$LINC
LINCOLN EDUCATIONAL SERVICES CORP

2019 Q3 Form 10-Q Financial Statement

#000114036119020643 Filed on November 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3 2018 Q2
Revenue $72.59M $70.08M $61.12M
YoY Change 3.59% 4.13% -1.26%
Cost Of Revenue $33.21M $33.49M $30.18M
YoY Change -0.83% -1.79% -6.85%
Gross Profit $39.38M $36.59M $30.94M
YoY Change 7.63% 10.21% 4.88%
Gross Profit Margin 54.25% 52.21% 50.62%
Selling, General & Admin $37.45M $36.09M $34.47M
YoY Change 3.78% 1.65% -3.17%
% of Gross Profit 95.09% 98.63% 111.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.000M $2.100M $2.100M
YoY Change -4.76% 0.0% 0.0%
% of Gross Profit 5.08% 5.74% 6.79%
Operating Expenses $37.45M $36.09M $34.47M
YoY Change 3.78% 1.94% -3.17%
Operating Profit $2.143M $76.00K -$3.523M
YoY Change 2719.74% -103.45% -42.25%
Interest Expense $754.0K $632.0K $539.0K
YoY Change 19.3% -190.29% -177.0%
% of Operating Profit 35.18% 831.58%
Other Income/Expense, Net
YoY Change
Pretax Income $1.390M -$550.0K -$4.054M
YoY Change -352.73% -60.71% -39.49%
Income Tax $50.00K $50.00K $50.00K
% Of Pretax Income 3.6%
Net Earnings $1.340M -$600.0K -$4.104M
YoY Change -323.33% -60.0% -39.65%
Net Earnings / Revenue 1.85% -0.86% -6.71%
Basic Earnings Per Share $0.05 -$0.02 -$0.17
Diluted Earnings Per Share $0.05 -$0.02 -$0.17
COMMON SHARES
Basic Shares Outstanding 24.56M 24.53M 24.49M
Diluted Shares Outstanding 24.61M 24.53M 24.49M

Balance Sheet

Concept 2019 Q3 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.80M $10.20M $3.100M
YoY Change 15.69% 39.73% -56.94%
Cash & Equivalents $11.76M $18.00M $11.57M
Short-Term Investments
Other Short-Term Assets $8.600M $10.20M $11.10M
YoY Change -15.69% -19.05% -56.98%
Inventory $1.899M $2.300M $1.800M
Prepaid Expenses
Receivables $22.09M $21.70M $20.70M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $44.36M $44.40M $36.70M
YoY Change -0.09% 10.45% -30.49%
LONG-TERM ASSETS
Property, Plant & Equipment $48.21M $50.90M $53.50M
YoY Change -5.29% -5.91% -2.9%
Goodwill $14.54M $14.54M $14.54M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.247M $1.400M $1.300M
YoY Change -10.93% 55.56% 62.5%
Total Long-Term Assets $117.4M $78.20M $79.10M
YoY Change 50.1% 1.03% 2.2%
TOTAL ASSETS
Total Short-Term Assets $44.36M $44.40M $36.70M
Total Long-Term Assets $117.4M $78.20M $79.10M
Total Assets $161.7M $122.6M $115.8M
YoY Change 31.92% 4.25% -11.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.90M $19.50M $15.60M
YoY Change -3.08% 87.5% 9.86%
Accrued Expenses $9.523M $13.80M $12.20M
YoY Change -30.99% -5.48% -10.95%
Deferred Revenue $22.90M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.117M
YoY Change
Total Short-Term Liabilities $68.12M $55.30M $47.70M
YoY Change 23.19% 3.56% -16.17%
LONG-TERM LIABILITIES
Long-Term Debt $19.79M $24.40M $24.30M
YoY Change -18.91% 46.11% 1.25%
Other Long-Term Liabilities $64.00K $8.000M $8.500M
YoY Change -99.2% -22.33% -25.44%
Total Long-Term Liabilities $19.85M $32.40M $32.80M
YoY Change -38.74% 20.0% -7.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.12M $55.30M $47.70M
Total Long-Term Liabilities $19.85M $32.40M $32.80M
Total Liabilities $128.2M $87.70M $80.50M
YoY Change 46.13% 9.08% -12.78%
SHAREHOLDERS EQUITY
Retained Earnings -$51.26M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $82.86M
YoY Change
Treasury Stock Shares $5.911M
Shareholders Equity $33.58M $34.85M $35.27M
YoY Change
Total Liabilities & Shareholders Equity $161.7M $122.6M $115.8M
YoY Change 31.92% 4.25% -11.06%

