Legacy Education Inc (LGCY) 2025 Q4 法說會逐字稿

Good day, and welcome to the Legacy Education Incorporated fourth quarter and full fiscal year 2025 earnings conference call. Today's call is being recorded and broadcasted live. It will also be archived on the Legacy Education website for future reference.

大家好，歡迎參加 Legacy Education Incorporated 2025 財年第四季和全年財報電話會議。今天的電話會議正在錄音並進行現場直播。它還將存檔在 Legacy Education 網站上以供將來參考。

To kick off our call, I will turn it over to Nicole Joseph, Senior Vice President of Legacy Education Incorporated.

為了開始我們的電話會議，我將把電話交給 Legacy Education Incorporated 的高級副總裁 Nicole Joseph。

Thank you, and hello, everyone. Legacy Education has issued a news release reporting its financial results and corporate developments for the fourth quarter and full fiscal year ended June 30, 2025. The release is available in the Investor Relations section of our corporate website at legacyed.com. With us today on the call are LeeAnn Rohmann, Chief Executive Officer; and Brandon Pope, Chief Financial Officer.

謝謝大家，大家好。Legacy Education 發布了一份新聞稿，報告了截至 2025 年 6 月 30 日的第四季度和全年財務業績和公司發展。本新聞稿可至本公司網站 legacyed.com 的投資者關係版塊查閱。今天參加電話會議的嘉賓包括執行長 LeeAnn Rohmann 和財務長 Brandon Pope。

On today's earnings call, statements made by Legacy's management regarding the company's business, which are not historical facts, may be forward-looking statements as identified in federal securities laws. The words may, will, expect, believe, anticipate, project, plan, intend, estimate, and continue as well as similar expressions are intended to identify forward-looking statements.

在今天的財報電話會議上，Legacy 管理階層就公司業務所做的聲明並非歷史事實，可能是聯邦證券法所認定的前瞻性聲明。可能、將要、預期、相信、預期、預計、計劃、打算、估計、繼續等詞語以及類似的表達旨在識別前瞻性陳述。

Forward-looking statements should not be read as a guarantee of future performance. The company cautions you that these statements reflect current expectations about the company's future performance, or events and are subject to a number of uncertainties, risks, and other influences, many of which are beyond the company's control that may influence the accuracy of the statements and projection upon which the statements are based.

前瞻性陳述不應被視為對未來績效的保證。本公司提醒您，這些聲明反映了對公司未來業績或事件的當前預期，並受到許多不確定因素、風險和其他影響的影響，其中許多因素超出了公司的控制範圍，可能會影響這些聲明和聲明所依據的預測的準確性。

Factors that may affect the company's results include, but are not limited to the risk and uncertainties discussed in the Risk Factor section of the annual report on Form 10-K, and the quarterly report on Form 10-Q, filed with the Securities and Exchange Commission. Forward-looking statements are based on the information available at the time of those statements are made and management's good faith beliefs as of the time with respect to future events.

可能影響公司業績的因素包括但不限於提交給美國證券交易委員會的 10-K 表年度報告和 10-Q 表季度報告中「風險因素」部分中討論的風險和不確定性。前瞻性陳述是基於做出這些陳述時可用的資訊以及管理階層對未來事件當時的誠信信念。

All forward-looking statements are qualified in their entirety by this cautionary statement, and Legacy undertakes no obligation to publicly revise or update any forward-looking statements, whether as a result of new information, future events, or otherwise after the date thereof.

所有前瞻性陳述均受本警告聲明的全部限制，且 Legacy 不承擔公開修改或更新任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其日期之後的其他情況。

I will now hand the call over to LeeAnn Roman, CEO of Legacy Education. LeeAnn, to you.

現在我將把電話交給 Legacy Education 的執行長 LeeAnn Roman。LeeAnn，對你來說。

Thanks, Nicole, and good afternoon, everyone. Welcome to Legacy Education's fourth quarter and fiscal year 2025 earnings call. I'm joined by Brandon Pope, our Chief Financial Officer.

謝謝，妮可，大家下午好。歡迎參加 Legacy Education 2025 財年第四季和財報電話會議。和我一起的還有我們的財務長 Brandon Pope。

Fiscal 2025 has been a pivotal year for Legacy Education, reinforcing our leadership and the essential healthcare education sector by delivering outstanding financial results and advancing initiatives that profoundly impact on our students, employers, and communities. And the sector grappling with over 1.8 million annual job openings through 2032 as projected by the Bureau of Labor Statistics.

2025 財年對於 Legacy Education 來說是關鍵的一年，透過提供出色的財務業績和推進對我們的學生、雇主和社區產生深遠影響的舉措，鞏固了我們的領導地位和基本醫療教育領域。美國勞工統計局預測，到 2032 年，該產業每年將出現超過 180 萬個職缺。

Legacy is at the vanguard, equipping individuals with the skills to thrive in high demand health care roles. Our commitment to excellence in education not only drives personal success for our students but also bolsters the nation's healthcare infrastructure, addressing acute workforce shortages with urgency and innovation.

Legacy 處於先鋒地位，為個人提供在高需求醫療保健職位上蓬勃發展的技能。我們致力於提供卓越的教育，這不僅推動了學生的個人成功，也增強了國家的醫療保健基礎設施，以緊迫感和創新解決嚴重的勞動力短缺問題。

Starting with the fourth quarter, we delivered revenue of $17.9 million, up 40.8% year over year, fueled by a 15.7% increase in new student starts. This performance caps a transformative fiscal year where revenue climbed 39.5% to $64.2 million, propelled by a 41.8% surge in enrollment to 3,101 students and a 26.9% rise and new student starts to 3,194. These achievements represent our 12th consecutive quarter of double-digit revenue growth, demonstrating our team's exceptional execution, and the enduring demand for our programs.

從第四季開始，我們的收入達到 1,790 萬美元，年增 40.8%，這得益於新生入學人數增加了 15.7%。這一業績標誌著一個變革性的財政年度的結束，收入增長 39.5%，達到 6,420 萬美元，這得益於入學人數激增 41.8%，達到 3,101 名學生，新生人數增加 26.9%，達到 3,194 名。這些成就代表著我們連續第 12 季實現兩位數的營收成長，證明了我們團隊的卓越執行力以及對我們專案的持久需求。

Our graduate success stories underscore our impact with an 81.8% NCLEX pass rate, nursing and placement rates that are averaging 74.3% through ACCET, and 74.6% through ABHES, our accrediting agencies. We're producing job-ready professionals in fields like nursing, diagnostic medical sonography, and surgical technology, just to name a few. The seamless integration of the Contra Costa Medical Career College has amplified our reach, adding 468 students and diversifying our offerings.

我們的畢業生成功案例凸顯了我們的影響力，透過我們的認證機構 NCLEX 的通過率為 81.8%，護理和安置率透過 ACCET 的平均率為 74.3%，透過 ABHES 的平均率為 74.6%。我們正在培養護理、診斷醫學超音波和外科技術等領域的就業專業人才，僅舉幾例。與康特拉科斯塔醫學職業學院的無縫整合擴大了我們的影響力，增加了 468 名學生，並豐富了我們提供的課程。

We are energized by our strategic developments this year, which are accelerating our momentum. We've secured approvals for three new degree programs and two certificate programs, expanding our curriculum to meet evolving market needs. Achieving initial accreditation from the National League for Nursing Commission for Nursing Education Accreditation, otherwise known as NLN CNEA for our RN to BSN track is a game changer. It's enhancing our nursing education portfolio and opening doors for more students to advance their careers.

今年我們的策略發展為我們帶來了活力，並加速了我們的發展勢頭。我們已獲得三個新學位課程和兩個證書課程的批准，擴大了我們的課程範圍以滿足不斷變化的市場需求。獲得美國國家護理聯盟護理教育認證委員會（NLN CNEA）的初步認證，對於我們的 RN 到 BSN 課程來說，具有重大的變化。它增強了我們的護理教育組合，並為更多的學生打開了職業發展的大門。

Additionally, I'm excited that we have strengthened our governance by appointing two new Board members and establishing an advisory board bringing fresh expertise to guide our expansion and innovation efforts. These milestones are propelling us forward with renewed vigor.

