Lincoln Educational Services Corporation (Nasdaq: LINC) today
reported operating and financial results for the third quarter as
well as recent business developments.
Third Quarter 2022 Financial Highlights and Recent Operating
Developments
- Revenue of $91.8 million
- Net income of $3.5 million
- Adjusted EBITDA* of $7.4 million
- Earnings per share of $0.10
- Cash of $69.6 million and debt free
- Repurchased 668,440 shares of Company common stock for $4.2
million
*See Use of “Non-GAAP Financial Information” below.
“Our third quarter results were in line with our
expectations, with our 3% revenue growth produced by our ability to
generate a higher revenue per student. The implementation of our
new hybrid teaching model, which provides greater efficiencies by
shortening the duration of certain programs, combined with
selective tuition increases that aligned program cost with the
value of our curriculum, allowed us to achieve this level of
success,” said Scott Shaw, President & CEO.
“During the quarter, we continued to invest in
the various components of our growth strategy, including our new
Atlanta campus and the centralizing of our financial aid process.
These investments, along with wage and compensation inflation, did
have an impact on our bottom-line during the period, but we remain
solidly profitable. Our financial performance combined with our
very strong balance sheet enabled the Company to continue to
execute our stock buyback program, repurchasing 668,440 shares of
our common stock.”
“While enrollments and graduation rates remained
strong across our campuses, we did experience the decline in
student starts we expected during the third quarter. Based on
actual starts during October and our current outlook, we continue
to expect fourth quarter student starts to increase compared to
last year.”
“As we approach the end of the year, we are
excited about the progress that has been made on the centralizing
of our financial aid process, which we anticipate completing by
year end, and the roll-out of our new hybrid teaching model, which
we will continue to implement for the next 12 months. Both
initiatives will allow us to provide our students with a better
overall educational experience while achieving greater efficiencies
in our operations for 2023 and beyond.”
2022 THIRD QUARTER FINANCIAL
RESULTS(Quarter ended September 30, 2022 compared
to September 30, 2021)
- Revenue increased
$2.7 million, or 3.1% to $91.8 million from $89.1 million in the
prior year. The revenue increase was driven by a 5.9% increase in
average revenue per student which more than offset the 2.7% decline
in the average student population. The decline in average student
population resulted from the reduction in student starts of 9.2%.
The higher revenue per student resulted from tuition increases
combined with more efficient program delivery through the roll-out
of the Company’s new hybrid teaching model. The hybrid model
delivers higher daily revenue rates in certain programs as their
overall duration can be shortened.
- Educational services and
facilities expense increased $1.8 million, or 4.8% to
$39.9 million from $38.1 million in the prior year. Increased costs
were primarily concentrated in instructional expense and facilities
expense. Instructional salaries increased due to higher staffing
levels in addition to expenses incurred in connection with the
transition to our new hybrid teaching model. Facility expenses
increased due to $0.8 million of additional rent expense associated
with our Denver and Grand Prairie campuses incurred as a
consequence of the sale leaseback transaction of such campuses
consummated in the fourth quarter of 2021.
- Selling, general and administrative expense
increased $1.8 million, or 3.9% to $47.0 million from $45.2 million
in the prior year. The increase was driven by several factors
including increased headcount, higher salaries, higher medical
claims, severance expense to better align our cost structure in
certain functions, additional spending for the centralization of
financial aid expected to be completed by year-end, and one-time
expenses in connection with growth initiatives.
RECENT BUSINESS DEVELOPMENTS
Opening of New Atlanta, Georgia Campus. On June
30, 2022, the Company executed a lease for a 55,000 square foot
facility to house our second Atlanta area campus. The build out is
advancing according to plan and during the third quarter the
Company incurred approximately $0.1 million in capital
expenditures, mostly relating to architectural fees and
approximately $0.1 million in rent. The contemplated opening
remains on target for some time in the third quarter of 2023.
Share Repurchase Plan. On May 24, 2022, the
Company announced that its Board of Directors authorized a share
repurchase program of up to $30 million of the Company’s
outstanding common stock. During the third quarter, the Company
repurchased 668,440 shares of its common stock for approximately
$4.2 million. Since the adoption of the plan, the Company has
repurchased a total of 1,083,403 shares of its common stock for a
total investment of approximately $6.7 million.
