Lincoln Educational Services Reports Continued Growth During First Quarter 2024, with 15% Student Starts and 20% Revenue Growth; Increasing Financial
Guidance for Full Year 2024
Conference Call Today at 10 a.m. ET
PARSIPPANY, N.J., May 6, 2024 – Lincoln
Educational Services Corporation (Nasdaq: LINC) today announced financial and operating results for the first quarter ended March 31, 2024, as well as recent business developments.
First Quarter 2024 Financial Highlights*
|
• |
Revenue grew 19.7% to $103.4 million
|
|
• |
Adjusted EBITDA tripled to $6.5 million
|
|
• |
Student starts increased 15.3%
|
|
• |
Ended quarter with 1,388 additional students, a 11.2% increase in population
|
|
• |
Total liquidity of over $109 million; no debt outstanding
|
|
• |
Increasing guidance for full year Revenue, Adjusted EBITDA and Adjusted Net Income
|
Recent Developments
|
• |
Classes commenced at our newest campus in East Point, Georgia
|
|
• |
Entered into a 5-year agreement with Container Maintenance Corporation (“CMC"), (Marine Repair Services), to provide on-the-job training, to its technicians
|
|
• |
Entered into new $40 million credit facility with Fifth Third Bank providing added flexibility to execute growth initiatives
|
*Note: The highlighted financial results exclude the Transitional segment results of prior year. A reconciliation of GAAP / non-GAAP measures is included in this
release.
“We had an exceptionally strong start to 2024 and the momentum generated during the first quarter has continued, “commented Scott Shaw, President & CEO. “The
American public is increasingly questioning the costs and value of a traditional four-year college degree while the nation’s skills gap is stifling growth and opportunity. Lincoln is capitalizing on these market dynamics by providing innovative
efficient student curricula that provides opportunity to a growing number of graduates to enter rewarding, in-demand careers. During the first quarter, the successful execution of our strategies resulted in just over 15% student start growth and
nearly 20% revenue growth. This solid first quarter performance allows us to increase our full year guidance for revenue, adjusted EBITDA and adjusted net income.”
“During the quarter, we welcomed our inaugural class of students to our newest campus in East Point, Georgia. In addition, we began the buildouts of our new Nashville,
Tennessee and Levittown, Pennsylvania campuses, finalized the plans for our new Houston campus, and made progress in identifying another new campus location. At the same time, we continue to make progress towards the roll out of nine replicated
programs at existing Lincoln campuses, as well as the full transition to our highly scalable hybrid instructional learning model, or Lincoln 10.0, by the end of the year.”
“Lincoln 10.0, is beginning to yield operating leverage,” added Mr. Shaw. “We generated nearly 20% higher revenue, while at the same time decreasing instructional
costs as a percentage of revenue. As 2024 unfolds, we are well positioned to realize continued operating leverage as the transition is completed.”
“We have continued to develop our existing corporate partnerships as well as enter into new ones. Last week, we announced a five-year, nearly $6.0 million agreement with
CMC to provide onsite employee training, our largest program of its type to date. The combination of our Lincoln 10.0 model, our replicated programs, our new and relocated campuses, and the addition of on-site workforce skills training, and the
increasing interest in Lincoln programs from both employers and students have positioned the Company for growth during the remainder of 2024 and into the foreseeable future.”
2024 FIRST QUARTER FINANCIAL RESULTS
(Quarter ended March 31, 2024 compared to March 31, 2023)
|
• |
Revenue increased by $16.1 million, or
18.4%, to $103.4 million. Included in the prior year is $0.9 million of revenue related to the Transitional segment. Excluding this revenue for comparability, revenue would have increased by $17.0 million, or 19.7%. The primary reasons
for the increase was an 11.9% rise in average student population due to starting the year with approximately 1,100 more students, or 9.0%, coupled with 15.3% growth in student starts.