此外，我很高興我們透過任命兩名新董事會成員和成立顧問委員會來加強我們的治理，帶來新的專業知識來指導我們的擴張和創新工作。這些里程碑正以新的活力推動我們前進。

Our six California campuses located in Lancaster, Bakersfield, Temecula, Salinas, Pasadena, and Antioch are ideally positioned and thriving healthcare hubs, supported by our cutting-edge hybrid learning model that blends advanced simulation technology with hands-on training for optimal accessibility and outcomes. We're actively exploring additional branches and acquisitions to extend our transformative education even further.

我們位於加州的六個校區分別位於蘭開斯特、貝克斯菲爾德、特曼庫拉、薩利納斯、帕薩迪納和安提阿，地理位置優越，是蓬勃發展的醫療保健中心，並由我們先進的混合學習模式提供支持，該模式將先進的模擬技術與實踐培訓相結合，以實現最佳的可及性和成果。我們正在積極探索更多的分支機構和收購，以進一步擴展我們的變革性教育。

Financially, Q4 net income reached $1.2 million, up 27.6%. On expenses, I want to directly address one item. In Q4, we increased our AR reserve by approximately $700,000, this was to address the fact that we saw a softness in student payments related to our graduate students only. This $700,000 G&A expense charge is tied to graduated borrowers who fell behind in payments.

財務方面，第四季淨收入達120萬美元，成長27.6%。關於費用，我想直接談一項。在第四季度，我們將應收帳款儲備增加了約 70 萬美元，這是為了解決與研究生相關的學生付款疲軟的問題。這筆 70 萬美元的一般及行政費用與拖欠還款的畢業借款人有關。

I want to be clear, we're not writing this off. Instead, we're taking an increased reserve to be proactive and conservative by addressing this in the fourth quarter. We want to demonstrate our commitment to transparency, discipline and protecting long-term shareholder value. Brandon will cover this further in his remarks.

我想明確一點，我們不會放棄這一點。相反，我們將增加儲備，採取積極主動和保守的態度，在第四季度解決這個問題。我們希望展現我們對透明度、紀律和保護長期股東價值的承諾。布蘭登將在他的演講中進一步闡述這一點。

Even with this charge in Q4, we capped off a year of record growth and momentum. For the full year, net income grew $7.5 million or $0.59 per diluted share, and adjusted EBITDA increased 31.3% to $11 million. Our robust balance sheet featuring $20.3 million in cash and negligible debt empowers us to invest boldly and grow. I am immensely proud of our dedicated team for their role in these accomplishments, which extend beyond numbers to real world change.

即使第四季有這樣的收費，我們仍然以創紀錄的成長和發展勢頭結束了這一年。全年淨收入成長 750 萬美元，即每股攤薄收益 0.59 美元，調整後 EBITDA 成長 31.3%，達到 1,100 萬美元。我們擁有穩健的資產負債表，包括 2,030 萬美元的現金和微不足道的債務，這使我們能夠大膽投資並實現成長。我為我們敬業的團隊在這些成就中所扮演的角色感到無比自豪，這些成就不僅限於數字，也影響著現實世界的變化。

With that, I want to pass this over to Brandon for a deeper dive into our financials. Brandon?

有了這些，我想把這個交給布蘭登，讓他更深入地了解我們的財務狀況。布蘭登？

Thank you, LeeAnn. In fiscal 2025, marked a year of exceptional financial and operational progress, highlighting our disciplined approach and scalable model. I'll begin with Q4 results followed by full year compared to fiscal 2024 drawing from our press release in Form 10-K.

謝謝你，LeeAnn。2025財年是財務和營運取得卓越進展的一年，凸顯了我們嚴謹的方法和可擴展的模式。我將從第四季度業績開始，然後根據我們 10-K 表格新聞稿中的內容，比較全年與 2024 財年的業績。

Our fourth quarter 2025 financial highlights beginning with revenue, which rose 40.8% to $17.9 million from $12.8 million, driven by increased enrollment. Net income increased to $1.2 million, from $1 million last year, and EBITDA was $2.1 million, up 133% from $0.9 million last year.