Closing of Somerville, Massachusetts Campus. On
November 3, 2022, the Board of Directors approved a plan to close
the Somerville, Massachusetts campus. The owner of the Somerville
property has exercised an option to terminate the lease on December
8, 2023 and the Company has since determined not to pursue
relocating the campus in this geographic region. For the nine
months ended September 30, 2022, campus revenues were $5.3 million,
representing 2.1% of total revenues, with an operating loss of $0.2
million. The Company has developed a plan to deliver instruction
for approximately 300 students at the Somerville campus, which will
be reported in the Transitional Segment beginning in the fourth
quarter. Total costs to close the campus including the teach-out
will be approximately $2.0 million and should be completed by the
end of 2023.
Termination of Prior Credit Agreement. The
Company terminated its existing Credit Agreement which had no
outstanding borrowings on November 4, 2022. Terminating this
agreement provides the Company with greater flexibility to invest
its significant cash balances in both growth initiatives and
short-term investments to take advantage of the higher interest
rate environment. The Lender has agreed to allow the Company’s
existing letters of credit to remain outstanding provided that they
are cash collateralized.
THIRD QUARTER SEGMENT
RESULTSTransportation and Skilled Trades
SegmentRevenue increased $2.4 million, or 3.7% to $67.3
million from $64.9 million in the prior year. Revenue increased due
to the 4.9% increase in average revenue per student, driven by
tuition increases and the greater efficiency through the hybrid
delivery model as previously described in the overall Company
results.
Adjusted EBITDA was $13.0 million compared to $13.5 million in
the prior year. The current quarter includes $0.8 million of
additional rent expense associated with our Denver and Grand
Prairie campuses incurred as a consequence of the sale leaseback
transaction of such campuses consummated in the fourth quarter of
2021.
Healthcare and Other Professions SegmentRevenue
increased by $0.4 million, or 1.6% to $24.5 million from $24.1
million in the prior year. Revenue increased due to the 7.7%
increase in average revenue per student driven by tuition
increases and the greater efficiency through the hybrid delivery
model as previously described in the overall Company
results.
Adjusted EBITDA was $1.3 million compared to $2.0 million in the
prior year with the reduction in earnings mainly due to higher
instructional expenses.
Corporate and OtherThis category includes
unallocated expenses incurred on behalf of the entire
Company. Corporate and other expenses remained
essentially flat at $8.1 million compared to $7.9 million in the
prior year.
NINE MONTHS FINANCIAL
RESULTS(Nine-month period
ended September 30, 2022 compared to September
30, 2021)
- Total revenue
increased $9.0 million, or 3.6%, to $256.5 million, compared
to $247.5 million.
- Transportation and
Skilled Trades segment revenue increased $6.5 million, or 3.7%,
to $184.1 million, compared to $177.6 million.
- The Healthcare and
Other Professions segment revenue increased $2.5 million, or 3.6%,
to $72.4 million, compared to $69.9 million.
FULL YEAR 2022 OUTLOOK
