0001140361-23-038529.txt : 20230808 0001140361-23-038529.hdr.sgml : 20230808 20230808142042 ACCESSION NUMBER: 0001140361-23-038529 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20230807 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230808 DATE AS OF CHANGE: 20230808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LINCOLN EDUCATIONAL SERVICES CORP CENTRAL INDEX KEY: 0001286613 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 571150621 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51371 FILM NUMBER: 231150511 BUSINESS ADDRESS: STREET 1: 14 SYLVAN WAY STREET 2: SUITE A CITY: PARSIPPANY STATE: NJ ZIP: 07054 BUSINESS PHONE: 973-736-9340 MAIL ADDRESS: STREET 1: 14 SYLVAN WAY STREET 2: SUITE A CITY: PARSIPPANY STATE: NJ ZIP: 07054 8-K 1 brhc20057056_8k.htm 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of Earliest Event Reported):  August 7, 2023

LINCOLN EDUCATIONAL SERVICES CORPORATION
(Exact Name of Registrant as Specified in Charter)

New Jersey
  
000-51371
  
57-1150621
(State or Other Jurisdiction of Incorporation)
  
(Commission File Number)
  
(IRS Employer Identification No.)
 
14 Sylvan Way, Suite A, Parsippany, NJ 07054
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (973) 736-9340

Not applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934  (§240.12b-2 of this chapter).
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading
Symbol(s)
Name of each exchange on which
registered
Common Stock No Par Value
LINC
NASDAQ

Item 2.02.
Results of Operations and Financial Condition.

On August 7, 2023, Lincoln Educational Services Corporation. (the “Company”) issued a press release announcing financial results for the second quarter ended June 30, 2023. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated in this Item 2.02 by reference.

 The information contained under this Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Furthermore, the information contained under this Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.  The furnishing of the information under this Item 2.02 in this Current Report is not intended to, and does not, constitute a determination or admission by the Company that the information contained under this Item 2.02 in this Current Report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company.

Item 9.01
Financial Statements and Exhibits.
 
(d)
Exhibits
 
Press release of Lincoln Educational Services Corporation dated August 7, 2023
   
104
Cover Page Interactive Data File (embedded within the inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
LINCOLN EDUCATIONAL SERVICES CORPORATION
     
Date:  August 7, 2023
    
     
 
By:
/s/ Brian K. Meyers
  
 
Name:    Brian K. Meyers
 
Title:      Executive Vice President, Chief Financial Officer
   
     and Treasurer


EX-99 2 brhc20057056_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1

Lincoln Educational Services Reports Strong Second Quarter Results with Student Starts Increasing 17.9% and 9.8% Revenue Growth
Conference Call Today at 10 a.m. ET

PARSIPPANY, N.J., August 7, 2023 – Lincoln Educational Services Corporation (Nasdaq: LINC) today announced financial and operating results for the second quarter as well as recent business developments.

Second Quarter 2023 Financial Highlights and Recent Operating Developments*

 •
Revenue grew 9.8% to $88.2 million

•
New student starts increased 17.9%

•
Adjusted EBITDA of $2.4 million

•
Total liquidity of $95 million; No debt outstanding

•
Raising outlook for revenues and earnings for the full year and refining outlook for start growth to the upper end of previous range

*Note: The highlighted financial results exclude the Transitional segment.  A reconciliation of GAAP / non-GAAP measures is included in this release.

“Our strong second quarter results reflect significant progress in Lincoln’s transformative strategy,” said Scott Shaw, President & CEO. “We believe our new hybrid instructional platform provides a superior model for our students and more efficient operations at our campuses. The roll out has contributed to growing student leads, improved student outcomes, and more efficient program delivery, aiding the quarter’s 8.6% increase in revenue per student. Once the transition to the hybrid model has been finalized, which is currently on track to be completed by the end of 2025, we will have a highly scalable platform providing additional capacity at our campuses and instructional expense efficiencies going forward.  Additionally, along with other initiatives geared towards population growth, we believe the centralization of our financial aid process helped contribute to the second quarter’s robust 17.9% increase in student starts by improving our conversion rate of enrollments to starts.
 
