Legacy Education Inc. reported significant financial growth for the three months ended September 30, 2024, compared to the same period in 2023. Revenue increased to $14.0 million, up from $10.4 million, marking a 35.5% rise year-over-year. This growth in revenue was accompanied by a rise in total costs and expenses, which increased to $11.3 million from $9.0 million, resulting in an operating income of $2.7 million, compared to $1.4 million in the prior year.
The company’s net income also saw a substantial increase, reaching $2.1 million for the quarter, up from $1.1 million in the same quarter of the previous year. Basic net income per share improved to $0.22 from $0.12, while diluted net income per share rose to $0.21 from $0.11.
In terms of cash flow, Legacy Education reported net cash provided by operating activities of $3.2 million, a significant increase from $484,617 in the prior year. The company also benefited from proceeds of $8.2 million from its initial public offering (IPO), which was not applicable in the previous year. Overall, the net increase in cash and cash equivalents for the quarter was $11.1 million, compared to just $101,501 in the same period last year.
As of September 30, 2024, Legacy Education's total assets amounted to $50.6 million, up from $35.2 million at the end of June 2024. Total liabilities increased to $18.0 million from $12.8 million, while total stockholders’ equity rose to $32.6 million from $22.4 million.
The company operates as a career institution, focusing on various job markets, including healthcare and business management, and is accredited by recognized bodies such as the Accrediting Council for Continuing Education and Training (ACCET). Legacy Education has undergone significant structural changes since its formation in 2020, including a merger in 2021 that transitioned it to a shareholder-owned C-Corporation.
No impairments were reported for goodwill or long-lived assets during the periods presented, and the company continues to follow ASC 606 for revenue recognition, primarily from tuition fees for postsecondary education services. The tuition revenue is recognized ratably over the instruction period, with upfront payments recorded as contract liabilities.
About Legacy Education Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.