Legacy Education Inc.

Good day and welcome to the Legacy Education, Inc. Second 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. To kick off the call, I will turn it over to Nicole Joseph, Senior Vice President of Legacy Education, Inc.

Thank you and hello everyone. Legacy Education has issued a news release reporting its financial results in corporate developments for the second quarter fiscal year ended December 31, 2025. The release is available in the investor relations section of our corporate website at LegacyEd.com. With us today on the call are Liam 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 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 Leann Roman, CEO of Legacy Education. Leann, to you.

Thank you, Nicole, and good afternoon, everyone. Welcome to Legacy Education's second quarter fiscal 2026 earnings call. I'm joined today by our CFO, Brandon Pope. We're entering a defining decade for healthcare, and that creates a clear, durable runway for the kind of career-focused education we provide. Demand is rising, complexity is increasing, and the workforce needs are becoming more urgent by the day. Against that backdrop, legacy education is focused on scaling quality, improving outcomes, and training job ready graduates for roles the healthcare system can't function without. According to the US Bureau of Labor and Statistics latest projections, the healthcare occupation sector is expected to be the fastest growing major industry from 2024 to 2034. About 1.9 million openings are projected each year. on average in these occupations due to employment growth and the need to replace workers who leave occupations permanently. Behind those numbers is a structural reality, an aging population, expanded access to care, and accelerating medical technologies that elevate, not replace, the need for skilled human expertise. In a world rapidly shaped by AI and automation, healthcare remains one of the most human-dependent sectors in the US economy. Technology assists, but people heal. Machines analyze, but compassionate professionals comfort, treat, and save lives. At Legacy Education, We exist at that intersection where innovation meets humanity, training the professionals who fill vital roles technology alone can never assume. Q2 demonstrated exceptional execution across every key operational and financial measure. We capitalized on sustained demand and translated program expansion into profitable growth and continue to strengthen our fundamentals while investing in future. Revenue grew 40.7% year-over-year to $19.2 million, marking our 14th consecutive quarter of double-digit revenue growth. Adjusted EBITDA increased 61.6% to 3 million, reflecting both scale and effective cost management. Net income rose 46% to 2 million, or 15 cents per diluted share, up from 10 cents in the prior year quarter. Ending population grew 16.8% to 3,234, Driven by strong enrollment, disciplined marketing execution, and the initial rollout of our new programs. Year-to-date for six months ended December 31, 2025. The results were equally strong. Revenue grew 39.6% year-over-year to $38.6 million. Adjusted EBITDA increased. 30.3% to 6.1 million, reflecting both scale and effective cost management. Net income rose 21.2% to 4.2 million, compared to 3.5 million last year. These outcomes reaffirm our trajectory toward full-year performance consistent with our expectations and well ahead of last year. They also reflect careful tax governance, disciplined expense management, and a continued operational progress across campuses. Building on a record first half gives us momentum, but more importantly, it reflects the execution happening across the platform. Let me walk you through the strategic and operational highlights that are strengthening the business and positioning us for the back half of fiscal 2026. Our new program execution. In Q2, we launched our MRI program at Central Coast College campus with 33 new starts. Also, we're excited about the traction the new cardiac sonography program will bring to the Central Coast Valley. and we will begin enrolling in the second half of the fiscal year for that program. We received accreditation approval for our fourth sterile processing program and have begun enrolling on all four campuses. That will reflect in the second half of the fiscal year. Surgical technology is also gaining momentum with our first cohorts set to begin in the second half. each already contributing to future enrollment pipelines and revenue. In the education delivery, we began introducing the hybrid delivery model at Contra Costa Medical Career College in surgical technology and diagnostic medical sonography programs. This online delivery method allowed us to identify an additional cohort start in both of those programs. We'll continue to evaluate the other programs and plan for further expansion of our hybrid programs at Contra Costa Medical Career College. Moving to campus performance, the integration of Contra Costa Medical Career College is complete. Enrollment there tops all-time highs of over 500 students with accreditation alignment strengthening every metric from admissions to placement. In October of 2025, the Integrity College of Health campus in Pasadena hosted its two-day ABHAS reaccreditation visit. We are pleased to announce that yesterday we formally received the notice that our integrity campus has been granted a six-year grant of reaccreditation, the longest grant period awarded by the accreditor ABHAS. The grant demonstrates ABHAS's confidence and the strength of our academic delivery, student outcomes, and institutional compliance. And it reflects the disciplined work of our faculty and campus teams to maintain high standards and curriculum, clinical training, and continuous improvement. Our outcomes, the retention rates have remained strong throughout the quarter and into the first half of the fiscal year across all campuses. Our imaging programs have held multiple credentialing review sessions. and we're already seeing the impact of more students are entering their credentialing pathways and successfully passing their exams. We'll continue to expand this initiative to further strengthen student outcomes and increase graduate placements within these programs. In faculty and innovation, we've made strategic investments in online education leadership and curriculum design. infrastructure to support, consistency, quality assurance, and compliance across our learning environments. The initiative is designed as we are scaling to maintain our strong student outcomes, engagement, and interaction while reducing variability across campuses and supporting scalable program growth. Our faculty are not just delivering curriculum, They are building the future of how we teach. Innovation here isn't a buzzword. It's the daily discipline of improving the student experience, adopting better tools, sharing best practices, and refusing to accept good enough when student success is on the line. During Q2, our faculty invested three focused days in professional development and course improvement work, reinforcing our tech and touch approach, pairing AI-enabled tools with strong faculty engagement to improve quality and scale. We're integrating AI to support instruction, to reduce administrative burden, and surface actionable insights earlier while ensuring students continue to receive high-touch guidance, feedback, and coaching. The result is more consistent learning experience and a clearer pathway to retention, credentialing success, and graduate placement. With the workforce more than 200,000 registered nursing vacancies projected annually through 2031 and staffing shortages across imaging, surgical, sonography, our mission is tightly linked. to solving an urgent national labor need. With that, I'm going to turn the call over to Brandon Pope, who will take you through our detailed financial results. Brandon?