During the second quarter we completed the previously announced sale of our Nashville, Tennessee property. The net proceeds from this transaction combined with cash flow from operations enabled Lincoln to finish the quarter with $95 million in cash and short-term investments, while we remained debt-free. Our strong balance sheet and financial performance provides significant resources for Lincoln to expand our campus footprint and educational offerings, supporting sustained growth for many years to come.
 
Our first half performance and the successful execution of our initiatives has increased our level of confidence and prompts us to raise our outlook for the full year. Furthermore, we continue to make progress on the opening of our new Atlanta, Georgia campus and the relocation of our Nashville, Tennessee campus, which combined with other growth initiatives currently underway has raised our long-term optimism.  These along with our efforts to build a more efficient and scalable platform are delivering results, allowing us to prepare increasing numbers of students for productive, good-paying, rewarding and essential careers while helping American corporations close their skills gap.”
 
1
2023 SECOND QUARTER FINANCIAL RESULTS
 
(Quarter ended June 30, 2023 compared to June 30, 2022)


 •
Revenue increased $7.9 million, or 9.8% to $88.2 million from $80.3 million in the prior year comparable period excluding the Transitional segment.  Average revenue per student was 8.6% higher with the continuing roll-out of Lincoln’s hybrid teaching model along with tuition increases.  Lincoln’s hybrid model increases program efficiency and delivers accelerated revenue recognition in certain evening programs.  Revenue also benefitted from student population increasing as a result of 17.9% growth in student starts, resulting from increased investments in marketing, additional admissions initiatives, and improved enrollment to start rates.

•
Educational services and facilities expense increased $3.9 million, or 10.9% to $40.0 million from $36.1 million in the prior year.  Instructional expense, facilities expense and books and tools expense were all higher.  Instructional expense rose with higher staffing levels and salary increases, as well as additional costs as the Company transitions to its hybrid teaching model.  Facilities expenses included higher utility expense from higher usage and inflation in addition to an increase in real estate taxes.  Books and tools expense were driven by the 17.9% increase in student starts. Partially offsetting the additional costs was a decrease in expenses within the Transitional segment.

•
Selling, general and administrative expense increased $6.0 million, or 13.0% to $51.8 million from $45.8 million in the prior year.  Compensation costs including salaries, stock-based compensation, and performance-based incentives resulting from improved financial performance, were higher.  There were also costs associated with our growth in student starts.  Partially offsetting the additional costs was a decrease in expenses within the Transitional segment.

•
Gain on sale of assets was $30.9 million, resulting from the sale of the Company’s Nashville, Tennessee property.  Net proceeds from the sale were approximately $33.3 million.

•
Impairment of goodwill and long-lived assets was a $4.2 million non-cash charge relating to our Nashville, Tennessee property.

•
Net interest income was $0.5 million compared to minimal interest expense in the prior year as a result of our treasury management and higher interest rates.

•
Provision for income taxes increased to $6.8 million from $0.1 million in the prior year.  The gain on the sale of the Nashville, Tennessee property drove an increase in the Company’s pre-tax income.  The effective tax rate for both periods remained essentially flat at 28.2%.

2
RECENT BUSINESS DEVELOPMENTS

Sale of the Nashville, Tennessee property.  On June 8, 2023, the Company closed the sale of its Nashville, Tennessee property to East Nashville Owner, LLC, an affiliate of SLC Development, LLC, a subsidiary of Southern Land Company, for $33.8 million.  In connection with the sale, the parties entered into a lease agreement allowing Lincoln to continue to occupy the campus on a rent-free basis for a period of 15 months while the Company seeks to relocate to a more efficient facility within the Nashville, Tennessee market.  In addition to the initial 15-month rent-free period, Lincoln has options to extend the lease for up to three consecutive 30-day terms at $150,000 per extension term.  While the new campus location has not yet been finalized, the Company intends to invest between $15 million to $20 million for the buildout of the new campus with the addition of HVAC and Electrical, two new programs not currently offered at the Nashville, Tennessee campus.  The proceeds from the sale of the Nashville, Tennessee property are approximately $33.3 million, net of closing costs.

