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- **Revenue Surge**: Q2 revenue up 40.7% YoY to $19.2M, driven by 49% new student starts growth. Adjusted EBITDA +61.6% to $3M, net income +46% to $2M.
- **Program Expansion**: Launched MRI, cardiac sonography, and 4 sterile processing programs. Hybrid model adds 33 starts in surgical tech and sonography.
- **M&A Momentum**: Pipeline includes multi-campus deals outside California; aim to announce acquisition by fiscal year-end.
- **Financial Health**: $21.1M cash, 31.8% G&A margin, 5% bad debt. Operating cash flow $2.1M supports disciplined growth.
- **Strategic Focus**: Scaling hybrid programs, pursuing RN and surgical specialties, and leveraging AI for efficiency.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 revenue rose 40.7% YoY to $19.2 million, driven by 49.4% increase in new student starts (593 vs. 397). Adjusted EBITDA surged 61.6% to $3 million, with net income up 46% to $2 million.
- **New Programs**: Launched MRI program at Central Coast College (33 starts) and cardiac sonography. Received accreditation for 4 sterile processing programs, with surgical tech cohorts beginning in the second half.
- **Hybrid Model Success**: Introduced hybrid delivery at Contra Costa for surgical tech and sonography, enabling additional cohorts. Expansion planned for other programs.
- **Operational Strength**: 14th consecutive quarter of double-digit growth. Year-to-date revenue up 39.6% to $38.6 million, with EBITDA up 30.3% to $6.1 million.
- **Strategic Priorities**: Focus on enrollment growth, curriculum expansion (e.g., RN programs), operational innovation (AI tools), and M&A (pipeline includes multi-campus opportunities outside California).

**【CFO Financial Commentary】**
- **Financial Highlights**: Q2 GAAP net income $2 million (46% YoY), EPS $0.15 (50% YoY). 6-month EBITDA $5.6 million (22.9% YoY), adjusted EBITDA $6.1 million (30.3% YoY).
- **Expense Management**: Educational services at 53.6% of revenue (down 130bps YoY). G&A at 31.8% (stable YoY). Bad debt expense consistent at 5% of revenue.
- **Balance Sheet**: $21.1 million cash, $27 million+ working capital, minimal debt ($600k). Operating cash flow $2.1 million, supporting growth and margin expansion.

**【Q&A Key Highlights】**
- **Program Performance**: Hybrid programs attract students balancing work and study, with full-time commitment. MRI and cardiac sonography programs targeting 20-30 starts per cohort.
- **M&A Outlook**: Goal to announce acquisition before fiscal year-end, focusing on multi-campus opportunities in adjacent states. New SVP of Operations (Joe Bartolome) to lead integration.
- **Revenue Leverage**: Higher-margin programs (e.g., longer duration) contribute to 40% increase in revenue per student. Hybrid model reduces OpEx while maintaining quality.
- **Regulatory Compliance**: Strong compliance with federal Title IV and accreditations, positioning for industry trends favoring high-outcome, job-ready programs.

Legacy Education Inc. (LGCY) Q2 2026 Earnings Call Transcript

- **Revenue Surge**: 38.5% YoY growth to $19.4 million, fueled by record student enrollment and new program launches.
- **Program Expansion**: 4 new high-demand programs (e.g., cardiac sonography) set to add 20-24 students per class starting Q2.
- **Financial Strength**: $20.6 million cash reserves, 26.5% effective tax rate, and stable AR management with 9.5% reserve coverage.
- **Strategic Momentum**: Active M&A pipeline for multi-campus acquisitions, with potential deals announced within 6 months, and hybrid learning models driving scalability.

**【CEO Opening Remarks】**
- **Revenue Growth**: Q1 FY2026 revenue rose 38.5% YoY to $19.4 million, driven by a 31.6% increase in new student starts (1,117) and a 37.7% rise in ending student population (3,495), marking the 13th consecutive quarter of double-digit growth.
- **New Programs**: Launched 4 new high-demand programs (MRI, cardiac sonography, surgical tech, sterile processing) across multiple campuses, with enrollments expected to begin in Q2.
- **Strategic Investments**: Invested in AI-driven hybrid learning models, simulation labs, and faculty recruitment, with 53.2% of revenue allocated to educational services to maintain clinical quality.
- **Financial Health**: Adjusted EBITDA of $3.1 million (15.9% margin) despite front-loaded investments; net income up 4.6% to $2.2 million, with diluted EPS of $0.16 (normalized to $0.22 on prior share count).

**【CFO Financial Commentary】**
- **Revenue Breakdown**: $19.4 million revenue included $10.3 million in educational services (53.2% of revenue) and $6.1 million in G&A expenses (31.5% of revenue), reflecting strategic investments in compliance, marketing, and new program launches.
- **Liquidity**: $20.6 million cash on hand, with operating cash flow of $1.1 million (impacted by delayed Title IV disbursements) and $300,000 in CapEx for program expansion.
- **Tax Efficiency**: Effective tax rate improved to 26.5% (from 28% YoY) due to stock option exercises post-IPO.
- **AR Management**: AR reserve of $1.9 million (9.5% of AR), with collections improving through partnerships and proactive outreach, stabilizing delinquency rates.