我們 2025 年第四季的財務亮點首先是收入，由於入學人數增加，收入從 1,280 萬美元增長 40.8% 至 1,790 萬美元。淨收入從去年的 100 萬美元增至 120 萬美元，EBITDA 為 210 萬美元，比去年的 90 萬美元成長 133%。

In expenses, Educational Services is $9.4 million versus $8.5 million due to our increased staffing required to support increased enrollment, increased rents, increased externship fees, and our investment into our new programs. General and administrative was $6.3 million versus $3.3 million prior year, reflecting our investment in marketing, professional fees as well as the increased AR reserve LeeAnn mentioned earlier.

在支出方面，教育服務費用為 940 萬美元，而去年同期為 850 萬美元，這是因為我們需要增加人員來支持增加的入學人數、增加的租金、增加的實習費用以及對新計畫的投資。一般及行政費用為 630 萬美元，而去年同期為 330 萬美元，反映了我們在行銷、專業費用方面的投資，以及 LeeAnn 之前提到的增加的應收帳款儲備。

We increased our AR reserve from 5.0% to 9.8% due to our annual AR reserve analysis that indicated a slowness in graduate student payments. Although we have improved efficiencies in financial aid processing and active student payments while in school, we took a very conservative reserve to address this analysis.

由於我們的年度應收帳款儲備分析顯示研究生付款放緩，我們將應收帳款儲備從 5.0% 提高到 9.8%。儘管我們提高了財務援助處理和學生在校期間主動付款的效率，但我們採取了非常保守的儲備來解決這個分析問題。

For fiscal year 2025, financial operating results include revenue growth of 39.5% to $64.2 million from $46 million in the prior year, supported by a 41.8% enrollment increase to 3,101 students and a 26.9% rise in new student starts to 3,194.

2025 財年的財務營運結果包括收入從上一年的 4,600 萬美元增長 39.5% 至 6,420 萬美元，這得益於入學人數增加 41.8% 至 3101 名學生以及新生人數增加 26.9% 至 3,194 名。

Net income is up 47.3% to $7.5 million or $0.59 per diluted share from $5.1 million or $0.53 per diluted share last year. EBITDA is up 61% to $10.4 million from $6.5 million, and adjusted EBITDA is up $31.3 million to $11 million from $8.4 million last year.

淨收入從去年的 510 萬美元或每股 0.53 美元增長 47.3% 至 750 萬美元或每股 0.59 美元。EBITDA 從 650 萬美元上漲 61% 至 1,040 萬美元，調整後 EBITDA 從去年的 840 萬美元上漲 3,130 萬美元至 1,100 萬美元。

In expenses, educational expenses was $34.2 million versus $26.4 million, due to our increased staff being required to support increased enrollment, increased rent, externships and again, our investment into our new programs. General and administrative, $19.3 million versus $13.0 million, again, due to increased marketing and professional fees and the aforementioned bad debt expense.

在支出方面，教育支出為 3,420 萬美元，而去年同期為 2,640 萬美元，這是因為我們需要增加員工來支持增加的入學人數、增加的租金、實習以及對新計畫的投資。一般及行政費用為 1,930 萬美元，而前者為 1,300 萬美元，同樣是由於行銷和專業費用增加以及前面提到的壞帳費用。

Our balance sheet, we have cash and cash equivalents exceeding $20 million to $20.3 million. Working capital was $23.9 million. Our total assets were $69.2 million, and stockholders' equity at $41 million. Cash flow was $7.8 million generated from operating activities with minimal debt. Our solid financial position fuels strategic initiatives like program expansion and acquisitions.

我們的資產負債表顯示，我們的現金和現金等價物超過 2,000 萬美元至 2,030 萬美元。營運資金為2,390萬美元。我們的總資產為 6,920 萬美元，股東權益為 4,100 萬美元。經營活動產生的現金流為 780 萬美元，負債極少。我們穩健的財務狀況為專案擴展和收購等策略舉措提供了支持。

I'll now turn it over to LeeAnn, CEO, for our strategic outlook and closing remarks.

現在，我將把時間交給執行長 LeeAnn，請她發表我們的策略展望和結束語。

Thank you, Brandon. As you can see, Legacy Education is energized and ideally positioned to harness the vibrant opportunities in the health care education sector, indispensable for tackling workforce gaps and enhancing community health.

謝謝你，布蘭登。如您所見，Legacy Education 充滿活力，處於理想的位置，能夠利用醫療保健教育領域的蓬勃發展機會，這對於解決勞動力缺口和增強社區健康至關重要。

Our strategic road map is geared towards amplifying or our influence and achieving enduring growth. We're going to continue the enrollment momentum through sophisticated digital marketing, and robust employer collaborations will capitalize on our 26.9% student starts growth, focusing on our high potential regions. We're going to continue with our curriculum expansion.

我們的策略路線圖旨在擴大我們的影響力並實現持久成長。我們將透過先進的數位行銷來保持招生勢頭，而強大的雇主合作將利用我們 26.9% 的學生入學成長率，重點關注我們的高潛力地區。我們將繼續擴展課程。

We're thrilled to roll out our newly approved three degrees and two certificate programs alongside the prestigious NLN CNEA accreditation for our RN to BSN track. These breakthroughs are supercharging our nursing offerings and attracting top talent. We will continue to add new programs that are needed for the areas that we serve. In our operational innovation, we continue with our hybrid model, enriching it with state-of-the-art simulation and EdTech boots, efficiency and student success while scaling seamlessly.

我們很高興推出新批准的三個學位和兩個證書課程，以及針對我們的 RN 至 BSN 課程的著名 NLN CNEA 認證。這些突破增強了我們的護理服務並吸引了頂尖人才。我們將繼續增加我們服務地區所需的新項目。在我們的營運創新中，我們繼續採用混合模式，透過最先進的模擬和 EdTech 啟動、效率和學生成功來豐富它，同時無縫擴展。

With our governance and expansion, I can't tell you how excited I am about the two new dynamic Board members and our freshly formed advisory Board for infusing expert insights to propel, branching and M&A, targeting accretive opportunities to widen our footprint, all backed by our strong balance sheet.

隨著我們的治理和擴張，我無法告訴你我對兩位新的充滿活力的董事會成員和我們新成立的顧問委員會感到多麼興奮，他們注入了專家見解來推動分支和併購，瞄準增值機會來擴大我們的足跡，所有這些都由我們強大的資產負債表支持。

In this resilient sector, our adherence to Title IV funding requirements, strong compliance culture, a focus on superior outcomes and market-aligned programs equip us to thrive amid regulatory shifts. Compliance is not just a requirement for us. It's a competitive advantage.

在這個具有韌性的行業中，我們遵守 Title IV 的資金要求、擁有強大的合規文化、注重卓越的成果和與市場一致的計劃，這些使我們能夠在監管變化中蓬勃發展。合規不僅僅是我們的一項要求。這是一種競爭優勢。

As Washington advances the One Big Beautiful Bill, comprehensive legislation aimed at expanding access, workforce development and funding pathways, we believe what Legacy Education is uniquely positioned to benefit. With our scale, our compliance record, and proven ability to deliver job-ready graduates, we stand at the intersection of policy support and market demand. The combination of the operational execution, compliance strength, human impact and policy tailwinds give us confidence that as we've moved into 2026, this will fuel our optimism for continued excellence.

隨著華盛頓推進“一項偉大的美麗法案”，這項旨在擴大准入、勞動力發展和資金途徑的綜合性立法，我們相信 Legacy Education 將以獨特的方式受益。憑藉我們的規模、合規記錄以及培養就業型畢業生的成熟能力，我們處於政策支援和市場需求的交匯處。營運執行、合規實力、人力影響和政策順風的結合讓我們有信心，隨著我們進入 2026 年，這將激發我們對持續卓越的樂觀態度。

I'll turn the call over to the operator for some Q&As at this time. Operator?

我現在將把電話轉給接線員進行一些問答。操作員？

(Operator Instructions)

（操作員指示）

Mike Grondahl, Northland Securities

麥克·格隆達爾，北國證券

Hey, LeAnne, and Brandon. What was the starts number in the quarter? I got the ending enrollment of 3101, but what was the starts number just for the quarter?

嘿，LeAnne 和 Brandon。本季的開工數量是多少？我得到的最終入學人數是 3101，但是本季的入學人數是多少？

723.

723.

723, Mike, and it's great to hear from you out there.

723，麥克，很高興收到你的來信。

Okay. And the new programs, the three new degree programs and the two certification programs, when do those start? And is there a rough range of revenue that cohort might deliver in '26 or '27? How do we think about those?