|
|
• |
Educational services and facilities expense
increased $4.9 million, or 12.9% to $43.0 million. Included in the increase over the prior year are approximately $2.9 million of one-time expenses for new campuses and campus relocation cost, relating to the new Houston, Texas campus,
in addition to the relocation of our Nashville, Tennessee and Levittown, Pennsylvania locations. Remaining expense increases were due to instructional salaries and books and tools expenses resulting from higher staffing levels driven by
student population growth combined with merit increases.
|
|
• |
Selling, general and administrative
expense increased $10.2 million, or 20.3% to $60.5 million. The majority of the increase was due to higher administrative costs, which increased $7.4 million due to several factors including an increase in salary expense, driven in part
by merit increases and population growth, increased medical claims, and additional bad debt expense, largely driven by revenue growth. In addition, marketing investments were up $1.6 million, which helped drive our 15.3% student start
growth.
|
FIRST QUARTER SEGMENT RESULTS
Campus Operations Segment
Revenue increased $17.0 million, or 19.7% to $103.4 million. Adjusted EBITDA increased $6.5 million or 56.5% to $18.1 million, from $11.6 million in the prior year.
Transitional Segment
The Somerville, Massachusetts campus teach-out was completed in the fourth quarter of 2023. In the prior year, the Somerville campus had revenue of
$0.9 million and operating expenses of $1.1 million.
Corporate and Other
This category includes unallocated expenses incurred on behalf of the entire Company.
Corporate and other expense were $12.8 million, up from $11.0 million in the prior year. Increased costs were primarily due to additional salaries, performance based incentives and medical benefits expense.
FULL YEAR 2024 OUTLOOK
Based on 2024 first quarter financial results, as well as the current quarter performance to date, and the anticipated operating performance for the
remainder of the year, the Company is revising its financial projections upwards for revenue, adjusted EBITDA, and adjusted net income as outlined below:
| |
|
2024 Guidance
|
|
|
|
(Amounts in millions except for student starts)
|
|
Low
|
|
|
|
High
|
|
|
|
Revenue
|
|
$
|
418
|
|
|
-
|
|
$
|
428
|
|
|
|
Adjusted EBITDA
|
|
$
|
37
|
|
|
-
|
|
$
|
42
|
|
1
|
|
Adjusted net income
|
|
$
|
12
|
|
|
-
|
|
$
|
17
|
|
1
|
|
Capital expenditures
|
|
$
|
65
|
|
|
-
|
|
$
|
70
|
|
|
|
Starts
|
|
|
7
|
%
|
|
-
|
|
|
12
|
%
|
|
| 1 |
The guidance in this release includes references to non-GAAP operating measures. A reconciliation to the midpoint of our guidance can be reviewed below in the non-GAAP
operating measures at the end of this release.
|
CONFERENCE CALL INFO
Lincoln will host a conference call today at 10:00 a.m. Eastern Standard Time to discuss
results. To access the live webcast of the conference call, please go to the Investor Overview section of Lincoln’s website at http://www.lincolntech.edu. Participants may also register
via teleconference at Q1 2024 Lincoln Educational Services Earnings Conference Call. Once registration is completed, participants will be provided with a dial-in number containing a
personalized PIN to access the call. Participants are requested to register at least 15 minutes prior to the start of the call.
An archived version of the webcast will be accessible for 90 days at http://www.lincolntech.edu.
ABOUT LINCOLN EDUCATIONAL SERVICES CORPORATION
Lincoln Educational Services Corporation is a leading provider of diversified career-oriented post-secondary education helping to provide
solutions to America’s skills gap. Lincoln offers career-oriented programs to recent high school graduates and working adults in five principal areas of study: automotive technology, health sciences, skilled trades, business and information
technology, and hospitality services. Lincoln has provided the workforce with skilled technicians since its inception in 1946 and currently operates 22 campuses in 13 states under 4 brands: Lincoln College of Technology, Lincoln Technical
Institute, Lincoln Culinary Institute, and Euphoria Institute of Beauty Arts and Sciences. For more information, please go to www.lincolntech.edu.
