Legacy Education Inc (LGCY) 2026 Q1 法說會逐字稿

Good day and welcome to the Legacy Education Inc. First quarter fiscal year 2026 earnings conference call. Today's call is being recorded and broadcast live. It will also be archived on the Legacy Education website for future reference.

您好，歡迎來到Legacy Education Inc.。2026財年第一季財報電話會議。今天的電話會議將進行錄音和現場直播。它還將存檔在 Legacy Education 網站上，以供將來參考。

To kick off the call, I will turn it over to Nicole Joseph, Senior Vice President of Legacy Education Inc. Nicole, please go ahead.

首先，我會把電話交給 Legacy Education Inc. 的高級副總裁 Nicole Joseph。妮可，請繼續。

Thank you. And hello, everyone. Legacy Education has issued a news release reporting its financial results and corporate developments for the first quarter fiscal year ended September 30, 2025. The release is available in the investor relations section of our corporate website at legacyE.com. With us today on the call are Leeanne Roman, Chief Executive Officer, and Brandon Pope, Chief Financial Officer.

謝謝。大家好。 Legacy Education 發布了截至 2025 年 9 月 30 日的第一財季財務表現和公司發展動態的新聞稿。新聞稿可在我們公司網站 legacyE.com 的投資者關係欄位中查閱。今天參加電話會議的是執行長 Leeanne Roman 和財務長 Brandon Pope。

On today's earnings call, statements made by Legacy Management regarding the company's business, which are not historical facts, may be forward-looking statements as identified in federal securities laws.

在今天的財報電話會議上，Legacy Management 就公司業務發表的聲明（並非歷史事實）可能構成聯邦證券法所定義的前瞻性聲明。

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. 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, risk, and other influences, many of which are beyond the company's control.

「可能」、「將」、「預期」、「相信」、「預期」、「計劃」、「打算」、「估計」和「繼續」等詞語以及類似表達旨在識別前瞻性陳述。前瞻性陳述不應被視為對未來績效的保證。本公司提醒您，這些聲明反映了公司目前對未來業績或事件的預期，並受到許多不確定因素、風險和其他影響，其中許多因素超出公司的控制範圍。

That may influence the accuracy of the statements and projection upon which the statements are based. Factors that may affect the company's results include but are not limited to the risk and uncertainties discussed in the risk factors section of the annual report on Form 10-k and the quarterly report on Form 10Q filed with the Securities and Exchange Commission.

這可能會影響陳述及其所依據的預測的準確性。可能影響公司績效的因素包括但不限於向美國證券交易委員會提交的10-K表年度報告和10-Q表季度報告中「風險因素」部分討論的風險和不確定性。

Forward-looking statements are based on the information available at the time those statements are made, and management's good faith belief as of the time with respect to future events.

前瞻性陳述是基於作出這些陳述時可獲得的訊息，以及管理階層當時對未來事件的真誠信念。

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示聲明的完整約束，Legacy 不承擔任何義務在聲明發布之日後，因新資訊、未來事件或其他原因而公開修訂或更新任何前瞻性聲明。

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

現在我將把電話交給 Legacy Education 的執行長 Leeanne Roman。莉安，給你。

Thank you, Nicole, and good afternoon, everyone.

謝謝你，妮可，大家下午好。

Welcome to Legacy Education's first quarter fiscal year 2026 earnings call.

歡迎參加 Legacy Education 2026 財年第一季財報電話會議。

I'm joined today by our Chief Financial Officer, Brandon Pope.

今天和我一起的是我們的財務長布蘭登·波普。

We are pleased to report a strong start to fiscal 2026, building on the transformative momentum of 2025, a year of record enrollment, robust financial performance, and strategic progress that solidified our leadership and the high demand allied health education sector.

我們很高興地宣布，2026 財年開局強勁，延續了 2025 年的變革動能。 2025 年，我們實現了創紀錄的入學人數、強勁的財務表現和策略進展，鞏固了我們在高需求輔助醫療教育領域的領導地位。

Our growth is accelerating, driven by the nation's urgent need for skilled healthcare professionals, and our proven ability to deliver job-ready graduates through innovative, hands-on programs with chronic shortages and fields like nursing, medical assisting, ultrasound technology, cardiac sonography. And MRI where hospitals and clinics are actively seeking talent. Legacy education is at the forefront, capitalizing on the structural demand to expand our reach and impact. These are not. Just careers, they are essential roles that require human empathy, precision, and expertise, qualities we instill in every student, preparing them to meet the needs of a resilient and growing sector.

受國家對技術嫻熟的醫療保健專業人員的迫切需求以及我們透過創新、實踐性強的課程培養出具備就業能力的畢業生這一事實的推動，我們的發展正在加速。這些課程涵蓋了長期短缺的領域，例如護理、醫療助理、超音波技術、心臟超音波檢查等領域。醫院和診所正在積極招募核磁共振成像（MRI）領域的專業人才。傳統教育處於領先地位，利用結構性需求擴大我們的覆蓋範圍和影響力。這些都不是。這些不僅僅是職業，更是需要人類同理心、精準性和專業知識的重要角色，而這些特質正是我們灌輸給每個學生的，使他們能夠滿足一個充滿活力且不斷發展的行業的需求。

Our Q1 results reflect disciplined execution and the effectiveness of our growth strategy. We delivered meaningful year over year improvements across key metrics revenue, enrollment, EBITDA, and EPS while making targeted investments to expand capacity and program offerings.

我們第一季的業績反映了我們嚴謹的執行力和成長策略的有效性。我們在關鍵指標（收入、招生人數、EBITDA 和 EPS）方面實現了顯著的年度成長，同時進行了有針對性的投資，以擴大產能和專案供應。

This performance confirms that we are starting the fiscal year on track, beating our internal projections and leading with strong momentum and a clear path to sustained value creation.

這項業績證實，我們本財年開局順利，超越了內部預期，並以強勁的勢頭和清晰的持續價值創造路徑引領市場。

Let me walk you through the highlights.

讓我帶你回顧一下重點內容。

Revenue grew 38.5% to $19.4 million driven by a 31.6% increase in new student starts to 1,117 and a 37.7% rise in ending student population to 3,495.

受新生入學人數增加 31.6% 至 1,117 人和畢業生人數增加 37.7% 至 3,495 人的推動，收入增加了 38.5%，達到 1,940 萬美元。

This is an all-time high and a clear sign of strong demand and the success of our enrollment initiatives. Importantly, this growth represents our 13th consecutive quarter of double-digit revenue growth, and it does not yet even include the contributions from the 4 new programs that we have recently received approvals.

這是歷史最高水平，也是強勁需求和我們招生計劃成功的明確標誌。重要的是，這一成長代表著我們連續第 13 個季度實現兩位數的收入成長，而且這還不包括我們最近獲得批准的 4 個新項目的貢獻。

Adjusted EBITDA rose 9.6% to $3.1 million with a margin of 15.9%. The year over year decline in margin reflects deliberate front loaded investments and growth and non-reoccurring charges which Brandon will detail shortly.

調整後 EBITDA 成長 9.6% 至 310 萬美元，利潤率為 15.9%。利潤率同比下降反映了前期投資和成長的預期目標以及非經常性費用，Brandon 稍後將詳細說明。

Net income increased 4.6% to $2.2 million.

淨利成長4.6%，達220萬美元。

Diluted EPS was $0.16 compared to $0.21 last year. This was impacted by the increase in diluted shares from $9.8 million to $13.9 million following our September 24 IPO. On a normalized share count, EPS would have been $0.22, demonstrating the underlying strength of our earnings.

稀釋後每股收益為 0.16 美元，而去年同期為 0.21 美元。9 月 24 日 IPO 後，稀釋股份從 980 萬美元增加到 1,390 萬美元，對上述情況產生了影響。以正常股數計算，每股收益為 0.22 美元，這表明我們盈利能力的強勁。

Now let's talk about accounts receivable.

現在我們來談談應收帳款。

In Q4 of fiscal 25, we recorded a 700,000 reserve for graduated borrowers who had fallen behind on payments, a conservative, transparent action to strengthen our balance sheet without writing off the receivable. We committed to you a quarterly write-off and reserve analysis to improve visibility and control. We delivered on that commitment. This quarter we we recorded 178,000 reserves that's 0.9% of revenue exactly in line with our expectations.

在 2025 財年第四季度，我們為拖欠還款的已畢業借款人提列了 70 萬的準備金，這是一項保守、透明的舉措，旨在加強我們的資產負債表，而無需註銷應收帳款。我們承諾每季向您提供核銷和準備金分析，以提高透明度和控制力。我們履行了這項承諾。本季我們錄得178,000的儲備金，佔營收的0.9%，與我們的預期完全一致。

We've enhanced our collections process through executing a partnership with well-known collection companies Williams and Fudge. We are doing weekly AR reviews and a proactive borrower outreach and support to our graduates, exactly what we've been doing with our active students in-house. The delinquency trends are stabilizing. We are seeing the improvement in the collections and AR is under control with no anticipated surprises.

我們透過與知名催收公司 Williams 和 Fudge 建立合作關係，改善了催收流程。我們正在進行每週的應收帳款審查，並積極主動地聯繫和支持我們的畢業生借款人，這正是我們一直以來對在校學生所做的。青少年犯罪趨勢趨於穩定。我們看到收款情況有所改善，AR業務也處於控制之中，沒有出現任何意外情況。

This disciplined approach reflects our commitment to financial rigor and long-term shareholder value.

這種嚴謹的做法體現了我們對財務穩健和股東長期價值的承諾。

Moving to our taxes, last year's tax estimates created some variability. Well, this quarter we reported an effective tax rate of 26.5%, better than the annual estimated 29.4%. This benefit was what what this this benefit was a result that was tied to employee stock option exercises following our IPO, an advantage that we anticipated and now realize.

談到稅收問題，去年的稅收估算造成了一些波動。本季我們的實際稅率為26.5%，優於年度預估的29.4%。這項收益主要得益於公司上市後員工行使股票選擇權，這是我們先前預期並實現的優勢。

Taxes are stable, they're predictable and aligned with our projections, reflecting enhanced financial governance and operational maturity.

稅收穩定、可預測，並與我們的預測相符，這反映了財務治理的加強和營運的成熟。

As I move to margins, this quarter reflects strategic investment for long-term growth.

從利潤率來看，本季反映了為實現長期成長而進行的策略投資。

Adjusted EBITDA margin was 15.9%, down from 20.1% a year ago. This reflects strategic front loaded investments and four new programs approved and not yet launched this quarter.

調整後 EBITDA 利潤率為 15.9%，低於一年前的 20.1%。這反映了策略性的前期投資，以及本季已批准但尚未啟動的四個新項目。

Three of those.

其中三個。

Those are degree programs and one is a certificate in high-demand fields including MRI, cardiac sonography, surgical technology, and sterile processing.

這些是學位課程，其中一個是高需求領域的證書課程，包括 MRI、心臟超音波、外科技術和無菌處理。

These investments included curriculum development and regulatory approvals, faculty recruitment for hiring subject matter experts from the field, simulation lab and facility upgrades, surgical tech and sterile processing lab, ADN continued program enhancements, and new finance leadership that is, that's our new controller.

這些投資包括課程開發和監管審批、從該領域聘請學科專家的教師招聘、模擬實驗室和設施升級、外科技術和無菌處理實驗室、ADN 課程的持續改進，以及新的財務領導層，也就是我們的新財務主管。

Annual investment and professional development and training for our exceptional instructional leadership and staff to conduct quality education training that gets our graduates jobs.

我們每年都會對我們優秀的教學領導和員工進行投資和專業發展培訓，以開展高品質的教育培訓，使我們的畢業生能夠找到工作。

Educational service expenses rose 53.2% of revenue from 51.4%. This is a reflection of our unwavering commitment to clinical quality and hands-on training.

教育服務支出佔收入的比例從 51.4% 上升至 53.2%。這體現了我們對臨床品質和實踐培訓的堅定承諾。

DNA expenses increased to 31.5% from 28.3%, but this is driven by professional services increase, audit, legal compliance, and M&A related valuations, all non-reoccurring. Brandon will share more detail when I turn it over to him. Additionally, under G&A expenses, marketing investment up 15% to $1.6 million. This is driving the this is driving enrollment and the launch of the new programs.

DNA 支出從 28.3% 增加到 31.5%，但這主要是由於專業服務增加、審計、法律合規和併購相關估值等非經常性支出。等我把事情交給布蘭登的時候，他會分享更多細節。此外，在一般及行政費用中，行銷投資成長 15% 至 160 萬美元。這正在推動招生和新計畫的啟動。

And then additionally in G&A DNO insurance and bad debt reserves tied to the revenue growth, and it's all in line with projections.

此外，還有與收入成長相關的 G&A DNO 保險和壞帳準備金，所有這些都與預測相符。

These are not cost overruns. They are strategic investments in capacity, compliance and market reach.

這些並非成本超支。這些是對產能、合規性和市場覆蓋範圍的策略性投資。

All these programs scale and fixed leverage costs. We expect margins to expand sequentially throughout the year. This is our playbook for sustainable high return growth and a resilient sector.

所有這些項目都具有規模經濟和固定槓桿成本。我們預計利潤率將在年內逐週擴大。這是我們實現可持續高回報成長和打造韌性產業的策略。

Our balance sheet, it remains a competitive advantage for cash rich, low debt, and high liquid. We are well positioned to fund organic growth, pursue a creative M&A, and navigate any environment with confidence.

我們的資產負債表依然維持著競爭優勢，現金充裕、負債低、流動性強。我們有能力為有機成長提供資金，進行創新性的併購，並自信地應對任何環境。

Operating cash flow was positive but lower year over year. This was simply due to the timing of our federal title for disbursements. It's a function of the enrollment cycles and regulatory processing completely unrelated to the government shutdown.

經營活動產生的現金流為正，但較去年同期下降。這完全是由於我們聯邦政府撥款的時間安排造成的。這是招生週期和監管流程的正常現象，與政府停擺完全無關。

Student collections remain strong and growing. CapEx was 200,000. Target with with with a targeted and high ROI.

學生藏書量依然強勁且不斷成長。資本支出為 20 萬。以目標明確、投資報酬率高的方式進行推廣。

Our liquidity position is robust, cash flow dynamics will normalize as disbursement timing aligns in our future quarters.

我們的流動性狀況良好，隨著未來幾季資金撥付時間的調整，現金流動態將趨於正常化。

As I turn to our strategic developments and milestones.

接下來，我想談談我們的策略發展和里程碑。

The allied health sector is defined by the enduring human need, not disruption.

輔助醫療產業的本質在於滿足人類的持久需求，而非顛覆性變革。

Technology can assist in diagnostics. It cannot replace the nurse at the bedside.

科技可以輔助診斷。它無法取代床邊的護士。

AI can streamline workflows. We're taking advantage of that internally, but it cannot perform a sterile procedure with precision and care.

人工智慧可以簡化工作流程。我們正在內部利用這一點，但它無法精確、細緻地執行無菌操作。

Data can inform decisions, but it cannot build trust with a patient in crisis. We are training the professionals who deliver that care.

