Lincoln Educational Services Corp - Understand $linc stock

$LINC Market Cap: $508.4 Million

Research Board Inbox Deep Research Not Interested Shortlisted

Financial Snapshot

Revenue

$423.2M

TTM

Gross Margin

58.03%

TTM

Net Earnings

$9.849M

TTM

Current Assets

$115.4M

Q3 2024

Current Liabilities

$73.46M

Q3 2024

Current Ratio

157.15%

Q3 2024

Total Assets

$404.0M

Q3 2024

Total Liabilities

$234.1M

Q3 2024

Book Value

$170.0M

Q3 2024

Cash

$53.96M

Q3 2024

P/E

51.62

Nov 29, 2024 EST

Free Cash Flow

-$23.13M

TTM

Revenues

Revenue YoY Change

Revenues

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Revenue	$378.1M	$348.3M	$335.3M	$293.1M	$273.3M	$263.2M	$261.9M	$285.6M	$306.1M	$202.9M	$215.6M	$380.2M	$456.7M	$604.8M	$552.5M	$376.9M	$327.8M	$310.6M	$287.4M	$261.2M	$198.6M
YoY Change	8.55%	3.86%	14.41%	7.23%	3.85%	0.51%	-8.31%	-6.7%	50.86%	-5.89%	-43.29%	-16.75%	-24.49%	9.47%	46.59%	14.98%	5.54%	8.07%	10.03%	31.52%

Expenses

Cost Of Revenues

Gross Profit

Gross Profit Margin

Gross Profit

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Revenue	$378.1M	$348.3M	$335.3M	$293.1M	$273.3M	$263.2M	$261.9M	$285.6M	$306.1M	$202.9M	$215.6M	$380.2M	$456.7M	$604.8M	$552.5M	$376.9M	$327.8M	$310.6M	$287.4M	$261.2M	$198.6M
Cost Of Revenue	$162.3M	$148.7M	$138.9M	$122.2M	$123.5M	$125.4M	$129.4M	$144.4M	$151.6M	$100.3M	$102.5M	$178.3M	$196.6M	$227.3M	$211.3M	$153.5M	$139.5M	$129.3M	$114.2M	$104.8M	$85.20M
Gross Profit	$215.8M	$199.5M	$196.4M	$170.9M	$149.8M	$137.8M	$132.4M	$141.1M	$154.5M	$102.6M	$113.1M	$201.9M	$260.1M	$377.4M	$341.2M	$223.4M	$188.3M	$181.3M	$173.2M	$156.4M	$113.4M
Gross Profit Margin	57.08%	57.29%	58.57%	58.31%	54.82%	52.37%	50.58%	49.4%	50.47%	50.57%	52.46%	53.1%	56.95%	62.4%	61.76%	59.27%	57.44%	58.37%	60.26%	59.88%	57.1%

Selling, General & Admin Expense

Research & Development

Depreciation, Depletion & Amortization

SGA Expense to Gross Profit Ratio

R&D To Gross Profit Ratio

DDA To Gross Profit Ratio

Operating Expenses Total

Operating Profits/Loss

Operational Expenses

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Selling, General & Admin	$209.1M	$182.4M	$168.9M	$156.2M	$145.2M	$141.2M	$138.8M	$148.4M	$151.8M	$110.9M	$116.8M	$189.5M	$216.8M	$257.6M	$252.7M	$187.7M	$162.4M	$151.1M	$138.1M	$130.9M	$97.70M
YoY Change	14.66%	7.97%	8.15%	7.59%	2.78%	1.78%	-6.48%	-2.24%	36.88%	-5.05%	-38.36%	-12.59%	-15.84%	1.94%	34.63%	15.58%	7.48%	9.41%	5.5%	33.98%
% of Gross Profit	96.91%	91.41%	86.01%	91.4%	96.88%	102.48%	104.79%	105.17%	98.25%	108.09%	103.27%	93.86%	83.35%	68.26%	74.06%	84.02%	86.25%	83.34%	79.73%	83.7%	86.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$6.596M	$6.362M	$7.140M	$7.400M	$8.116M	$8.421M	$8.702M	$11.10M	$14.50M	$19.30M	$23.70M	$26.80M	$28.50M	$26.20M	$24.20M	$17.90M	$15.70M	$14.90M	$13.10M	$10.70M	$9.900M
YoY Change	3.68%	-10.9%	-3.51%	-8.82%	-3.62%	-3.23%	-21.6%	-23.45%	-24.87%	-18.57%	-11.57%	-5.96%	8.78%	8.26%	35.2%	14.01%	5.37%	13.74%	22.43%	8.08%
% of Gross Profit	3.06%	3.19%	3.64%	4.33%	5.42%	6.11%	6.57%	7.87%	9.39%	18.81%	20.95%	13.27%	10.96%	6.94%	7.09%	8.01%	8.34%	8.22%	7.56%	6.84%	8.73%
Operating Expenses	$209.1M	$182.4M	$168.9M	$156.2M	$145.2M	$141.2M	$138.8M	$148.5M	$151.8M	$111.0M	$116.8M	$189.5M	$216.9M	$257.7M	$252.6M	$187.7M	$162.4M	$151.1M	$138.1M	$131.0M	$97.70M
YoY Change	14.66%	7.97%	8.15%	7.59%	2.78%	1.78%	-6.55%	-2.17%	36.76%	-4.97%	-38.36%	-12.63%	-15.83%	2.02%	34.58%	15.58%	7.48%	9.41%	5.42%	34.08%
Operating Profit	$33.36M	$16.28M	$49.26M	$14.78M	$5.238M	-$3.954M	-$4.716M	-$7.400M	$2.700M	-$8.400M	-$3.700M	$12.40M	$43.20M	$119.7M	$88.60M	$35.70M	$25.90M	$30.20M	$35.10M	$25.40M	$15.70M
YoY Change	104.93%	-66.96%	233.27%	182.19%	-232.47%	-16.16%	-36.27%	-374.07%	-132.14%	127.03%	-129.84%	-71.3%	-63.91%	35.1%	148.18%	37.84%	-14.24%	-13.96%	38.19%	61.78%

