Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 609

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 2
Chunk 609
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 and administrative – related party

    0.4
    %

    0.4
    %

    -
    %
  
    Depreciation and amortization

    0.7
    %

    0.6
    %

    0.1
    %
  
    Total costs and expenses

    84.4
    %

    86.5
    %

    -2.1
    %
  
    Operating income

    15.6
    %

    13.5
    %

    2.1
    %
  
    Interest expense, net

    -0.2
    %

    -0.3
    %

    -0.1
    %
  
    Interest income

    1.8
    %

    1.9
    %

    -0.1
    %
  
    Income before income taxes

    17.2
    %

    15.2
    %

    2.0
    %
  
    Income tax expense

    -5.4
    %

    -4.1
    %

    1.3
    %
  
    Net income

    11.7
    %

    11.1
    %

    0.6
    %

Revenue.
Our revenue was approximately $64.2 million in fiscal 2025 compared to approximately $46.0 million in fiscal 2024, an increase of approximately
$18.2 million, or approximately 39.5%. The increase was primarily due to increased student enrollment and the increase in pricing of
certain programs.

86

Educational
services. Our educational service expense was approximately $34.2 million in fiscal 2025 compared to approximately $26.4 million
in fiscal 2024, an increase of approximately $7.8 million, or approximately 29.5%. 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 offset by a decrease in non-cash compensation charge of $1.3 million.

General and administrative expense. Our general
and administrative expense was approximately $19.3 million in fiscal 2025, compared to approximately $13.0 million in fiscal 2024, an
increase of approximately $6.3 million, or approximately 48.2%. The increase was primarily attributable to an increase in