Company: LGCY
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010844
Chunk: 152

Company: Legacy Education Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part II, Item 8
Chunk 152
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 forfeitures upon occurrence.

Goodwill
and Other Indefinite-lived Assets

We
test goodwill 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.

6

Results
of Operations

Three
Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

The
following table sets forth our consolidated statements of income data as a percentage of revenue for the three months ended March 31,
2025 and 2024:

    Three
    months ended March 31,  
    Percentage  

    2025  
    2024  
    Change 
  
    Revenue 
     100% 
     100% 

    Costs
    and expenses: 

    Educational
    services 
     54.4% 
     53.1% 
     1.3%
  
    General
    and administrative 
     24.9% 
     26.8% 
     -1.9%
  
    General
    and administrative – related party 
     0.3% 
     0.3% 
     -0.0%
  
    Depreciation
    and amortization 
     0.7% 
     0.6% 
     0.1%
  
    Total
    costs and expenses 
     80.3% 
     80.8% 
     -0.5%
  
    Operating
    income 
     19.7% 
     19.2% 
     0.5%
  
    Interest
    expense 
     -0.1% 
     -0.3% 
     0.2%
  
    Interest
    income 
     1.6% 
     1.7% 
     -0.1%
  
    Income
    before income taxes 
     21.2% 
     20.6% 
     0.6%
  
    Income
    tax expense 
     -6.0% 
     -6.0% 
     -0.0%
  
    Net
    income