FORWARD-LOOKING STATEMENTS
Statements in this press release and in oral statements made from time to time by representatives of Lincoln Educational Services Corporation
regarding Lincoln’s business that are not historical facts, including those made in a conference call, may be “forward-looking statements” as that term is defined in the federal securities law. The words “may,” “will,” “expect,” “believe,”
“anticipate,” “project,” “plan,” “intend,” “estimate,” and “continue,” and their opposites and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on information available at the time those
statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or
suggested by the forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results
will be achieved, if at all. Generally, these statements relate to business plans or strategies and projections involving anticipated revenues, earnings, or other aspects of the Company’s operating results. Such forward-looking statements include
the Company’s current belief that it is taking appropriate steps regarding the pandemic and that student growth will continue. The Company cautions you that these statements concern 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 the projects upon which the statements are based including,
without limitation, impacts related to the COVID-19 pandemic or other epidemics or pandemics; our failure to comply with the extensive regulatory framework applicable to our industry or our failure to obtain timely regulatory approvals in
connection with acquisitions or a change of control of our Company; our success in updating and expanding the content of existing programs and developing new programs for our students in a cost-effective manner or on a timely basis; risks
associated with cybersecurity; risks associated with changes in applicable federal laws and regulations; uncertainties regarding our ability to comply with federal laws and regulations, such as the 90/10 rule and prescribed cohort default rates;
risks associated with the opening of new campuses; risks associated with integration of acquired schools; industry competition; our ability to execute our growth strategies; conditions and trends in our industry; general economic conditions; and
other factors discussed in the “Risk Factors” section of our Annual Reports and Quarterly Reports filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement, and
Lincoln 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 hereof.
(Tables to Follow)
(In Thousands)
| |
|
Three Months Ended
March 31,
(Unaudited)
|
|
| |
|
2024
|
|
|
2023
|
|
| |
|
|
|
|
|
|
|
REVENUE
|
|
$
|
103,366
|
|
|
$
|
87,284
|
|
|
COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
|
|
Educational services and facilities
|
|
|
43,023
|
|
|
|
38,093
|
|
|
Selling, general and administrative
|
|
|
60,492
|
|
|
|
50,307
|
|
|
Loss on sale of asset
|
|
|
309
|
|
|
|
-
|
|
|
Total costs & expenses
|
|
|
103,824
|
|
|
|
88,400
|
|
|
OPERATING LOSS
|
|
|
(458
|
)
|
|
|
(1,116
|
)
|
|
OTHER:
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
698
|
|
|
|
467
|
|
|
Interest expense
|
|
|
(567
|
)
|
|
|
(25
|
)
|
|
LOSS BEFORE INCOME TAXES
|
|
|
(327
|
)
|
|
|
(674
|
)
|
|
BENEFIT FOR INCOME TAXES
|
|
|
(113
|
)
|
|
|
(565
|
)
|
|
NET LOSS
|
|
$
|
(214
|
)
|
|
$
|
(109
|
)
|
|
Basic
|
|
|
|
|
|
|
|
|
|
Net loss per common share
|
|
$
|
(0.01
|
)
|
|
$
|
(0.00
|
)
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
Net loss per common share
|
|
$
|
(0.01
|
)
|
|
$
|
(0.00
|
)
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
30,301
|
|
|
|
30,039
|
|
|
Diluted
|
|
|
30,301
|
|
|
|
30,039
|
|
| |
|
|
|
|
|
|
|
|
|
Other data:
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (1)
|
|
$
|
6,545
|
|
|
$
|
2,196
|
|
|
Depreciation and amortization
|
|
$
|
2,964
|
|
|
$
|
1,253
|
|
|
Number of campuses
|
|
|
22
|
|
|
|
22
|
|
|
Average enrollment
|
|
|
13,678
|
|
|
|
12,387
|
|
|
Net cash used in operating activities
|
|
$
|
(14,934
|
)
|
|
$
|
(214
|
)
|
|
Net cash provided by (used in) investing activities
|
|
$
|
8,034
|
|
|
$
|
(3,249
|
)
|
|
Net cash used in financing activities
|
|
$
|
(3,594
|
)
|
|
$
|
(2,335
|
)
|
|
Selected Consolidated Balance Sheet Data:
|
|
March 31, 2024
(Unaudited)
|
|
| |
|
|
|
|
Cash and cash equivalents
|
|
$
|
68,554
|
|
|
Restricted cash
|
|
|
1,221
|
|
|
Current assets
|
|
|
118,749
|
|
|
Working capital
|
|
|
58,867
|
|
|
Total assets
|
|
|
355,163
|
|
|
Current liabilities
|
|
|
59,882
|
|
|
Total stockholders' equity
|
|
|
164,493
|
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
In addition to disclosing financial results that are determined in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company believes it is
useful to present non-GAAP financial measures that exclude certain significant items as a means to understand the performance of its business. EBITDA, adjusted EBITDA, adjusted net income and total liquidity are measures not recognized in
financial statements presented in accordance with GAAP.
