$LINC
LINCOLN EDUCATIONAL SERVICES CORP

2020 Q4 Form 10-Q Financial Statement

#000114036120025288 Filed on November 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $81.80M $78.79M $72.59M
YoY Change 10.67% 8.54% 3.59%
Cost Of Revenue $31.50M $34.25M $33.21M
YoY Change 2.94% 3.13% -0.83%
Gross Profit $50.30M $44.54M $39.38M
YoY Change 15.9% 13.1% 7.63%
Gross Profit Margin 61.49% 56.53% 54.25%
Selling, General & Admin $36.70M $40.70M $37.45M
YoY Change 8.9% 8.68% 3.78%
% of Gross Profit 72.96% 91.38% 95.09%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.900M $1.700M $2.000M
YoY Change -9.52% -15.0% -4.76%
% of Gross Profit 3.78% 3.82% 5.08%
Operating Expenses $36.70M $40.70M $37.45M
YoY Change 8.9% 8.68% 3.78%
Operating Profit $13.60M $3.840M $2.143M
YoY Change 40.21% 79.19% 2719.74%
Interest Expense -$300.0K $278.0K $754.0K
YoY Change -62.5% -63.13% 19.3%
% of Operating Profit -2.21% 7.24% 35.18%
Other Income/Expense, Net
YoY Change
Pretax Income $10.80M $3.562M $1.390M
YoY Change 17.39% 156.26% -352.73%
Income Tax -$35.20M $100.0K $50.00K
% Of Pretax Income -325.93% 2.81% 3.6%
Net Earnings $46.00M $3.512M $1.340M
YoY Change 399.67% 162.09% -323.33%
Net Earnings / Revenue 56.23% 4.46% 1.85%
Basic Earnings Per Share $0.08 $0.05
Diluted Earnings Per Share $1.855M $0.08 $0.05
COMMON SHARES
Basic Shares Outstanding 26.48M 24.82M 24.56M
Diluted Shares Outstanding 24.82M 24.61M

