Lincoln Educational Services Corporation (Nasdaq: LINC) today
reported operating and financial results for the second quarter as
well as recent business developments.
Second Quarter 2022 vs Second Quarter 2021
Financial Highlights and Recent Operating
Developments
- Revenue of $82.1 million, up 2.1%
- Student starts increased by 4.0%
- Adjusted EBITDA* of $2.4 million
- Cash of $67.0 million and debt free; Generated cash from
operations of $4.4 million
- Announced new Atlanta, Georgia campus expected to open in third
quarter of 2023
- Repurchased 414,963 shares of Company common stock for
approximately $2.5 million
- Completed sale of Suffield, Connecticut property generating net
proceeds of $2.4 million and gain on sale of $0.2 million
*See Use of “Non-GAAP Financial Information” below.
“During the second quarter, we continued to
execute our five-year growth strategy while operating in an
exceptionally low unemployment environment that continues to foster
significant wage inflation,” commented Scott Shaw, President &
CEO. “We announced the development of a second campus in the
Atlanta metropolitan market that we forecast will add $20 million a
year in revenue and $5 million of EBITDA within four years of its
opening. In addition, we entered into three new corporate
partnerships with industry leaders in the electric vehicle market,
automotive paints and coatings, and collision repair segments. And,
we continued to add new training programs at our existing campuses
and further implemented a new hybrid education delivery model.”
“Although we achieved four percent student start
growth during the quarter, our start growth was less than we
anticipated. Throughout this year, we have experienced strong
double-digit growth in enrollments across our campuses. However,
conversion of these enrollments into new student starts has become
more challenging in the current environment. As a result, we ended
the quarter with a lower student start rate than we anticipated and
expect that these challenges will continue into the second half of
the year. We believe macro-operating factors such as ongoing labor
shortages, high inflation, and growing economic uncertainty are all
playing a role. We also believe that our transitioning to a
centralized financial aid support system has temporarily impacted
and contributed to recent lower start conversion rates.
Centralizing our financial aid support system replaces the
decentralized campus system, which when fully implemented by the
end of the year will streamline financial aid decisions and award
processes.”
“We continue to improve our student retention
and graduate placement rates and continue to see strong demand for
our graduates. We are confident that the combination of the
efficiency improvements we are implementing this year, and
execution of our five-year growth strategy will position Lincoln
for long-term growth and higher profitability. Our confidence in
the Company’s future is expressed in part through the recently
approved share repurchase plan which was utilized to repurchase
some 400,000 shares during the second quarter.”
2022 SECOND QUARTER FINANCIAL
RESULTS(Quarter ended June 30, 2022 compared to
quarter ended June 30, 2021)
- Revenue increased $1.6 million, or 2.1%, to
$82.1 million from $80.5 million in the prior year comparable
period. The increase was mainly driven by approximately 230 more
students at the start of the quarter as compared to last year and
an overall 1.2% increase in average student population over the
prior year comparable period.
- Educational services and facilities expense
increased $2.4 million, or 7.2%, to $36.1 million from $33.7
million in the prior year comparable period. Increased costs were
primarily concentrated in instructional expense and facilities
expense.Instructional salaries increased mainly due to wage
increases driven by the market and higher staffing levels, because
of population growth and program expansion. In addition, consumable
costs increased significantly over prior year driven by inflation
and supply chain shortages.Facilities expense was higher in part
due to approximately $0.8 million of additional rent expense
related to the sale leaseback transaction completed in the fourth
quarter of 2021.
- Selling, general and administrative expense
increased $2.5 million, or 5.8% to $45.8 million from $43.3 million
in the prior year comparable period. The increase was primarily
driven by additional bad debt expense resulting from lower
repayment rates, an increase in medical expenses due to higher
claims and one-time expenses in connection with growth and
efficiency initiatives.
- Gain on sale of asset was $0.2 million for the
quarter, as a result of the sale of a former campus property in
Suffield, Connecticut. Net proceeds received from the sale were
approximately $2.4 million.
