LGCY — what changed in the latest 10-Q
A section-by-section comparison of LGCY's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-14 vs the prior 10-Q · 2026-02-12
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +17 | −9 | ~29 | 37 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | Some risk factors updated | 0 | 0 | 0 | 1 |
| Other information | Text added/removed | +1 | −1 | 0 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-14
ED’s “borrower defense to repayment” (“BDR”) regulations generally allow federal student loan borrowers to assert a defense to repaying their federal loans based on the conduct of the institution they attended. The amount of loans discharged by ED pursuant to an adjudicated BDR claim may be assessed…
On June 22, 2022, ED reached a settlement with plaintiffs in the case titled Sweet v. Cardona, which was filed by student loan borrowers to challenge ED’s adjudication of BDR claims. The settlement resulted in automatic relief of claims pending as of June 22, 2022 that were filed against institution…
In March 2026, CCC received five BDR applications from ED. CCC timely responded to these BDR applications in May 2026 disputing the validity of the claims. HDMC, Integrity and CCMCC have not received any BDR applications in 2026. ED published guidance on March 30, 2026 explaining that it had resumed…
The versions of the BDR regulations that are currently in effect and that could be in effect in the future, could have a material adverse effect on our business, financial condition, results of operations, and cash flows and result in the imposition of significant restrictions on us and our ability …
In recent years, ED has been more active in processing BDR applications and it may, on its own or in response to other constituencies, allocate additional resources to reviewing and adjudicating BDR applications from federal student loan borrowers. We cannot predict how many BDR applications in tota…
Text removed vs the prior filing · source: 10-Q · 2026-02-12
Based on the Company’s fiscal year end, our annual compliance audits and audited financial statements were due to ED on December 31, 2025. Due to issues with ED’s systems which the Company raised to ED prior to the submission deadline, our institutions were unable to access the eZ-Audit portal to up…
Revenue. Our revenue was approximately 19.2 million for the three months ended December 31, 2025 compared to approximately $13.7 million for the three months ended December 31, 2024, an increase of approximately $5.5 million, or approximately 40.7% driven by a 49.4% increase in new student starts to…
Educational services. Our educational services expense was approximately $10.3 million for the three months ended December 31, 2025 compared to approximately $7.5 million for the three months ended December 31, 2024, an increase of approximately $2.8 million, or approximately 37.6%. The increase was…
Interest expense. Our interest expense was approximately $0.0 million for the three months ended December 31, 2025 compared to approximately $0.0 million for the three months ended December 31, 2024.
Revenue. Our revenue was approximately $38.6 million for the six months ended December 31, 2025 compared to approximately $27.6 million for the six months ended December 31, 2024, an increase of approximately $10.9 million, or approximately 39.6% driven by a 37.2% increase in new student starts to 1…
Other information
Text added vs the prior filing · source: 10-Q · 2026-05-14
LeeAnn Rohmann, our Chief Executive Officer, entered into a pre-arranged stock trading plan on March 6, 2026. Ms. Rohmann’s plan provides for the sale of up to 60,000 shares of our common stock between March 6, 2026 and June 9, 2027. The trading plan was entered into during an open insider trading w…
Text removed vs the prior filing · source: 10-Q · 2026-02-12
During the six months ended December 31, 2025, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice