Legacy Education (LGCY) Registration Filing summary

Company overview and business model

• Operates accredited career colleges in California focused on healthcare, veterinary, business, and IT training, with three main institutions: High Desert Medical College, Central Coast College, and Integrity College of Health.

• Programs emphasize real-world, job-ready skills and are strategically located near hospitals and clinics for externship and employment opportunities.

• Target demographic is early to mid-20s seeking economic advancement, with a geographic focus on Southern and Central California.

• Growth strategy includes expanding program offerings, launching new campuses, and pursuing acquisitions to increase national footprint.

Financial performance and metrics

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

• Operating income for 2024 is expected to be $7.3–$8.2 million, compared to $3.6 million in 2023.

• Net income for the nine months ended March 31, 2024, was $4.2 million, up 121.9% from $1.9 million in the prior year period.

• As of March 31, 2024, cash and cash equivalents were $11.4 million, with total assets of $31.9 million and stockholders' equity of $19.6 million.

• Student enrollment as of June 30, 2024, was 2,187, reflecting strong growth.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used for facility investments, new program development, working capital, and general corporate purposes.

• A portion may be allocated to acquisitions of complementary businesses, though no commitments exist at this time.