Share Repurchase Program. During the second quarter, the Company repurchased approximately 61,000 shares of its Common Stock for approximately $0.3 million.  Since the adoption of the share repurchase program in May 2022, the Company has repurchased a total of 1.7 million shares of its Common Stock for a total investment of $10.3 million.

SECOND QUARTER SEGMENT RESULTS

Campus Operations Segment
As detailed above, revenue increased $7.9 million, or 9.8% to $88.2 million.  Adjusted EBITDA was $10.3 million compared to $10.2 million in the prior year.  The current quarter includes approximately $0.4 million in start-up costs relating to the Atlanta, Georgia campus and costs associated with the relocation of the Nashville, Tennessee property.

Transitional Segment
Revenue decreased $1.4 million, or 75.9% to $0.4 million compared to $1.8 million in the prior year.  Total operating expenses decreased $1.0 million, or 51.4% to $0.9 million from $1.9 million in the prior year.  The Somerville, Massachusetts campus is no longer enrolling new students, had 45 remaining students at the end of the second quarter and will be fully taught-out and closed by the end of the year.
 
Corporate and Other
Corporate and other expenses increased $2.6 million to $11.1 million from $8.5 million in the prior year after excluding extraordinary gains in both the current and prior year.

3
SIX MONTHS FINANCIAL RESULTS
(Period ended June 30, 2023 compared to June 30, 2022)


 •
Total revenue increased $11.2 million, or 6.8% to $175.9 million, compared to $164.7 million.

•
Campus Operations segment revenue increased $13.4 million, or 8.3% to $174.5 million, compared to $161.1 million.

•
Transitional segment revenue decreased $2.2 million, or 61.7% to $1.4 million, compared to $3.6 million.

FULL YEAR 2023 OUTLOOK
Based on the financial results achieved in the first half and the current outlook for the remainder of the year, the Company is increasing its financial guidance for Revenue, Adjusted EBITDA and Adjusted Net Income.  In addition, we have refined our expectation on Student Start growth to the higher end of the previous range, despite the shift of approximately 150 second-half student starts into 2024 as a result of delays in certain new program roll-outs.  The revised guidance is as follows:


 •
Revenue in the range of $360 million to $370 million

•
Adjusted EBITDA* in the range of $22 million to $26 million

•
Adjusted Net income* in the range of $10 million to $13 million

•
Student start growth in the range of 6% to 10%

The outlook for capital expenditures in the range of $35 million to $40 million remains unchanged.

*The guidance in this release includes references to non-GAAP operating measures. A reconciliation of GAAP / non-GAAP measures can be found at the end of this release.

The 2023 guidance excludes the impact of the new Atlanta, Georgia campus, apart from capital expenditures.  In addition, guidance further excludes costs associated with the Company’s Transitional segment, one-time expenses not considered part of the Company’s normal business operations, and the gain realized from the sale of the Nashville, Tennessee property.  This guidance may be revised as the year progresses due to changes in student demand and other factors.

CONFERENCE CALL INFO
Lincoln will host a conference call today at 10:00 a.m. Eastern 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 2023 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.

4
An archived version of the webcast will be accessible for 90 days at http://www.lincolntech.edu.
 
ABOUT LINCOLN EDUCATIONAL SERVICES CORPORATION
 
Lincoln Educational Services Corporation is a leading provider of diversified career-oriented post-secondary education helping to provide solutions to America’s skills gap. Lincoln offers recent high school graduates and working adult’s career-oriented programs in five principal areas of study: automotive technology, health sciences, skilled trades, business and information technology and hospitality services. Lincoln has provided the workforce with skilled technicians since its inception in 1946 and currently operates 22 campuses in 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, please go to www.lincolntech.edu.
 