數據可以為決策提供依據，但無法在危機時刻與病人建立信任。我們正在培訓提供護理服務的專業人員。

The demand remains structural and unrelenting, with more than 200,000 nursing openings annually through 2031, growing shortages and medical assisting, sonography, and sterile processing, just to name a few, healthcare systems actively seeking job ready graduates, we are meeting that demand with precision.

需求仍然強勁且持續不斷，到 2031 年，每年將有超過 20 萬個護理職位空缺，醫療助理、超音波檢查員和消毒處理員等職位的人員短缺日益嚴重，醫療保健系統也在積極尋找能夠勝任工作的畢業生，我們正在精準地滿足這一需求。

Our key achievements, I'm, I am so thrilled to share with you that Contra Costa Medical Career College that we acquired in December of last year is now over 500 students.

我非常興奮地與大家分享我們所取得的主要成就：我們去年 12 月收購的 Contra Costa 醫學職業學院現在已有 500 多名學生。

We have been able to secure our vocational nursing program approval so that their nursing program is aligned with our legacy standards and programs.

我們已成功獲得職業護理課程的批准，因此他們的護理課程與我們原有的標準和課程保持一致。

We have additional new program approvals, MRI, Associates of Applied Science, Cardiac Sonography, Associate of Applied Science at Central Coast College. Similarly, surgical Technology, Associate of Applied Science approval at High Desert Medical College, it's Lancaster, it's Bakersfield, and Temecula campuses.

我們新增了一些課程認證，包括 MRI、應用科學副學士學位、心臟超音波檢查、中央海岸學院應用科學副學士學位課程。同樣，外科技術專業在 High Desert Medical College 獲得應用科學副學士學位，該學院在 Lancaster、Bakersfield 和 Temecula 設有校區。

Sterile processing, technician certificate program at our Integrity College of Health and High Desert Medical College, Lancaster, Bakersfield, and Temecula. These are all new program approvals that we've talked about that we've, that we have secured and that we've been making the investments in order for you to see those in the future quarters. Additionally.

我們位於蘭開斯特、貝克斯菲爾德和特梅庫拉的 Integrity College of Health 和 High Desert Medical College 提供無菌處理技術員證書課程。這些都是我們之前討論過、已經獲得批准、並且一直在進行投資的新項目，以便你們在未來幾季看到這些項目。另外。

RN program approvals are an active pursuit across several more of our campuses.

我們正在多個校區積極推進註冊護理師（RN）課程的審批工作。

Our advisory board is providing strategic guidance and telehealth integration, AI assisted diagnostics, and hybrid training models, ensuring that we are leveraging innovation to enhance, not replace the human-centered care. We're preparing our graduates to respond to the changes that are occurring.

我們的顧問委員會提供策略指導和遠距醫療整合、人工智慧輔助診斷和混合培訓模型，確保我們利用創新來增強而不是取代以人為本的護理。我們正在培養畢業生應對正在發生的變化。

The graduate placement rates remain above the industry standard, and our graduates are placed within 6 months. We are incredibly proud of that, and it's a testament of the program quality and the employer alignment.

畢業生就業率始終高於行業標準，我們的畢業生通常在 6 個月內就能找到工作。我們為此感到無比自豪，這證明了專案的品質和與雇主的契合度。

These milestones reflect our operational excellence that we are constantly and continuously striving for, as well as a deep commitment to our outcomes for our students, for our employees, our shareholders, and the communities that we serve.

這些里程碑體現了我們不斷追求的卓越運營，以及我們對學生、員工、股東和我們所服務社區的成果的堅定承諾。

With that I'm going to turn it over to Brandon for a detailed financial review.

接下來，我將把這份文件交給布蘭登進行詳細的財務審查。

Brandon.

布蘭登。

Thank you, Leeanne. I'll review the 1st quarter results with year over year comparisons, then discuss our balance sheet and cash flow.

謝謝你，李安妮。我將回顧第一季業績，並進行年比比較，然後討論我們的資產負債表和現金流量。

First quarter 2026 highlights include.

2026年第一季亮點包括：

Revenue increased to $19.4 million, up $5.4 million or 38.5% from $14.0 million last year, driven by a 31.6% increase in new student starts to 1,000. 117 students from 849 students last year, resulting in a 37.7% rise in Indian student population to 3,495 and Leanne mentioned an all-time high.

收入增至 1,940 萬美元，比去年的 1,400 萬美元增加了 540 萬美元，增幅達 38.5%，這主要得益於新生入學人數增長了 31.6%，達到 1,000 人。去年印度學生人數為 849 人，今年為 117 人，印度學生人數增加了 37.7%，達到 3,495 人，Leanne 提到這是歷史最高水準。

EBITDA increased to $2.8 million, up 2.5% compared to the prior year.

EBITDA 增至 280 萬美元，比上年增長 2.5%。

Adjusted EBITDA increased to $3 million from $2.8 million from prior year, representing an increase of 9.6%. The effective tax rate was 26.5% compared to 28% in the prior year. This improvement is based upon our estimated annual effective tax rate of 29.4%, less the impact of stock option exercises within the period in which they receive the tax benefit. As Leanne mentioned, we improved our practice to review our effective tax rate each quarter as opposed to simply annually.

