Lincoln Educational Services Corporation (Nasdaq: LINC) today
reported operating and financial results for the fourth quarter and
full year ended December 31, 2020 as well as recent business
developments.
Key Fourth Quarter 2020 vs Fourth
Quarter 2019 Operating and Financial Achievements
- New student starts rose 15.0%
- Average student population up
9.4%
- Ending student population increased
8.3%
- Revenue growth of 10.7%
- EBITDA* of $13.0 million, up
6.4%
- Net income of $46.0 million which
includes $35.9 million release of tax valuation allowance
- EPS of $1.44; Adjusted EPS* of
$0.31 which excludes release of tax valuation allowance
- Cash provided by operations $13.3
million, more than double prior year
- $59.0 million of available
liquidity as of December 31, 2020
*See Use of Non-GAAP Financial Information
below.
“Lincoln had an exceptionally robust finish to
2020 as our 15.0% student start growth and 10.7% revenue growth
resulted in strong operating leverage and increased profitability.
Despite the impact on our operations from the COVID-19 pandemic, we
continuously provided training in essential careers to our student
body and finished 2020 with double digit annual growth in student
starts for the first time since 2009,” said Scott Shaw, President
& CEO.
“We achieved our strong financial performance
through exceptional operating flexibility and execution. As a
result of our team’s efforts and dedication, we rapidly implemented
several programs, projects and activities to keep our students,
faculty, administration and management as safe as possible while
providing training for essential careers that remain in high
demand. As a result of our actions, Lincoln has continued to
increase the number of students pursuing these careers since the
onset of the pandemic at the end of the first quarter, in contrast
to the declining student populations experienced by many in our
field. Our continued progress in the first quarter of 2021 allows
us to be optimistic about the year ahead. We continue to apply many
of the lessons learned during the implementation of distance
learning to further enhance the student and faculty experience,
while bringing additional operating efficiencies to the Company. I
believe we are well positioned to continue our growth in 2021 as we
add new programs to our core operations and continue to provide
tangible contributions to our corporate partners and students.”
2020 FOURTH QUARTER FINANCIAL
RESULTS(Quarter ended December 31, 2020 compared
to quarter ending December 31, 2019)
- Revenue increased $7.9 million, or
10.7% to $81.8 million from $73.9 million. The increase was due to
a 9.4% increase in average student population, driven by a 15.0%
increase in student starts.
- Student start
growth of 15.0% benefitted from ongoing investments in marketing as
well as continuous evaluation and improvement of the admissions
process. Increased efficiency is evidenced by a decline in the
overall cost to obtain student starts while continuing growth.
Lincoln has now experienced three years of consistent growth in
student starts.
- Educational
services and facilities expense increased $0.9 million, or 3.0% to
$31.5 million from $30.6 million in the prior year. The increase
was due to additional instructional expense and books and tools
expense resulting from an increased student population but grew at
a rate less than our student population.
- Selling general and administrative expense increased $5.5
million, or 16.4% to $39.2 million from $33.7 million in the prior
year. The increase in expense was driven by actions taken in
response to the impact of COVID-19 on our employees and students
and an increase in incentive compensation accruals driven by
improved financial performance.
- Operating income
increased $1.0 million, or 10.7% to $11.1 million from $10.1
million in the prior year.
- Income tax
benefit of $35.2 million after release of tax valuation allowance
of $35.9 million.
- Net income
increased to $46.0 million, or $1.44 per diluted share. Adjusted
EPS prior to release of the tax valuation allowance was $0.31. This
is compared to $9.2 million, or $0.33 per diluted share, in the
prior year.
- As of December
31, 2020, total debt outstanding under the Company’s credit
facility was $17.8 million, down $17.0 million from $34.8 million
in the prior year comparable quarter.
FOURTH QUARTER SEGMENT
RESULTS
Transportation and Skilled Trades
SegmentRevenue increased $5.9 million, or 11.2%, to $58.6
million from $52.7 million in the prior year comparable quarter.
The increase was due primarily to an 8.8% increase in average
student population, driven by a 10.5% increase in student
starts.
Operating income increased 42.9%, to $15.6
million from $10.9 million in the prior year comparable quarter
primarily driven by operating leverage of 79.1% combined with a
consistently growing student population.
