Legacy Education (LGCY) Registration Filing summary

Company overview and business model

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

• Main campuses: High Desert Medical College (HDMC), Central Coast College (CCC), and Integrity College of Health.

• Programs include vocational nursing, ultrasound, medical assisting, veterinary technology, and more, with new EMT and surgical technology programs planned.

• Target demographic: early to mid-20s seeking job-ready skills; campuses strategically located near healthcare employers.

• Growth strategy includes new programs, online offerings, branch campuses, and acquisitions to expand nationally.

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: $11.4 million; pro forma after IPO: $21.7 million.

• Composite score for financial responsibility was 3.0 for 2023, indicating strong financial health.

Use of proceeds and capital allocation

• Estimated net proceeds of $10.28 million (or $11.95 million if over-allotment exercised) at $6.00/share.

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

• No current commitments for acquisitions; proceeds may be allocated as opportunities arise.