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.00M $26.50M $11.80M
YoY Change 61.02% 124.58% 15.69%
Cash & Equivalents $38.03M $26.52M $11.76M
Short-Term Investments
Other Short-Term Assets $3.700M $3.900M $8.600M
YoY Change -19.57% -54.65% -15.69%
Inventory $2.394M $2.866M $1.899M
Prepaid Expenses
Receivables $30.02M $33.55M $22.09M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $74.16M $66.84M $44.36M
YoY Change 46.93% 50.68% -0.09%
LONG-TERM ASSETS
Property, Plant & Equipment $48.39M $49.20M $48.21M
YoY Change -1.94% 2.05% -5.29%
Goodwill $14.54M $14.54M $14.54M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $734.0K $968.0K $1.247M
YoY Change -26.82% -22.37% -10.93%
Total Long-Term Assets $171.0M $139.0M $117.4M
YoY Change 18.53% 18.4% 50.1%
TOTAL ASSETS
Total Short-Term Assets $74.16M $66.84M $44.36M
Total Long-Term Assets $171.0M $139.0M $117.4M
Total Assets $245.2M $205.8M $161.7M
YoY Change 25.89% 27.25% 31.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.68M $17.58M $18.90M
YoY Change 7.49% -6.98% -3.08%
Accrued Expenses $16.69M $12.53M $9.523M
YoY Change 112.12% 31.6% -30.99%
Deferred Revenue $23.50M $19.35M $22.90M
YoY Change 0.38% -15.49%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.000M $2.000M $7.117M
YoY Change 0.0% -71.9%
Total Short-Term Liabilities $66.84M $71.28M $68.12M
YoY Change 16.85% 4.63% 23.19%
LONG-TERM LIABILITIES
Long-Term Debt $15.21M $15.67M $19.79M
YoY Change -52.5% -20.81% -18.91%
Other Long-Term Liabilities $3.133M $2.435M $64.00K
YoY Change 1364.02% 3704.69% -99.2%
Total Long-Term Liabilities $18.35M $18.10M $19.85M
YoY Change -43.1% -8.8% -38.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $66.84M $71.28M $68.12M
Total Long-Term Liabilities $18.35M $18.10M $19.85M
Total Liabilities $142.1M $148.5M $128.2M
YoY Change 1.8% 15.9% 46.13%
SHAREHOLDERS EQUITY
Retained Earnings $6.203M -$39.51M -$51.26M
YoY Change -114.75% -22.92%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $82.86M $82.86M $82.86M
YoY Change 0.0% 0.0%
Treasury Stock Shares $5.911M $5.911M $5.911M
Shareholders Equity $91.07M $45.30M $33.58M
YoY Change
Total Liabilities & Shareholders Equity $245.2M $205.8M $161.7M
YoY Change 25.89% 27.25% 31.92%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $46.00M $3.512M $1.340M
YoY Change 399.67% 162.09% -323.33%
Depreciation, Depletion And Amortization $1.900M $1.700M $2.000M
YoY Change -9.52% -15.0% -4.76%
Cash From Operating Activities $13.30M $3.700M $5.900M
YoY Change 125.42% -37.29% -9.23%
INVESTING ACTIVITIES
Capital Expenditures -$2.000M -$500.0K -$2.100M
YoY Change -4.76% -76.19% -12.5%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $200.0K
YoY Change -100.0% -100.0% -91.3%
Cash From Investing Activities -$2.000M -$500.0K -$1.900M
YoY Change 17.65% -73.68% 1800.0%
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 -1.600M 800.0K
YoY Change -104.28% -300.0%
NET CHANGE
Cash From Operating Activities 13.30M 3.700M 5.900M
Cash From Investing Activities -2.000M -500.0K -1.900M
Cash From Financing Activities -800.0K -1.600M 800.0K
Net Change In Cash 10.50M 1.600M 4.800M
YoY Change -54.15% -66.67% -25.0%
FREE CASH FLOW
Cash From Operating Activities $13.30M $3.700M $5.900M
Capital Expenditures -$2.000M -$500.0K -$2.100M
Free Cash Flow $15.30M $4.200M $8.000M
YoY Change 91.25% -47.5% -10.11%

