$LINC
LINCOLN EDUCATIONAL SERVICES CORP

2021 Q1 Form 10-Q Financial Statement

#000114036121016610 Filed on May 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $78.00M $70.04M
YoY Change 11.36% 10.71%
Cost Of Revenue $32.34M $30.24M
YoY Change 6.96% 0.86%
Gross Profit $45.65M $39.80M
YoY Change 14.69% 19.59%
Gross Profit Margin 58.53% 56.83%
Selling, General & Admin $39.63M $41.15M
YoY Change -3.68% 7.87%
% of Gross Profit 86.82% 103.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.901M $1.890M
YoY Change 0.58% -7.8%
% of Gross Profit 4.16% 4.75%
Operating Expenses $39.63M $41.15M
YoY Change -3.68% 7.87%
Operating Profit $6.019M -$1.346M
YoY Change -547.18% -72.33%
Interest Expense $285.0K $354.0K
YoY Change -19.49% -36.45%
% of Operating Profit 4.74%
Other Income/Expense, Net
YoY Change
Pretax Income $5.734M -$1.700M
YoY Change -437.29% -68.62%
Income Tax $1.200M $100.0K
% Of Pretax Income 20.93%
Net Earnings $4.489M -$1.750M
YoY Change -356.51% -67.99%
Net Earnings / Revenue 5.76% -2.5%
Basic Earnings Per Share $0.13 -$0.08
Diluted Earnings Per Share $0.13 -$0.08
COMMON SHARES
Basic Shares Outstanding 24.89M 24.60M
Diluted Shares Outstanding 24.89M 24.60M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.70M $9.700M
YoY Change 175.26% 70.18%
Cash & Equivalents $26.74M $9.741M
Short-Term Investments
Other Short-Term Assets $10.80M $4.400M
YoY Change 145.45% -43.59%
Inventory $2.666M $1.835M
Prepaid Expenses
Receivables $30.60M $26.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $70.78M $42.49M
YoY Change 66.58% 12.71%
LONG-TERM ASSETS
Property, Plant & Equipment $49.04M $49.37M
YoY Change -0.67% -43.32%
Goodwill $14.50M $14.54M
YoY Change -0.25% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $802.0K $999.0K
YoY Change -19.72% -72.25%
Total Long-Term Assets $169.1M $126.8M
YoY Change 33.38% 7.15%
TOTAL ASSETS
Total Short-Term Assets $70.78M $42.49M
Total Long-Term Assets $169.1M $126.8M
Total Assets $239.9M $169.3M
YoY Change 41.71% 8.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.72M $12.70M
YoY Change 39.52% -12.42%
Accrued Expenses $10.71M $8.592M
YoY Change 24.69% -60.04%
Deferred Revenue $20.20M $18.28M
YoY Change 10.48%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.000M $2.000M
YoY Change 0.0% -44.44%
Total Short-Term Liabilities $60.55M $51.08M
YoY Change 18.54% -14.58%
LONG-TERM LIABILITIES
Long-Term Debt $14.76M $16.58M
YoY Change -10.97% -21.07%
Other Long-Term Liabilities $2.924M $939.0K
YoY Change 211.4% -97.69%
Total Long-Term Liabilities $17.68M $17.52M
YoY Change 0.95% -71.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.55M $51.08M
Total Long-Term Liabilities $17.68M $17.52M
Total Liabilities $133.0M $116.4M
YoY Change 14.31% -4.15%
SHAREHOLDERS EQUITY
Retained Earnings $10.39M -$43.81M
YoY Change -123.71%
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 $94.86M $40.91M
YoY Change
Total Liabilities & Shareholders Equity $239.9M $169.3M
YoY Change 41.71% 8.49%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $4.489M -$1.750M
YoY Change -356.51% -67.99%
Depreciation, Depletion And Amortization $1.901M $1.890M
YoY Change 0.58% -7.8%
Cash From Operating Activities -$8.299M -$11.95M
YoY Change -30.53% 9.38%
INVESTING ACTIVITIES
Capital Expenditures $1.219M $1.287M
YoY Change -5.28% 101.41%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.219M -$1.287M
YoY Change -5.28% 101.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $500.0K $26.50M
YoY Change -98.11% -0.38%
Cash From Financing Activities -1.766M -15.67M
YoY Change -88.73% -35.26%
NET CHANGE
Cash From Operating Activities -8.299M -11.95M
Cash From Investing Activities -1.219M -1.287M
Cash From Financing Activities -1.766M -15.67M
Net Change In Cash -11.28M -28.90M
YoY Change -60.96% -19.19%
FREE CASH FLOW
Cash From Operating Activities -$8.299M -$11.95M
Capital Expenditures $1.219M $1.287M
Free Cash Flow -$9.518M -$13.23M
YoY Change -28.08% 14.47%

Facts In Submission

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<div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Use of Estimates in the Preparation of Financial Statements</span> – 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.  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 (“ROU”) assets, lease term to calculate lease cost, revenue recognition, bad debts, impairments, useful lives of fixed assets, income taxes, benefit plans and certain accruals.  Actual results could differ from those estimates.</div>
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0
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0
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodTotalIntrinsicValue
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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81000
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7.79
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P0Y11M1D
CY2021Q1 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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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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81000
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
7.79
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
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CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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10761000
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102640000
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Goodwill
14536000
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2
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13700000
CY2021Q1 linc Utilized Amount Of Permitted Expenses
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13700000
CY2021Q1 linc Net Benefit To Bad Debt Expense Due To Guidance Released By Department Of Education
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3000000.0
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27400000
CY2021Q1 us-gaap Loans And Leases Receivable Gross Carrying Amount
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4500000
CY2020Q4 linc Additional Amount Of Coronavirus Response And Relief Supplemental Appropriations Act To Education Stabilization Fund
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81900000000
CY2020Q4 linc Amount Included For Higher Education Emergency Relief Fund
AmountIncludedForHigherEducationEmergencyReliefFund
22700000000
CY2021Q1 linc Department Of Education Governmental Allocated Amount To Schools
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15400000
CY2021Q1 linc Number Of Stock Incentive Plans
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3
CY2021Q1 us-gaap Income Tax Expense Benefit
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1200000
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
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100000
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CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021Q1 us-gaap Number Of Reportable Segments
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2
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77996000
CY2021Q1 linc Percentage Of Total Revenue
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CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020Q1 linc Percentage Of Total Revenue
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CY2021Q1 us-gaap Operating Income Loss
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6019000
CY2020Q1 us-gaap Operating Income Loss
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CY2021Q1 us-gaap Assets
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239853000
CY2020Q4 us-gaap Assets
Assets
245190000
CY2021Q1 linc Emergency Grants Available To Draw Down In Second Installment Under Cares Act
EmergencyGrantsAvailableToDrawDownInSecondInstallmentUnderCARESAct
5700000

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