$LINC
LINCOLN EDUCATIONAL SERVICES CORP

2022 Q3 Form 10-Q Financial Statement

#000114036122028688 Filed on August 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $91.81M $82.14M $82.55M
YoY Change 3.09% 2.09% 5.84%
Cost Of Revenue $39.93M $36.11M $36.20M
YoY Change 4.8% 7.16% 11.91%
Gross Profit $51.88M $46.04M $46.36M
YoY Change 1.82% -1.57% 1.55%
Gross Profit Margin 56.51% 56.04% 56.15%
Selling, General & Admin $46.98M $45.84M $46.68M
YoY Change 3.93% 5.81% 17.79%
% of Gross Profit 90.56% 99.56% 100.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.561M $1.529M $1.528M
YoY Change -18.99% -14.72% -19.62%
% of Gross Profit 3.01% 3.32% 3.3%
Operating Expenses $46.98M $45.84M $46.68M
YoY Change 3.93% 5.81% 17.79%
Operating Profit $4.880M $396.0K -$326.0K
YoY Change -15.06% -88.53% -105.42%
Interest Expense $36.00K $35.00K $43.00K
YoY Change -112.33% -88.22% -84.91%
% of Operating Profit 0.74% 8.84%
Other Income/Expense, Net
YoY Change
Pretax Income $4.844M $361.0K -$369.0K
YoY Change -11.17% -88.56% -106.44%
Income Tax $1.300M $100.0K -$600.0K
% Of Pretax Income 26.84% 27.7%
Net Earnings $3.544M $259.0K $272.0K
YoY Change -7.68% -89.32% -93.94%
Net Earnings / Revenue 3.86% 0.32% 0.33%
Basic Earnings Per Share $0.10 $0.00 $0.00
Diluted Earnings Per Share $0.10 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 26.82M 25.96M 25.72M
Diluted Shares Outstanding 25.38M 25.96M 25.72M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.62M $66.99M $65.60M
YoY Change 47.65% 102.94% 145.69%
Cash & Equivalents $69.62M $66.99M $65.60M
Short-Term Investments
Other Short-Term Assets $6.814M $9.805M $9.923M
YoY Change -77.78% 120.44% -8.12%
Inventory $2.714M $3.082M $2.640M
Prepaid Expenses
Receivables $31.90M $31.59M $34.87M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $111.0M $111.5M $113.0M
YoY Change 0.09% 53.74% 59.68%
LONG-TERM ASSETS
Property, Plant & Equipment $23.84M $22.04M $118.8M
YoY Change -68.75% -79.12% 142.32%
Goodwill $14.50M $14.50M $14.50M
YoY Change -0.25% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $819.0K $835.0K $24.43M
YoY Change -97.51% -97.58% 2946.26%
Total Long-Term Assets $180.2M $174.0M $174.7M
YoY Change 26.47% 1.05% 3.31%
TOTAL ASSETS
Total Short-Term Assets $111.0M $111.5M $113.0M
Total Long-Term Assets $180.2M $174.0M $174.7M
Total Assets $291.3M $285.4M $287.7M
YoY Change 14.92% 16.66% 19.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.24M $13.94M $13.08M
YoY Change 1.28% 4.17% -26.16%
Accrued Expenses $10.04M $10.89M $20.52M
YoY Change -61.53% -56.18% 91.53%
Deferred Revenue $22.70M $21.70M $21.20M
YoY Change -2.25% 4.95%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Total Short-Term Liabilities $59.88M $58.19M $55.05M
YoY Change -13.06% -6.86% -9.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Other Long-Term Liabilities $93.25M $88.74M $92.06M
YoY Change 3226.76% 52.62% 3048.29%
Total Long-Term Liabilities $93.25M $88.74M $92.06M
YoY Change 460.02% 22.49% 420.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.88M $58.19M $55.05M
Total Long-Term Liabilities $93.25M $88.74M $92.06M
Total Liabilities $153.1M $146.9M $147.1M
YoY Change 9.76% 8.9% 10.59%
SHAREHOLDERS EQUITY
Retained Earnings $42.87M $39.63M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $126.2M $126.5M $128.6M
YoY Change
Total Liabilities & Shareholders Equity $291.3M $285.4M $287.7M
YoY Change 14.92% 16.66% 19.94%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $3.544M $259.0K $272.0K
YoY Change -7.68% -89.32% -93.94%
Depreciation, Depletion And Amortization $1.561M $1.529M $1.528M
YoY Change -18.99% -14.72% -19.62%
Cash From Operating Activities $10.60M $4.375M -$14.37M
YoY Change -36.44% -53.29% 73.12%
INVESTING ACTIVITIES
Capital Expenditures -$3.471M -$2.528M -$1.054M
YoY Change 99.94% 9.15% -186.46%
Acquisitions
YoY Change
Other Investing Activities $0.00 $2.381M $9.000K
YoY Change
Cash From Investing Activities -$3.471M -$147.0K -$1.045M
YoY Change 99.94% -93.65% -14.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.499M -2.842M -2.296M
YoY Change 459.58% 269.09% 30.01%
NET CHANGE
Cash From Operating Activities 10.60M 4.375M -14.37M
Cash From Investing Activities -3.471M -147.0K -1.045M
Cash From Financing Activities -4.499M -2.842M -2.296M
Net Change In Cash 2.634M 1.386M -17.71M
YoY Change -81.38% -77.93% 56.93%
FREE CASH FLOW
Cash From Operating Activities $10.60M $4.375M -$14.37M
Capital Expenditures -$3.471M -$2.528M -$1.054M
Free Cash Flow $14.08M $6.903M -$13.31M
YoY Change -23.58% -40.91% 39.87%

Facts In Submission

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<div> <span style="font-family: 'Times New Roman';"> </span></div> <div style="text-align: left; color: rgb(0, 0, 0); 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><span style="font-family: 'Times New Roman';"> – 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.</span></div>
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285416000
CY2021Q4 us-gaap Assets
Assets
295299000
CY2022Q2 linc Amount Expected To Be Received Under Cares Act
AmountExpectedToBeReceivedUnderCARESAct
27400000
linc Number Of Installments To Receive Cares Act Fund
NumberOfInstallmentsToReceiveCARESActFund
2
CY2021Q3 linc Emergency Grants Available In First Installment Under Cares Act
EmergencyGrantsAvailableInFirstInstallmentUnderCARESAct
13700000
linc Utilized Amount Of Permitted Expenses
UtilizedAmountOfPermittedExpenses
13700000
CY2022Q2 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
2300000
linc Department Of Education Governmental Allocated Amount To Schools
DepartmentOfEducationGovernmentalAllocatedAmountToSchools
24400000
CY2022Q2 linc Emergency Grants Distributed To Students Under Crrsaa And Arpa Act
EmergencyGrantsDistributedToStudentsUnderCRRSAAAndARPAAct
14800000

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0001140361-22-028688.txt Edgar Link pending
0001140361-22-028688-xbrl.zip Edgar Link pending
brhc10040441_10q.htm Edgar Link pending
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linc-20220630_cal.xml Edgar Link unprocessable
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brhc10040441_10q_htm.xml Edgar Link completed
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