RECENT BUSINESS DEVELOPMENTS
Atlanta, Georgia – New Campus. On June 30,
2022, the Company executed a lease for a 55,000 square foot
facility. This new facility is the Company’s second campus in the
Atlanta metropolitan market and will have the capacity to
accommodate approximately 700 students. The campus will deploy the
Company’s new hybrid education delivery model providing greater
flexibility to students and staff. It is expected to open in the
third quarter of 2023, pending necessary regulatory approvals and
timely build out. The Company is expected to invest approximately
$12.0 million in capital expenditures, net of a tenant allowance of
$2.0 million, to completely renovate the interior of the facility,
offering students a modern learning environment with advanced
technology. There was no involvement in the construction or design
of the underlying asset on behalf of the landlord and the Company
is not deemed to be in control of the asset prior to the lease
commencement date.
Nashville, Tennessee – Property Sale Agreement.
During the second quarter, the Company agreed to an extension of
the due diligence period under the previously announced sale
agreement of our Nashville, Tennessee campus for up to an
additional 12 months. Current delays result from the purchaser
obtaining approvals for proposed zoning changes. During the
extension of the due diligence period, the Company will receive
monthly non-refundable deposits totaling $1.1 million until the
closing date, which is expected to take place in the second quarter
of 2023. This property is classified as assets held for sale in the
condensed consolidated balance sheet as of June 30, 2022.
Share Repurchase Plan. On May 24, 2022, the
Company announced that its Board of Directors authorized a share
repurchase program of up to $30.0 million of the Company’s
outstanding common stock. The repurchase program was
authorized for twelve months. Purchases may be made, from time
to time, in open-market transactions at prevailing market prices,
in privately negotiated transactions or by other means as
determined by the Company’s management and in accordance with
applicable federal securities laws. The timing of purchases and the
number of shares repurchased under the program will depend on a
variety of factors including price, trading volume, corporate and
regulatory requirements and market conditions. During the second
quarter, the Company repurchased 414,963 shares of the Company’s
common stock for approximately $2.5 million. The Company retains
the right to limit, terminate or extend the share repurchase
program at any time without prior notice.
SECOND QUARTER SEGMENT
RESULTSTransportation and Skilled Trades
SegmentRevenue increased $1.0 million, or 1.8% to $58.0
million from $57.0 million in the prior year comparable period. The
increase was due a to 3.8% increase in average student population
driven by a higher beginning of period population in the current
quarter of approximately 350 students.
Adjusted EBITDA was $8.3 million compared to $12.8 million in
the prior year. The current quarter includes $0.8 million of
additional rent expense related to the sale leaseback transaction
related to the Denver and Grand Prairie campuses.
Healthcare and Other Professions SegmentRevenue
increased $0.7 million, or 2.9% to $24.1 million from $23.4 million
in the prior year comparable period. The increase was primarily the
result of a 6.3% increase in average revenue per
student.
Adjusted EBITDA was $1.8 million compared to $3.1 million in the
prior year.
Corporate and OtherThis category includes
unallocated expenses incurred on behalf of the entire Company.
Corporate and other expenses were $8.3 million and $10.8 million
for the three months ended June 30, 2022 and 2021, respectively.
The decrease in expense in 2022 was primarily driven by lower
incentive compensation.
SIX MONTHS FINANCIAL
RESULTS(Period ended June 30,
2022 compared to June 30, 2021)
- Total revenue
increased $6.2 million, or 3.9%, to $164.7 million, compared
to $158.5 million.
- Transportation and
Skilled Trades segment revenue increased $4.1 million, or 3.7%,
to $116.7 million, compared to $112.6 million.
- The Healthcare and
Other Professions segment revenue increased $2.1 million, or 4.6%,
to $47.9 million, compared to $45.8 million.
FULL YEAR 2022 OUTLOOK
Based on the Company’s six-month results and current
expectations regarding a lower level of start growth than
previously anticipated, Lincoln is updating its 2022 full year
guidance (1) as follows:
- Revenue in the range of $340 million to $350
million.
- Student start decline / growth in the range of -3% to 3%.
- Adjusted EBITDA* in the range of $25 million to $30
million.
- Net income in the range of $10 million to $15 million.
- Capital expenditures in the range of $8.0 million to $11.0
million.
