Legacy Education (LGCY) Registration Filing summary

Company overview and business model

• Operates accredited post-secondary institutions in California focused on healthcare, veterinary, IT, and business management training.

• Institutions include High Desert Medical College, Central Coast College, and Integrity College of Health, serving over 2,100 students as of June 2024.

• Programs are career-focused, with strong job placement support and partnerships with local employers.

• Target demographic is early to mid-20s seeking economic advancement through in-demand skills.

• Growth strategy includes new program launches, geographic expansion, and potential acquisitions.

Financial performance and metrics

• Revenue for fiscal year ended June 30, 2024 estimated at $45.7–$46.5 million, up from $35.5 million in 2023.

• Operating income for 2024 expected at $5.4–$6.3 million, compared to $3.6 million in 2023.

• Net income for nine months ended March 31, 2024 was $4.2 million, up 121.9% year-over-year.

• Cash and cash equivalents as of March 31, 2024 were $11.4 million; pro forma after IPO, $21.7 million.

• Composite score for financial responsibility was 3.0 for 2023, indicating strong compliance with Department of Education standards.

Use of proceeds and capital allocation

• Net proceeds of approximately $10.28 million (or $11.95 million if over-allotment is exercised) expected, assuming $6.00 per share IPO price.

• Proceeds to be used for facility investments, new program development, working capital, and potential acquisitions.

• No current commitments for acquisitions; allocation may change based on opportunities.