Enrollment Statistics - As of March 31, 2025, High Desert Medical College had 2,081 students enrolled in its programs[151]. - Central Coast College had 508 students enrolled in its programs as of March 31, 2025[153]. - Integrity College of Health had 188 students enrolled in its programs as of March 31, 2025[154]. - Contra Costa Medical Career College had 468 students enrolled in its programs as of March 31, 2025[155]. - Enrollment increased by 49.8% from 2,166 to 3,245, supported by a 70.7% increase in starts from 710 to 1,227 in the quarter compared to the prior year, including the acquisition of CCMCC adding 468 students[185]. Acquisitions and Approvals - The acquisition of Contra Costa Medical Career College was completed on December 18, 2024[156]. - CCMCC is currently under a temporary provisional program participation agreement allowing it to continue participating in Title IV Programs[158]. - CCMCC submitted an application for a change of business organization/control/ownership to the California Bureau for Private Postsecondary Education on January 16, 2025[159]. - ACCET reinstated CCMCC's accreditation following the change in ownership on January 15, 2025[159]. - Integrity College of Health received full approval from the California Board of Vocational Nursing and Psychiatric Technicians to offer its Vocational Nursing program on February 7, 2025[154]. - Legacy Education Inc. is in the process of applying for approval for an Associate Degree in Nursing program at Central Coast College[153]. Financial Performance - Revenue for the three months ended March 31, 2025, was approximately $18.6 million, an increase of approximately $6.3 million or 50.7% compared to $12.3 million for the same period in 2024[185]. - Net income for the three months ended March 31, 2025, was approximately $2.8 million, an increase of approximately $1.0 million or 55.5% compared to $1.8 million for the same period in 2024[189]. - Revenue for the nine months ended March 31, 2025, was approximately $46.2 million, an increase of approximately $12.9 million or 39.0% compared to $33.2 million for the same period in 2024[190]. - Net income rose by approximately $2.2 million, or 53.6%, to $6.3 million for the nine months ended March 31, 2025, compared to $4.1 million for the same period in 2024[195]. Expenses - Educational services expense for the three months ended March 31, 2025, was approximately $10.1 million, an increase of approximately $3.6 million or 54.6% compared to $6.5 million for the same period in 2024[186]. - General and administrative expense for the three months ended March 31, 2025, was approximately $4.6 million, an increase of approximately $1.3 million or 39.5% compared to $3.3 million for the same period in 2024[187]. - Educational services expense for the nine months ended March 31, 2025, was approximately $24.8 million, an increase of approximately $7.0 million or 39.3% compared to $17.8 million for the same period in 2024[191]. - General and administrative expenses increased by approximately $3.2 million, or 32.7%, to $12.9 million for the nine months ended March 31, 2025, compared to $9.7 million for the same period in 2024[192]. Cash Flow and Financial Health - Cash and cash equivalents increased to approximately $17.3 million as of March 31, 2025, from $10.4 million as of June 30, 2024[196]. - Net cash provided by operating activities was approximately $4.8 million for the nine months ended March 31, 2025, compared to $2.7 million for the same period in 2024, an increase of approximately $2.1 million[200]. - Net cash used in investing activities increased by approximately $6.5 million to $6.9 million for the nine months ended March 31, 2025, primarily due to the acquisition of CCMCC for $6.1 million[201]. - Net cash provided by financing activities was approximately $9.1 million for the nine months ended March 31, 2025, compared to a net cash used of approximately $0.2 million for the same period in 2024, an increase of approximately $8.9 million[202]. - A significant portion of revenue is derived from student tuition payments funded by Title IV Programs, affecting operating cash flow based on disbursement timing[198]. - The company satisfied the composite score requirement of the financial responsibility test to participate in Title IV Programs[199].
Legacy Education Inc.(LGCY) - 2025 Q3 - Quarterly Report