$LINC
LINCOLN EDUCATIONAL SERVICES CORP

2020 Q2 Form 10-Q Financial Statement

#000114036120018304 Filed on August 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $62.47M $63.57M
YoY Change -1.73% 4.01%
Cost Of Revenue $26.25M $29.75M
YoY Change -11.78% -1.42%
Gross Profit $36.23M $33.82M
YoY Change 7.11% 9.3%
Gross Profit Margin 57.99% 53.2%
Selling, General & Admin $35.16M $35.91M
YoY Change -2.09% 4.18%
% of Gross Profit 97.07% 106.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.900M $1.900M
YoY Change 0.0% -9.52%
% of Gross Profit 5.24% 5.62%
Operating Expenses $35.16M $35.91M
YoY Change -2.09% 4.18%
Operating Profit $1.160M -$2.093M
YoY Change -155.42% -40.59%
Interest Expense $327.0K $829.0K
YoY Change -60.55% 53.8%
% of Operating Profit 28.19%
Other Income/Expense, Net
YoY Change
Pretax Income $833.0K -$2.920M
YoY Change -128.53% -27.97%
Income Tax $100.0K $144.0K
% Of Pretax Income 12.0%
Net Earnings $783.0K -$3.064M
YoY Change -125.55% -25.34%
Net Earnings / Revenue 1.25% -4.82%
Basic Earnings Per Share $0.02 -$0.12
Diluted Earnings Per Share $0.02 -$0.12
COMMON SHARES
Basic Shares Outstanding 24.74M 24.56M
Diluted Shares Outstanding 24.74M 24.56M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.30M $6.500M
YoY Change 258.46% 109.68%
Cash & Equivalents $23.34M $6.489M
Short-Term Investments
Other Short-Term Assets $6.600M $9.500M
YoY Change -30.53% -14.41%
Inventory $3.107M $2.086M
Prepaid Expenses
Receivables $27.91M $22.08M
Other Receivables $0.00 $0.00
Total Short-Term Assets $61.01M $40.18M
YoY Change 51.84% 9.48%
LONG-TERM ASSETS
Property, Plant & Equipment $49.17M $47.48M
YoY Change 3.56% -11.25%
Goodwill $14.54M $14.54M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.003M $1.091M
YoY Change -8.07% -16.08%
Total Long-Term Assets $133.9M $114.7M
YoY Change 16.71% 45.03%
TOTAL ASSETS
Total Short-Term Assets $61.01M $40.18M
Total Long-Term Assets $133.9M $114.7M
Total Assets $194.9M $154.9M
YoY Change 25.83% 33.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.06M $18.41M
YoY Change -23.64% 18.02%
Accrued Expenses $12.16M $9.123M
YoY Change 33.31% -25.22%
Deferred Revenue $17.57M $19.72M
YoY Change -10.87%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.000M $4.579M
YoY Change -56.32%
Total Short-Term Liabilities $68.57M $62.76M
YoY Change 9.26% 31.57%
LONG-TERM LIABILITIES
Long-Term Debt $16.12M $21.44M
YoY Change -24.79% -11.79%
Other Long-Term Liabilities $1.014M $89.00K
YoY Change 1039.33% -98.95%
Total Long-Term Liabilities $17.14M $21.52M
YoY Change -20.39% -34.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.57M $62.76M
Total Long-Term Liabilities $17.14M $21.52M
Total Liabilities $140.9M $123.0M
YoY Change 14.49% 52.83%
SHAREHOLDERS EQUITY
Retained Earnings -$43.03M -$52.60M
YoY Change -18.21%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $82.86M $82.86M
YoY Change 0.0%
Treasury Stock Shares $5.911M $5.911M
Shareholders Equity $42.06M $31.87M
YoY Change
Total Liabilities & Shareholders Equity $194.9M $154.9M
YoY Change 25.83% 33.76%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $783.0K -$3.064M
YoY Change -125.55% -25.34%
Depreciation, Depletion And Amortization $1.900M $1.900M
YoY Change 0.0% -9.52%
Cash From Operating Activities $18.40M $100.0K
YoY Change 18300.0% -104.35%
INVESTING ACTIVITIES
Capital Expenditures -$1.800M -$600.0K
YoY Change 200.0% -53.85%
Acquisitions
YoY Change
Other Investing Activities $100.0K $0.00
YoY Change
Cash From Investing Activities -$1.700M -$600.0K
YoY Change 183.33% -53.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -500.0K 1.200M
YoY Change -141.67% -33.33%
NET CHANGE
Cash From Operating Activities 18.40M 100.0K
Cash From Investing Activities -1.700M -600.0K
Cash From Financing Activities -500.0K 1.200M
Net Change In Cash 16.20M 700.0K
YoY Change 2214.29% -138.89%
FREE CASH FLOW
Cash From Operating Activities $18.40M $100.0K
Capital Expenditures -$1.800M -$600.0K
Free Cash Flow $20.20M $700.0K
YoY Change 2785.71% -170.0%

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us-gaap Net Income Loss
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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CY2020Q2 us-gaap Number Of States In Which Entity Operates
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us-gaap Operating Lease Payments
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CY2020Q2 us-gaap Operating Lease Payments
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CY2019Q2 us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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CY2020Q2 us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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us-gaap Operating Income Loss
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CY2019Q2 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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CY2020Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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CY2019Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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CY2020Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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CY2019Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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CY2020Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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CY2019Q4 us-gaap Other Liabilities Noncurrent
