166 to 3,245 supported by a 30.6% increase in starts from 1,894 to 2,473 in the nine months
ended March 31, 2025 compared to prior year nine months ended March 31, 2024, which includes the acquisition of CCMCC adding 468 students.

Educational
services. Our educational services expense was approximately $24.8 million for the nine months ended March 31, 2025 compared to approximately
$17.8 million for the nine months ended March 31, 2024, an increase of approximately $7.0 million, or approximately 39.3%. 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 $12.9 million for the nine months ended March
31, 2025 compared to approximately $9.7 million for the nine months ended March 31, 2024, an increase of approximately $3.2 million,
or approximately 32.7%. The increase was primarily attributable to an increase in marketing expense, professional fees and bad debt expense.
Of the total general and administrative expense, $3.5 million and $3.0 million relate to marketing expense relate for the first nine
months of fiscal 2025 and 2024, respectively.

Depreciation
and amortization. Our depreciation and amortization expense was approximately $0.3 million for the nine months ended March 31, 2025
compared to approximately $0.2 million for the nine months ended March 31, 2024.

Interest
expense. Our interest expense was approximately $0.1 for the nine months ended March 31, 2025 compared to approximately $0.1 for
the nine months ended March 31, 2024.

Income
tax expense. Our income tax