Interest Expenses

Interest Expenses To Operating Income %

Other Expense/Income

Interest & Other Expense/Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Interest Expense	$347.0K	$160.0K	$2.015M	$1.275M	$2.963M	$2.422M	$7.098M	-$6.000M	-$8.000M	-$5.100M	-$4.200M	-$4.500M	-$4.400M	-$4.500M	-$4.200M	-$2.000M	-$2.200M	-$1.300M	-$2.100M	-$2.900M	-$2.400M
YoY Change	116.88%	-92.06%	58.04%	-56.97%	22.34%	-65.88%	-218.3%	-25.0%	56.86%	21.43%	-6.67%	2.27%	-2.22%	7.14%	110.0%	-9.09%	69.23%	-38.1%	-27.59%	20.83%
% of Operating Profit	1.04%	0.98%	4.09%	8.63%	56.57%				-296.3%			-36.29%	-10.19%	-3.76%	-4.74%	-5.6%	-8.49%	-4.3%	-5.98%	-11.42%	-15.29%
Other Income/Expense, Net						$0.00	$0.00	$6.800M	$4.200M	$300.0K	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$100.0K	$200.0K	$0.00	$300.0K
YoY Change							-100.0%	61.9%	1300.0%								-100.0%	-150.0%		-100.0%

Income/Loss

Pretax Income

Income Tax

Net Profits/Loss

Pretax Income YoY Change

Income Tax Rate

Net Profits/Loss YoY Change

Basic EPS

Net Income To Revenue Ratio

Pretax & Net Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Pretax Income	$35.64M	$16.44M	$47.25M	$13.51M	$2.283M	-$6.345M	-$11.76M	-$28.10M	-$3.100M	-$16.30M	-$7.700M	-$17.20M	$30.60M	$110.5M	$84.10M	$33.50M	$23.80M	$29.20M	$33.20M	$22.20M	$13.60M
YoY Change	116.83%	-65.21%	249.81%	491.59%	-135.98%	-46.04%	-58.16%	806.45%	-80.98%	111.69%	-55.23%	-156.21%	-72.31%	31.39%	151.04%	40.76%	-18.49%	-12.05%	49.55%	63.24%
Income Tax	$9.642M	$3.802M	$12.50M	-$35.10M	$268.0K	$200.0K	-$274.0K	$200.0K	$200.0K	-$1.500M	$19.60M	-$2.300M	$13.10M	$44.80M	$34.90M	$13.30M	$9.900M	$12.10M	$12.90M	$9.200M	$5.400M
% Of Pretax Income	27.05%	23.13%	26.46%	-259.88%	11.74%								42.81%	40.54%	41.5%	39.7%	41.6%	41.44%	38.86%	41.44%	39.71%
Net Earnings	$26.00M	$12.63M	$34.72M	$48.57M	$2.015M	-$11.48M	-$11.48M	-$28.30M	-$3.400M	-$56.10M	-$51.30M	-$37.20M	$17.50M	$69.70M	$49.20M	$20.20M	$8.300M	$15.60M	$18.70M	$13.00M	$8.200M
YoY Change	105.77%	-63.61%	-28.51%	2310.17%	-117.55%	0.0%	-59.42%	732.35%	-93.94%	9.36%	37.9%	-312.57%	-74.89%	41.67%	143.56%	143.37%	-46.79%	-16.58%	43.85%	58.54%
Net Earnings / Revenue	6.88%	3.63%	10.35%	16.57%	0.74%	-4.36%	-4.39%	-9.91%	-1.11%	-27.65%	-23.79%	-9.78%	3.83%	11.52%	8.9%	5.36%	2.53%	5.02%	6.51%	4.98%	4.13%
Basic Earnings Per Share	$0.86	$0.36	$1.04	$1.49	$0.08	-$0.48	-$0.48
Diluted Earnings Per Share	$0.85	$0.36	$1.04	$1.49	$0.08	-$0.48	-$0.48	-$1.204M	-$146.6K	-$2.461M	-$2.280M	-$1.676M	$788.3K	$2.788M	$1.815M	$776.9K	$318.0K	$597.7K	$763.3K	$562.8K	$366.1K