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CY2020Q2 us-gaap Other Liabilities Noncurrent
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CY2019Q2 us-gaap Other Comprehensive Income Defined Benefit Plans Tax Portion Attributable To Parent
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CY2020Q2 us-gaap Other Comprehensive Income Defined Benefit Plans Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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CY2019Q2 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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CY2020Q2 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Payments For Repurchase Of Equity
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us-gaap Payments For Repurchase Of Equity
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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CY2019Q2 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
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us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
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CY2020Q2 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
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us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
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CY2020Q2 us-gaap Prepaid Expense And Other Assets Current
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CY2020Q2 us-gaap Prepaid Taxes
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CY2019Q4 us-gaap Prepaid Taxes
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Life Insurance Policies
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us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
-334000
us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
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CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2020Q2 us-gaap Property Plant And Equipment Net
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us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
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CY2020Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2019Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2020Q1 us-gaap Repayments Of Lines Of Credit
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linc Credit Payment Of Financing Costs
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linc Increase Decrease In Cares Act Student Funds Liability
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us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
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CY2020Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2019Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2019Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2020Q2 us-gaap Restricted Cash And Cash Equivalents
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CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
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CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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P1Y3M29D
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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us-gaap Selling General And Administrative Expense
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CY2019Q2 us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
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CY2020Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
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CY2020Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
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CY2019Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
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CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
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CY2020Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
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CY2020Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
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CY2019Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
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CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
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CY2019Q4 linc Cares Act Institutional Funds Liability
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0
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CY2020Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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0
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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CY2019Q4 us-gaap Treasury Stock Shares
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StockholdersEquity
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StockholdersEquity
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StockholdersEquity
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us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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CY2019Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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us-gaap Use Of Estimates