調整後 EBITDA 從上年的 280 萬美元增至 300 萬美元，增幅為 9.6%。實際稅率為 26.5%，而上年度為 28%。這項改進是基於我們估計的年度有效稅率 29.4%，減去股票選擇權在享有稅收優惠期間行使的影響。正如 Leanne 所提到的，我們改進了做法，將實際稅率的審查週期從每年一次改為每季一次。

Net income increased to $2.2 million or 4.6% increase from $2.1 million last year.

淨收入增至 220 萬美元，比去年的 210 萬美元成長了 4.6%。

Diluted earnings per share was $0.16, however, on a comparative share basis, diluted earnings per share would have been $0.22 compared to $0.21 per diluted share last year.

稀釋後每股收益為 0.16 美元，但以可比股份計算，稀釋後每股收益將為 0.22 美元，而去年稀釋後每股收益為 0.21 美元。

Now turning to expenses.

現在來說說費用。

Educational services expense was $10.3 million, or 53.2% of revenue, compared to $7.2 million or 51.4% of revenue in the prior year. This increase, as a percentage of revenue of 1.8% is primarily attributable to enhancements in the ADN program, new program approvals, new hires, externship fees, and non-cash compensation.

教育服務支出為 1,030 萬美元，佔收入的 53.2%，而前一年為 720 萬美元，佔收入的 51.4%。這一增長佔收入的 1.8%，主要歸功於 ADN 課程的改進、新課程的批准、新員工的招聘、實習費和非現金補償。

General and administrative expenses were $6.1 million, or 31.5% of revenue, compared to $4 million or 28.3% of revenue.

一般及行政費用為 610 萬美元，佔營收的 31.5%，去年同期為 400 萬美元，佔營收的 28.3%。

The increase as percentage of revenue of 3.2% is primarily attributable to increases in the first quarter period costs relating to audit.

營收成長3.2%，主要歸因於第一季與審計相關的成​​本增加。

Legal regulatory.

法律法規。

Acquisition valuation costs representing approximately 742,000 compared to 423,000 in prior years.

收購估值成本約為 742,000，而往年為 423,000。

These costs relate only to the 1st quarter when these activities occur. Additional increases as percentage of revenue are in the areas of marketing to support new programs, DNO insurance due to being a public company, and the increase in bad debt expense.

這些費用僅與這些活動發生的第一季有關。收入成長的其他成長領域包括：為支持新專案而增加的行銷費用、由於是上市公司而增加的 DNO 保險費用，以及壞帳支出的增加。

That debt expense as a percentage of revenue increased 0.9% of revenue, or 178,000 due to our quarter write-off and reserve analysis.

由於本季核銷和準備金分析，債務支出佔收入的百分比增加了 0.9%，即 178,000。

And consistent with our projections.

與我們的預測一致。

Now turning to the balance sheet and cash flow.

現在來看資產負債表和現金流量表。

$20.6 million accounts receivable was $17.6 million compared to $15.1 million per year.

應收帳款為 2,060 萬美元，去年同期為 1,760 萬美元，去年同期為 1,510 萬美元。

Or year end specifically, the increase is primarily attributable to increase in student population as well as timing of Title IV disbursements. AR reserve was $1.9 million or 9.5% of AR compared to $1.6 million or 9.8% of AR at year end, consistent with our quarterly reserve requirement process.

具體到年底，成長主要歸因於學生人數的增加以及第四章撥款的時間安排。應收帳款準備金為 190 萬美元，佔應收帳款的 9.5%，而年末為 160 萬美元，佔應收帳款的 9.8%，這與我們的季度準備金要求流程一致。

Current assets were $40.9 million, total assets were $72.1 million, current liabilities, $15 million, and debt was 700,000.

流動資產為 4,090 萬美元，總資產為 7,210 萬美元，流動負債為 1,500 萬美元，債務為 70 萬美元。

And finally, stockholders' equity was 43.7.

最後，股東權益為 43.7。

Million.

百萬。

And returning to cash flow. Cash provided by operating activities was $1.1 million compared to $3.2 million last year, primarily due to Title IV disbursement timing.

恢復現金流。經營活動產生的現金為 110 萬美元，而去年同期為 320 萬美元，主要是由於第四章撥款時間的原因。

Cash used for investing activities was 300,000 for both periods relating to investments in program expansion and technology.

兩個期間用於投資活動的現金均為 300,000，用於專案擴展和技術方面的投資。

The cash used for financing activities was 500,000 relating to paying off of an equipment lease in a quarter compared to cash provided by operating financial activities of $8.2 million related to the IPO of last year. Overall, we have a very strong balance sheet and positioned well to execute on our strategic strategy. With that, I'll turn it back over to Leanne.

本季用於融資活動的現金為 50 萬美元，用於償還設備租賃款項；而去年同期，經營活動產生的現金為 820 萬美元，與 IPO 相關。整體而言，我們的資產負債表非常穩健，為執行我們的策略策略做好了充分準備。這樣，我就把麥克風交還給莉安娜了。

Thank you, Brandon.