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dei Entity Address State Or Province
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dei Entity Current Reporting Status
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dei Entity Filer Category
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dei Entity Registrant Name
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LINCOLN EDUCATIONAL SERVICES CORP
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0001286613
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LesseeRecognitionOfNegativeLeaseExpense
600000
CY2020Q3 linc Lessee Recognition Of Negative Lease Expense
LesseeRecognitionOfNegativeLeaseExpense
100000
CY2020Q3 linc Lessee Deferred Rental Payment
LesseeDeferredRentalPayment
600000
CY2020Q3 linc Operating Lease Right Of Use Asset Change In Measurement
OperatingLeaseRightOfUseAssetChangeInMeasurement
15000000
linc Number Of Stock Incentive Plans
NumberOfStockIncentivePlans
3
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 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
CY2019Q3 linc Percentage Of Total Revenue
PercentageOfTotalRevenue
1.000
CY2020Q3 linc Percentage Of Total Revenue
PercentageOfTotalRevenue
1.000
linc Percentage Of Total Revenue
PercentageOfTotalRevenue
1.000
linc Percentage Of Total Revenue
PercentageOfTotalRevenue
1.000
linc Number Of Installments To Receive Cares Act Fund
NumberOfInstallmentsToReceiveCARESActFund
2
CY2020Q3 linc Amount Expected To Be Received Under Cares Act
AmountExpectedToBeReceivedUnderCARESAct
27400000
linc Utilized Amount Of Permitted Expenses
UtilizedAmountOfPermittedExpenses
3300000
linc Increase Decrease In Cares Act Institutional Funds Liability
IncreaseDecreaseInCaresActInstitutionalFundsLiability
0
linc Increase Decrease In Cares Act Institutional Funds Liability
IncreaseDecreaseInCaresActInstitutionalFundsLiability
10387000
linc Increase Decrease In Cares Act Student Funds Liability
IncreaseDecreaseInCaresActStudentFundsLiability
0
linc Increase Decrease In Cares Act Student Funds Liability
IncreaseDecreaseInCaresActStudentFundsLiability
1073000
linc Credit Payment Of Financing Costs
CreditPaymentOfFinancingCosts
-3000
linc Credit Payment Of Financing Costs
CreditPaymentOfFinancingCosts
98000
linc Increase Decrease In Prepaid Income Taxes And Income Taxes Receivable
IncreaseDecreaseInPrepaidIncomeTaxesAndIncomeTaxesReceivable
-272000
linc Increase Decrease In Prepaid Income Taxes And Income Taxes Receivable
IncreaseDecreaseInPrepaidIncomeTaxesAndIncomeTaxesReceivable
180000
CY2019Q3 linc Net Income Loss Available To Common Stockholders After Preferred Stock Dividends
NetIncomeLossAvailableToCommonStockholdersAfterPreferredStockDividends
1340000
linc Net Income Loss Available To Common Stockholders After Preferred Stock Dividends
NetIncomeLossAvailableToCommonStockholdersAfterPreferredStockDividends
1471000
linc Net Income Loss Available To Common Stockholders After Preferred Stock Dividends
NetIncomeLossAvailableToCommonStockholdersAfterPreferredStockDividends
-7192000
CY2020Q3 linc Net Income Loss Available To Common Stockholders After Preferred Stock Dividends
NetIncomeLossAvailableToCommonStockholdersAfterPreferredStockDividends
2438000
CY2020Q3 linc Emergency Grants Received In Second Installment Under Cares Act
EmergencyGrantsReceivedInSecondInstallmentUnderCARESAct
13700000
CY2020Q3 linc Emergency Grants Distributed To Students Under Cares Act
EmergencyGrantsDistributedToStudentsUnderCARESAct
12600000
CY2020Q3 linc Emergency Grants Received In First Installment Under Cares Act
EmergencyGrantsReceivedInFirstInstallmentUnderCARESAct
13700000
linc Allocation To Restricted Stockholders
AllocationToRestrictedStockholders
0
CY2019Q3 linc Allocation To Restricted Stockholders
AllocationToRestrictedStockholders
0
linc Allocation To Restricted Stockholders
AllocationToRestrictedStockholders
65000
CY2020Q3 linc Allocation To Restricted Stockholders
AllocationToRestrictedStockholders
120000
linc Allocation To Preferred Stockholders
AllocationToPreferredStockholders
0
linc Allocation To Preferred Stockholders
AllocationToPreferredStockholders
259000
CY2019Q3 linc Allocation To Preferred Stockholders
AllocationToPreferredStockholders
0
CY2020Q3 linc Allocation To Preferred Stockholders
AllocationToPreferredStockholders
433000
linc Number Of Schools
NumberOfSchools
22
linc Number Of Campuses Treated As Destination Schools
NumberOfCampusesTreatedAsDestinationSchools
5
CY2019Q4 linc Cares Act Institutional Funds Liability
CaresActInstitutionalFundsLiability
0
CY2020Q3 linc Cares Act Institutional Funds Liability
CaresActInstitutionalFundsLiability
10387000
CY2020Q3 linc Cares Act Student Funds Liability
CaresActStudentFundsLiability
1073000
CY2019Q4 linc Cares Act Student Funds Liability
CaresActStudentFundsLiability
0
CY2020Q3 linc Cash Deposit From Cares Act
CashDepositFromCaresAct
11500000
CY2020Q3 linc Cash Received Under The Cares Act
CashReceivedUnderTheCARESAct
11500000
CY2020Q3 linc Line Of Credit Facility Additional Borrowing Capacity Under Cares Act
LineOfCreditFacilityAdditionalBorrowingCapacityUnderCARESAct
21000000

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