FORWARD-LOOKING STATEMENTS
Statements in this press release and in oral statements made from time to time by representatives of Lincoln Educational Services Corporation regarding Lincoln’s business that are not historical facts, including those made in a conference call, may be “forward-looking statements” as that term is defined in the federal securities law. The words “may,” “will,” “expect,” “believe,” “anticipate,” “project,” “plan,” “intend,” “estimate,” and “continue,” and their opposites and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all.  Generally, these statements relate to business plans or strategies and projections involving anticipated revenues, earnings or other aspects of the Company’s operating results. Such forward-looking statements include the Company’s current belief that it is taking appropriate steps regarding the pandemic and that student growth will continue. The Company cautions you that these statements concern current expectations about the Company’s future performance or events and are subject to a number of uncertainties, risks and other influences many of which are beyond the Company’s control, that may influence the accuracy of the statements and the projects upon which the statements are based including, without limitation, impacts related to the COVID-19 pandemic or other epidemics or pandemics, our failure to comply with the extensive regulatory framework applicable to our industry or our failure to obtain timely regulatory approvals in connection with acquisitions or a change of control of our Company; our success in updating and expanding the content of existing programs and developing new programs for our students in a cost-effective manner or on a timely basis; risks associated with changes in applicable federal laws and regulations; uncertainties regarding our ability to comply with federal laws and regulations, such as the 90/10 rule and prescribed cohort default rates; risks associated with the opening of new campuses; risks associated with integration of acquired schools; industry competition; our ability to execute our growth strategies; conditions and trends in our industry; general economic conditions; and other factors discussed in the “Risk Factors” section of our Annual Reports and Quarterly Reports filed with the Securities and Exchange Commission.  All forward-looking statements are qualified in their entirety by this cautionary statement, and Lincoln undertakes no obligation to publicly revise or update any forward-looking statements, whether as a result of new information, future events or otherwise after the date hereof.

5
 (Tables to Follow)
(In Thousands)

   
Three Months Ended
June 30,
(Unaudited)
    
Six Months Ended
June 30,
(Unaudited)
  
         
         
   
2023
    
2022
    
2023
    
2022
  
                         
REVENUE
  
$
88,646
    
$
82,142
    
$
175,929
    
$
164,697
  
COSTS AND EXPENSES:
                                
Educational services and facilities
    
40,030
      
36,106
      
78,123
      
72,302
  
Selling, general and administrative
    
51,814
      
45,835
      
102,119
      
92,520
  
Gain on sale of assets
    
(30,933
)
    
(195
)
    
(30,933
)
    
(195
)
Impairment of goodwill and long-lived assets
    
4,220
      
-
      
4,220
      
-
  
Total costs & expenses
    
65,131
      
81,746
      
153,529
      
164,627
  
OPERATING INCOME
    
23,515
      
396
      
22,400
      
70
  
OTHER:
                                
Interest income
    
547
      
-
      
1,013
      
-
  
Interest expense
    
(28
)
    
(35
)
    
(53
)
    
(77
)
INCOME (LOSS) BEFORE INCOME TAXES
    
24,034
      
361
      
23,360
      
(7
)
PROVISION (BENEFIT) FOR INCOME TAXES
    
6,784
      
102
      
6,219
      
(539
)
NET INCOME
  
$
17,250
    
$
259
    
$
17,141
    
$
532
  
PREFERRED STOCK DIVIDENDS
    
-
      
304
      
-
      
608
  
INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS
  
$
17,250
    
$
(45
)
  
$
17,141
    
$
(76
)
Basic
                                
Net income (loss) per share
  
$
0.57
    
$
(0.00
)
  
$
0.57
    
$
(0.00
)
Diluted
                                
Net income (loss) per share
  
$
0.57
    
$
(0.00
)
  
$
0.57
    
$
(0.00
)
Weighted average number of common shares outstanding:
                                
Basic
    
30,140
      
25,963
      
30,090
      
25,842
  
Diluted
    
30,397
      
25,963
      
30,333
      
25,842
  
                                 
Other data:
                                