|
• |
We define EBITDA as income (loss) before interest expense (net of interest income), provision (benefit) for income taxes, depreciation and amortization.
|
|
• |
We define adjusted EBITDA as EBITDA plus stock compensation expense and adjustments for items not considered part of the Company’s normal recurring operations.
|
|
• |
We define adjusted net income as net income plus adjustments for items not considered part of the Company’s normal recurring operations.
|
|
• |
We define total liquidity as the Company’s cash and cash equivalents, short-term investments and restricted cash.
|
EBITDA, adjusted EBITDA, adjusted net income, and total liquidity are presented because we believe they are useful indicators of the Company’s performance and ability to make strategic
investments and meet capital expenditures and debt service requirements. However, they are not intended to represent cash flows from operations as defined by GAAP and should not be used as an alternative to net income (loss) as indicators of
operating performance or cash flow as a measure of liquidity. EBITDA, adjusted EBITDA, adjusted net income and total liquidity are not necessarily comparable to similarly titled measures used by other companies.
The following is a reconciliation of net income (loss) to EBITDA, adjusted EBITDA, adjusted net income, and total liquidity:
|
|
Three Months Ended March 31,
(Unaudited)
Consolidated Operations
|
|
| |
|
2024
|
|
|
2023
|
|
| |
|
|
|
|
|
|
|
Net loss
|
|
$
|
(214
|
)
|
|
$
|
(109
|
)
|
|
Interest income, net
|
|
|
(131
|
)
|
|
|
(442
|
)
|
|
Benefit for income taxes
|
|
|
(113
|
)
|
|
|
(565
|
)
|
|
Depreciation and amortization
|
|
|
2,964
|
|
|
|
1,253
|
|
|
EBITDA
|
|
|
2,506
|
|
|
|
137
|
|
|
Stock compensation expense
|
|
|
1,059
|
|
|
|
812
|
|
|
New campus and campus relocation costs1
|
|
|
2,802
|
|
|
|
260
|
|
|
Severance and other one-time costs
|
|
|
89
|
|
|
|
794
|
|
|
Program expansions
|
|
|
89
|
|
|
|
-
|
|
|
Transitional segment
|
|
|
-
|
|
|
|
193
|
|
|
Adjusted EBITDA
|
|
$
|
6,545
|
|
|
$
|
2,196
|
|
| 1 |
Includes $450,000 of non-cash rent expense.