Healthcare and Other Professions
SegmentRevenue increased $2.0 million, or 9.2%, to $23.2
million from $21.2 million in the prior year comparable quarter
primarily due to a 10.7% increase in average student population,
driven by a 20.6% increase in student starts.
Operating income increased 38.7%, to $4.7
million from $3.4 million in the prior year comparable quarter
primarily driven by operating leverage of 66.8% combined with a
consistently growing student population.
Corporate and OtherThis
category includes unallocated expenses incurred on behalf of the
entire Company.Corporate and other expenses were $9.2 million, a
$5.0 million increase compared to $4.2 million in the prior year
comparable quarter. The increase in expense was driven
by actions taken in response to the impact of COVID-19 on our
employees and students and an increase in incentive compensation
accruals driven by improved financial performance.
FULL YEAR 2020 FINANCIAL
RESULTS
Total revenue increased by $19.8 million, or
7.2%, to $293.1 million, as compared to $273.3 million in the prior
year comparable period. The Transportation and Skilled Trades
segment revenue increased to $207.4 million a $13.7 million
increase compared to $193.7 million in 2019. The Healthcare and
Other Professions segment revenue increased to $85.7 million a $6.1
million increase compared to $79.6 million in 2019. Consolidated
operating income increased to $14.8 million as compared to $5.2
million in the prior year. Net income was $48.6 million, including
the $35.9 million release of tax valuation allowance, compared to
$2.0 million last year.
2021 OUTLOOK
The Company is providing the following outlook
for the year 2021:
- Annual revenue growth of 7% to 12% over 2020.
- Annual student start growth of 5% to 10% over 2020.
- Adjusted EBITDA of between $29.0 million and $34.0 million,
which would represent a 22.0% to 43.0% growth over 2020 Adjusted
EBITDA*
- Income before taxes of between $19.0 million and $24.0 million,
which would represent a 41.0% to 78.0% increase over 2020 income
before taxes.
- Capital expenditures are projected to be approximately $7.5
million.*Adjusted EBITDA is defined as EBITDA plus stock
compensation expense.
CONFERENCE CALL INFOLincoln will host a
conference call today at 10:00 a.m. Eastern Daylight Time. 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 can also listen to
the conference call by dialing 844-413-0946 (domestic) or
216-562-0456 (international) and providing access code 9886717.
Please log in or dial into the call at least 10 minutes prior to
the start time.
An archived version of the webcast will be accessible for 90
days at http://www.lincolntech.edu. A replay of the call will also
be available for seven days by calling 855-859-2056 (domestic) or
404-537-3406 (international) and providing access code 9886717.
ABOUT LINCOLN EDUCATIONAL SERVICES
CORPORATIONLincoln Educational Services Corporation is a
provider of diversified career-oriented post-secondary education
helping to provide solutions to America’s skills gap. Lincoln
offers recent high school graduates and working adults degree and
diploma programs. The Company operates under three reportable
segments: Transportation and Skilled Trades, Healthcare and Other
Professions and Transitional. Lincoln has provided the nation’s
workforce with skilled technicians since its inception in 1946. For
more information, go to www.lincolntech.edu.