謝謝你，布蘭登。

Looking ahead, we are focused on 4 strategic priorities continuing the enrollment momentum, we're going to be driving organic growth by scaling our digital marketing, deepening our employer partnerships, and expanding our, high school outreach.

展望未來，我們將專注於 4 個策略重點，繼續保持招生勢頭，我們將透過擴大數位行銷規模、深化與雇主的合作關係以及擴大高中招生範圍來推動自然成長。

We have curriculum expansion and in particular, full rollout of the new programs in cardiac stenography, surgical technician, and sterile processing, all aligned with the employer demands.

我們正在擴展課程，特別是全面推出心臟狹窄圖、外科技術員和無菌處理等新課程，所有這些都符合雇主的需求。

As we look at our operational innovation, we're continuing our advancement of our hybrid model delivery with simulation technology, clinical partnerships for superior outcomes, and we remained committed to a disciplined growth to leverage our $20.6 million in cash and our legacy board to evaluate accretive M&A opportunities.

在審視我們的營運創新時，我們將繼續推進混合模式交付，利用模擬技術、臨床合作以獲得更好的治療效果，並且我們始終致力於穩健增長，利用我們 2060 萬美元的現金和我們原有的董事會來評估增值併購機會。

Compliance and regulatory. We are operating in a highly regulated environment and compliance is not just a requirement, it's a core competency and a competitive advantage for us. Title IV disbursements in Q1 were impacted only by normal timing variations unrelated to any government shutdown or the Department of Education staffing changes.

合規與監理。我們身處在一個監管非常嚴格的環境中，合規不僅是一項要求，更是我們的核心競爭力和競爭優勢。第一季第四章撥款僅受到正常時間變動的影響，與政府停擺或教育部人員變動無關。

Recent reductions in federal workforce have no material impact on our operations. Our programs are accredited. They're approved and fully compliant across all jurisdictions. We're offering programs AI can't replace.

近期聯邦政府人員的減少對我們的營運沒有實質影響。我們的課程均已獲得認證。它們已獲得批准，並完全符合所有司法管轄區的規定。我們提供的課程是人工智慧無法取代的。

We remain robust with internal controls. We are, performing regular audits and proactive engagement with regulators, ensuring zero disruption to funding or program delivery. In fact, as policy shifts and workforce challenges at the federal level only underscore the critical importance of our mission and what we do. The private sector led by institutions like Legacy is stepping in to rapidly train the job-ready allied health professionals where public systems cannot keep pace.

我們保持著穩健的內部控制。我們正在進行定期審計，並積極與監管機構溝通，以確保資金或專案交付不受任何干擾。事實上，聯邦層級的政策轉變和勞動力挑戰只會更加凸顯我們使命和工作的重要性。以 Legacy 等機構為首的私部門正在介入，迅速培訓能夠勝任工作的輔助醫療專業人員，而公共系統卻無法跟上步伐。

Hospitals don't want to wait for policy. The clinics don't pause their hiring. They need graduates now, and we deliver them with industry-leading placement rates, employer-aligned curricula, and a compliance culture second to none.

醫院不想等待政策出爐。診所並未停止招募。他們現在就需要畢業生，而我們以行業領先的就業率、與雇主需求相符的課程以及首屈一指的合規文化來輸送畢業生。

The res the resilience combined with growing bipartisan support for workforce development funding positions Legacy to thrive regardless of the regulatory backdrop.

憑藉其韌性以及兩黨對勞動力發展資金日益增長的支持，Legacy 能夠不受監管環境的影響而蓬勃發展。

We expect sequential margin improvement as investments mature and revenue scales.

我們預計隨著投資成熟和收入規模擴大，利潤率將逐週提高。

And a sector supported by strong policy tailwinds and structural demand, our compliance strength, program quality, and financial discipline position us to deliver sustained growth and shareholder value.

在強勁的政策利好和結構性需求的支持下，我們憑藉強大的合規實力、專案品質和財務紀律，為實現持續成長和股東價值奠定了基礎。

Let me share a story with you that represents exactly what we're doing. A recent graduate from a medical assisting program in Lancaster, a first generation student and a working mother, completed her flexible hour flexible hybrid curriculum while balancing her family responsibilities. She passed her certification exam on the first. Attempt and secured a full-time clinic position within 2 weeks of graduation. That program took her less than 9 months for her to complete, and today she leads a patient intake, trains new staff, and provides stable support for her family. This is the legacy impact one graduate, one career, one community at a time.

讓我告訴你們一個故事，它恰好代表了我們正在做的事情。一位最近從蘭卡斯特醫療助理課程畢業的學生，同時也是一位職業母親，作為第一代大學生，在兼顧家庭責任的同時，完成了靈活的混合式課程。她1號就通過了資格認證考試。畢業後兩週內，我嘗試並成功地獲得了全職診所工作。她只花了不到 9 個月的時間就完成了那個項目，如今她負責病人入院、培訓新員工，並為家人提供穩定的經濟支持。這就是畢業生、職業生涯和社區共同創造的深遠影響。

I want to thank you for for participating today and I want to turn the turn over to the operator now for questions.

感謝各位今天的參與，現在我將把發言權交給操作員，回答大家的問題。

Thank you.