好的。那麼新的課程，三個新的學位課程和兩個認證課程什麼時候開始？那麼，該群體在 2026 年或 2027 年可能實現的收入大致上在什麼範圍內呢？我們怎麼看待這些？

So Mike, we don't give forward projections, but what I can tell you is that we did indicate in the press release that we anticipate starting these programs in October, and we have built a pro forma budget around those.

所以麥克，我們沒有給出前瞻性預測，但我可以告訴你的是，我們確實在新聞稿中表示，我們預計將於 10 月啟動這些項目，並且我們已經圍繞這些項目制定了形式預算。

Got it. Is -- I don't want a forward guidance or anything. But like could those programs start 100 students next year, a couple hundred? Just, I guess, the size or the capacity that you've created, maybe that would be helpful, too.

知道了。是——我不想要前瞻性指引或任何東西。但這些計畫明年可以招收 100 名學生，還是幾百名學生？我想，您所創造的規模或容量也許也會有所幫助。

Sure. So we basically average in terms of in our starts for our degree granting programs that we can set up to 30 students in those starts. And so for each of our degree programs on the campuses to which we start in, you can reference the fact that when we open a class, we can set up to 30 students in those -- in each of those degree granting classes, we can do something very similar to that in our certificate programs.

當然。因此，就我們的學位授予計畫的啟動而言，我們基本上平均可以接收多達 30 名學生。因此，對於我們在各個校園開設的每個學位課程，您可以參考這樣一個事實：當我們開設一個班級時，我們可以在每個授予學位的班級中設置最多 30 名學生 - 我們可以做一些與我們的證書課程非常相似的事情。

Got it. And how many starting dates throughout the year? Is there just one or would these have a second start date?

知道了。全年有多少個開學日期？只有一個開始日期嗎？還是會有第二個開始日期？

Those typically and this information, our starts are located like on our website and part of like where the public can see, we typically start our degree programs a couple of times a year. So about every four to six months, we start our degree programs, and we start our certificate programs roughly about every eight weeks.

這些通常和這些資訊一樣，我們的起點位於我們的網站上，部分地方公眾可以看到，我們通常每年啟動幾次學位課程。因此，大約每四到六個月，我們就會開始我們的學位課程，大約每八週，我們就會開始我們的證書課程。

Okay. That's helpful. And then the $700,000 reserve you talked about, can you give us a little bit of color, what is the outstanding balance that you took that against? Is that multiple millions of dollars, like you took a $700,000 reserve. What was the balance, roughly how many students in that cohort? A little more color there would be helpful.

好的。這很有幫助。然後，您談到的 70 萬美元儲備金，您能否向我們稍微介紹一下，您用這筆儲備金抵扣的未償餘額是多少？那是數百萬美元，就像你拿了 70 萬美元的儲備金一樣。平衡情況如何？該群體中大約有多少名學生？多一點顏色會有幫助。

Yeah. We do an analysis annually and new analysis of all of our students, whether they're active, inactive and actually do it sometimes even at a program level. And we'd also do it on a grad level. And our experience is that grad students paid pretty timely and so we don't really focus our efforts on that collection rate too much. We focus it on active students within our financial processing and payments while they're in school.

是的。我們每年都會對所有學生進行分析和新的分析，無論他們是活躍的還是不活躍的，有時甚至在專案層面上進行分析。我們也會在研究生層面進行這項工作。我們的經驗是，研究生的繳費相當及時，因此我們不會太在意收款率。我們的財務處理和支付重點在於在校學生。

But we did this analysis, we determined that there is a significant or not significant amount of graduate students who still make -- who are making payments. Part of that is reflected in our balance sheet in the long-term area, which increased about $600,000 to basically $1.9 million, I believe.

但我們做了分析，發現有相當一部分或不多一部分研究生仍在支付學費。我認為，其中一部分反映在我們的長期資產負債表中，該資產負債表增加了約 60 萬美元，基本上達到 190 萬美元。

And that is what that's based on. Total, all grad students is about $2 million, $2.5 million we reserved some of that regarding these things that are slowing in their payments. So that's about what that reserve analysis indicated for us. Again, it is something that we look at. We'll probably look at every quarter now versus annually and see if we see any trends like that.