SAFE HARBORStatements 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 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 students will
return from leaves of absence and be able to complete their
programs of study with in-person labs and available externships 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 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 |
|
Year Ended |
|
December 31, |
|
December 31, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
REVENUE |
$ |
81,792 |
|
|
$ |
73,915 |
|
|
$ |
293,095 |
|
|
$ |
273,342 |
|
COSTS AND EXPENSES: |
|
|
|
|
|
|
|
Educational services and facilities |
|
31,463 |
|
|
|
30,555 |
|
|
|
122,196 |
|
|
|
123,495 |
|
Selling, general and administrative |
|
39,188 |
|
|
|
33,664 |
|
|
|
156,199 |
|
|
|
145,176 |
|
Loss (gain) on disposition of assets |
|
15 |
|
|
|
(356 |
) |
|
|
(81 |
) |
|
|
(567 |
) |
Total costs & expenses |
|
70,666 |
|
|
|
63,863 |
|
|
|
278,314 |
|
|
|
268,104 |
|
OPERATING INCOME |
|
11,126 |
|
|
|
10,052 |
|
|
|
14,781 |
|
|
|
5,238 |
|
OTHER: |
|
|
|
|
|
|
|
Interest income |
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
8 |
|
Interest expense |
|
(315 |
) |
|
|
(823 |
) |
|
|
(1,275 |
) |
|
|
(2,963 |
) |
INCOME BEFORE INCOME TAXES |
|
10,811 |
|
|
|
9,230 |
|
|
|
13,506 |
|
|
|
2,283 |
|
(BENEFIT) PROVISION FOR INCOME TAXES |
|
(35,209 |
) |
|
|
24 |
|
|
|
(35,059 |
) |
|
|
268 |
|
NET INCOME |
$ |
46,020 |
|
|
$ |
9,206 |
|
|
$ |
48,565 |
|
|
$ |
2,015 |
|
PREFERRED STOCK DIVIDENDS |
|
304 |
|
|
|
- |
|
|
|
1,378 |
|
|
|
- |
|
INCOME AVAILABLE FOR DISTRIBUTION |
$ |
45,716 |
|
|
$ |
9,206 |
|
|
$ |
47,187 |
|
|
$ |
2,015 |
|
Basic |
|
|
|
|
|
|
|
Net income per common share |
$ |
1.44 |
|
|
$ |
0.33 |
|
|
$ |
1.49 |
|
|
$ |
0.08 |
|
Diluted |
|
|
|
|
|
|
|
Net income per common share |
$ |
1.44 |
|
|
$ |
0.33 |
|
|
$ |
1.49 |
|
|
$ |
0.08 |
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
Basic |
|
24,831 |
|
|
|
24,563 |
|
|
|
24,748 |
|
|
|
24,554 |
|
Diluted |
|
24,831 |
|
|
|
24,563 |
|
|
|
24,748 |
|
|
|
24,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Data: |
|
|
|
|
|
|
|
EBITDA (1) |
$ |
12,980 |
|
|
$ |
12,196 |
|
|
$ |
22,181 |
|
|
$ |
13,353 |
|
Depreciation and amortization |
$ |
1,854 |
|
|
$ |
2,144 |
|
|
$ |
7,400 |
|
|
$ |
8,115 |
|
Number of campuses |
|
22 |
|
|
|
22 |
|
|
|
22 |
|
|
|
22 |
|
Average enrollment |
|
12,796 |
|
|
|
11,692 |
|
|
|
11,729 |
|
|
|
10,985 |
|
Stock-based compensation |
$ |
400 |
|
|
$ |
218 |
|
|
$ |
1,686 |
|
|
$ |
679 |
|
Net cash provided by operating activities |
$ |
13,263 |
|
|
$ |
5,881 |
|
|
$ |
23,485 |
|
|
$ |
988 |
|
Net cash used in investing activities |
$ |
(2,026 |
) |
|
$ |
(1,749 |
) |
|
$ |
(5,483 |
) |
|
$ |
(4,810 |
) |
Net cash (used in) provided by financing activities |
$ |
(804 |
) |
|
$ |
18,758 |
|
|
$ |
(18,620 |
) |
|
$ |
(3,480 |
) |
|
|
|
|
|
|
|
|
Selected Consolidated Balance Sheet Data: |
December 31,
2020 |
|
(Unaudited) |
|
|
|
Cash and cash equivalents |
$ |
38,026 |
|
Current
assets |
|
74,164 |
|
Working
capital |
|
7,322 |
|
Total
assets |
|
245,190 |
|
Current
liabilities |
|
66,842 |
|
Long-term
debt obligations, including current portion, net of deferred
financing fees |
|
17,212 |
|
Series A
convertible preferred stock |
|
11,982 |
|
Total
stockholders' equity |
|
91,067 |
|
|
|
|
As of December 31, 2020, the Company had a net cash balance of
$20.8 million compared to $4.6 million in the prior year comparable
period. The net cash balance is calculated as our cash, cash
equivalents less both short and long-term portion of the credit
agreement. The increase in cash position is mainly attributed to
net income generated by the Company during the year, partially
offset by repayments made on net borrowings of $17.0
million. As of December 31, 2020, the Company can
borrow an additional $21.0 million under its Credit Facility.