The Company is reiterating its 2022 full year guidance 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 million to $11
million.
*See Use of “Non-GAAP Financial Information” below
CONFERENCE CALL INFOLincoln 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 relations section of Lincoln’s
website at http://www.lincolntech.edu. Participants may also
register via teleconference at: Q3 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 |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
REVENUE |
$ |
91,813 |
|
|
$ |
89,059 |
|
|
$ |
256,510 |
|
|
$ |
247,520 |
|
|
COSTS AND EXPENSES: |
|
|
|
|
|
|
|
|
Educational services and facilities |
|
39,933 |
|
|
|
38,105 |
|
|
|
112,234 |
|
|
|
104,143 |
|
|
Selling, general and administrative |
|
46,984 |
|
|
|
45,209 |
|
|
|
139,503 |
|
|
|
128,159 |
|
|
Loss (gain) on disposition of assets |
|
16 |
|
|
|
- |
|
|
|
(178 |
) |
|
|
1 |
|
|
Total costs & expenses |
|
86,933 |
|
|
|
83,314 |
|
|
|
251,559 |
|
|
|
232,303 |
|
|
OPERATING INCOME |
|
4,880 |
|
|
|
5,745 |
|
|
|
4,951 |
|
|
|
15,217 |
|
|
OTHER: |
|
|
|
|
|
|
|
|
Interest expense |
|
(36 |
) |
|
|
(292 |
) |
|
|
(114 |
) |
|
|
(874 |
) |
|
INCOME BEFORE INCOME TAXES |
|
4,844 |
|
|
|
5,453 |
|
|
|
4,837 |
|
|
|
14,343 |
|
|
PROVISION FOR INCOME TAXES |
|
1,300 |
|
|
|
1,614 |
|
|
|
761 |
|
|
|
3,589 |
|
|
NET INCOME |
$ |
3,544 |
|
|
$ |
3,839 |
|
|
$ |
4,076 |
|
|
$ |
10,754 |
|
|
PREFERRED STOCK DIVIDENDS |
|
304 |
|
|
|
304 |
|
|
|
912 |
|
|
|
912 |
|
|
INCOME AVAILABLE TO COMMON SHAREHOLDERS |
$ |
3,240 |
|
|
$ |
3,535 |
|
|
$ |
3,164 |
|
|
$ |
9,842 |
|
|
Basic and diluted |
|
|
|
|
|
|
|
|
Net income per common share |
$ |
0.10 |
|
|
$ |
0.11 |
|
|
$ |
0.10 |
|
|
$ |
0.30 |
|
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
25,381 |
|
|
|
25,135 |
|
|
|
25,692 |
|
|
|
25,043 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (1) |
$ |
7,358 |
|
|
$ |
8,430 |
|
|
$ |
12,475 |
|
|
$ |
19,930 |
|
|
Depreciation and amortization |
$ |
1,561 |
|
|
$ |
1,928 |
|
|
$ |
4,617 |
|
|
$ |
5,620 |
|
|
Number of campuses |
|
22 |
|
|
|
22 |
|
|
|
22 |
|
|
|
22 |
|
|
Average enrollment |
|
12,824 |
|
|
|
13,178 |
|
|
|
12,781 |
|
|
|
12,666 |
|
|
Stock-based compensation |
$ |
637 |
|
|
$ |
757 |
|
|
$ |
2,367 |
|
|
$ |
2,093 |
|
|
Net cash provided by operating activities |
$ |
10,604 |
|
|
$ |
16,683 |
|
|
$ |
612 |
|
|
$ |
17,750 |
|
|
Net cash used in investing activities |
$ |
(3,471 |
) |
|
$ |
(1,736 |
) |
|
$ |
(4,663 |
) |
|
$ |
(5,252 |
) |
|
Net cash used in financing activities |
$ |
(4,499 |
) |
|
$ |
(804 |
) |
|
$ |
(9,637 |
) |
|
$ |
(3,374 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Consolidated Balance Sheet Data: |
September 30, 2022 |
|
|
(Unaudited) |
|
|
|
|
Cash and cash equivalents |
$ |
69,619 |
|
Current assets |
|
111,049 |
|
Working capital |
|
51,166 |
|
Total assets |
|
291,276 |
|
Current liabilities |
|
59,883 |
|
Series A convertible preferred stock |
|
11,982 |
|
Total stockholders' equity |
|
126,162 |
|
|
|
|
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 September 30, |
|
|
|
Nine Months Ended September 30, |
|
|
|
(Unaudited) |
|
|
|
(Unaudited) |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
3,544 |
|
|
$ |
3,839 |
|
|
$ |
4,076 |
|
|
$ |
10,754 |
|
|
Interest expense, net |
|
36 |
|
|
|
292 |
|
|
|
114 |
|
|
|
874 |
|
|
Provision for income taxes |
|
1,300 |
|
|
|
1,614 |
