Legacy Education Inc.

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

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 Leanne Roman, Chief Executive Officer, and Brandon Pope, Chief Financial Officer. On today's earnings call, statements made by Legacies 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. 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. 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 belief as of the time with respect to future events. 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. I will now hand the call over to Leanne Roman, CEO of Legacy Education. Leanne, to you.

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. Fiscal 2025 has been a pivotal year for legacy education, reinforcing our leadership in 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 and Statistics. Legacy is at the vanguard, equipping individuals with the skills to thrive in high demand healthcare 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. 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 in 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. Our graduate success stories underscore our impact, with an 81.8% NCLEX pass rate in nursing and placement rates that are averaging 74.3% through AFET, 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. 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 NLNCNEA, 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. 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. 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. 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 GNA expense charge is tied to graduated borrowers who fell behind in payments. 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. 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 59 cents 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 gross. I am immensely proud of our dedicated team for their role in these accomplishments, which extend beyond numbers to real world change. With that, I want to pass this over to Brandon for a deeper dive into our financials. Brandon.