Lincoln Educational Services Corporation (Nasdaq: LINC) today,
reported operating and financial results for the second quarter as
well as recent business developments.
Second Quarter 2021 vs Second Quarter
2020 Operating and Financial Highlights
- Revenue increased 28.8% to $80.5
million.
- Student starts increased 8.0%
including approximately 300 students impacted by COVID-19 with
delayed start dates from Q1 to Q2 2020. After adjustment for these
students, student starts increased 19.1%. Year-to-date student
starts up, 18.0%.
- Operating income of $3.5 million
versus $1.2 million.
- Net income of $2.4 million versus
$0.8 million; EPS per diluted share of $0.06 versus $0.02.
- Adjusted EBITDA* of $6.1 million
versus $3.4 million.
- Cash provided by operations of $9.4
million.
- Ending student population up 11.0%
to 12,860.
*See Use of “Non-GAAP Financial Information”
below.
“Our second quarter generated solid financial
performance across each of our campuses as we continue to adjust
our operations in light of fluid local and regional pandemic
regulations to meet the training and educational needs of our
students, protect our staff, and help our corporate partners close
their skills gap,” commented Scott Shaw, President & CEO.
“Employer demand for Lincoln graduates, which has always been high,
continues to increase as the economy reopens and our programs
provide qualified candidates that can quickly step in and
contribute to a corporation’s objectives. The addition of a new
corporate partnership at our Denver campus, expansion of the number
of corporate partnerships available at other campuses, and the
launch of new programs, position us to achieve our upwardly revised
full year operating objectives and build long term growth
opportunities.”
2021 SECOND QUARTER FINANCIAL
RESULTS(Quarter ended June 30, 2021 compared to
quarter ending June 30, 2020)
- Revenue increased $18.0 million, or 28.8% to $80.5 million from
$62.5 million in the prior year comparable quarter. The increase in
revenue was driven by several factors including a 16.3% increase in
average student population, driven by a higher beginning student
population and continued student start growth in addition to the
normalization of our revenue stream driven by the return to
in-person instruction at all of our campuses in the current
year
- Student starts increased 19.1% when adjusting for approximately
300 student starts initially scheduled for last year’s first
quarter that were delayed to the 2020 second quarter due to the
onset of the pandemic. When including these students in last year’s
second quarter, student start growth increased 8.0% over prior
year.
- Educational services and facilities
expense increased $7.5 million, or 28.4% to $33.7 million from
$26.2 million in the prior year. Instructional expense and books
and tools expense increased as a result of a growing student
population in addition to operating with a hybrid remote and
in-person instruction in the current year compared to remote
learning in the prior year. Similarly, facilities expense increased
compared to 2020 due to one-time rent reductions coupled with
overall facilities savings during campus closures as a result of
COVID-19.
- Selling, general and administrative
expense increased $8.1 million, or 23.2% to $43.3 million from
$35.2 million in the prior year comparable period. The additional
expenses were driven by several factors including an increased
student population; the normalization of operating expenses in the
current year as students returned to in-person instruction; an
improved business climate as the country begins to reopen and a
$1.5 million increase in incentive compensation tied directly to
improved financial performance.
- Operating income increased to $3.5
million from $1.2 million in the prior year.
- Pre-tax income increased to $3.2
million, from $0.8 million in the prior year.
- Net income improved to $2.4
million, or $0.06 per diluted share, compared to $0.8 million, or
$0.02 per diluted share.
SECOND QUARTER SEGMENT RESULTS
Transportation and Skilled Trades
SegmentRevenue increased $14.1 million, or 32.7% to $57.0
million from $42.9 million in the prior year comparable period.
Consistent with consolidated results, the increase in revenue was
driven by higher average student population, strong new student
start growth, and a return to more normalized operations compared
to operating entirely with remote learning in the prior year.
Operating income improved to $11.3 million from
$4.9 million in the prior year comparable quarter. Meaningful
operating leverage was achieved despite higher operating expenses
as a result of the return to in-person learning and campus
operations.
Healthcare and Other Professions SegmentRevenue
increased $3.9 million, or 20.2% to $23.4 million for the three
months ended June 30, 2021 from $19.5 million in the prior year
comparable period. Consistent with consolidated results, the
increase in revenue was driven by higher average student
population, strong new student start growth, and a return to more
normalized operations compared to operating entirely with remote
learnings in the prior year.
While operating income increased to $2.9 million
from $2.7 million in the prior year, higher operating expenses as a
result of the return to in-person learning and campus operations
limited income growth.
Corporate and OtherThis category includes
unallocated expenses incurred on behalf of the entire Company.