|
|
|
761 |
|
|
|
3,589 |
|
|
Depreciation and amortization |
|
1,561 |
|
|
|
1,928 |
|
|
|
4,617 |
|
|
|
5,620 |
|
|
EBITDA |
|
6,441 |
|
|
|
7,673 |
|
|
|
9,568 |
|
|
|
20,837 |
|
|
Stock compensation expense |
|
637 |
|
|
|
757 |
|
|
|
2,367 |
|
|
|
2,093 |
|
|
Severance |
|
140 |
|
|
|
- |
|
|
|
400 |
|
|
|
- |
|
|
Atlanta |
|
140 |
|
|
|
- |
|
|
|
140 |
|
|
|
- |
|
|
Bad Debt - CARES Impact |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,000 |
) |
|
Adjusted EBITDA |
$ |
7,358 |
|
|
$ |
8,430 |
|
|
$ |
12,475 |
|
|
$ |
19,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended September 30, |
|
(Unaudited) |
|
Transportation and Skilled Trades |
|
Healthcare and Other Professions |
|
Corporate |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
11,768 |
|
|
$ |
11,842 |
|
|
$ |
1,180 |
|
|
$ |
1,833 |
|
|
$ |
(9,404 |
) |
|
$ |
(9,836 |
) |
Interest expense, net |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
36 |
|
|
|
292 |
|
Provision for income taxes |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,300 |
|
|
|
1,614 |
|
Depreciation and amortization |
|
1,256 |
|
|
|
1,658 |
|
|
|
152 |
|
|
|
140 |
|
|
|
153 |
|
|
|
130 |
|
EBITDA |
|
13,024 |
|
|
|
13,500 |
|
|
|
1,332 |
|
|
|
1,973 |
|
|
|
(7,915 |
) |
|
|
(7,800 |
) |
Stock compensation expense |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
637 |
|
|
|
757 |
|
Severance |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
140 |
|
|
|
- |
|
Atlanta |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
140 |
|
|
|
- |
|
Adjusted EBITDA |
$ |
13,024 |
|
|
$ |
13,500 |
|
|
$ |
1,332 |
|
|
$ |
1,973 |
|
|
$ |
(6,998 |
) |
|
$ |
(7,043 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended September 30, |
|
(Unaudited) |
|
Transportation and Skilled Trades |
|
Healthcare and Other Professions |
|
Corporate |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
26,108 |
|
|
$ |
35,423 |
|
|
$ |
4,095 |
|
|
$ |
7,743 |
|
|
$ |
(26,127 |
) |
|
$ |
(32,412 |
) |
Interest expense, net |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
114 |
|
|
|
874 |
|
Provision for income taxes |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
761 |
|
|
|
3,589 |
|
Depreciation and amortization |
|
3,732 |
|
|
|
4,917 |
|
|
|
459 |
|
|
|
357 |
|
|
|
426 |
|
|
|
346 |
|
EBITDA |
|
29,840 |
|
|
|
40,340 |
|
|
|
4,554 |
|
|
|
8,100 |
|
|
|
(24,826 |
) |
|
|
(27,603 |
) |
Stock compensation expense |
|
8 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,359 |
|
|
|
2,093 |
|
Severance |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
400 |
|
|
|
- |
|
Atlanta |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
140 |
|
|
|
- |
|
Bad Debt - CARES Impact |
|
- |
|
|
|
(2,200 |
) |
|
|
- |
|
|
|
(800 |
) |
|
|
- |
|
|
|
- |
|
Adjusted EBITDA |
$ |
29,848 |
|
|
$ |
38,140 |
|
|
$ |
4,554 |
|
|
$ |
7,300 |
|
|
$ |
(21,927 |
) |
|
$ |
(25,510 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
% Change |
|
Revenue: |
|
|
|
|
|
|
Transportation and Skilled Trades |
$ |
67,329 |
|
|
$ |
64,950 |
|
|
3.7 |
% |
|
Healthcare and Other Professions |
|
24,484 |
|
|
|
24,109 |
|
|
1.6 |
% |
|
Total |
$ |
91,813 |
|
|
$ |
89,059 |
|
|
3.1 |
% |
|
|
|
|
|
|
|
|
Operating Income (loss): |
|
|
|
|
|
|
Transportation and Skilled Trades |
$ |
11,768 |
|
|
$ |
11,842 |
|
|
-0.6 |
% |
|
Healthcare and Other Professions |