During 2020, the Company paid two dividends totaling $1.4
million to its Series A preferred shareholders pursuant to the
Securities Purchase Agreement entered into on November 14, 2019 and
the Company’s Amended and Restated Certificate of Incorporation.
The first payment of $1.1 million was made during the third quarter
and covered the period from November 14, 2019 through September 30,
2020. The second dividend payment of $0.3 million was made during
the fourth quarter and covered the quarterly period from October 1,
2020 through December 31, 2020. The Company has the option to pay
the preferred stock dividends in cash or through an increase in the
stated value of the preferred shares. The Company elected to pay
the dividends in cash during the third and fourth quarter given its
strengthened liquidity position and the significantly higher stock
price over the conversion price at the time of the payment.
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES
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, total
liquidity, reconciled net cash and adjusted EPS are measures not
recognized in financial statements presented in accordance with
accounting principles generally accepted in the United States of
America (“GAAP”). We define EBITDA as income (loss) before interest
expense (net of interest income), provision (benefit) for income
taxes, depreciation, and amortization. We define total liquidity as
total cash and cash equivalents plus availability under the credit
line. We define reconciled net cash as our cash and
cash equivalents and restricted cash less both the short and
long-term portion under the Company’s credit agreement and deferred
financing fees. We define adjusted EPS as EPS less EPS relating to
the tax valuation allowance. EBITDA, total liquidity, reconciled
net cash and adjusted EPS 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, total liquidity, reconciled net cash and adjusted EPS are
not necessarily comparable to similarly titled measures used by
other companies.
Following is a reconciliation of net income (loss) to EBITDA,
total liquidity, reconciled net cash and adjusted EPS:
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
(Unaudited) |
|
(Unaudited) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
46,020 |
|
|
$ |
9,206 |
|
$ |
48,565 |
|
|
$ |
2,015 |
Interest expense, net |
315 |
|
|
822 |
|
1,275 |
|
|
2,955 |
(Benefit) provision for income taxes |
(35,209 |
) |
|
24 |
|
(35,059 |
) |
|
268 |
Depreciation and amortization |
1,854 |
|
|
2,144 |
|
7,400 |
|
|
8,115 |
EBITDA |
$ |
12,980 |
|
|
$ |
12,196 |
|
$ |
22,181 |
|
|
$ |
13,353 |
|
Three Months Ended December 31, |
|
(Unaudited) |
|
Transportation and Skilled Trades |
|
Healthcare and Other Professions |
|
Corporate |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
15,611 |
|
$ |
10,927 |
|
$ |
4,681 |
|
$ |
3,373 |
|
$ |
25,728 |
|
|
$ |
(5,094 |
) |
Interest expense, net |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
315 |
|
|
|
822 |
|
(Benefit) provision for income taxes |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(35,209 |
) |
|
|
24 |
|