Assets & Liabilities

Cash & Short-Term Investments

Cash & Equivalents

Cash To Operating Expenses Ratio

Inventory

Receivables

Total Short-Term Assets

Property, Plant And Equipment

Long-Term Investments

Total Long-Term Assets

Total Assets

Net Income To Total Assets Percentage

Accounts Payable

Short-Term Debt

Long Term Debt Due

Total Short-Term Liabilities

Long-Term Debt

Other Long-Term Liabilities

Total Long-Term Liabilities

Total Liabilities

Short-Term To Long-Term Debt Ratio

Short-Term Assets To Debt Ratio

Long-Term Debt To Net Income Ratio

Assets & Liabilities

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Cash & Short-Term Investments	$75.99M	$60.83M	$83.31M	$38.00M	$23.60M	$17.60M	$14.60M	$21.10M	$38.40M	$12.30M	$12.90M	$61.70M	$26.50M	$66.00M	$46.10M	$15.20M	$3.500M	$6.500M	$50.30M	$42.30M	$49.00M
YoY Change	24.92%	-26.98%	119.23%	61.02%	34.09%	20.55%	-30.81%	-45.05%	212.2%	-4.65%	-79.09%	132.83%	-59.85%	43.17%	203.29%	334.29%	-46.15%	-87.08%	18.91%	-13.67%
Cash & Equivalents	$75.99M	$46.07M	$83.31M	$38.00M	$23.60M	$17.60M	$14.60M	$21.10M	$38.40M	$12.30M	$12.90M	$61.70M	$26.50M	$66.00M	$46.10M	$15.20M	$3.500M	$6.500M	$50.30M	$41.40M	$49.00M
Short-Term Investments	$0.00	$14.76M																		$900.0K	$0.00
Other Short-Term Assets	$20.03M	$13.51M	$9.440M	$3.700M	$4.600M	$19.40M	$12.70M	$26.40M	$54.80M	$85.70M	$72.30M	$17.70M	$23.40M	$14.30M	$19.90M	$9.000M	$8.400M	$8.700M	$6.400M	$7.400M	$7.900M
YoY Change	48.27%	43.11%	155.14%	-19.57%	-76.29%	52.76%	-51.89%	-51.82%	-36.06%	18.53%	308.47%	-24.36%	63.64%	-28.14%	121.11%	7.14%	-3.45%	35.94%	-13.51%	-6.33%
Inventory	$2.948M	$2.618M	$2.721M	$2.400M	$1.600M	$1.500M	$1.700M	$1.700M	$1.200M	$1.500M	$2.300M	$2.700M	$3.100M	$3.600M	$3.300M	$3.400M	$2.500M	$2.400M	$1.800M	$1.700M	$1.100M
Prepaid Expenses
Receivables	$35.69M	$37.18M	$26.16M	$30.00M	$20.70M	$18.70M	$15.80M	$15.40M	$10.40M	$13.50M	$16.10M	$17.40M	$19.70M	$33.70M	$36.60M	$22.90M	$23.30M	$20.50M	$13.50M	$12.80M	$10.80M
Other Receivables	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$800.0K	$6.100M	$0.00	$400.0K	$0.00	$0.00
Total Short-Term Assets	$134.7M	$114.1M	$121.6M	$74.20M	$50.50M	$57.10M	$44.70M	$64.50M	$104.9M	$113.1M	$103.6M	$99.50M	$72.70M	$117.5M	$106.0M	$51.30M	$43.80M	$38.20M	$72.40M	$64.20M	$68.70M
YoY Change	17.99%	-6.16%	63.92%	46.93%	-11.56%	27.74%	-30.7%	-38.51%	-7.25%	9.17%	4.12%	36.86%	-38.13%	10.85%	106.63%	17.12%	14.66%	-47.24%	12.77%	-6.55%
Property, Plant & Equipment	$156.6M	$117.0M	$114.6M	$103.6M	$98.40M	$49.30M	$52.90M	$55.40M	$66.60M	$69.70M	$127.3M	$154.1M	$180.0M	$172.4M	$149.3M	$108.6M	$106.6M	$94.40M	$68.90M	$55.10M	$42.00M
YoY Change	33.78%	2.12%	10.62%	5.28%	99.59%	-6.81%	-4.51%	-16.82%	-4.45%	-45.25%	-17.39%	-14.39%	4.41%	15.47%	37.48%	1.88%	12.92%	37.01%	25.05%	31.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$25.76M	$23.12M	$24.50M	$36.50M	$16.00M	$12.90M	$34.10M	$21.30M	$16.40M	$1.300M	$3.800M	$19.30M	$4.400M	$4.700M	$7.000M	$13.40M	$11.50M	$8.000M	$13.20M	$10.60M	$8.700M
YoY Change	11.41%	-5.62%	-32.87%	128.13%	24.03%	-62.17%	60.09%	29.88%	1161.54%	-65.79%	-80.31%	338.64%	-6.38%	-32.86%	-47.76%	16.52%	43.75%	-39.39%	24.53%	21.84%