*See Use of “Non-GAAP Financial Information” below
(1) |
The outlook is based on, among other things, current enrollment
trends and does not account for the impact from changes in COVID-19
restrictions or any new COVID-19 variants. Accordingly, this
guidance may be revised as the year continues to unfold due to
changes in student demand and other factors. |
CONFERENCE CALL INFOLincoln will host a
conference call today at 10:00 a.m. Eastern Daylight Time
to discuss results. To access the live webcast of the conference
call, please go to the investor relations section of Lincoln’s
website at http://www.lincolntech.edu. Participants may also
register via teleconference at: Q2 2022 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 a minimum 15 minutes before 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 and helping to provide solutions to America’s skills gap.
Lincoln offers recent high school graduates and working adult’s
degree and diploma programs in five principal areas of study:
health sciences, automotive technology, skilled trades, hospitality
services and business and information technology. Lincoln has
provided the nation’s workforce with skilled technicians since its
inception in 1946 and currently operates 22 campuses in 14 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, go to
www.lincolntech.edu.
FORWARD-LOOKING
STATEMENTSStatements 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, our inability to close on
the sale of our Nashville campus; 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 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; the
COVID-19 pandemic and its impact on our business and the U.S. and
global economics; 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 |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
(Unaudited) |
|
(Unaudited) |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
REVENUE |
$ |
82,142 |
|
|
$ |
80,464 |
|
|
$ |
164,697 |
|
|
$ |
158,461 |
|
COSTS AND EXPENSES: |
|
|
|
|
|
|
|
Educational services and facilities |
|
36,106 |
|
|
|
33,694 |
|
|
|
72,302 |
|
|
|
66,037 |
|
Selling, general and administrative |
|
45,835 |
|
|
|
43,318 |
|
|
|
92,520 |
|
|
|
82,951 |
|
(Gain) loss on disposition of assets |
|
(195 |
) |
|
|
- |
|
|
|
(195 |
) |
|
|
1 |
|
Total costs & expenses |
|
81,746 |
|
|
|
77,012 |
|
|
|
164,627 |
|
|
|
148,989 |
|
OPERATING INCOME |
|
396 |
|
|
|
3,452 |
|
|
|
70 |
|
|
|
9,472 |
|
OTHER: |
|
|
|
|
|
|
|
Interest expense |
|
(35 |
) |
|
|
(297 |
) |
|
|
(77 |
) |
|
|
(582 |
) |
INCOME (LOSS) BEFORE INCOME TAXES |
|
361 |
|
|
|
3,155 |
|
|
|
(7 |
) |
|
|
8,890 |
|
PROVISION (BENEFIT) FOR INCOME TAXES |
|
102 |
|
|
|
729 |
|
|
|
(539 |
) |
|
|
1,975 |
|
NET INCOME |
$ |
259 |
|
|
$ |
2,426 |
|
|
$ |
532 |
|
|
$ |
6,915 |
|
PREFERRED STOCK DIVIDENDS |
|
304 |
|
|
|
304 |
|
|
|
608 |
|
|
|
608 |
|
(LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS |
$ |
(45 |
) |
|
$ |
2,122 |
|
|
$ |
(76 |
) |
|
$ |
6,307 |
|
Basic and diluted |
|
|
|
|
|
|
|
Net (loss) income per common share |
$ |
(0.00 |
) |
|
$ |
0.06 |
|
|
$ |
(0.00 |
) |
|
$ |
0.19 |
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
Basic and diluted |
|
25,963 |
|
|
|
25,105 |
|
|
|
25,842 |
|
|
|
24,997 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (1) |
$ |
2,416 |
|
|
$ |
6,089 |
|
|
$ |
4,857 |
|
|
$ |
11,502 |
|
Depreciation and amortization |
$ |
1,529 |
|
|
$ |
1,793 |
|
|
$ |
3,057 |
|
|
$ |
3,693 |
|
Number of campuses |
|
22 |
|
|
|
22 |
|
|
|
22 |
|
|
|
22 |
|
Average enrollment |
|
12,637 |
|
|
|
12,482 |
|
|
|
12,761 |
|
|
|
12,410 |
|
Stock-based compensation |
$ |
491 |
|
|
$ |
844 |
|
|
$ |
1,730 |
|
|
$ |
1,337 |
|
Net cash provided by (used in) operating activities |
$ |
4,375 |
|
|
$ |
9,366 |
|
|
$ |
(9,992 |
) |
|
$ |
1,067 |
|
Net cash used in investing activities |
$ |
(147 |
) |
|
$ |
(2,297 |
) |
|
$ |
(1,192 |
) |
|
$ |
(3,516 |
) |
Net cash used in financing activities |
$ |
(2,842 |
) |
|
$ |
(804 |
) |
|
$ |
(5,138 |
) |
|
$ |
(2,570 |
) |
|
|
|
|
|
|
|
|
Selected Consolidated Balance Sheet Data: |
June 30, 2022 |
|
|
(Unaudited) |
|
|
|
|
Cash and cash equivalents |
$ |
66,985 |
|
Current assets |
|
111,464 |
|
Working capital |
|
53,274 |
|
Total assets |
|
285,416 |
|
Current liabilities |
|
58,190 |
|
Series A convertible preferred stock |
|
11,982 |
|
Total stockholders' equity |
|
126,501 |
|
|
|
|
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 and
Adjusted EBITDA 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.
