Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 154

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part II, Item 8
Chunk 154
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.7%
  
    General and administrative 
     30.1% 
     30.8% 
     -0.7%
  
    General and administrative – related party 
     0.5% 
     0.4% 
     0.1%
  
    Depreciation and amortization 
     0.7% 
     0.6% 
     0.1%
  
    Total costs and expenses 
     84.4% 
     85.6% 
     -1.2%
  
    Operating income 
     15.6% 
     14.4% 
     1.2%
  
    Interest expense 
     -0.2% 
     -0.3% 
     0.1%
  
    Interest income 
     2.0% 
     1.6% 
     0.4%
  
    Income before income taxes 
     17.4% 
     15.7% 
     1.7%
  
    Income tax expense 
     -4.8% 
     -4.4% 
     -0.4%
  
    Net income 
     12.6% 
     11.3% 
     1.3%

Revenue.
Our revenue was approximately $27.6 million for the six months ended December 31, 2024 compared to approximately $20.9 million for the
six months ended December 31, 2023, an increase of approximately $6.7 million, or approximately 32.1%. The increase is primarily due
to a 44.8% increase in ending enrollment from 1,912 to 2,768 supported by a 16.2% increase in starts from 964 to 1,120 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 $14.7 million for the six months ended December 31, 2024 compared to
approximately $11.3 million for the six months ended December 31, 2023, an increase of approximately $3.5 million, or approximately 30.4%.
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