$LINC
LINCOLN EDUCATIONAL SERVICES CORP

2023 Q2 Form 10-Q Financial Statement

#000114036123023526 Filed on May 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $88.65M $87.28M $82.55M
YoY Change 7.92% 5.73% 5.84%
Cost Of Revenue $40.03M $38.09M $36.20M
YoY Change 10.87% 5.24% 11.91%
Gross Profit $48.62M $49.19M $46.36M
YoY Change 5.6% 6.11% 1.55%
Gross Profit Margin 54.84% 56.36% 56.15%
Selling, General & Admin $51.81M $50.31M $46.68M
YoY Change 13.04% 7.76% 17.79%
% of Gross Profit 106.58% 102.27% 100.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.677M $1.255M $1.528M
YoY Change 9.68% -17.87% -19.62%
% of Gross Profit 3.45% 2.55% 3.3%
Operating Expenses $51.81M $50.31M $46.68M
YoY Change 13.04% 7.76% 17.79%
Operating Profit $23.52M -$1.116M -$326.0K
YoY Change 5838.13% 242.33% -105.42%
Interest Expense $28.00K $25.00K $43.00K
YoY Change -20.0% -41.86% -84.91%
% of Operating Profit 0.12%
Other Income/Expense, Net
YoY Change
Pretax Income $24.03M -$674.0K -$369.0K
YoY Change 6557.62% 82.66% -106.44%
Income Tax $6.800M -$600.0K -$600.0K
% Of Pretax Income 28.29%
Net Earnings $17.25M -$109.0K $272.0K
YoY Change 6560.23% -140.07% -93.94%
Net Earnings / Revenue 19.46% -0.12% 0.33%
Basic Earnings Per Share $0.57 $0.00 $0.00
Diluted Earnings Per Share $0.57 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 31.34M 31.51M 25.72M
Diluted Shares Outstanding 30.40M 30.04M 25.72M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.70M $55.04M $65.60M
YoY Change 35.4% -16.1% 145.69%
Cash & Equivalents $66.36M $40.28M $65.60M
Short-Term Investments $24.34M $14.76M
Other Short-Term Assets $12.18M $15.06M $9.923M
YoY Change 24.27% 51.74% -8.12%
Inventory $2.555M $2.636M $2.640M
Prepaid Expenses
Receivables $32.05M $34.86M $34.87M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $137.5M $107.6M $113.0M
YoY Change 23.35% -4.81% 59.68%
LONG-TERM ASSETS
Property, Plant & Equipment $32.51M $26.15M $118.8M
YoY Change 47.5% -78.0% 142.32%
Goodwill $10.74M $14.54M $14.50M
YoY Change -25.92% 0.25% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.161M $837.0K $24.43M
YoY Change 39.04% -96.57% 2946.26%
Total Long-Term Assets $173.9M $173.5M $174.7M
YoY Change -0.01% -0.66% 3.31%
TOTAL ASSETS
Total Short-Term Assets $137.5M $107.6M $113.0M
Total Long-Term Assets $173.9M $173.5M $174.7M
Total Assets $311.4M $281.1M $287.7M
YoY Change 9.11% -2.29% 19.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.84M $12.94M $13.08M
YoY Change 20.81% -1.06% -26.16%
Accrued Expenses $12.35M $9.006M $20.52M
YoY Change 13.41% -56.11% 91.53%
Deferred Revenue $22.90M $21.00M $21.20M
YoY Change 5.53% -0.94% 4.95%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $68.66M $54.57M $55.05M
YoY Change 18.0% -0.86% -9.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $88.29M $91.27M $92.06M
YoY Change -0.51% -0.86% 3048.29%
Total Long-Term Liabilities $88.29M $91.27M $92.06M
YoY Change -0.51% -0.86% 420.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.66M $54.57M $55.05M
Total Long-Term Liabilities $88.29M $91.27M $92.06M
Total Liabilities $157.0M $145.8M $147.1M
YoY Change 6.82% -0.86% 10.59%
SHAREHOLDERS EQUITY
Retained Earnings $60.42M $43.17M
YoY Change 52.49%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $154.5M $135.3M $128.6M
YoY Change
Total Liabilities & Shareholders Equity $311.4M $281.1M $287.7M
YoY Change 9.11% -2.29% 19.94%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $17.25M -$109.0K $272.0K
YoY Change 6560.23% -140.07% -93.94%
Depreciation, Depletion And Amortization $1.677M $1.255M $1.528M
YoY Change 9.68% -17.87% -19.62%
Cash From Operating Activities $10.62M -$214.0K -$14.37M
YoY Change 142.67% -98.51% 73.12%
INVESTING ACTIVITIES
Capital Expenditures $7.652M $3.249M -$1.054M
YoY Change -402.69% -408.25% -186.46%
Acquisitions
YoY Change
Other Investing Activities $23.72M $0.00 $9.000K
YoY Change 896.39% -100.0%
Cash From Investing Activities $16.07M -$3.249M -$1.045M
YoY Change -11033.33% 210.91% -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 -610.0K -2.335M -2.296M
YoY Change -78.54% 1.7% 30.01%
NET CHANGE
Cash From Operating Activities 10.62M -214.0K -14.37M
Cash From Investing Activities 16.07M -3.249M -1.045M
Cash From Financing Activities -610.0K -2.335M -2.296M
Net Change In Cash 26.08M -5.798M -17.71M
YoY Change 1781.6% -67.26% 56.93%
FREE CASH FLOW
Cash From Operating Activities $10.62M -$214.0K -$14.37M
Capital Expenditures $7.652M $3.249M -$1.054M
Free Cash Flow $2.965M -$3.463M -$13.31M
YoY Change -57.05% -73.99% 39.87%