EBITDA and Adjusted EBITDA are presented because we believe they
are useful indicators of our performance and our ability to make
strategic acquisitions 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 and Adjusted EBITDA are not necessarily comparable to
similarly titled measures used by other companies.
Following is a reconciliation of net income (loss) to EBITDA and
Adjusted EBITDA:
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
(Unaudited) |
|
(Unaudited) |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
Net income |
$ |
259 |
|
$ |
2,426 |
|
$ |
532 |
|
|
$ |
6,915 |
|
Interest expense, net |
|
35 |
|
|
297 |
|
|
77 |
|
|
|
582 |
|
Provision (benefit) for income taxes |
|
102 |
|
|
729 |
|
|
(539 |
) |
|
|
1,975 |
|
Depreciation and amortization |
|
1,529 |
|
|
1,793 |
|
|
3,057 |
|
|
|
3,693 |
|
EBITDA |
|
1,925 |
|
|
5,245 |
|
|
3,127 |
|
|
|
13,165 |
|
Stock compensation expense |
|
491 |
|
|
844 |
|
|
1,730 |
|
|
|
1,337 |
|
Bad Debt - CARES Impact |
|
- |
|
|
- |
|
|
- |
|
|
|
(3,000 |
) |
Adjusted EBITDA |
$ |
2,416 |
|
$ |
6,089 |
|
$ |
4,857 |
|
|
$ |
11,502 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
(Unaudited) |
|
Transportation and Skilled Trades |
|
Healthcare and Other Professions |
|
Corporate |
|
|
2022 |
|
|
2021 |
|
|
|
2022 |
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
7,095 |
|
$ |
11,256 |
|
|
$ |
1,609 |
|
$ |
2,962 |
|
|
$ |
(8,445 |
) |
|
$ |
(11,792 |
) |
Interest expense, net |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
35 |
|
|
|
297 |
|
Provison for income taxes |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
102 |
|
|
|
729 |
|
Depreciation and amortization |
|
1,233 |
|
|
1,588 |
|
|
|
154 |
|
|
102 |
|
|
|
142 |
|
|
|
103 |
|
EBITDA |
|
8,328 |
|
|
12,844 |
|
|
|
1,763 |
|
|
3,064 |
|
|
|
(8,166 |
) |
|
|
(10,663 |
) |
Stock compensation expense |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
491 |
|
|
|
844 |
|
Adjusted EBITDA |
$ |
8,328 |
|
$ |
12,844 |
|
|
$ |
1,763 |
|
$ |
3,064 |
|
|
$ |
(7,675 |
) |
|
$ |
(9,819 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
(Unaudited) |
|
Transportation and Skilled Trades |
|
Healthcare and Other Professions |
|
Corporate |
|
|
2022 |
|
|
2021 |
|
|
|
2022 |
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
14,340 |
|
$ |
23,581 |
|
|
$ |
2,915 |
|
$ |
5,910 |
|
|
$ |
(16,723 |
) |
|
$ |
(22,576 |
) |
Interest expense, net |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
77 |
|
|
|
582 |
|
(Benefit) provision for income taxes |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