Corporate and other expenses were $10.8 million and $6.4 million
for each of the three months ended June 30, 2021 and 2020,
respectively. The additional expenses quarter over quarter were
driven by several factors including the normalization of operating
expenses in the current year, an improved business climate as the
country begins to reopen and a $1.5 million increase in incentive
compensation tied directly to improved financial performance.
SIX MONTHS FINANCIAL RESULTS
(Period ended June 30, 2021 compared to June 30,
2020)
- Total revenue increased
by $26.0 million, or 19.6%, to $158.5 million, as
compared to $132.5 million in the prior year comparable
period.
- Transportation and Skilled Trades
segment revenue increased to $112.6 million a $20.6
million increase compared to $92.0 million in
2020.
- The Healthcare and Other
Professions segment revenue increased to $45.8
million a $5.3 million increase compared
to $40.5 million in 2020.
- Operating income increased
to $9.5 million as compared to an operating loss
of $0.2 million in the prior year comparable period.
FULL YEAR 2021 OUTLOOK As a result of the
company’s performance in the first half and management’s outlook
for the remainder of the year, Lincoln is refining its 2021 full
year guidance.
- Annual revenue growth of 9% to 12% over 2020, compared to the
previous guidance of 7% to 12%.
- Full year student starts growth of 5% to 10% over 2020, the
same as previously communicated.
- Adjusted EBITDA of between $34.0 million and $37.0 million,
compared to the previous guidance of $32.0 million to $37.0 million
and $23.9 million in 2020.
- Pre-tax Income of between $24.0 million and $27.0 million,
compared to the previous guidance of $22.0 million to $27.0 million
and $13.5 million in 2020.
- Capital expenditures of approximately $7.5 million.
*Adjusted EBITDA is
defined as EBITDA plus non-cash stock compensation expense.
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 can also listen to the conference call by
dialing 844-413-0946 (domestic) or 216-562-0456
(international) and providing access code
6859917.
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 6859917.
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. For 75 years,
Lincoln has offered and continues to offer recent high school
graduates and working adults degree and diploma programs. The
Company operates under two reportable segments: Transportation and
Skilled Trades and the Healthcare and Other Professions. 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,
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 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 |
|
Six Months
Ended |
| |
June
30, |
|
June
30, |
| |
(Unaudited) |
|
(Unaudited) |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
| REVENUE |
$ |
80,464 |
|
|
$ |
62,470 |
|
|
$ |
158,461 |
|
|
$ |
132,511 |
|
| COSTS AND
EXPENSES: |
|
|
|
|
|
|
|
|
Educational services and facilities |
|
33,694 |
|
|
|
26,245 |
|
|
|
66,037 |
|
|
|
56,482 |
|
|
Selling, general and administrative |
|
43,318 |
|
|
|
35,162 |
|
|
|
82,951 |
|
|
|
76,310 |
|
|
(Gain) loss on disposition of assets |
|
- |
|
|
|
(97 |
) |
|
|
1 |
|
|
|
(96 |
) |
|
Total costs & expenses |
|
77,012 |
|
|
|
61,310 |
|
|
|
148,989 |
|
|
|
132,696 |
|
| OPERATING