謝謝。

Ladies and gentlemen,(Operator Instructions) Mike Grunda with Northland Securities. Please proceed.

女士們先生們，（操作員指示）我是來自 Northland Securities 的 Mike Grunda。請繼續。

Hey Leeanne and Brandon, good afternoon and nice quarter. I wanted to ask about the 4 new programs. I think they roughly started in October.

嗨，Leeanne 和 Brandon，下午好，祝你們有個愉快的季度。我想詢問一下這4個新專案的情況。我認為他們大概是從十月開始的。

Can you talk about how they started and sort of what capacity they have over the next, I don't know, couple quarters?

你能談談他們是如何起步的，以及他們在接下來的幾個季度大概能發展到什麼程度嗎？

So Mike, in terms of as we, I know that these questions are coming in terms of they are starting in our second quarter, the capacity for these are the, these degree granting programs enrolled 20 to 24 in each of the approvals and the. Locations we can start them on both in the morning and in the evening and we are excited to see the response that we have have benefited from the from from the marketing efforts that we encouraged through the first quarter marketing efforts that we've seen.

所以麥克，就我們而言，我知道這些問題是關於我們第二季度開始的，這些學位授予專案的容量是，每個專案招收 20 到 24 名學生，並且每個專案都獲得了批准。我們可以早上和晚上都開始在這些地點開展活動，我們很高興看到我們得到了積極的反饋，這得益於我們在第一季度鼓勵的營銷努力。

We're very excited.

我們非常興奮。

Any sense of I guess break it down a little if you can. There was 4 programs and everyone started a morning and an evening class like incrementally, did this add 50 students, 150 students?

如果可以的話，請盡量把它解釋得更清楚一些。當時有 4 個項目，每個人都開始上早晚兩節課，這樣一來，學生人數增加了 50 人還是 150 人？

It didn't add any into the Q1, results. None of those have been realized yet. They will be in Q2 and Q3 and beyond.

它沒有對第一季業績產生任何影響。這些目標目前都尚未實現。它們將在第二季、第三季及以後推出。

Got it.

知道了。

And then, How is the acquisition pipeline looking? Are you spending more time there, less time there? Any color would be helpful.

那麼，收購計畫進度如何？你在那裡待的時間是更多了，還是更少了？任何顏色都會有幫助。

Yeah, the acquisition pipeline remains strong. We have, several that have been elevated to the board level in order for us to, really ensure that we are targeting and the right of.

是的，收購計畫依然強勁。我們已經提拔了幾位董事到董事會級別，以便我們真正確保我們的目標和做法是正確的。

The right plan for us is how we are driving to remain in California as well as to extend outside of California so our real goal has been, as I've said in the past, that we've done all single campus acquisitions we're looking at multi-campus acquisitions, both that would reside inside California and outside of California.

對我們來說，正確的計劃是努力留在加州，同時也要向加州以外的地方擴張。正如我過去所說，我們真正的目標是，在完成所有單校區收購後，我們正在考慮多校區收購，包括位於加州境內和加州境外的校區。

And we're on track and on pace for the timing for which we are hopeful to be able to announce the next one.

我們目前一切進展順利，預計在預定的時間內宣布下一個消息。

Is that roughly the next 6 months, or how do you see that playing.

是指接下來的六個月左右嗎？或者您如何看待這種情況？

Out?

出去？

That's how we actually talked about it, in the last call and what we've shared in the past is, yes, within this fiscal time, this fiscal year.

事實上，我們在上次通話中就是這樣討論的，而且我們過去也分享過，是的，就在本財政年度內。

Got it, got.

明白了，明白了。

It. Okay, thank you.

它。好的，謝謝。

Thank you, Mike.

謝謝你，麥克。

Jeffrey Cohen, Ladenburg Thalmann

傑弗瑞‧科恩，拉登堡‧塔爾曼

Oh, hey, Leanne and Brendan, thanks for taking our questions.

嗨，Leanne 和 Brendan，謝謝你們回答我們的問題。

I think I just have 3, so, I guess firstly, are you nearing being capacity constrained with the existing buildings and facilities? What kind of, total patient population can you handle at this point?

我好像只有 3 個，所以，首先，我想問的是，你們現有的建築物和設施是否快要達到容量限制了？目前你們能夠接納多大的患者群？

So we have some of our, like, a lot of our campuses are ranging upwards of 7 and 800 students per campus, and in the existing ones that we've had and the campuses, those are where we also have leases that will be expired. And the next 12 to 24 months and so we are taking all of that into consideration as as we are doing our lease renewals and expansion to do this in line with where we see that the increase in capacity will be needed.

所以，我們很多校區的學生人數都在700到800人之間，而我們現有的校區，以及那些即將到期的租賃合同，都存在問題。接下來的 12 到 24 個月，我們在進行租賃續約和擴張時，會考慮到所有這些因素，以便根據我們認為需要增加產能的地方進行擴張。

We're benefiting a lot from the hybrid delivery of the programs. Many of our degree granting programs start their 1st 6 to 9 months, and their general education courses. Those are all. Online and they don't need to come to the campus for anything it's post that 6 to 9 months that that's when they'll start coming in for their laboratory interactions and the things that they do for showing up on the campus a couple of days a week.