|
|
|
Three Months Ended March 31,
(Unaudited)
|
|
| |
|
Campus Operations
|
|
|
Transitional
|
|
|
Corporate
|
|
| |
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
11,824
|
|
|
$
|
10,109
|
|
|
$
|
-
|
|
|
$
|
(197
|
)
|
|
$
|
(12,038
|
)
|
|
$
|
(10,021
|
)
|
|
Interest expense (income), net
|
|
|
501
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(632
|
)
|
|
|
(442
|
)
|
|
Benefit for income taxes
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(113
|
)
|
|
|
(565
|
)
|
|
Depreciation and amortization
|
|
|
2,773
|
|
|
|
1,099
|
|
|
|
-
|
|
|
|
4
|
|
|
|
191
|
|
|
|
150
|
|
|
EBITDA
|
|
|
15,098
|
|
|
|
11,208
|
|
|
|
-
|
|
|
|
(193
|
)
|
|
|
(12,592
|
)
|
|
|
(10,878
|
)
|
|
Stock compensation expense
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,059
|
|
|
|
812
|
|
|
New campus and campus relocation costs1
|
|
|
2,802
|
|
|
|
260
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Severance and other one-time costs
|
|
|
89
|
|
|
|
84
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
710
|
|
|
Program expansions
|
|
|
89
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Transitional segment
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
193
|
|
|
|
-
|
|
|
|
-
|
|
|
Adjusted EBITDA
|
|
$
|
18,078
|
|
|
$
|
11,552
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
(11,533
|
)
|
|
$
|
(9,356
|
)
|
|
|
Three Months Ended
March 31,
(Unaudited)
|
|
| |
|
2024
|
|
|
2023
|
|
|
Net loss
|
|
$
|
(214
|
)
|
|
$
|
(109
|
)
|
| |
|
|
|
|
|
|
|
|
|
Non-recurring adjustments:
|
|
|
|
|
|
|
|
|
|
New campus and campus relocation costs1
|
|
|
2,802
|
|
|
|
260
|
|
|
Severance and other one time costs
|
|
|
89
|
|
|
|
973
|
|
|
Program expansions
|
|
|
89
|
|
|
|
-
|
|
|
Transitional segment
|
|
|
-
|
|
|
|
193
|
|
|
Total non-recurring adjustments
|
|
|
2,980
|
|
|
|
1,426
|
|
|
Income tax effect
|
|
|
(894
|
)
|
|
|
(406
|
)
|
|
Adjusted net income, non-GAAP
|
|
$
|
1,872
|
|
|
$
|
911
|
|
| |
|
As of
March 31, 2024
|
|
|
Cash and cash equivalents
|
|
$
|
68,554
|
|
|
Restricted cash
|
|
|
1,221
|
|
|
Credit facility
|
|
|
40,000
|
|
|
Total Liquidity
|
|
$
|
109,775
|
|
| |
|
Three Months Ended March 31,
|
|
| |
|
2024
|
|
|
2023
|
|
|
% Change
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Campus Operations
|
|
$
|
103,366
|
|
|
$
|
86,352
|
|
|
|
19.7
|
%
|
|
Transitional
|
|
|
-
|
|
|
|
932
|
|
|
|
-100.0
|
%
|
|
Total
|
|
$
|
103,366
|
|
|
$
|
87,284
|
|
|
|
18.4
|
%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Campus Operations
|
|
$
|
12,324
|
|
|
$
|
10,109
|
|
|
|
21.9
|
%
|
|
Transitional
|
|
|
-
|
|
|
|
(197
|
)
|
|
|
-100.0
|
%
|
|
Corporate
|
|
|
(12,782
|
)
|
|
|
(11,028
|
)
|
|
|
-15.9
|
%
|
|
Total
|
|
$
|
(458
|
)
|
|
$
|
(1,116
|
)
|
|
|
59.0
|
%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Starts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Campus Operations
|
|
|
3,967
|
|
|
|
3,440
|
|
|
|
15.3
|
%
|
|
Total
|
|
|
3,967
|
|
|
|
3,440
|
|
|
|
15.3
|
%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Population:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Campus Operations
|
|
|
13,678
|
|
|
|
12,225
|
|
|
|
11.9
|
%
|
|
Transitional
|
|
|
-
|
|
|
|
162
|
|
|
|
-100.0
|
%
|
|
Total
|
|
|
13,678
|
|
|
|
12,387
|
|
|
|
10.4
|
%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
End of Period Population:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Campus Operations
|
|
|
13,801
|
|
|
|
12,413
|
|
|
|
11.2
|
%
|
|
Transitional
|
|
|
-
|
|
|
|
131
|
|
|
|
-100.0
|
%
|
|
Total
|
|
|
13,801
|
|
|
|
12,544
|
|
|
|
10.0
|
%
|
Information included in the table below provides student starts and population under the Campus Operations segment with a breakdown by Transportation and Skilled Trade
programs and Healthcare and Other Professions programs. This information is not comparable to the Company’s prior period segment reporting, which was performed on a campus basis rather than a program basis.