Total Long-Term Assets	$210.6M	$177.4M	$173.7M	$171.0M	$144.3M	$88.90M	$110.5M	$98.70M	$102.9M	$100.6M	$202.3M	$247.3M	$289.6M	$295.3M	$282.4M	$216.7M	$202.4M	$188.0M	$142.4M	$98.50M	$70.70M
YoY Change	18.69%	2.16%	1.56%	18.5%	62.32%	-19.55%	11.96%	-4.08%	2.29%	-50.27%	-18.2%	-14.61%	-1.93%	4.57%	30.32%	7.07%	7.66%	32.02%	44.57%	39.32%
Total Assets	$345.2M	$291.6M	$295.3M	$245.2M	$194.8M	$146.0M	$155.2M	$163.2M	$207.8M	$213.7M	$305.9M	$346.8M	$362.3M	$412.8M	$388.4M	$268.0M	$246.2M	$226.2M	$214.8M	$162.7M	$139.4M
YoY Change
Accounts Payable	$18.15M	$10.50M	$12.30M	$15.70M	$14.60M	$14.10M	$10.50M	$13.70M	$12.90M	$11.90M	$14.60M	$13.50M	$15.50M	$25.60M	$19.60M	$12.30M	$13.70M	$12.10M	$12.70M	$10.70M	$9.000M
YoY Change	72.94%	-14.65%	-21.68%	7.53%	3.55%	34.29%	-23.36%	6.2%	8.4%	-18.49%	8.15%	-12.9%	-39.45%	30.61%	59.35%	-10.22%	13.22%	-4.72%	18.69%	18.89%
Accrued Expenses	$25.42M	$18.28M	$27.15M	$25.20M	$17.00M	$10.60M	$11.80M	$15.40M	$11.20M	$13.90M	$10.70M	$9.700M	$11.30M	$26.10M	$27.00M	$16.20M	$10.10M	$10.30M	$11.10M	$12.10M	$11.80M
YoY Change	39.01%	-32.65%	7.73%	48.24%	60.38%	-10.17%	-23.38%	37.5%	-19.42%	29.91%	10.31%	-14.16%	-56.7%	-3.33%	66.67%	60.4%	-1.94%	-7.21%	-8.26%	2.54%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due	$70.00K		$0.00	$2.000M	$2.000M	$15.00M	$0.00	$11.70M	$10.10M	$30.50M	$400.0K	$400.0K	$500.0K	$400.0K	$400.0K	$100.0K	$200.0K	$100.0K	$300.0K	$5.300M	$3.600M
YoY Change			-100.0%	0.0%	-86.67%		-100.0%	15.84%	-66.89%	7525.0%	0.0%	-20.0%	25.0%	0.0%	300.0%	-50.0%	100.0%	-66.67%	-94.34%	47.22%
Total Short-Term Liabilities	$73.41M	$55.02M	$65.88M	$66.80M	$57.20M	$64.60M	$47.50M	$66.30M	$70.90M	$83.50M	$56.60M	$58.60M	$71.10M	$121.7M	$101.5M	$71.10M	$61.70M	$59.10M	$63.90M	$59.70M	$55.30M
YoY Change	33.42%	-16.49%	-1.37%	16.78%	-11.46%	36.0%	-28.36%	-6.49%	-15.09%	47.53%	-3.41%	-17.58%	-41.58%	19.9%	42.76%	15.24%	4.4%	-7.51%	7.04%	7.96%
Long-Term Debt	$16.13M	$0.00	$0.00	$15.20M	$32.00M	$33.80M	$52.60M	$30.20M	$45.60M	$34.70M	$89.70M	$73.10M	$36.00M	$56.50M	$56.90M	$10.00M	$15.20M	$9.800M	$10.50M	$41.50M	$39.40M
YoY Change			-100.0%	-52.5%	-5.33%	-35.74%	74.17%	-33.77%	31.41%	-61.32%	22.71%	103.06%	-36.28%	-0.7%	469.0%	-34.21%	55.1%	-6.67%	-74.7%	5.33%
Other Long-Term Liabilities	$88.91M	$91.67M	$88.02M	$60.10M	$50.20M	$7.800M	$9.300M	$11.80M	$10.30M	$12.50M	$10.00M	$16.60M	$16.10M	$12.20M	$11.30M	$11.90M	$6.800M	$5.600M	$4.400M	$3.500M	$1.700M
YoY Change	-3.01%	4.15%	46.45%	19.72%	543.59%	-16.13%	-21.19%	14.56%	-17.6%	25.0%	-39.76%	3.11%	31.97%	7.96%	-5.04%	75.0%	21.43%	27.27%	25.71%	105.88%
Total Long-Term Liabilities	$105.0M	$91.67M	$88.02M	$75.30M	$82.20M	$41.60M	$61.90M	$42.00M	$55.90M	$47.20M	$99.70M	$89.70M	$52.10M	$68.70M	$68.20M	$21.90M	$22.00M	$15.40M	$14.90M	$45.00M	$41.10M
YoY Change	14.58%	4.15%	16.89%	-8.39%	97.6%	-32.79%	47.38%	-24.87%	18.43%	-52.66%	11.15%	72.17%	-24.16%	0.73%	211.42%	-0.45%	42.86%	3.36%	-66.89%	9.49%
Total Liabilities	$178.4M	$146.7M	$153.9M	$142.1M	$139.6M	$106.2M	$109.4M	$108.3M	$126.8M	$130.7M	$160.8M	$148.3M	$123.2M	$190.3M	$169.7M	$93.10M	$83.70M	$74.40M	$78.80M	$104.6M	$96.40M
YoY Change	21.65%	-4.68%	8.3%	1.79%	31.45%	-2.93%	1.02%	-14.59%	-2.98%	-18.72%	8.43%	20.37%	-35.26%	12.14%	82.28%	11.23%	12.5%	-5.58%	-24.67%	8.51%