INCOME (LOSS) |
|
3,452 |
|
|
|
1,160 |
|
|
|
9,472 |
|
|
|
(185 |
) |
| OTHER: |
|
|
|
|
|
|
|
|
Interest expense |
|
(297 |
) |
|
|
(327 |
) |
|
|
(582 |
) |
|
|
(682 |
) |
|
INCOME (LOSS) BEFORE INCOME TAXES |
|
3,155 |
|
|
|
833 |
|
|
|
8,890 |
|
|
|
(867 |
) |
| PROVISION
FOR INCOME TAXES |
|
729 |
|
|
|
50 |
|
|
|
1,975 |
|
|
|
100 |
|
| NET INCOME
(LOSS) |
$ |
2,426 |
|
|
$ |
783 |
|
|
$ |
6,915 |
|
|
$ |
(967 |
) |
| PREFERRED
STOCK DIVIDENDS |
|
304 |
|
|
|
- |
|
|
|
608 |
|
|
|
- |
|
| INCOME
(LOSS) AVAILABLE TO COMMON SHAREHOLDERS |
$ |
2,122 |
|
|
$ |
783 |
|
|
$ |
6,307 |
|
|
$ |
(967 |
) |
| Basic |
|
|
|
|
|
|
|
|
Net income (loss) per common share |
$ |
0.06 |
|
|
$ |
0.02 |
|
|
$ |
0.19 |
|
|
$ |
(0.06 |
) |
| Diluted |
|
|
|
|
|
|
|
|
Net income (loss) per common share |
$ |
0.06 |
|
|
$ |
0.02 |
|
|
$ |
0.19 |
|
|
$ |
(0.06 |
) |
| Weighted
average number of common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
25,105 |
|
|
|
24,741 |
|
|
|
24,997 |
|
|
|
24,670 |
|
|
Diluted |
|
25,105 |
|
|
|
24,741 |
|
|
|
24,997 |
|
|
|
24,670 |
|
|
Other data: |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Adjusted
EBITDA (1) |
$ |
6,089 |
|
|
$ |
3,359 |
|
|
$ |
14,501 |
|
|
$ |
4,195 |
|
| Depreciation
and amortization |
$ |
1,793 |
|
|
$ |
1,874 |
|
|
$ |
3,693 |
|
|
$ |
3,763 |
|
| Number of
campuses |
|
22 |
|
|
|
22 |
|
|
|
22 |
|
|
|
22 |
|
| Average
enrollment |
|
12,482 |
|
|
|
10,735 |
|
|
|
12,410 |
|
|
|
10,986 |
|
| Stock-based
compensation |
$ |
844 |
|
|
$ |
325 |
|
|
$ |
1,336 |
|
|
$ |
617 |
|
| Net cash
provided by operating activities |
$ |
9,366 |
|
|
$ |
18,415 |
|
|
$ |
1,067 |
|
|
$ |
6,468 |
|
| Net cash
used in investing activities |
$ |
(2,297 |
) |
|
$ |
(1,688 |
) |
|
$ |
(3,516 |
) |
|
$ |
(2,975 |
) |
| Net cash
used in financing activities |
$ |
(804 |
) |
|
$ |
(500 |
) |
|
$ |
(2,570 |
) |
|
$ |
(16,169 |
) |
| |
|
|
|
|
|
|
|
|
Selected Consolidated Balance Sheet Data: |
June 30,
2021 |
| |
(Unaudited) |
| |
|
|
|
Cash and cash equivalents |
$ |
33,007 |
|
| Current
assets |
|
72,500 |
|
| Working
capital |
|
10,026 |
|
| Total
assets |
|
244,646 |
|
| Current
liabilities |
|
62,474 |
|
| Long-term
debt obligations, including current portion, net of deferred
financing fees |
|
16,303 |
|
| Series A
convertible preferred stock |
|
11,982 |
|
| Total
stockholders’ equity |
|
97,741 |
|
| |
|
|
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.
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) |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
| |
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
2,426 |
|
$ |
783 |
|
$ |
6,915 |
|
$ |
(967 |
) |
|
Interest expense, net |
|
297 |
|
|
327 |
|
|
582 |
|
|
682 |
|
|
Provision for income taxes |
|
729 |
|
|
50 |
|
|
1,975 |
|
|
100 |
|
|
Depreciation and amortization |
|
1,793 |
|
|
1,874 |
|
|
3,693 |
|
|
3,763 |
|
| EBITDA |
|
5,245 |
|
|
3,034 |
|
|
13,165 |
|
|
3,578 |
|
|
Stock compensation expense |
|
844 |
|
|
325 |
|
|
1,336 |
|
|
617 |
|
| Adjusted
EBITDA |
$ |
6,089 |
|
$ |
3,359 |
|
$ |
14,501 |
|
$ |
4,195 |
|
| |
|
|
|
|
|
|
|
| |
Three Months
Ended June 30, |
| |
(Unaudited) |
|
|
Transportation and Skilled Trades |
|
Healthcare and Other Professions |
|
Corporate |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
