Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 46

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 and other indefinite-lived assets for impairment at least annually, or more frequently if events or changes in circumstances
indicate that the asset may be impaired. There were no goodwill or other indefinite-lived intangible asset impairments for the periods
presented, and based on current qualitative impairment tests, goodwill and other indefinite-lived intangible assets are not as risk of
failing.

5

Results
of Operations

Three
Months Ended December 31, 2024 Compared to Three Months Ended December 31, 2023

The
following table sets forth our consolidated statements of income data as a percentage of revenue for the three months ended December
31, 2024 and 2023:

    Three
    months ended December 31,  
    Percentage
    Change 

    2024  
    2023  
    (decrease) 
  
    Revenue 
     100% 
     100% 

    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