這就是其依據。總計，所有研究生的費用約為 200 萬美元，其中 250 萬美元我們預留了一部分用於支付正在放緩的費用。這就是儲備分析向我們顯示的內容。再次強調，這是我們所關注的事情。我們現在可能會查看每個季度而不是每年的情況，看看是否看到類似的趨勢。

It's a very conservative reserve estimate, that's why we didn't write it off. We just reserved for it. We have internal expectations of having a process within us to address this particular thing. And like anything we do, we'll attack that vigorously. And we believe that we will at least get enough to recover that reserve, if not more. But we thought it would be important to take a conservative approach to that reserve.

這是一個非常保守的儲量估計，這就是我們沒有將其註銷的原因。我們只是為此保留了空間。我們內心期望有一個流程來解決這個特定問題。就像我們所做的任何事情一樣，我們會大力攻擊它。我們相信，我們至少能夠獲得足夠的資金來恢復儲備，甚至更多。但我們認為對該儲備採取保守的態度很重要。

Okay. And then one more, the tax rate came in at about 45%. I think we were at 28%. Any reason for the tax rate being so high? And how does it look going forward?

好的。再說一次，稅率約為45%。我認為我們的比率是 28%。稅率這麼高有什麼原因嗎？未來前景如何？

Yeah, the tax rate wasn't 45%, it was 31%, 32%. And that was -- it had to do with a return to provision adjustment last year. Last year was approximately 28%. And really, as we did the return of provision adjustment, it should have been closer to 30% and some change. And so this increase this year is representative of that. For this fiscal year, it'll be around 30%.

是的，稅率不是 45%，而是 31%、32%。那是——這與去年恢復撥備調整有關。去年約為28%。事實上，當我們進行撥備調整時，它應該接近 30% 甚至有所變化。今年的成長就反映了這一點。本財年，這一比例將在 30% 左右。

Okay. Thank you.

好的。謝謝。

Thank you, Mike. Great questions.

謝謝你，麥克。很好的問題。

Jeffrey Cohen, Ladenburg Thalmann.

傑弗瑞‧科恩、拉登堡‧塔爾曼。

Hi, LeeAnn, hi, Brandon. How are you?

嗨，LeeAnn，嗨，Brandon。你好嗎？

Good. How are you?

好的。你好嗎？

Pretty good. So a few questions. Firstly, I was hoping I would hear the word cardiac or neuro, any commentary there at all?

不錯。有幾個問題。首先，我希望聽到「心臟」或「神經」這個詞，有什麼評論嗎？

They are active programs of which you know that we've already been enrolling in, and we've added to our additional campuses. So cardiac is really doing well for us.

這些都是活躍的項目，您知道我們已經開始招生，我們已經將其擴展到其他校區。所以我們的心臟狀況確實很好。

Got it. So with now your seven facilities, are you capacity constrained at any point? I mean, the growth rate is the growth rate, but are you shy on square footage? Do you need more buildings or square footage to accommodate the organic growth?

知道了。那麼，現在您有七個設施，您的產能是否在任何時候受到限制？我的意思是，成長率就是成長率，但你在面積上是否不夠？您是否需要更多的建築物或面積來適應有機成長？

So we are -- so we have gotten the approvals in the Central Coast campus. Remember, we added 25,000 square feet to that and so we are definitely well positioned there. As you saw where Brandon talked about the increase in expenses, and some of that was due to rent, that is where we have taken in our existing Lancaster, Temecula locations, and we have added additional square footage to support the lab additions that we are putting into for these new program approvals.

所以我們——我們已經獲得了中央海岸校區的批准。請記住，我們在此基礎上增加了 25,000 平方英尺，因此我們在那裡絕對處於有利地位。正如您所看到的，布蘭登談到了費用的增加，其中一些是由於租金，這就是我們在現有的蘭開斯特、特曼庫拉地區所採取的措施，並且我們增加了額外的面積來支持我們為這些新項目批准而投入的實驗室擴建。

The way that we're delivering the education in the hybrid model with -- we've taken on additional square footage for the labs, but we've got things very well under control as it relates to the students are learning online and just coming in to the labs.