11,256 |
|
$ |
4,870 |
|
$ |
2,962 |
|
$ |
2,731 |
|
$ |
(11,792 |
) |
|
$ |
(6,818 |
) |
|
Interest expense, net |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
297 |
|
|
|
327 |
|
|
Provision for income taxes |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
729 |
|
|
|
50 |
|
|
Depreciation and amortization |
|
1,588 |
|
|
1,643 |
|
|
102 |
|
|
117 |
|
|
103 |
|
|
|
114 |
|
| EBITDA |
|
12,844 |
|
|
6,513 |
|
|
3,064 |
|
|
2,848 |
|
|
(10,663 |
) |
|
|
(6,327 |
) |
|
Stock compensation expense |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
844 |
|
|
|
325 |
|
| Adjusted
EBITDA |
$ |
12,844 |
|
$ |
6,513 |
|
$ |
3,064 |
|
$ |
2,848 |
|
$ |
(9,819 |
) |
|
$ |
(6,002 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Six Months
Months Ended June 30, |
| |
(Unaudited) |
|
|
Transportation and Skilled Trades |
|
Healthcare and Other Professions |
|
Corporate |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
23,581 |
|
$ |
9,710 |
|
$ |
5,910 |
|
$ |
4,732 |
|
$ |
(22,576 |
) |
|
$ |
(15,409 |
) |
|
Interest expense, net |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
582 |
|
|
|
682 |
|
|
Provision for income taxes |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1,975 |
|
|
|
100 |
|
|
Depreciation and amortization |
|
3,260 |
|
|
3,301 |
|
|
218 |
|
|
237 |
|
|
215 |
|
|
|
225 |
|
| EBITDA |
|
26,841 |
|
|
13,011 |
|
|
6,128 |
|
|
4,969 |
|
|
(19,804 |
) |
|
|
(14,402 |
) |
|
Stock compensation expense |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1,336 |
|
|
|
617 |
|
| Adjusted
EBITDA |
$ |
26,841 |
|
$ |
13,011 |
|
$ |
6,128 |
|
$ |
4,969 |
|
$ |
(18,468 |
) |
|
$ |
(13,785 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended June 30, |
| |
|
2021 |
|
|
|
2020 |
|
|
% Change |
|
Revenue: |
|
|
|
|
|
|
Transportation and Skilled Trades |
$ |
56,965 |
|
|
$ |
42,915 |
|
|
32.7 |
% |
| Healthcare
and Other Professions |
|
23,499 |
|
|
|
19,555 |
|
|
20.2 |
% |
|
Total |
$ |
80,464 |
|
|
$ |
62,470 |
|
|
28.8 |
% |
| |
|
|
|
|
|
|
Operating Income: |
|
|
|
|
|
|
Transportation and Skilled Trades |
$ |
11,256 |
|
|
$ |
4,870 |
|
|
131.1 |
% |
| Healthcare
and Other Professions |
|
2,962 |
|
|
|
2,731 |
|
|
8.5 |
% |
|
Corporate |
|
(10,766 |
) |
|
|
(6,441 |
) |
|
-67.1 |
% |
|
Total |
$ |
3,452 |
|
|
$ |
1,160 |
|
|
197.6 |
% |
| |
|
|
|
|
|
|
Starts: |
|
|
|
|
|
|
Transportation and Skilled Trades |
|
2,509 |
|
|
|
2,302 |
|
|
9.0 |
% |
| Healthcare
and Other Professions |
|
1,194 |
|
|
|
1,127 |
|
|
5.9 |
% |
|
Total |
|
3,703 |
|
|
|
3,429 |
|
|
8.0 |
% |
| |
|
|
|
|
|
|
Average Population: |
|
|
|
|
|
|
Transportation and Skilled Trades |
|
8,039 |
|
|
|
7,298 |
|
|
10.2 |
% |
| Leave of
Absence - COVID-19 |
|
(25 |
) |
|
|
(424 |
) |
|
94.1 |
% |
|
Transportation and Skilled Trades Excluding Leave of Absence -
COVID-19 |
|
8,014 |
|
|
|
6,874 |
|
|
16.6 |
% |
| |
|
|
|
|
|
| Healthcare
and Other Professions |
|
4,508 |
|
|
|
4,254 |
|
|
6.0 |
% |
| Leave of
Absence - COVID-19 |
|
(40 |
) |
|
|
(393 |
) |
|
89.8 |
% |
| Healthcare
and Other Professions Excluding Leave of Absence - COVID-19 |
|
4,468 |
|
|
|
3,861 |
|
|
15.7 |
% |
| |
|
|
|
|
|
|
Total |
|
12,547 |
|
|
|
11,552 |
|
|
8.6 |
% |
|
Total Excluding Leave of Absence - COVID-19 |
|