(539 |
) |
|
|
1,975 |
|
Depreciation and amortization |
|
2,476 |
|
|
3,260 |
|
|
|
308 |
|
|
218 |
|
|
|
273 |
|
|
|
215 |
|
EBITDA |
|
16,816 |
|
|
26,841 |
|
|
|
3,223 |
|
|
6,128 |
|
|
|
(16,912 |
) |
|
|
(19,804 |
) |
Stock compensation expense |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
1,730 |
|
|
|
1,337 |
|
Bad Debt - CARES Impact |
|
- |
|
|
(2,200 |
) |
|
|
- |
|
|
(800 |
) |
|
|
- |
|
|
|
- |
|
Adjusted EBITDA |
$ |
16,816 |
|
$ |
24,641 |
|
|
$ |
3,223 |
|
$ |
5,328 |
|
|
$ |
(15,182 |
) |
|
$ |
(18,467 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
% Change |
Revenue: |
|
|
|
|
|
Transportation and Skilled Trades |
$ |
57,973 |
|
|
$ |
56,965 |
|
|
1.8 |
% |
Healthcare and Other Professions |
|
24,169 |
|
|
|
23,499 |
|
|
2.9 |
% |
Total |
$ |
82,142 |
|
|
$ |
80,464 |
|
|
2.1 |
% |
|
|
|
|
|
|
Operating Income (loss): |
|
|
|
|
|
Transportation and Skilled Trades |
$ |
7,094 |
|
|
$ |
11,256 |
|
|
-37.0 |
% |
Healthcare and Other Professions |
|
1,609 |
|
|
|
2,962 |
|
|
-45.7 |
% |
Corporate |
|
(8,307 |
) |
|
|
(10,766 |
) |
|
22.8 |
% |
Total |
$ |
396 |
|
|
$ |
3,452 |
|
|
-88.5 |
% |
|
|
|
|
|
|
Starts: |
|
|
|
|
|
Transportation and Skilled Trades |
|
2,583 |
|
|
|
2,509 |
|
|
2.9 |
% |
Healthcare and Other Professions |
|
1,269 |
|
|
|
1,194 |
|
|
6.3 |
% |
Total |
|
3,852 |
|
|
|
3,703 |
|
|
4.0 |
% |
|
|
|
|
|
|
Average Population: |
|
|
|
|
|
Transportation and Skilled Trades |
|
8,315 |
|
|
|
8,039 |
|
|
3.4 |
% |
Leave of Absence - COVID-19 |
|
- |
|
|
|
(25 |
) |
|
100.0 |
% |
Transportation and Skilled Trades 1 |
|
8,315 |
|
|
|
8,014 |
|
|
3.8 |
% |
|
|
|
|
|
|
Healthcare and Other Professions |
|
4,322 |
|
|
|
4,508 |
|
|
-4.1 |
% |
Leave of Absence - COVID-19 |
|
- |
|
|
|
(40 |
) |
|
100.0 |
% |
Healthcare and Other Professions 1 |
|
4,322 |
|
|
|
4,468 |
|
|
-3.3 |
% |
|
|
|
|
|
|
Total |
|
12,637 |
|
|
|
12,547 |
|
|
0.7 |
% |
Total 1 |
|
12,637 |
|
|
|
12,482 |
|
|
1.2 |
% |
|
|
|
|
|
|
End of Period Population: |
|
|
|
|
|
Transportation and Skilled Trades |
|
8,765 |
|
|
|
8,467 |
|
|
3.5 |
% |
Leave of Absence - COVID-19 |
|
- |
|
|
|
(7 |
) |
|
100.0 |
% |
Transportation and Skilled Trades 1 |
|
8,765 |
|
|
|
8,460 |
|
|
3.6 |
% |
|
|
|
|
|
|
Healthcare and Other Professions |
|
4,237 |
|
|
|
4,410 |
|
|
-3.9 |
% |
Leave of Absence - COVID-19 |
|
- |
|
|
|
(10 |
) |
|
100.0 |
% |
Healthcare and Other Professions 1 |
|
4,237 |
|
|
|
4,400 |
|
|
-3.7 |
% |
|
|
|
|
|
|
Total |
|
13,002 |
|
|
|
12,877 |
|
|
1.0 |