Depreciation and amortization |
|
1,612 |
|
|
1,913 |
|
|
117 |
|
|
117 |
|
|
125 |
|
|
|
114 |
|
EBITDA |
$ |
17,223 |
|
$ |
12,840 |
|
$ |
4,798 |
|
$ |
3,490 |
|
$ |
(9,041 |
) |
|
$ |
(4,134 |
) |
|
Year Ended
December 31, |
|
(Unaudited) |
|
Transportation and Skilled Trades |
|
Healthcare and Other Professions |
|
Corporate |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
34,458 |
|
$ |
21,979 |
|
$ |
11,068 |
|
$ |
7,588 |
|
$ |
3,039 |
|
|
$ |
(27,552 |
) |
Interest expense, net |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1,275 |
|
|
|
2,955 |
|
(Benefit) provision for income taxes |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(35,059 |
) |
|
|
268 |
|
Depreciation and amortization |
|
6,473 |
|
|
7,236 |
|
|
461 |
|
|
408 |
|
|
466 |
|
|
|
471 |
|
EBITDA |
$ |
40,931 |
|
$ |
29,215 |
|
$ |
11,529 |
|
$ |
7,996 |
|
$ |
(30,279 |
) |
|
$ |
(23,858 |
) |
|
December 31,
2020 |
|
(Unaudited) |
Cash and cash equivalents |
$ |
38,026 |
Add:
availability under current credit line |
|
21,000 |
Total
liquidity |
$ |
59,026 |
|
|
|
December
31, |
|
(Unaudited) |
|
|
2020 |
|
|
|
2019 |
|
Current
portion of credit agreement and term loan |
$ |
(2,000 |
) |
|
$ |
(2,000 |
) |
Long-term
credit agreement and term loan |
|
(15,212 |
) |
|
|
(32,028 |
) |
Cash and
cash equivalents |
|
38,026 |
|
|
|
23,644 |
|
Noncurrent
restricted cash |
|
- |
|
|
|
15,000 |
|
Reconcilled
net cash |
$ |
20,814 |
|
|
$ |
4,616 |
|
|
|
|
|
|
December 31,
2020 |
|
(Unaudited) |
EPS |
$ |
1.44 |
|
Less: EPS
relating to tax valuation allowance |
|
(1.13 |
) |
Adjusted
EPS |
$ |
0.31 |
|
|
|
|
Three Months Ended December 31, |
|
|
2020 |
|
|
|
2019 |
|
|
% Change |
Revenue: |
|
|
|
|
|
Transportation and Skilled Trades |
$ |
58,636 |
|
|
$ |
52,716 |
|
|
11.2 |
% |
Healthcare
and Other Professions |
|
23,156 |
|
|
|
21,199 |
|
|
9.2 |
% |
Total |
$ |
81,792 |
|
|
$ |
73,915 |
|
|
10.7 |
% |
|
|
|
|
|
|
Operating Income (Loss): |
|
|
|
|
|
Transportation and Skilled Trades |
$ |
15,611 |
|
|
$ |
10,927 |
|
|
42.9 |
% |
Healthcare
and Other Professions |
|
4,681 |
|
|
|
3,373 |
|
|
38.8 |
% |
Corporate |
|
(9,166 |
) |
|
|
(4,248 |
) |
|
-115.8 |
% |
Total |
$ |
11,126 |
|
|
$ |
10,052 |
|
|
10.7 |
% |
|
|
|
|
|
|
Starts: |
|
|
|
|
|
Transportation and Skilled Trades |
|
1,438 |
|
|
|
1,301 |
|
|
10.5 |
% |
Healthcare
and Other Professions |
|
1,228 |
|
|
|
1,018 |
|
|
20.6 |
% |
Total |
|
2,666 |
|
|
|
2,319 |
|
|
15.0 |
% |
|
|
|
|
|
|
Average Population: |
|
|
|
|
|
Transportation and Skilled Trades |
|
8,536 |
|
|
|
7,770 |
|
|
9.9 |
% |
Leave of
Absence - COVID-19 |
|
(82 |
) |
|
|
- |
|
|
100.0 |
% |
Transportation and Skilled Trades Excluding Leave of Absence -
COVID-19 |
|
8,454 |
|
|
|
7,770 |
|
|
8.8 |
% |
|
|
|
|
|
|
Healthcare
and Other Professions |
|
4,400 |
|
|
|
3,922 |
|
|
12.2 |
% |
Leave of
Absence - COVID-19 |
|
(58 |
) |
|
|
- |
|
|
100.0 |
% |
Healthcare
and Other Professions Excluding Leave of Absence - COVID-19 |
|
4,342 |
|
|
|
3,922 |
|
|
10.7 |
% |
|
|
|
|
|
|
Total |
|
12,936 |
|
|
|
11,692 |
|
|
10.6 |
% |
Total Excluding Leave of Absence - COVID-19 |
|
12,796 |
|
|
|