我們採用混合模式進行教育的方式——我們為實驗室增加了額外的面積，但我們已經很好地控制了一切，因為這與學生在線學習和進入實驗室有關。

Okay. I got it. And -- any -- I guess, maybe a question for Brandon. On Q4, I understand the AR of $700,000, but were there any one timers in effect for that G&A numbers little bit higher than what we thought? Was there any onetime or seasonal call-outs there to speak of?

好的。我得到了它。而且 — — 任何 — — 我想，也許是針對布蘭登的一個問題。關於第四季度，我了解到應收帳款為 70 萬美元，但是否有任何一次性因素導致 G&A 數字比我們想像的略高一些？有沒有一次性或季節性的電話值得一提？

Yeah. There's some seasonality in that in professional fees that relates to legal, regulatory, audit and we also had some enhancements in our SIS system, things of that nature that are somewhat onetime are seasonal in nature that included in our margin -- reflective in our margin.

是的。與法律、監管、審計相關的專業費用具有一定的季節性，而且我們的 SIS 系統也進行了一些改進，這些一次性的、季節性的性質都包含在我們的利潤中——反映在我們的利潤中。

Got it. And I know I'm going to get no forward-looking statements out of you as far as revenues go. But maybe, Brandon, you could remind us of the seasonality of your business and how that relates to each quarter and particularly the upcoming Q1, which is September quarter.

知道了。我知道就收入而言，我不會從您那裡得到任何前瞻性的陳述。但是，布蘭登，也許您可以提醒我們您的業務的季節性以及它與每個季度的關係，特別是即將到來的第一季度，即 9 月季度。

Yeah. As you know, we can't really do that, but there's certainly seasonality involved. When it comes to our first and second quarter, our first quarter, generally, it's a pretty solid quarter. Our second quarter was in December, very seasonal because of the holidays. Generally, that's a depressed quarter and then we have pretty robust Q3, in the middle of the road Q4. So that seasonality will still continue. But again, our growth rate you can kind of resume a continued growth rate and within the seasonality.

是的。如您所知，我們實際上無法做到這一點，但這肯定與季節性有關。就我們的第一季和第二季而言，總體而言，我們的第一季表現相當穩健。我們的第二季是在 12 月，由於假期的關係，這個季節的季節性很強。總體而言，這是一個低迷的季度，然後我們將迎來相當強勁的第三季度和處於中間位置的第四季度。因此季節性仍將持續。但是，我們的成長率可以恢復持續的成長率，並且符合季節性。

Okay, I think that helps. And -- the -- no, I think that that's it for us on the question fronts, a solid read out and thank you for the commentary.

好的，我認為這有幫助。而且 — — 不，我想這就是我們在問題方面要討論的全部內容，完整地讀出來，感謝您的評論。

As there are no further questions, I will now turn the call back to LeeAnn Rohmann for closing remarks.

由於沒有其他問題，我現在將電話轉回給 LeeAnn Rohmann 做結束語。

Thank you, operator, and thank you all for joining us. Fiscal 2025 was a landmark year for Legacy Education, with strong financials, and the strategic leaps that affirm our commitment and a crucial sector. Beyond the metrics, we're catalyzing change, empowering thousands of students for fulfilling healthcare careers, and fortifying essential services nationwide.

謝謝接線生，也謝謝大家加入我們。2025 財年對 Legacy Education 來說是具有里程碑意義的一年，財務狀況強勁，策略飛躍也堅定了我們的承諾和關鍵領域。除了這些指標之外，我們還在推動變革，幫助成千上萬的學生實現醫療保健事業，並加強全國範圍內的基本服務。

I'd like to thank our passionate team, our students, and our stakeholders. They're the driving force behind this success and to our investors. Your confidence inspires us. We're poised to innovate, expand, and deliver exceptional value, shaping a brighter future and health care education. I want to thank you again for being part of the Legacy Education journey and wish you a great rest of the day.

我要感謝我們熱情的團隊、我們的學生和我們的利害關係人。他們是這一成功以及我們投資者成功的推動力。您的信心激勵了我們。我們準備創新、擴展並提供卓越的價值，塑造更好的未來和醫療保健教育。我想再次感謝您參與 Legacy Education 之旅，並祝您度過愉快的一天。

Ladies and gentlemen, this concludes today's call. Thank you for joining us and have a great day.

女士們、先生們，今天的電話會議到此結束。感謝您加入我們並祝您有個愉快的一天。