Cashflow Statement

Concept 2019 Q3 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income $1.340M -$600.0K -$4.104M
YoY Change -323.33% -60.0% -39.65%
Depreciation, Depletion And Amortization $2.000M $2.100M $2.100M
YoY Change -4.76% 0.0% 0.0%
Cash From Operating Activities $5.900M $6.500M -$2.300M
YoY Change -9.23% 124.14% -71.25%
INVESTING ACTIVITIES
Capital Expenditures -$2.100M -$2.400M -$1.300M
YoY Change -12.5% 41.18% 0.0%
Acquisitions
YoY Change
Other Investing Activities $200.0K $2.300M $0.00
YoY Change -91.3% -84.87% -100.0%
Cash From Investing Activities -$1.900M -$100.0K -$1.300M
YoY Change 1800.0% -100.74% 30.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 800.0K 0.000 1.800M
YoY Change -100.0% -92.14%
NET CHANGE
Cash From Operating Activities 5.900M 6.500M -2.300M
Cash From Investing Activities -1.900M -100.0K -1.300M
Cash From Financing Activities 800.0K 0.000 1.800M
Net Change In Cash 4.800M 6.400M -1.800M
YoY Change -25.0% -133.16% -112.95%
FREE CASH FLOW
Cash From Operating Activities $5.900M $6.500M -$2.300M
Capital Expenditures -$2.100M -$2.400M -$1.300M
Free Cash Flow $8.000M $8.900M -$1.000M
YoY Change -10.11% 93.48% -85.07%

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #000000;"><font style="font-weight: bold; font-style: italic;">Use of Estimates in the Preparation of Financial Statements</font> &#8211; The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period.&#160; On an ongoing basis, the Company evaluates the estimates and assumptions including those related to revenue recognition, bad debts, impairments, fixed assets, discount rate for lease liabilities, income taxes, benefit plans and certain accruals.&#160; Actual results could materially differ from those estimates.</div></div>
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24532648
CY2019Q3 linc Operating Lease Liability Change In Measurement
OperatingLeaseLiabilityChangeInMeasurement
3000000
CY2019Q3 linc Lessee Operating Lease Liability Payments Due After Year Six
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearSix
15924000
CY2019Q3 linc Operating Lease Right Of Use Asset Change In Measurement
OperatingLeaseRightOfUseAssetChangeInMeasurement
3000000
CY2019Q3 linc Lessee Operating Lease Liability Payments Due Year Six
LesseeOperatingLeaseLiabilityPaymentsDueYearSix
3980000
linc Number Of Schools
NumberOfSchools
22
linc Number Of Campuses Treated As Destination Schools
NumberOfCampusesTreatedAsDestinationSchools
5
linc Increase Decrease In Deferred Income Tax Liabilities
IncreaseDecreaseInDeferredIncomeTaxLiabilities
0
linc Increase Decrease In Deferred Income Tax Liabilities
IncreaseDecreaseInDeferredIncomeTaxLiabilities
93000
linc Deferred Rent Revenue Recognized During Period
DeferredRentRevenueRecognizedDuringPeriod
0
linc Deferred Rent Revenue Recognized During Period
DeferredRentRevenueRecognizedDuringPeriod
697000
linc Increase Decrease In Prepaid Income Taxes And Income Taxes Receivable
IncreaseDecreaseInPrepaidIncomeTaxesAndIncomeTaxesReceivable
0
linc Increase Decrease In Prepaid Income Taxes And Income Taxes Receivable
IncreaseDecreaseInPrepaidIncomeTaxesAndIncomeTaxesReceivable
180000
CY2018Q3 linc Percentage Of Total Revenue
PercentageOfTotalRevenue
1.0000
linc Percentage Of Total Revenue
PercentageOfTotalRevenue
1.000
linc Percentage Of Total Revenue
PercentageOfTotalRevenue
1.000
CY2019Q3 linc Percentage Of Total Revenue
PercentageOfTotalRevenue
1.0000
linc Number Of Locations Closed
NumberOfLocationsClosed
10
linc Share Based Compensation Arrangement By Share Based Payment Award Options Granted In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedInPeriodTotalIntrinsicValue
0
linc Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedInPeriodTotalIntrinsicValue
0
linc Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodTotalIntrinsicValue
0
linc Number Of Stock Incentive Plans
NumberOfStockIncentivePlans
2
linc Share Based Compensation Arrangement By Share Based Payment Award Options Vested Weighted Average Exercise Price Per Share
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedWeightedAverageExercisePricePerShare
0

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