                                 
Adjusted EBITDA (1)
  
$
2,444
    
$
2,302
    
$
4,641
    
$
5,061
  
Depreciation and amortization
  
$
1,679
    
$
1,529
    
$
2,933
    
$
3,057
  
Number of campuses
    
22
      
22
      
22
      
22
  
Average enrollment
    
12,453
      
12,637
      
12,420
      
12,761
  
Stock-based compensation
  
$
2,576
    
$
491
    
$
3,388
    
$
1,730
  
Net cash provided by (used in) operating activities
  
$
10,617
    
$
4,375
    
$
10,403
    
$
(9,992
)
Net cash provided by (used in) investing activities
  
$
16,072
    
$
(147
)
  
$
12,823
    
$
(1,192
)
Net cash used in financing activities
  
$
(610
)
  
$
(2,842
)
  
$
(2,945
)
  
$
(5,138
)

6
Selected Consolidated Balance Sheet Data:
    
   
June 30, 2023
(Unaudited)
  
       
Cash and cash equivalents
  
$
66,356
  
Rrestricted cash
    
4,212
  
Short-term investments
    
24,344
  
Current assets
    
137,490
  
Working capital
    
68,828
  
Total assets
    
311,418
  
Current liabilities
    
68,662
  
Total stockholders' equity
    
154,465
  

LIQUIDITY
The Company ended the quarter with approximately $95 million in cash and cash equivalents, restricted cash and short-term investments.  The increase in liquidity was primarily driven by the sale of the Company’s Nashville, Tennessee property for $33.8 million, yielding $33.3 million in net proceeds after closing costs and generating a gain of approximately $30.9 million.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
In addition to disclosing financial results that are determined in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company believes it is useful to present non-GAAP financial measures that exclude certain significant items as a means to understand the performance of its business. EBITDA, Adjusted EBITDA, Adjusted net income and total liquidity are measures not recognized in financial statements presented in accordance with GAAP.


 •
We define EBITDA as income (loss) before interest expense (net of interest income), provision (benefit) for income taxes, depreciation and amortization.

•
We define Adjusted EBITDA as EBITDA plus stock compensation expense and adjustments for items not considered part of the Company’s normal recurring operations.

•
We define Adjusted net income as net income plus adjustments for items not considered part of the Company’s normal recurring operations.

•
We define Total liquidity as the Company’s cash and cash equivalents, short-term investments and restricted cash.

EBITDA, Adjusted EBITDA, Adjusted net income and total liquidity are presented because we believe they are useful indicators of the Company’s performance and ability to make strategic investments and meet capital expenditures and debt service requirements. However, they are not intended to represent cash flows from operations as defined by GAAP and should not be used as an alternative to net income (loss) as indicators of operating performance or cash flow as a measure of liquidity. EBITDA, Adjusted EBITDA, Adjusted net income and total liquidity are not necessarily comparable to similarly titled measures used by other companies.

7
The following is a reconciliation of net income (loss) to EBITDA, Adjusted EBITDA, Adjusted net income and total liquidity:

   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
   
(Unaudited)
    
(Unaudited)
  
   
Consolidated Operations
    
Consolidated Operations
  
   
2023
    
2022
    
2023
    
2022
  
                         
Net income
  
$
17,250
    
$
259
    
$
17,141
    
$
532
  
Interest (income) expense, net
    
(519
)
    
35
      
(960
)
    
77
  
Provision (benefit) for income taxes
    
6,784
      
102
      
6,219
      
(539
)
Depreciation and amortization
    
1,679
      
1,529
      
2,933
      
3,057
  
EBITDA
    
25,194
      
1,925
      
25,333
      
3,127
  
Stock compensation expense
    
2,576
      
491
      
3,388
      
1,730
  
Gain on sale of assets
    
(30,933
)
    
(195
)
    
(30,933
)
    
