$LINC
LINCOLN EDUCATIONAL SERVICES CORP

2022 Q4 Form 10-Q Financial Statement

#000114036122040343 Filed on November 07, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $91.78M $91.81M $89.06M
YoY Change 4.51% 3.09% 13.03%
Cost Of Revenue $36.51M $39.93M $38.11M
YoY Change 4.96% 4.8% 11.25%
Gross Profit $55.27M $51.88M $50.95M
YoY Change 4.22% 1.82% 14.4%
Gross Profit Margin 60.22% 56.51% 57.21%
Selling, General & Admin $42.89M $46.98M $45.21M
YoY Change 5.21% 3.93% 11.08%
% of Gross Profit 77.6% 90.56% 88.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.744M $1.561M $1.927M
YoY Change 14.74% -18.99% 13.35%
% of Gross Profit 3.16% 3.01% 3.78%
Operating Expenses $42.89M $46.98M $45.21M
YoY Change 5.21% 3.93% 11.08%
Operating Profit $12.38M $4.880M $5.745M
YoY Change 0.92% -15.06% 49.61%
Interest Expense $272.0K $36.00K -$292.0K
YoY Change -123.84% -112.33% -205.04%
% of Operating Profit 2.2% 0.74% -5.08%
Other Income/Expense, Net
YoY Change
Pretax Income $11.60M $4.844M $5.453M
YoY Change -64.75% -11.17% 53.09%
Income Tax $3.041M $1.300M $1.600M
% Of Pretax Income 26.22% 26.84% 29.34%
Net Earnings $6.722M $3.544M $3.839M
YoY Change -71.95% -7.68% 9.31%
Net Earnings / Revenue 7.32% 3.86% 4.31%
Basic Earnings Per Share $0.10 $0.11
Diluted Earnings Per Share $0.25 $0.10 $152.7K
COMMON SHARES
Basic Shares Outstanding 26.26M 26.82M 25.14M
Diluted Shares Outstanding 25.38M 25.14M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.83M $69.62M $47.15M
YoY Change -26.98% 47.65% 77.92%
Cash & Equivalents $46.07M $69.62M $47.20M
Short-Term Investments $14.76M
Other Short-Term Assets $13.51M $6.814M $30.66M
YoY Change 43.11% -77.78% 686.23%
Inventory $2.618M $2.714M $3.155M
Prepaid Expenses
Receivables $37.18M $31.90M $29.99M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $114.1M $111.0M $111.0M
YoY Change -6.16% 0.09% 65.99%
LONG-TERM ASSETS
Property, Plant & Equipment $23.94M $23.84M $76.28M
YoY Change 3.55% -68.75% 55.05%
Goodwill $14.54M $14.50M $14.54M
YoY Change 0.0% -0.25% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $812.0K $819.0K $32.88M
YoY Change 2.27% -97.51% 3296.49%
Total Long-Term Assets $177.4M $180.2M $142.5M
YoY Change 2.16% 26.47% 2.54%
TOTAL ASSETS
Total Short-Term Assets $114.1M $111.0M $111.0M
Total Long-Term Assets $177.4M $180.2M $142.5M
Total Assets $291.6M $291.3M $253.5M
YoY Change -1.26% 14.92% 23.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.50M $16.24M $16.04M
YoY Change -14.65% 1.28% -8.78%
Accrued Expenses $8.653M $10.04M $26.09M
YoY Change -44.78% -61.53% 108.2%
Deferred Revenue $24.20M $22.70M
YoY Change -4.72%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $2.000M
YoY Change -100.0% 0.0%
Total Short-Term Liabilities $55.02M $59.88M $68.88M
YoY Change -16.49% -13.06% -3.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $13.85M
YoY Change -100.0% -11.61%
Other Long-Term Liabilities $91.67M $93.25M $2.803M
YoY Change 3226.76% 15.11%
Total Long-Term Liabilities $91.67M $93.25M $16.65M
YoY Change 460.02% -8.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $55.02M $59.88M $68.88M
Total Long-Term Liabilities $91.67M $93.25M $16.65M
Total Liabilities $146.7M $153.1M $139.5M
YoY Change -4.68% 9.76% -6.08%
SHAREHOLDERS EQUITY
Retained Earnings $51.23M $42.87M
YoY Change 29.02%
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 $144.9M $126.2M $102.0M
YoY Change
Total Liabilities & Shareholders Equity $291.6M $291.3M $253.5M
YoY Change -1.26% 14.92% 23.15%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income $6.722M $3.544M $3.839M
YoY Change -71.95% -7.68% 9.31%
Depreciation, Depletion And Amortization $1.744M $1.561M $1.927M
YoY Change 14.74% -18.99% 13.35%
Cash From Operating Activities $270.0K $10.60M $16.68M
YoY Change -97.22% -36.44% 350.89%
INVESTING ACTIVITIES
Capital Expenditures $1.933M -$3.471M -$1.736M
YoY Change -184.82% 99.94% 247.2%
Acquisitions
YoY Change
Other Investing Activities -$14.76M $0.00 $0.00
YoY Change -132.52%
Cash From Investing Activities -$16.69M -$3.471M -$1.736M
YoY Change -138.73% 99.94% 247.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.911M -4.499M -804.0K
YoY Change -82.51% 459.58% -49.75%
NET CHANGE
Cash From Operating Activities 270.0K 10.60M 16.68M
Cash From Investing Activities -16.69M -3.471M -1.736M
Cash From Financing Activities -2.911M -4.499M -804.0K
Net Change In Cash -19.33M 2.634M 14.14M
YoY Change -153.47% -81.38% 783.94%
FREE CASH FLOW
Cash From Operating Activities $270.0K $10.60M $16.68M
Capital Expenditures $1.933M -$3.471M -$1.736M
Free Cash Flow -$1.663M $14.08M $18.42M
YoY Change -113.89% -23.58% 338.55%

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CY2022Q3 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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