|
1,180 |
|
|
|
1,833 |
|
|
-35.6 |
% |
|
Corporate |
|
(8,068 |
) |
|
|
(7,930 |
) |
|
-1.7 |
% |
|
Total |
$ |
4,880 |
|
|
$ |
5,745 |
|
|
-15.1 |
% |
|
|
|
|
|
|
|
|
Starts: |
|
|
|
|
|
|
Transportation and Skilled Trades |
|
3,585 |
|
|
|
3,976 |
|
|
-9.8 |
% |
|
Healthcare and Other Professions |
|
1,344 |
|
|
|
1,454 |
|
|
-7.6 |
% |
|
Total |
|
4,929 |
|
|
|
5,430 |
|
|
-9.2 |
% |
|
|
|
|
|
|
|
|
Average Population: |
|
|
|
|
|
|
Transportation and Skilled Trades |
|
8,748 |
|
|
|
8,863 |
|
|
-1.3 |
% |
|
Leave of Absence - COVID-19 |
|
- |
|
|
|
(9 |
) |
|
100.0 |
% |
|
Transportation and Skilled Trades 1 |
|
8,748 |
|
|
|
8,854 |
|
|
-1.2 |
% |
|
|
|
|
|
|
|
|
Healthcare and Other Professions |
|
4,076 |
|
|
|
4,326 |
|
|
-5.8 |
% |
|
Leave of Absence - COVID-19 |
|
- |
|
|
|
(2 |
) |
|
100.0 |
% |
|
Healthcare and Other Professions 1 |
|
4,076 |
|
|
|
4,324 |
|
|
-5.7 |
% |
|
|
|
|
|
|
|
|
Total |
|
12,824 |
|
|
|
13,189 |
|
|
-2.8 |
% |
|
Total 1 |
|
12,824 |
|
|
|
13,178 |
|
|
-2.7 |
% |
|
|
|
|
|
|
|
|
End of Period Population: |
|
|
|
|
|
|
Transportation and Skilled Trades |
|
9,298 |
|
|
|
9,473 |
|
|
-1.8 |
% |
|
Healthcare and Other Professions |
|
4,288 |
|
|
|
4,533 |
|
|
-5.4 |
% |
|
Total |
|
13,586 |
|
|
|
14,006 |
|
|
-3.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Excluding Leave of Absence - COVID-19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
% Change |
|
Revenue: |
|
|
|
|
|
|
Transportation and Skilled Trades |
$ |
184,087 |
|
|
$ |
177,586 |
|
|
3.7 |
% |
|
Healthcare and Other Professions |
|
72,423 |
|
|
|
69,934 |
|
|
3.6 |
% |
|
Total |
$ |
256,510 |
|
|
$ |
247,520 |
|
|
3.6 |
% |
|
|
|
|
|
|
|
|
Operating Income (loss): |
|
|
|
|
|
|
Transportation and Skilled Trades |
$ |
26,108 |
|
|
$ |
35,423 |
|
|
-26.3 |
% |
|
Healthcare and Other Professions |
|
4,095 |
|
|
|
7,743 |
|
|
-47.1 |
% |
|
Corporate |
|
(25,252 |
) |
|
|
(27,949 |
) |
|
9.6 |
% |
|
Total |
$ |
4,951 |
|
|
$ |
15,217 |
|
|
-67.5 |
% |
|
|
|
|
|
|
|
|
Starts: |
|
|
|
|
|
|
Transportation and Skilled Trades |
|
8,346 |
|
|
|
8,824 |
|
|
-5.4 |
% |
|
Healthcare and Other Professions |
|
3,788 |
|
|
|
3,857 |
|
|
-1.8 |
% |
|
Total |
|
12,134 |
|
|
|
12,681 |
|
|
-4.3 |
% |
|
|
|
|
|
|
|
|
Average Population: |
|
|
|
|
|
|
Transportation and Skilled Trades |
|
8,527 |
|
|
|
8,312 |
|
|
2.6 |
% |
|
Leave of Absence - COVID-19 |
|
- |
|
|
|
(16 |
) |
|
100.0 |
% |
|
Transportation and Skilled Trades 1 |
|
8,527 |
|
|
|
8,296 |
|
|
2.8 |
% |
|
|
|
|
|
|
|
|
Healthcare and Other Professions |
|
4,254 |
|
|
|
4,414 |
|
|
-3.6 |
% |
|
Leave of Absence - COVID-19 |
|
- |
|
|
|
(44 |
) |
|
100.0 |
% |
|
Healthcare and Other Professions 1 |
|
4,254 |
|
|
|
4,370 |
|
|
-2.7 |
% |
|
|
|
|
|
|
|
|
Total |
|
12,781 |
|
|
|
12,726 |
|
|
0.4 |
% |
|
Total 1 |
|
12,781 |
|
|
|
12,666 |
|
|
0.9 |
% |
|
|
|
|
|
|
|
|
End of Period Population: |
|
|
|
|
|
|
Transportation and Skilled Trades |
|
9,298 |
|
|
|
9,473 |
|
|
-1.8 |
% |
|
Healthcare and Other Professions |
|
4,288 |
|
|
|
4,533 |
|
|
-5.4 |
% |
|
Total |
|
13,586 |
|
|
|
14,006 |
|
|
-3.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
Lincoln Educational Serv... (NASDAQ:LINC)
Historical Stock Chart
From Jul 2024 to Aug 2024
Lincoln Educational Serv... (NASDAQ:LINC)
Historical Stock Chart
From Aug 2023 to Aug 2024