我們從課程的混合授課方式中受益良多。我們許多學位授予課程的前 6 到 9 個月是通識教育課程。以上就是全部內容。他們先在線上學習，不需要來校園參加任何活動。 6到9個月後，他們才會開始到校園進行實驗室互動，以及每週來校園幾天的活動。

Got it. Sorry, I meant students, not patients. Okay. Secondly, can you talk about the placement side? They're a legacy is legacy itself in touch with ASCs and physician offices and hospitals directly and carry some of.

知道了。抱歉，我指的是學生，不是病人。好的。其次，您能談談職位安排方面的狀況嗎？它們本身就是一種傳承，直接與 ASC、醫生辦公室和醫院保持聯繫，並承擔一些責任。

Yes.

是的。

So our placements in terms of we continue to add for our clinical as well as our extern placements we are reaching out to you know both local facilities and partners in the community. Many of our partnerships are hospitals and facilities like RadNet, like Sharp, Healthcare System.

因此，就我們的實習安排而言，我們將繼續增加臨床實習和校外實習機會，我們正在與當地機構和社區合作夥伴聯繫。我們的許多合作夥伴都是醫院和醫療機構，例如 RadNet、夏普醫療系統等。

Like scripts these particular locations and facilities, they take our MAs, they take our nurses, they take our MRIs, they're taking cardiac, so as these new programs that we're adding this is as a direct impact of them telling us what they're needing and then these graduates are subsequentially these are the places where they are getting hired.

就像劇本一樣，這些特定的地點和設施會接收我們的醫療助理、護士、核磁共振成像師、心臟科醫生，所以隨著我們新增這些項目，這是他們告訴我們他們需要什麼而產生的直接影響，然後這些畢業生隨後就會在這些地方被雇用。

Got it. And then one more if I may, as far as placements going currently, are you placing any students outside of the state and are you placing any students outside the US?

知道了。如果可以的話，我再問一個問題，就目前的就業安置情況而言，你們是否將學生安置到州外或美國以外的地方？

So outside of the US we have not had.

所以在美國以外的地方，我們還沒有遇到這種情況。

Much of any experience, maybe a few that have crossed over into Canada, but when it relates to us placing students outside of California, that's going to be, it would it would be when the student is actually transferring out from there they're not actually enrolling in our campuses to obtain education and then to to participate, outside the state.

許多學生都有類似的經歷，也許有一些學生去過加拿大，但當我們把學生送到加州以外的地方時，情況就是，學生實際上並沒有在我們學校註冊入學接受教育，而是在州外參加活動。

Okay, that's clear, okay.

好的，明白了。

Thanks for taking the questions. Nice quarter.

謝謝您回答問題。不錯的街區。

Absolutely There's anything that I would kind of circle back with is as both. Jeff and Mike continue to ask about just our M&A activity as we have also mentioned in the past that we're ready to do the next green fielding and we will continue to make sure that at the same time that you are looking at announcements that we would be making in the next 6 months for M&A, we have experience in greenfielding and identifying the right locations outside of California where we could do that.

當然，我最後想補充的是，兩者都是。Jeff 和 Mike 一直詢問我們的併購活動，正如我們過去提到的，我們已經準備好進行下一輪的綠地開發，我們將繼續確保，在你們關注我們未來 6 個月將發布的併購公告的同時，我們擁有在加州以外進行綠地開發和尋找合適地點的經驗。

That's helpful.

那很有幫助。

Thank you.

謝謝。

Thank you, Jeff. Great to hear from, great to have you part on the call.

謝謝你，傑夫。很高興聽到你的聲音，也很高興你能參與通話。

Thank you.

謝謝。

As there are no further questions at this time, I would now like to turn the call back over to Leeanne Roman for closing remarks.

目前沒有其他問題，現在我將把電話交還給李安妮·羅曼，請她做總結發言。

Thank you operator, and thank you all for joining us.

謝謝接線員，也謝謝各位的參與。

Q1 fiscal 2026 marks a strong foundation with robust continued growth, strategic progress, and confidence in our financial and operational discipline. We remain deeply committed to our mission, training exceptional healthcare professionals to strengthen our nation's workforce and improve lives every day.

2026 財年第一季標誌著我們擁有堅實的基礎，實現了強勁的持續成長、策略進展，並對我們的財務和營運紀律充滿信心。我們始終堅定不移地致力於我們的使命，培養傑出的醫療保健專業人員，以增強我們國家的勞動力，並每天改善人們的生活。

To our employees, our students, and our shareholders, I want to continue to thank you for your trust and partnership. We are on track, well positioned, and poised to deliver an outstanding year.

我要再次感謝我們的員工、學生和股東們，感謝你們的信任與合作。我們一切進展順利，準備充分，必將迎來輝煌的一年。

Back to you operator.

已將呼叫中心交還給您。

Thank you. Ladies and gentlemen, this concludes today's call.

謝謝。女士們、先生們，今天的電話會議到此結束。

Thank you for joining us and have a great day.

感謝您的參與，祝您有美好的一天。