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div><font style="font-weight: bold; font-style: italic; color: #000000;">Use of Estimates in the Preparation of Financial Statements</font><font style="color: #000000;"> &#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 used to determine the incremental borrowing rate to calculate lease liabilities and right-of-use </font>(&#8220;ROU&#8221;) <font style="color: #000000;">assets, lease term to calculate lease cost, revenue recognition, bad debts, impairments, useful lives of fixed assets, income taxes, benefit plans and certain accruals.&#160; Actual results could differ from those estimates.</font></div></div>
CY2020Q2 us-gaap Variable Lease Cost
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us-gaap Variable Lease Cost
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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24544879
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Period End Date
DocumentPeriodEndDate
2020-06-30
dei Entity Address State Or Province
EntityAddressStateOrProvince
NJ
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
LINCOLN EDUCATIONAL SERVICES CORP
dei Entity Central Index Key
EntityCentralIndexKey
0001286613
CY2020Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
26400782
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Type
DocumentType
10-Q
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Shell Company
EntityShellCompany
false
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Small Business
EntitySmallBusiness
true
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CaresActStudentFundsLiability
0
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CaresActInstitutionalFundsLiability
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11837000
linc Increase Decrease In Cares Act Institutional Funds Liability
IncreaseDecreaseInCaresActInstitutionalFundsLiability
0
CY2020Q2 linc Line Of Credit Facility Additional Borrowing Capacity Under Cares Act
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linc Number Of Campuses Treated As Destination Schools
NumberOfCampusesTreatedAsDestinationSchools
5
linc Number Of Schools
NumberOfSchools
22
CY2020Q2 linc Cash Received Under The Cares Act
CashReceivedUnderTheCARESAct
14500000
linc Increase Decrease In Prepaid Income Taxes And Income Taxes Receivable
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linc Allocation To Preferred Stockholders
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0
CY2020Q2 linc Allocation To Preferred Stockholders
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linc Allocation To Preferred Stockholders
AllocationToPreferredStockholders
0
CY2019Q2 linc Allocation To Preferred Stockholders
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0
CY2020Q2 linc Allocation To Restricted Stockholders
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CY2019Q2 linc Allocation To Restricted Stockholders
AllocationToRestrictedStockholders
0
linc Allocation To Restricted Stockholders
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0
linc Allocation To Restricted Stockholders
AllocationToRestrictedStockholders
0
CY2019Q2 linc Percentage Of Total Revenue
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linc Percentage Of Total Revenue
PercentageOfTotalRevenue
1.000
linc Percentage Of Total Revenue
PercentageOfTotalRevenue
1.000
CY2020Q2 linc Percentage Of Total Revenue
PercentageOfTotalRevenue
1.000
linc Number Of Installments To Receive Cares Act Fund
NumberOfInstallmentsToReceiveCARESActFund
2
CY2020Q2 linc Amount Expected To Be Received Under Cares Act
AmountExpectedToBeReceivedUnderCARESAct
27400000
CY2020Q2 linc Emergency Grants Received In Second Installment Under Cares Act
EmergencyGrantsReceivedInSecondInstallmentUnderCARESAct
13200000
CY2020Q2 linc Reimbursed Amount Of Permitted Expenses
ReimbursedAmountOfPermittedExpenses
1300000
CY2020Q2 linc Emergency Grants Received In First Installment Under Cares Act
EmergencyGrantsReceivedInFirstInstallmentUnderCARESAct
13700000
CY2020Q2 linc Emergency Grants Distributed To Students Under Cares Act
EmergencyGrantsDistributedToStudentsUnderCARESAct
11100000
linc Number Of Stock Incentive Plans
NumberOfStockIncentivePlans
3
linc Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodTotalIntrinsicValue
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 Granted In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedInPeriodTotalIntrinsicValue
0
linc Share Based Compensation Arrangement By Share Based Payment Award Options Vested Weighted Average Exercise Price Per Share
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedWeightedAverageExercisePricePerShare
0
linc Increase Decrease In Prepaid Income Taxes And Income Taxes Receivable
IncreaseDecreaseInPrepaidIncomeTaxesAndIncomeTaxesReceivable
-106000
CY2020Q2 linc Operating Lease Right Of Use Asset Change In Measurement
OperatingLeaseRightOfUseAssetChangeInMeasurement
8700000
CY2020Q2 linc Lessee Deferred Rental Payment
LesseeDeferredRentalPayment
1200000
linc Lessee Recognition Of Negative Lease Expense
LesseeRecognitionOfNegativeLeaseExpense
500000

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