$LINC
LINCOLN EDUCATIONAL SERVICES CORP

2021 Q4 Form 10-Q Financial Statement

#000114036121036991 Filed on November 08, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q4
Revenue $87.82M $89.06M $81.80M
YoY Change 7.35% 13.03% 10.67%
Cost Of Revenue $34.79M $38.11M $31.50M
YoY Change 10.44% 11.25% 2.94%
Gross Profit $53.03M $50.95M $50.30M
YoY Change 5.42% 14.4% 15.9%
Gross Profit Margin 60.39% 57.21% 61.49%
Selling, General & Admin $40.76M $45.21M $36.70M
YoY Change 11.07% 11.08% 8.9%
% of Gross Profit 76.87% 88.73% 72.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.520M $1.927M $1.900M
YoY Change -20.0% 13.35% -9.52%
% of Gross Profit 2.87% 3.78% 3.78%
Operating Expenses $40.76M $45.21M $36.70M
YoY Change 11.07% 11.08% 8.9%
Operating Profit $12.26M $5.745M $13.60M
YoY Change -9.82% 49.61% 40.21%
Interest Expense -$1.141M -$292.0K -$300.0K
YoY Change 280.33% -205.04% -62.5%
% of Operating Profit -9.3% -5.08% -2.21%
Other Income/Expense, Net
YoY Change
Pretax Income $32.90M $5.453M $10.80M
YoY Change 204.66% 53.09% 17.39%
Income Tax $8.939M $1.600M -$35.20M
% Of Pretax Income 27.17% 29.34% -325.93%
Net Earnings $23.96M $3.839M $46.00M
YoY Change -47.9% 9.31% 399.67%
Net Earnings / Revenue 27.29% 4.31% 56.23%
Basic Earnings Per Share $0.11
Diluted Earnings Per Share $951.1K $152.7K $1.855M
COMMON SHARES
Basic Shares Outstanding 27.00M 25.14M 26.48M
Diluted Shares Outstanding 25.14M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $83.31M $47.15M $38.00M
YoY Change 119.23% 77.92% 61.02%
Cash & Equivalents $83.31M $47.20M $38.03M
Short-Term Investments
Other Short-Term Assets $9.440M $30.66M $3.700M
YoY Change 155.14% 686.23% -19.57%
Inventory $2.721M $3.155M $2.394M
Prepaid Expenses
Receivables $26.16M $29.99M $30.02M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $121.6M $111.0M $74.16M
YoY Change 64.0% 65.99% 46.93%
LONG-TERM ASSETS
Property, Plant & Equipment $23.12M $76.28M $48.39M
YoY Change -52.22% 55.05% -1.94%
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 $794.0K $32.88M $734.0K
YoY Change 8.17% 3296.49% -26.82%
Total Long-Term Assets $173.7M $142.5M $171.0M
YoY Change 1.55% 2.54% 18.53%
TOTAL ASSETS
Total Short-Term Assets $121.6M $111.0M $74.16M
Total Long-Term Assets $173.7M $142.5M $171.0M
Total Assets $295.3M $253.5M $245.2M
YoY Change 20.44% 23.15% 25.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.30M $16.04M $15.68M
YoY Change -21.56% -8.78% 7.49%
Accrued Expenses $15.67M $26.09M $16.69M
YoY Change -6.13% 108.2% 112.12%
Deferred Revenue $25.40M $23.50M
YoY Change 8.09% 0.38%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $2.000M $2.000M
YoY Change -100.0% 0.0% 0.0%
Total Short-Term Liabilities $65.88M $68.88M $66.84M
YoY Change -1.44% -3.37% 16.85%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $13.85M $15.21M
YoY Change -100.0% -11.61% -52.5%
Other Long-Term Liabilities $0.00 $2.803M $3.133M
YoY Change -100.0% 15.11% 1364.02%
Total Long-Term Liabilities $0.00 $16.65M $18.35M
YoY Change -100.0% -8.02% -43.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $65.88M $68.88M $66.84M
Total Long-Term Liabilities $0.00 $16.65M $18.35M
Total Liabilities $153.9M $139.5M $142.1M
YoY Change 8.27% -6.08% 1.8%
SHAREHOLDERS EQUITY
Retained Earnings $39.70M $6.203M
YoY Change 540.05% -114.75%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $82.86M $82.86M
YoY Change 0.0% 0.0%
Treasury Stock Shares $5.911M $5.911M
Shareholders Equity $129.4M $102.0M $91.07M
YoY Change
Total Liabilities & Shareholders Equity $295.3M $253.5M $245.2M
YoY Change 20.44% 23.15% 25.89%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income $23.96M $3.839M $46.00M
YoY Change -47.9% 9.31% 399.67%
Depreciation, Depletion And Amortization $1.520M $1.927M $1.900M
YoY Change -20.0% 13.35% -9.52%
Cash From Operating Activities $9.697M $16.68M $13.30M
YoY Change -27.09% 350.89% 125.42%
INVESTING ACTIVITIES
Capital Expenditures -$2.279M -$1.736M -$2.000M
YoY Change 13.95% 247.2% -4.76%
Acquisitions
YoY Change
Other Investing Activities $45.38M $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $43.10M -$1.736M -$2.000M
YoY Change -2255.0% 247.2% 17.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.64M -804.0K -800.0K
YoY Change 1980.0% -49.75% -104.28%
NET CHANGE
Cash From Operating Activities 9.697M 16.68M 13.30M
Cash From Investing Activities 43.10M -1.736M -2.000M
Cash From Financing Activities -16.64M -804.0K -800.0K
Net Change In Cash 36.16M 14.14M 10.50M
YoY Change 244.35% 783.94% -54.15%
FREE CASH FLOW
Cash From Operating Activities $9.697M $16.68M $13.30M
Capital Expenditures -$2.279M -$1.736M -$2.000M
Free Cash Flow $11.98M $18.42M $15.30M
YoY Change -21.73% 338.55% 91.25%

