Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 47

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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 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 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 $4.3 million for the three months ended December
31, 2024 compared to approximately $3.2 million for the three months ended December 31, 2023, an increase of approximately $1.1 million,
or approximately 32.5%. The increase was primarily attributable to an increase in marketing expense, professional fees and bad debt expense.
Of the total general and administrative expense, $1.15 million and $1.0 million relate to marketing expense for the first quarter
of fiscal 2025 and 2024, respectively.

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

Interest
expense. Our interest expense was approximately $0.0 for the three months ended December 31, 2024 compared to approximately $0.0
for the three months ended December 31, 2023.

Income
tax expense. Our income tax expense was approximately $0.5 million for the three months ended December 31, 2024 compared to approximately
$0.5 million for the three months ended December 31, 2023.

Net
Income. Our net income was approximately $1.4 million