Ownership

Basic Shares Outstanding

Diluted Shares Outstanding

Preferred Stock

Treasury Stock Shares

Stock Issuance & Repurchase

Ownership Data

Concept	2023	2022	2021	2020	2019	2018	2017
Basic Shares Outstanding	30.11M	25.88M	25.08M	24.75M	24.55M	23.91M	23.91M
Diluted Shares Outstanding	30.54M	25.88M	25.08M	24.75M	24.55M	23.91M	23.91M
Preferred Stock
Treasury Stock Shares

Return On Shareholders' Equity

Book Value

Free Cash Flow

Free Cash Flow YoY

Free Cash Flow Margin

Dividends

Stock Price

Market Cap: $508.39 Million

About LINCOLN EDUCATIONAL SERVICES CORP

Lincoln Educational Services Corp. engages in the provision of a career-oriented post-secondary education to recent high school graduates and working adults. The company is headquartered in Parsippany, New Jersey and currently employs 1,800 full-time employees. The company went IPO on 2005-06-23. The firm offers career-oriented programs to recent high school graduates and working adults in five principal areas of study: automotive technology, health sciences, skilled trades, business and information technology, and hospitality services. The firm operates 22 campuses in 13 states under four brands: Lincoln College of Technology, Lincoln Technical Institute, Lincoln Culinary Institute, and Euphoria Institute of Beauty Arts and Sciences. The firm operates through two segments: Campus Operations and Transitional. The Campus Operations segment includes campuses that are continuing in operation and contribute to the Company’s core operations and performance. The Transitional segment refers to campuses that are marked for closure and are currently being taught-out.

Industry: Services-Educational Services Peers: 2U, LLC AMERICAN PUBLIC EDUCATION INC Amesite Inc. ASPEN GROUP, INC. Duolingo, Inc. EpicQuest Education Group International Ltd Nerdy Inc. UNIVERSAL TECHNICAL INSTITUTE INC