Facts In Submission

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LINCOLN EDUCATIONAL SERVICES CORP
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
81000
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
7.79
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P0Y5M1D
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1600000
CY2021Q3 linc Emergency Grants Distributed To Students Under Cares Act
EmergencyGrantsDistributedToStudentsUnderCARESAct
13700000
linc Utilized Amount Of Permitted Expenses
UtilizedAmountOfPermittedExpenses
13700000
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.296
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000
CY2021Q1 linc Net Benefit To Bad Debt Expense Due To Guidance Released By Department Of Education
NetBenefitToBadDebtExpenseDueToGuidanceReleasedByDepartmentOfEducation
3000000.0
CY2021Q3 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
4500000
CY2020Q4 linc Additional Amount Of Coronavirus Response And Relief Supplemental Appropriations Act To Education Stabilization Fund
AdditionalAmountOfCoronavirusResponseAndReliefSupplementalAppropriationsActToEducationStabilizationFund
81900000000
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.014
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3600000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
89059000
CY2021Q3 linc Percentage Of Total Revenue
PercentageOfTotalRevenue
1.000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
78792000
CY2020Q3 linc Percentage Of Total Revenue
PercentageOfTotalRevenue
1.000
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
5745000
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
3840000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
247520000
linc Percentage Of Total Revenue
PercentageOfTotalRevenue
1.000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
211303000
linc Percentage Of Total Revenue
PercentageOfTotalRevenue
1.000
us-gaap Operating Income Loss
OperatingIncomeLoss
15217000
us-gaap Operating Income Loss
OperatingIncomeLoss
3655000
CY2021Q3 us-gaap Assets
Assets
253456000
CY2020Q4 us-gaap Assets
Assets
245190000
CY2020Q4 linc Amount Included For Higher Education Emergency Relief Fund
AmountIncludedForHigherEducationEmergencyReliefFund
22700000000
linc Department Of Education Governmental Allocated Amount To Schools
DepartmentOfEducationGovernmentalAllocatedAmountToSchools
15400000

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