(195
)
Impairment of goodwill and long-lived assets
    
4,220
      
-
      
4,220
      
-
  
Severance and other one-time costs
    
505
      
-
      
1,299
      
260
  
Transitional segment
    
478
      
81
      
670
      
139
  
New campus start-up costs
    
289
      
-
      
549
      
-
  
FMV of Nashville, Tennessee rent1
    
115
      
-
      
115
      
-
  
Adjusted EBITDA
  
$
2,444
    
$
2,302
    
$
4,641
    
$
5,061
  

1
The fair market value ("FMV") of Nashville, Tennessee rent relates to non-cash rent expense recognized resulting from the sale of the     Nashville,Tennessee property.  A prepaid asset was recognized upon the sale of approximately $2.3 million representing the FMV of rent expense that would have been paid during the 15-month "free-rent" period where the Company will occupy this property.

   
Three Months Ended June 30,
(Unaudited)
  
     
   
Campus Operations
    
Transitional
    
Corporate
  
   
2023
    
2022
    
2023
    
2022
    
2023
    
2022
  
                                     
Net income (loss)
  
$
4,169
    
$
8,792
    
$
(482
)
  
$
(88
)
  
$
13,563
    
$
(8,445
)
Interest (income) expense, net
    
-
      
-
      
-
      
-
      
(519
)
    
35
  
Provision for income taxes
    
-
      
-
      
-
      
-
      
6,784
      
102
  
Depreciation and amortization
    
1,514
      
1,380
      
4
      
7
      
161
      
142
  
EBITDA
    
5,683
      
10,172
      
(478
)
    
(81
)
    
19,989
      
(8,166
)
Stock compensation expense
    
-
      
-
      
-
      
-
      
2,576
      
491
  
Impairment of goodwill and long-lived assets
    
4,220
      
-
      
-
      
-
      
-
      
-
  
New campus start-up costs
    
289
      
-
      
-
      
-
      
-
      
-
  
FMV of Nashville, Tennessee rent1
    
115
      
-
      
-
      
-
      
-
      
-
  
Loss (gain) on sale of assets
    
6
      
4
      
-
      
-
      
(30,939
)
    
(199
)
Transitional segment
    
-
      
-
      
478
      
81
      
-
      
-
  
Severance and other one-time costs
    
-
      
-
      
-
      
-
      
505
      
-
  
Adjusted EBITDA
  
$
10,313
    
$
10,176
    
$
-
    
$
-
    
$
(7,869
)
  
$
(7,874
)

8
   
Six Months Ended June 30,
(Unaudited)
  
     
   
Campus Operations
    
Transitional
    
Corporate
  
   
2023
    
2022
    
2023
    
2022
    
2023
    
2022
  
                                     
Net income (loss)
  
$
14,278
    
$
17,406
    
$
(678
)
  
$
(151
)
  
$
3,541
    
$
(16,723
)
Interest (income) expense, net
    
-
      
-
      
-
      
-
      
(960
)
    
77
  
Provision (benefit) for income taxes
    
-
      
-
      
-
      
-
      
6,219
      
(539
)
Depreciation and amortization
    
2,612
      
2,772
      
8
      
12
      
313
      
273
  
EBITDA
    
16,890
      
20,178
      
(670
)
    
(139
)
    
9,113
      
(16,912
)
Stock compensation expense
    
-
      
-
      
-
      
-
      
3,388
      
1,730
  
Impairment of goodwill and long-lived assets
    
4,220
      
-
      
-
      
-
      
-
      
-
  
New campus start-up costs
    
549
      
-
      
-
      
-
      
-
      
-
  
FMV of Nashville, Tennessee rent1
    
115
      
-
      
-
      
-
      
-
      
-
  
Loss (gain) on sale of assets
    
6
      
13
      
-
      
-
      
(30,939
)
    
(208
)
Transitional segment
    
-
      
-
      
670
      
139
      
-
      
-
  
Severance and other one-time costs
    
-
      
-
      
-
      
-
      
1,299
      
260
  
Adjusted EBITDA
  
$
21,780
    
$
20,191
    
$
-
    
$
-
    
$
(17,139
)
  
