$LINC
LINCOLN EDUCATIONAL SERVICES CORP

2021 Q2 Form 10-Q Financial Statement

#000114036121027529 Filed on August 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $80.46M $62.47M
YoY Change 28.8% -1.73%
Cost Of Revenue $33.69M $26.25M
YoY Change 28.38% -11.78%
Gross Profit $46.77M $36.23M
YoY Change 29.11% 7.11%
Gross Profit Margin 58.13% 57.99%
Selling, General & Admin $43.32M $35.16M
YoY Change 23.2% -2.09%
% of Gross Profit 92.62% 97.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.793M $1.900M
YoY Change -5.63% 0.0%
% of Gross Profit 3.83% 5.24%
Operating Expenses $43.32M $35.16M
YoY Change 23.2% -2.09%
Operating Profit $3.452M $1.160M
YoY Change 197.59% -155.42%
Interest Expense $297.0K $327.0K
YoY Change -9.17% -60.55%
% of Operating Profit 8.6% 28.19%
Other Income/Expense, Net
YoY Change
Pretax Income $3.155M $833.0K
YoY Change 278.75% -128.53%
Income Tax $700.0K $100.0K
% Of Pretax Income 22.19% 12.0%
Net Earnings $2.426M $783.0K
YoY Change 209.83% -125.55%
Net Earnings / Revenue 3.02% 1.25%
Basic Earnings Per Share $0.06 $0.02
Diluted Earnings Per Share $0.06 $0.02
COMMON SHARES
Basic Shares Outstanding 25.11M 24.74M
Diluted Shares Outstanding 25.11M 24.74M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.01M $23.30M
YoY Change 41.66% 258.46%
Cash & Equivalents $33.01M $23.34M
Short-Term Investments
Other Short-Term Assets $4.448M $6.600M
YoY Change -32.61% -30.53%
Inventory $3.327M $3.107M
Prepaid Expenses
Receivables $31.72M $27.91M
Other Receivables $0.00 $0.00
Total Short-Term Assets $72.50M $61.01M
YoY Change 18.84% 51.84%
LONG-TERM ASSETS
Property, Plant & Equipment $105.5M $49.17M
YoY Change 114.61% 3.56%
Goodwill $14.50M $14.54M
YoY Change -0.25% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $34.55M $1.003M
YoY Change 3344.37% -8.07%
Total Long-Term Assets $172.1M $133.9M
YoY Change 28.57% 16.71%
TOTAL ASSETS
Total Short-Term Assets $72.50M $61.01M
Total Long-Term Assets $172.1M $133.9M
Total Assets $244.6M $194.9M
YoY Change 25.52% 25.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.39M $14.06M
YoY Change -4.79% -23.64%
Accrued Expenses $24.85M $12.16M
YoY Change 104.3% 33.31%
Deferred Revenue $22.20M $17.57M
YoY Change 26.33% -10.87%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.000M $2.000M
YoY Change 0.0% -56.32%
Total Short-Term Liabilities $62.47M $68.57M
YoY Change -8.89% 9.26%
LONG-TERM LIABILITIES
Long-Term Debt $14.30M $16.12M
YoY Change -11.28% -24.79%
Other Long-Term Liabilities $58.15M $1.014M
YoY Change 5634.32% 1039.33%
Total Long-Term Liabilities $72.45M $17.14M
YoY Change 322.81% -20.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $62.47M $68.57M
Total Long-Term Liabilities $72.45M $17.14M
Total Liabilities $134.9M $140.9M
YoY Change -4.21% 14.49%
SHAREHOLDERS EQUITY
Retained Earnings -$43.03M
YoY Change -18.21%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $82.86M
YoY Change 0.0%
Treasury Stock Shares $5.911M
Shareholders Equity $97.74M $42.06M
YoY Change
Total Liabilities & Shareholders Equity $244.6M $194.9M
YoY Change 25.52% 25.83%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $2.426M $783.0K
YoY Change 209.83% -125.55%
Depreciation, Depletion And Amortization $1.793M $1.900M
YoY Change -5.63% 0.0%
Cash From Operating Activities $9.367M $18.40M
YoY Change -49.09% 18300.0%
INVESTING ACTIVITIES
Capital Expenditures -$2.316M -$1.800M
YoY Change 28.67% 200.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $100.0K
YoY Change -100.0%
Cash From Investing Activities -$2.316M -$1.700M
YoY Change 36.24% 183.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -770.0K -500.0K
YoY Change 54.0% -141.67%
NET CHANGE
Cash From Operating Activities 9.367M 18.40M
Cash From Investing Activities -2.316M -1.700M
Cash From Financing Activities -770.0K -500.0K
Net Change In Cash 6.281M 16.20M
YoY Change -61.23% 2214.29%
FREE CASH FLOW
Cash From Operating Activities $9.367M $18.40M
Capital Expenditures -$2.316M -$1.800M
Free Cash Flow $11.68M $20.20M
YoY Change -42.16% 2785.71%

Facts In Submission

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23500000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
22400000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
80464000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
158461000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
62470000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
132511000
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
3800000
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
3700000
us-gaap Operating Lease Cost
OperatingLeaseCost
7600000
us-gaap Operating Lease Cost
OperatingLeaseCost
7400000
CY2021Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
3829000
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
3802000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
8781000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000
us-gaap Operating Lease Payments
OperatingLeasePayments
7037000
us-gaap Operating Lease Payments
OperatingLeasePayments
7643000
CY2021Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3152000
CY2020Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
8731000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3202000
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y8M15D
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y4M20D
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1093
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1194
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
7909000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
15668000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
14531000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
12952000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
11205000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
8122000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
10560000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
80947000
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
20308000
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
60639000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.115
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.222
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
0
linc Share Based Compensation Arrangement By Share Based Payment Award Options Vested Weighted Average Exercise Price Per Share
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedWeightedAverageExercisePricePerShare
0
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
700000
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.231
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.060
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2000000.0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.222
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
3452000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
80464000
CY2021Q2 linc Percentage Of Total Revenue
PercentageOfTotalRevenue
1.000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
62470000
CY2020Q2 linc Percentage Of Total Revenue
PercentageOfTotalRevenue
1.000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1160000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
158461000
linc Percentage Of Total Revenue
PercentageOfTotalRevenue
1.000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
132511000
linc Percentage Of Total Revenue
PercentageOfTotalRevenue
1.000
us-gaap Operating Income Loss
OperatingIncomeLoss
9472000
us-gaap Operating Income Loss
OperatingIncomeLoss
-185000
CY2021Q2 us-gaap Assets
Assets
244646000
CY2020Q4 us-gaap Assets
Assets
245190000

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