Company: LGCY
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010844
Chunk: 48

Company: Legacy Education Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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 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 March 31, 2025
compared to approximately $0.07 million for the three months ended March 31, 2024.

Interest
expense. Our interest expense was approximately $0.0 for the three months ended March 31, 2025 compared to approximately $0.0 for
the three months ended March 31, 2024.

Income
tax expense. Our income tax expense was approximately $1.1 million for the three months ended March 31, 2025 compared to approximately
$0.7 million for the three months ended March 31, 2024.

Net
Income. Our net income was approximately $2.8 million for the three months ended March 31, 2025 compared to approximately $1.8 million
for the three months ended March 31, 2024, an increase of approximately $1.0 million, or approximately 55.5%, due to the reasons mentioned
above.

7

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

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

    Nine
    months ended March 31,  
    Percentage 

    2025  
    2024  
    Change 
  
    Revenue 
     100% 
     100% 

    Costs
    and expenses: 

    Educational
    services 
     53.6% 
     53.5% 
     0.1%
  
    General
    and administrative 
     28.0% 
     29.3% 
     -1.3%
  
    General
    and administrative – related party 
     0.4% 
     0.4% 
     0.0%
  
    Depreciation
    and amortization 
     0.7% 
     0.6% 
     0.1%
  
    Total
    costs and expenses 
     82.7% 
     83.8% 
     -1.1%
  
    Operating
    income 
     17.3%