11,692 |
|
|
9.4 |
% |
|
|
|
|
|
|
End
of Period Population: |
|
|
|
|
|
Transportation and Skilled Trades |
|
7,917 |
|
|
|
7,349 |
|
|
7.7 |
% |
Leave of
Absence - COVID-19 |
|
(22 |
) |
|
|
- |
|
|
100.0 |
% |
Transportation and Skilled Trades Excluding Leave of Absence -
COVID-19 |
|
7,895 |
|
|
|
7,349 |
|
|
7.4 |
% |
|
|
|
|
|
|
Healthcare
and Other Professions |
|
4,402 |
|
|
|
3,936 |
|
|
11.8 |
% |
Leave of
Absence - COVID-19 |
|
(80 |
) |
|
|
- |
|
|
100.0 |
% |
Healthcare
and Other Professions Excluding Leave of Absence - COVID-19 |
|
4,322 |
|
|
|
3,936 |
|
|
9.8 |
% |
|
|
|
|
|
|
Total |
|
12,319 |
|
|
|
11,285 |
|
|
9.2 |
% |
Total Excluding Leave of Absence - COVID-19 |
|
12,217 |
|
|
|
11,285 |
|
|
8.3 |
% |
|
|
|
|
|
|
|
Twelve Months Ended December 31, |
|
|
2020 |
|
|
|
2019 |
|
|
% Change |
Revenue: |
|
|
|
|
|
Transportation and Skilled Trades |
$ |
207,434 |
|
|
$ |
193,722 |
|
|
7.1 |
% |
Healthcare
and Other Professions |
|
85,661 |
|
|
|
79,620 |
|
|
7.6 |
% |
Total |
$ |
293,095 |
|
|
$ |
273,342 |
|
|
7.2 |
% |
|
|
|
|
|
|
Operating Income (Loss): |
|
|
|
|
|
Transportation and Skilled Trades |
$ |
34,458 |
|
|
$ |
21,979 |
|
|
56.8 |
% |
Healthcare
and Other Professions |
|
11,068 |
|
|
|
7,588 |
|
|
45.9 |
% |
Corporate |
|
(30,745 |
) |
|
|
(24,329 |
) |
|
-26.4 |
% |
Total |
$ |
14,781 |
|
|
$ |
5,238 |
|
|
182.2 |
% |
|
|
|
|
|
|
Starts: |
|
|
|
|
|
Transportation and Skilled Trades |
|
9,442 |
|
|
|
8,548 |
|
|
10.5 |
% |
Healthcare
and Other Professions |
|
4,879 |
|
|
|
4,386 |
|
|
11.2 |
% |
Total |
|
14,321 |
|
|
|
12,934 |
|
|
10.7 |
% |
|
|
|
|
|
|
Average Population: |
|
|
|
|
|
Transportation and Skilled Trades |
|
7,872 |
|
|
|
7,319 |
|
|
7.6 |
% |
Leave of
Absence - COVID-19 |
|
(219 |
) |
|
|
- |
|
|
100.0 |
% |
Transportation and Skilled Trades Excluding Leave of Absence -
COVID-19 |
|
7,653 |
|
|
|
7,319 |
|
|
4.6 |
% |
|
|
|
|
|
|
Healthcare
and Other Professions |
|
4,232 |
|
|
|
3,666 |
|
|
15.4 |
% |
Leave of
Absence - COVID-19 |
|
(156 |
) |
|
|
- |
|
|
100.0 |
% |
Healthcare
and Other Professions Excluding Leave of Absence - COVID-19 |
|
4,076 |
|
|
|
3,666 |
|
|
11.2 |
% |
|
|
|
|
|
|
Total |
|
12,104 |
|
|
|
10,985 |
|
|
10.2 |
% |
Total Excluding Leave of Absence - COVID-19 |
|
11,729 |
|
|
|
10,985 |
|
|
6.8 |
% |
|
|
|
|
|
|
End
of Period Population: |
|
|
|
|
|
Transportation and Skilled Trades |
|
7,917 |
|
|
|
7,349 |
|
|
7.7 |
% |
Leave of
Absence - COVID-19 |
|
(22 |
) |
|
|
- |
|
|
100.0 |
% |
Transportation and Skilled Trades Excluding Leave of Absence -
COVID-19 |
|
7,895 |
|
|
|
7,349 |
|
|
7.4 |
% |
|
|
|
|
|
|
Healthcare
and Other Professions |
|
4,402 |
|
|
|
3,936 |
|
|
11.8 |
% |
Leave of
Absence - COVID-19 |
|
(80 |
) |
|
|
- |
|
|
100.0 |
% |
Healthcare
and Other Professions Excluding Leave of Absence - COVID-19 |
|
4,322 |
|
|
|
3,936 |
|
|
9.8 |
% |
|
|
|
|
|
|
Total |
|
12,319 |
|
|
|
11,285 |
|
|
9.2 |
% |
Total Excluding Leave of Absence - COVID-19 |
|
12,217 |
|
|
|
11,285 |
|
|
8.3 |
% |
|
|
|
|
|
|
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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