|
Population by Program (Campus Operations Segment):
|
| |
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended March 31,
|
|
| |
|
2024
|
|
|
2023
|
|
|
% Change
|
|
|
Starts:
|
|
|
|
|
|
|
|
|
|
|
Transportation and Skilled Trades
|
|
|
2,682
|
|
|
|
2,263
|
|
|
|
18.5
|
%
|
|
Healthcare and Other Professions
|
|
|
1,285
|
|
|
|
1,177
|
|
|
|
9.2
|
%
|
|
Total
|
|
|
3,967
|
|
|
|
3,440
|
|
|
|
15.3
|
%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Population:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation and Skilled Trades
|
|
|
9,544
|
|
|
|
8,281
|
|
|
|
15.3
|
%
|
|
Healthcare and Other Professions
|
|
|
4,134
|
|
|
|
3,944
|
|
|
|
4.8
|
%
|
|
Total
|
|
|
13,678
|
|
|
|
12,225
|
|
|
|
11.9
|
%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
End of Period Population:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation and Skilled Trades
|
|
|
9,639
|
|
|
|
8,488
|
|
|
|
13.6
|
%
|
|
Healthcare and Other Professions
|
|
|
4,162
|
|
|
|
3,925
|
|
|
|
6.0
|
%
|
|
Total
|
|
|
13,801
|
|
|
|
12,413
|
|
|
|
11.2
|
%
|
The reconciliations provided below represent managements best projection for the execution of our 2024 guidance. These calculations are for illustrative purposes and
will be reviewed throughout 2024 to ensure accuracy and continued relevance. Any revisions or modifications, if necessary, will be made transparent and disclosed during the 2024 quarterly reviews. Adjusted EBITDA and adjusted net income have been
reconciled to the midpoint of our guidance.
Reconciliation of Net Income to Adjusted EBITDA and Adjusted Net Income - 2024 Guidance
(Reconciled to the Mid-Point of 2024 Guidance)
| |
Adjusted
|
| |
|
EBITDA
|
|
|
Net Income
|
|
|
Net Income
|
|
$
|
6,800
|
|
|
$
|
6,800
|
|
|
Interest expense, net
|
|
|
700
|
|
|
|
-
|
|
|
Provision for taxes
|
|
|
3,100
|
|
|
|
-
|
|
|
Depreciation and amortization
|
|
|
11,200
|
|
|
|
-
|
|
|
Depreciation1
|
|
|
2,500
|
|
|
|
-
|
|
|
EBITDA
|
|
|
24,300
|
|
|
|
-
|
|
|
New campus and campus relocation costs2
|
|
|
8,700
|
|
|
|
8,700
|
|
|
Program expansions
|
|
|
2,300
|
|
|
|
2,300
|
|
|
Stock compensation expense
|
|
|
4,200
|
|
|
|
-
|
|
|
Tax Effect
|
|
|
-
|
|
|
|
(3,300
|
)
|
|
Total
|
|
$
|
39,500
|
|
|
$
|
14,500
|
|
| |
|
|
|
|
|
|
|
|
|
2024 Guidance Range
|
|
$
|
37,000 - $42,000
|
|
|
$
|
12,000 - $17,000
|
|
| 1 |
Depreciation expense relates to new campuses and campus relocations.
|
| 2 |
New campus and campus relocation costs relate to the following locations:
|
East Point, Georgia
Nashville, Tennessee
Levittown, Pennsylvania
Houston, Texas
LINCOLN EDUCATIONAL SERVICES CORPORATION
Brian Meyers, CFO
973-736-9340
EVC GROUP LLC
Investor Relations: Michael Polyviou, mpolyviou@evcgroup.com, 732-933-2755
Media Relations: Tom Gibson, 201-476-0322