**【Q&A Highlights】**
- **Program Capacity**: New programs (e.g., cardiac sonography) will enroll 20-24 students per class, with Q2 and Q3 enrollments expected to drive future revenue growth.
- **M&A Pipeline**: CEO confirmed a strong pipeline for multi-campus acquisitions, targeting accretive deals within California and beyond, with potential announcements within 6 months.
- **Geographic Expansion**: Minimal international placements (e.g., Canada), with focus on U.S. growth through hybrid delivery models (online general education + on-campus clinicals).
- **Compliance Resilience**: Operates in full compliance with Title IV regulations, unaffected by federal workforce reductions, with employer partnerships ensuring job placement rates above industry standards.

Legacy Education Inc. (LGCY) Q1 2026 Earnings Call Transcript

- **Revenue Surge**: Q4 revenue up 40.8% to $17.9M, full-year $64.2M (+39.5%), fueled by 41.8% enrollment growth.
- **Program Expansion**: 3 new degrees, 2 certs, and 88.8% NCLEX pass rate.
- **Financial Discipline**: $700K AR reserve (conservative), 31% tax rate, $20.3M cash.
- **Growth Catalysts**: 723 Q4 starts, 3,194 annual new student starts, hybrid model scalability.


**【CEO Summary Section】**
- Q4 revenue grew 40.8% YoY to $17.9M, driven by 15.7% increase in new student starts (723 total). Full-year revenue rose 39.5% to $64.2M, with 41.8% enrollment growth to 3,101 students.
- Highlighted strategic initiatives: 3 new degree programs (e.g., RN to BSN with NLN CNEA accreditation) and 2 certificates, adding 468 students through Contra Costa acquisition.
- Proactive $700K AR reserve increase for graduate student payment delays, emphasizing conservative financial management.
- 88.8% NCLEX pass rate and 74.3% placement rates underscore program quality.

**【CFO Financial Commentary】**
- Q4 net income $1.2M (+27.6% YoY), EBITDA $2.1M (+133%). Full-year net income $7.5M (+47.3%), EBITDA $10.4M (+61%).
- Educational expenses rose 34.2% to $34.2M due to staffing, rent, and externships. G&A up 47% to $19.3M, driven by marketing and AR reserve.
- Cash balance $20.3M, no debt, supporting M&A and program expansion.
- Tax rate adjusted to 31% from 28% due to one-time provisions.

**【Q&A Highlights】**
- New programs to start in Q4 with 30-student cohorts, targeting 100+ students annually.
- AR reserve of $700K tied to $2.5M graduate receivables, with internal recovery efforts.
- Seasonality: Q1 (Sep) strong, Q2 (Dec) soft, Q3 (Mar) robust, Q4 (Jun) steady growth.
- No capacity constraints; 25K sq ft added to Central Coast campus for labs.


Legacy Education Inc. (LGCY) Q4 2025 Earnings Call Transcript

- **Revenue Supercharge**: Q3 revenue up 50.7% YoY to $18.6M, driven by 70.7% jump in new student starts. 
- **Acquisition Payoff**: Contra Costa acquisition added 468 students and $2.1M in revenue. 
- **Profit Machine**: Net income of $2.8M (+57%) and EBITDA of $3.9M (+60%). 
- **Growth Engine**: 2 new nursing cohorts and 1 imaging cohort added 73 students in Q3 alone. 
- **Expansion Ambitions**: 2+ acquisition targets in pipeline; $17.3M cash for deals. 
- **Program Expansion**: Rolling out EMT program across 3 campuses; 12-week weekend format. 
- **Seasonality Warning**: Q4 expected to lag Q3 due to typical seasonal decline. 


**【CEO Opening Remarks】**
- Q3 FY2025 revenue surged 50.7% YoY to $18.6M, driven by 70.7% increase in new student starts (719 → 1,227) and 49.8% growth in ending enrollment (2,168 → 3,245). 
- Acquisition of Contra Costa Medical Career College added 468 students, contributing $2.1M in revenue. 
- Key metrics: 
  - Nursing NCLEX pass rate: 83% 
  - Placement rates: 75% (accreditor asset) / 76% (AB Hub) 
  - Net income: $2.8M ($0.21/diluted share) 
  - Adjusted EBITDA: $3.9M (+60% YoY). 

**【CFO Financial Breakdown】**
- Revenue components: 
  - Educational services: $10.1M (54.4% of revenue) 
  - General & admin expenses: $4.6M (24.9% of revenue) 
- 9M FY2025 results: 
  - Revenue: $46.2M (+39% YoY) 
  - Net income: $6.3M ($0.51/diluted share) 
  - Adjusted EBITDA: $8.6M (+54.2% YoY). 
- Liquidity: $17.3M cash / $22M working capital. 

**【CEO Strategic Outlook】**
- **Enrollment Growth**: 
  - Added 2 nursing cohorts (+53 students) and 1 imaging cohort (+20 students) in Q3. 
  - Rolling out EMT program across 3 campuses (Temecula, Pasadena, Salinas). 
- **Program Expansion**: 
  - Launching sterile processing, surgical tech, and EMT programs. 
  - Hybrid learning model with advanced simulation tech. 
- **Expansion Pipeline**: 
  - Actively evaluating 2+ acquisition targets. 
  - $17.3M cash on hand for strategic investments. 

**【Q&A Highlights】**
1. **Q3 Growth Drivers**: 
   - Nursing (+53 students) and imaging (+20 students) programs led the surge. 
2. **Seasonality**: 
   - Q3 typically strongest quarter; Q4 expected to reflect seasonal decline. 
3. **Acquisition Strategy**: 
   - 2+ active M&A discussions; no deals yet. 
4. **EMT Program Details**: 
   - 12-week weekend format; county approvals pending for Pasadena/Salinas. 
5. **Future Outlook**: 
   - Q4 revenue likely below Q3 but in line with historical seasonality. 


Legacy Education (LGCY)-15 May 25-2025 Q3 Earnings call transcript

- **Revenue Surge**: 29.2% YoY growth to $13.6M, fueled by healthcare programs and 44.8% student enrollment rise.
- **Milestone Achievement**: 3,000+ students mark, with 14 new programs from Contra Costa acquisition.
- **Financial Strength**: $16.9M cash reserves, 10.1% YoY growth in Adjusted EBITDA.
- **Resilience & Expansion**: Seamless online transition during wildfires; pipeline of out-of-state M&A opportunities.


**【CEO Opening Remarks】**
- **Revenue Growth**: Q2 2025 revenue reached $13.6M, up 29.2% YoY, driven by enrollment growth and healthcare program expansion.
- **Student Milestone**: Exceeded 3,000 enrolled students as of January 31, 2025, a 44.8% YoY increase.
- **Acquisition Impact**: Contra Costa Medical Career College added 14 new programs, with 2 weeks of financial contribution in Q2.
- **New Programs**: Surgical technology, sterile processing, pharmacy technician, and dental assisting launched at Salinas campus.
- **Disruption Management**: Pasadena campus temporarily closed due to wildfires, with seamless transition to online learning.

**【Operational Updates】**
- **Healthcare Expansion**: Scaling nursing, medical assisting, and imaging programs; adding externships and job placements.
- **Innovation**: Full implementation of Blackboard Ultra LMS and simulation tech for nursing and imaging.
- **Acquisition Pipeline**: Actively pursuing out-of-state targets to expand geographic footprint.
- **Regulatory Compliance**: Confident in positioning as a high-demand allied health provider amid DOE scrutiny.

**【Financial Highlights (Q2 2025)】**
- **Net Income**: $1.4M (8.5% YoY growth), EPS $0.10.
- **EBITDA**: $1.8M (3.6% YoY growth), Adjusted EBITDA $1.9M (10.1% YoY growth).
- **Liquidity**: $16.9M cash reserves.

**【Q&A Key Takeaways】**
- **Policy Outlook**: DOE discussions on gainful employment may streamline reporting; no immediate threats to current programs.
- **M&A Environment**: Strong pipeline of single-owner institutions seeking exit; pricing favorable for accretive deals.
- **January Trends**: Robust demand with leads aligning with projections.
- **Wildfire Recovery**: Pasadena campus fully operational post-disaster, with community support initiatives.


Actual	0.1	0.21	0.09	0.16	0.15
Forecast	0.11	0.1333	0.1133	0.15	0.1333
Surprise	-9.09%	+57.54%	-20.56%	+6.67%	+12.53%

Actual	13.64M	18.58M	17.95M	19.40M	19.18M
Forecast	12.95M	16.76M	16.79M	17.73M	17.56M
Surprise	+5.28%	+10.86%	+6.91%	+9.44%	+9.22%

LGCY

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LGCY Q2 2026 Earnings

Earnings Call

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LGCY

LGCY fundamentals

LGCY Q2 2026 Earnings

Earnings Call

LGCY Earnings Call Summary for Q2/20264:30 PM on Feb 12, 2026

LGCY Earnings Call Summary for Q1/20264:30 PM on Nov 13, 2025

LGCY Earnings Call Summary for Q4/20254:30 PM on Sep 25, 2025

LGCY Earnings Call Summary for Q3/20254:30 PM on May 15, 2025

LGCY Earnings Call Summary for Q2/20254:30 PM on Feb 13, 2025

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