$
(15,130
)

   
Three Months Ended
June 30, 2023
    
Six Months Ended
June 30, 2023
  
         
   
(Unaudited)
          
(Unaudited)
        
   
2023
    
2022
    
2023
    
2022
  
Net income
  
$
17,250
    
$
259
    
$
17,141
    
$
532
  
                                 
Non-recurring adjustments:
                                
Gain on sale of assets
    
(30,933
)
    
(195
)
    
(30,933
)
    
(195
)
Impairment of long-lived assets
    
4,220
      
-
      
4,220
      
-
  
Performance based catch-up stock compensation
    
1,400
      
-
      
1,400
      
-
  
Severance and other one time costs
    
1,098
      
-
      
2,071
      
260
  
Transitional segment
    
478
      
81
      
670
      
139
  
New campus start-up costs
    
289
      
-
      
549
      
-
  
FMV of Nashville Rent1
    
115
      
-
      
115
      
-
  
Total non-recurring adjustments
    
(23,333
)
    
(114
)
    
(21,908
)
    
204
  
Income tax effect
    
6,533
      
32
      
6,134
      
(58
)
Adjusted net income, non-GAAP
  
$
450
    
$
177
    
$
1,367
    
$
678
  

   
As of
June 30, 2023
  
     
Cash and cash equivalents
  
$
66,356
  
Restricted cash
    
4,212
  
Short-term investments
    
24,344
  
Total Liquidity
  
$
94,912
  

9
   
Three Months Ended June 30,
  
   
2023
    
2022
    
% Change
  
Revenue:
                  
Campus Operations
  
$
88,213
    
$
80,349
      
9.8
%
Transitional
    
433
      
1,793
      
-75.9
%
Total
  
$
88,646
    
$
82,142
      
7.9
%
                         
Operating Income (loss):
                        
Campus Operations
  
$
4,169
    
$
8,791
      
-52.6
%
Transitional
    
(482
)
    
(88
)
    
-447.7
%
Corporate
    
19,828
      
(8,307
)
    
338.7
%
Total
  
$
23,515
    
$
396
      
5838.1
%
                         
Starts:
                        
Campus Operations
    
4,411
      
3,742
      
17.9
%
Transitional
    
-
      
110
      
-100.0
%
Total
    
4,411
      
3,852
      
14.5
%
                         
Average Population:
                        
Campus Operations
    
12,369
      
12,326
      
0.3
%
Transitional
    
84
      
311
      
-73.0
%
Total
    
12,453
      
12,637
      
-1.5
%
                         
End of Period Population:
                        
Campus Operations
    
12,959
      
12,704
      
2.0
%
Transitional
    
45
      
298
      
-84.9
%
Total
    
13,004
      
13,002
      
0.0
%

10
   
Six Months Ended June 30,
  
   
2023
    
2022
    
% Change
  
Revenue:
                  
Campus Operations
  
$
174,565
    
$
161,130
      
8.3
%
Transitional
    
1,364
      
3,567
      
-61.8
%
Total
  
$
175,929
    
$
164,697
      
6.8
%
                         
Operating Income (loss):
                        
Campus Operations
  
$
14,278
    
$
17,406
      
-18.0
%
Transitional
    
(679
)
    
(150
)
    
-352.7
%
Corporate
    
8,801
      
(17,186
)
    
151.2
%
Total
  
$
22,400
    
$
70
      
31900.0
%
                         
Starts:
                        
Campus Operations
    
7,851
      
6,976
      
12.5
%
Transitional
    
-
      
229
      
-100.0
%
Total
    
7,851
      
7,205
      
9.0
%
                         
Average Population:
                        
Campus Operations
    
12,297
      
12,444
      
-1.2
%
Transitional
    
123
      
317
      
-61.2
%
Total
    
12,420
      
12,761
      
-2.7
%
                         
End of Period Population:
                        
Campus Operations
    
12,959
      
12,704
      
2.0
%
Transitional
    
45
      
298
      
-84.9
%
Total
    
13,004
      
13,002
      
0.0
%

11
Information included in the table below provides student starts and population under the Campus Operations segment with a breakdown by Transportation and Skilled Trade programs and Healthcare and Other Professions programs.  This information is not comparable to the Company’s prior period segment reporting, which was performed on a campus basis rather than a program basis.