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82554000
CY2022Q1 linc Percentage Of Total Revenue
PercentageOfTotalRevenue
1
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1116000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-326000
CY2023Q1 us-gaap Assets
Assets
281093000
CY2022Q4 us-gaap Assets
Assets
291566000
CY2023Q1 linc Number Of Treasury Bills
NumberOfTreasuryBills
4
CY2023Q1 linc Amount Expected To Be Received Under Cares Act
AmountExpectedToBeReceivedUnderCARESAct
27400000
CY2023Q1 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
CY2023Q1 linc Department Of Education Governmental Allocated Amount To Schools
DepartmentOfEducationGovernmentalAllocatedAmountToSchools
24400000
CY2023Q1 linc Emergency Grants Distributed To Students Under Crrsaa And Arpa Act
EmergencyGrantsDistributedToStudentsUnderCRRSAAAndARPAAct
14800000
CY2023Q1 linc Write Off Period For Student Receivable Balance
WriteOffPeriodForStudentReceivableBalance
P150D
CY2023Q1 linc Write Off Period For Student Receivable Balance
WriteOffPeriodForStudentReceivableBalance
P150D
CY2023Q1 linc Write Off Period For Student Receivable Balance
WriteOffPeriodForStudentReceivableBalance
P150D
CY2023Q1 us-gaap Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
14600000
CY2022Q4 us-gaap Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
22700000
CY2023Q1 us-gaap Accounts Receivable Noncurrent Originated In Current Fiscal Year
AccountsReceivableNoncurrentOriginatedInCurrentFiscalYear
37385000
CY2023Q1 linc Accounts Receivable Year One Originated Current Fiscal Year Write Offs
AccountsReceivableYearOneOriginatedCurrentFiscalYearWriteOffs
0
CY2023Q1 us-gaap Accounts Receivable Noncurrent Originated In Fiscal Year Before Latest Fiscal Year
AccountsReceivableNoncurrentOriginatedInFiscalYearBeforeLatestFiscalYear
30425000
CY2023Q1 linc Accounts Receivable Year Two Originated Fiscal Year Before Current Fiscal Year Write Offs
AccountsReceivableYearTwoOriginatedFiscalYearBeforeCurrentFiscalYearWriteOffs
6310000
CY2023Q1 us-gaap Accounts Receivable Noncurrent Originated Two Years Before Latest Fiscal Year
AccountsReceivableNoncurrentOriginatedTwoYearsBeforeLatestFiscalYear
10336000
CY2023Q1 linc Accounts Receivable Year Three Originated Two Years Before Current Fiscal Year Write Offs
AccountsReceivableYearThreeOriginatedTwoYearsBeforeCurrentFiscalYearWriteOffs
1088000
CY2023Q1 us-gaap Accounts Receivable Noncurrent Originated Three Years Before Latest Fiscal Year
AccountsReceivableNoncurrentOriginatedThreeYearsBeforeLatestFiscalYear
4490000
CY2023Q1 linc Accounts Receivable Year Four Originated Three Years Before Current Fiscal Year Write Offs
AccountsReceivableYearFourOriginatedThreeYearsBeforeCurrentFiscalYearWriteOffs
175000
CY2023Q1 us-gaap Accounts Receivable Noncurrent Originated Four Years Before Latest Fiscal Year
AccountsReceivableNoncurrentOriginatedFourYearsBeforeLatestFiscalYear
3115000
CY2023Q1 linc Accounts Receivable Year Five Originated Four Years Before Current Fiscal Year Write Offs
AccountsReceivableYearFiveOriginatedFourYearsBeforeCurrentFiscalYearWriteOffs
209000
CY2023Q1 us-gaap Accounts Receivable Noncurrent Originated Five Or More Years Before Latest Fiscal Year
AccountsReceivableNoncurrentOriginatedFiveOrMoreYearsBeforeLatestFiscalYear
1899000
CY2023Q1 linc Accounts Receivable Originated More Than Five Years Before Current Fiscal Year Write Offs
AccountsReceivableOriginatedMoreThanFiveYearsBeforeCurrentFiscalYearWriteOffs
63000
CY2023Q1 us-gaap Accounts Receivable Gross Noncurrent
AccountsReceivableGrossNoncurrent
87650000
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
7845000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
35370000
CY2023Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
8233000
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
7845000
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
46599000

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