% |
Total 1 |
|
13,002 |
|
|
|
12,860 |
|
|
1.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
1 Excluding Leave of Absence - COVID-19 |
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
% Change |
Revenue: |
|
|
|
|
|
Transportation and Skilled Trades |
$ |
116,758 |
|
|
$ |
112,636 |
|
|
3.7 |
% |
Healthcare and Other Professions |
|
47,939 |
|
|
|
45,825 |
|
|
4.6 |
% |
Total |
$ |
164,697 |
|
|
$ |
158,461 |
|
|
3.9 |
% |
|
|
|
|
|
|
Operating Income (loss): |
|
|
|
|
|
Transportation and Skilled Trades |
$ |
14,340 |
|
|
$ |
23,581 |
|
|
-39.2 |
% |
Healthcare and Other Professions |
|
2,916 |
|
|
|
5,911 |
|
|
-50.7 |
% |
Corporate |
|
(17,186 |
) |
|
|
(20,020 |
) |
|
14.2 |
% |
Total |
$ |
70 |
|
|
$ |
9,472 |
|
|
-99.3 |
% |
|
|
|
|
|
|
Starts: |
|
|
|
|
|
Transportation and Skilled Trades |
|
4,761 |
|
|
|
4,848 |
|
|
-1.8 |
% |
Healthcare and Other Professions |
|
2,444 |
|
|
|
2,403 |
|
|
1.7 |
% |
Total |
|
7,205 |
|
|
|
7,251 |
|
|
-0.6 |
% |
|
|
|
|
|
|
Average Population: |
|
|
|
|
|
Transportation and Skilled Trades |
|
8,417 |
|
|
|
8,036 |
|
|
4.7 |
% |
Leave of Absence - COVID-19 |
|
- |
|
|
|
(20 |
) |
|
100.0 |
% |
Transportation and Skilled Trades 1 |
|
8,417 |
|
|
|
8,016 |
|
|
5.0 |
% |
|
|
|
|
|
|
Healthcare and Other Professions |
|
4,344 |
|
|
|
4,459 |
|
|
-2.6 |
% |
Leave of Absence - COVID-19 |
|
- |
|
|
|
(65 |
) |
|
100.0 |
% |
Healthcare and Other Professions 1 |
|
4,344 |
|
|
|
4,394 |
|
|
-1.1 |
% |
|
|
|
|
|
|
Total |
|
12,761 |
|
|
|
12,495 |
|
|
2.1 |
% |
Total 1 |
|
12,761 |
|
|
|
12,410 |
|
|
2.8 |
% |
|
|
|
|
|
|
End of Period Population: |
|
|
|
|
|
Transportation and Skilled Trades |
|
8,765 |
|
|
|
8,467 |
|
|
3.5 |
% |
Leave of Absence - COVID-19 |
|
- |
|
|
|
(7 |
) |
|
100.0 |
% |
Transportation and Skilled Trades 1 |
|
8,765 |
|
|
|
8,460 |
|
|
3.6 |
% |
|
|
|
|
|
|
Healthcare and Other Professions |
|
4,237 |
|
|
|
4,410 |
|
|
-3.9 |
% |
Leave of Absence - COVID-19 |
|
- |
|
|
|
(10 |
) |
|
100.0 |
% |
Healthcare and Other Professions 1 |
|
4,237 |
|
|
|
4,400 |
|
|
-3.7 |
% |
|
|
|
|
|
|
Total |
|
13,002 |
|
|
|
12,877 |
|
|
1.0 |
% |
Total 1 |
|
13,002 |
|
|
|
12,860 |
|
|
1.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
1 Excluding Leave of Absence - COVID-19 |
|
|
|
|
|
|
|
|
|
|
|
LINCOLN EDUCATIONAL SERVICES
CORPORATIONBrian Meyers, CFO973-736-9340
EVC GROUP LLCInvestor Relations: Michael
Polyviou, mpolyviou@evcgroup.com, 732-933-2755Media Relations: Tom
Gibson, 201-476-0322
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