Population by Program (Campus Operations Segment):

   
Three Months Ended June 30,
  
   
2023
    
2022
    
% Change
  
Starts:
                  
Transportation and Skilled Trades
    
3,017
      
2,543
      
18.6
%
Healthcare and Other Professions
    
1,394
      
1,309
      
6.5
%
Total
    
4,411
      
3,852
      
14.5
%
                         
Average Population:
                        
Transportation and Skilled Trades
    
8,434
      
8,346
      
1.1
%
Healthcare and Other Professions
    
4,019
      
4,291
      
-6.3
%
Total
    
12,453
      
12,637
      
-1.5
%
                         
End of Period Population:
                        
Transportation and Skilled Trades
    
9,024
      
8,798
      
2.6
%
Healthcare and Other Professions
    
3,980
      
4,204
      
-5.3
%
Total
    
13,004
      
13,002
      
0.0
%

Population by Program (Campus Operations Segment):

   
Six Months Ended June 30,
  
   
2023
    
2022
    
% Change
  
Starts:
                  
Transportation and Skilled Trades
    
5,280
      
4,674
      
13.0
%
Healthcare and Other Professions
    
2,571
      
2,531
      
1.6
%
Total
    
7,851
      
7,205
      
9.0
%
                         
Average Population:
                        
Transportation and Skilled Trades
    
8,357
      
8,467
      
-1.3
%
Healthcare and Other Professions
    
4,063
      
4,294
      
-5.4
%
Total
    
12,420
      
12,761
      
-2.7
%
                         
End of Period Population:
                        
Transportation and Skilled Trades
    
9,024
      
8,798
      
2.6
%
Healthcare and Other Professions
    
3,980
      
4,204
      
-5.3
%
Total
    
13,004
      
13,002
      
0.0
%

12
LINCOLN EDUCATIONAL SERVICES CORPORATION
Brian Meyers, CFO
973-736-9340

EVC GROUP LLC
Investor Relations: Michael Polyviou, mpolyviou@evcgroup.com, 732-933-2755
Media Relations: Tom Gibson, 201-476-0322


13
EX-101.SCH 3 linc-20230807.xsd XBRL TAXONOMY EXTENSION SCHEMA 000100 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink EX-101.LAB 4 linc-20230807_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Cover [Abstract] Document Type Written Communications Soliciting Material Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Amendment Flag Document Fiscal Year Focus Document Fiscal Period Focus Document Period End Date Entity Registrant Name Entity Central Index Key Entity File Number Entity Tax Identification Number Entity Incorporation, State or Country Code Entity Emerging Growth Company Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Three Entity Address, City or Town Entity Address, State or Province Entity Address, Country Entity Address, Postal Zip Code City Area Code Local Phone Number Title of 12(b) Security No Trading Symbol Flag Trading Symbol Security Exchange Name EX-101.PRE 5 linc-20230807_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 6 R1.htm IDEA: XBRL DOCUMENT v3.23.2
Document and Entity Information
Aug. 07, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Aug. 07, 2023
Entity File Number 000-51371
Entity Registrant Name LINCOLN EDUCATIONAL SERVICES CORPORATION
Entity Central Index Key 0001286613
Entity Incorporation, State or Country Code NJ
Entity Tax Identification Number 57-1150621
Entity Address, Address Line One 14 Sylvan Way
Entity Address, Address Line Two Suite A
Entity Address, City or Town Parsippany
Entity Address, State or Province NJ
Entity Address, Postal Zip Code 07054
City Area Code 973
Local Phone Number 736-9340
Title of 12(b) Security Common Stock No Par Value
Trading Symbol LINC
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
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