12,482 |
|
|
|
10,735 |
|
|
16.3 |
% |
| |
|
|
|
|
|
| End
of Period Population: |
|
|
|
|
|
|
Transportation and Skilled Trades |
|
8,467 |
|
|
|
7,826 |
|
|
8.2 |
% |
| Leave of
Absence - COVID-19 |
|
(7 |
) |
|
|
(463 |
) |
|
98.5 |
% |
|
Transportation and Skilled Trades Excluding Leave of Absence -
COVID-19 |
|
8,460 |
|
|
|
7,363 |
|
|
14.9 |
% |
| |
|
|
|
|
|
| Healthcare
and Other Professions |
|
4,410 |
|
|
|
4,456 |
|
|
-1.0 |
% |
| Leave of
Absence - COVID-19 |
|
(10 |
) |
|
|
(233 |
) |
|
95.7 |
% |
| Healthcare
and Other Professions Excluding Leave of Absence - COVID-19 |
|
4,400 |
|
|
|
4,223 |
|
|
4.2 |
% |
| |
|
|
|
|
|
|
Total |
|
12,877 |
|
|
|
12,282 |
|
|
4.8 |
% |
|
Total Excluding Leave of Absence - COVID-19 |
|
12,860 |
|
|
|
11,586 |
|
|
11.0 |
% |
| |
|
|
|
|
|
| |
Six Months Ended June 30, |
| |
|
2021 |
|
|
|
2020 |
|
|
% Change |
|
Revenue: |
|
|
|
|
|
|
Transportation and Skilled Trades |
$ |
112,636 |
|
|
$ |
91,971 |
|
|
22.5 |
% |
| Healthcare
and Other Professions |
|
45,825 |
|
|
|
40,540 |
|
|
13.0 |
% |
|
Total |
$ |
158,461 |
|
|
$ |
132,511 |
|
|
19.6 |
% |
| |
|
|
|
|
|
|
Operating Income (Loss): |
|
|
|
|
|
|
Transportation and Skilled Trades |
$ |
23,581 |
|
|
$ |
9,708 |
|
|
142.9 |
% |
| Healthcare
and Other Professions |
|
5,911 |
|
|
|
4,733 |
|
|
24.9 |
% |
|
Corporate |
|
(20,020 |
) |
|
|
(14,626 |
) |
|
-36.9 |
% |
|
Total |
$ |
9,472 |
|
|
$ |
(185 |
) |
|
5220.0 |
% |
| |
|
|
|
|
|
|
Starts: |
|
|
|
|
|
|
Transportation and Skilled Trades |
|
4,848 |
|
|
|
4,022 |
|
|
20.5 |
% |
| Healthcare
and Other Professions |
|
2,403 |
|
|
|
2,123 |
|
|
13.2 |
% |
|
Total |
|
7,251 |
|
|
|
6,145 |
|
|
18.0 |
% |
| |
|
|
|
|
|
|
Average Population: |
|
|
|
|
|
|
Transportation and Skilled Trades |
|
8,036 |
|
|
|
7,302 |
|
|
10.1 |
% |
| Leave of
Absence - COVID-19 |
|
(20 |
) |
|
|
(223 |
) |
|
91.0 |
% |
|
Transportation and Skilled Trades Excluding Leave of Absence -
COVID-19 |
|
8,016 |
|
|
|
7,079 |
|
|
13.2 |
% |
| |
|
|
|
|
|
| Healthcare
and Other Professions |
|
4,459 |
|
|
|
4,120 |
|
|
8.2 |
% |
| Leave of
Absence - COVID-19 |
|
(65 |
) |
|
|
(213 |
) |
|
69.5 |
% |
| Healthcare
and Other Professions Excluding Leave of Absence - COVID-19 |
|
4,394 |
|
|
|
3,907 |
|
|
12.5 |
% |
| |
|
|
|
|
|
|
Total |
|
12,495 |
|
|
|
11,422 |
|
|
9.4 |
% |
|
Total Excluding Leave of Absence - COVID-19 |
|
12,410 |
|
|
|
10,986 |
|
|
13.0 |
% |
| |
|
|
|
|
|
| End
of Period Population: |
|
|
|
|
|
|
Transportation and Skilled Trades |
|
8,467 |
|
|
|
7,826 |
|
|
8.2 |
% |
| Leave of
Absence - COVID-19 |
|
(7 |
) |
|
|
(463 |
) |
|
98.5 |
% |
|
Transportation and Skilled Trades Excluding Leave of Absence -
COVID-19 |
|
8,460 |
|
|
|
7,363 |
|
|
14.9 |
% |
| |
|
|
|
|
|
| Healthcare
and Other Professions |
|
4,410 |
|
|
|
4,456 |
|
|
-1.0 |
% |
| Leave of
Absence - COVID-19 |
|
(10 |
) |
|
|
(233 |
) |
|
95.7 |
% |
| Healthcare
and Other Professions Excluding Leave of Absence - COVID-19 |
|
4,400 |
|
|
|
4,223 |
|
|
4.2 |
% |
| |
|
|
|
|
|
|
Total |
|
12,877 |
|
|
|
12,282 |
|
|
4.8 |
% |
|
Total Excluding Leave of Absence - COVID-19 |
|
12,860 |
|
|
|
11,586 |
|
|
11.0 |
% |
| |
|
|
|
|
|
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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