$LINC
LINCOLN EDUCATIONAL SERVICES CORP

2023 Q3 Form 10-Q Financial Statement

#000114036123038340 Filed on August 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $99.62M $88.65M $82.14M
YoY Change 8.5% 7.92% 2.09%
Cost Of Revenue $43.13M $40.03M $36.11M
YoY Change 8.0% 10.87% 7.16%
Gross Profit $56.49M $48.62M $46.04M
YoY Change 8.88% 5.6% -1.57%
Gross Profit Margin 56.71% 54.84% 56.04%
Selling, General & Admin $54.49M $51.81M $45.84M
YoY Change 15.97% 13.04% 5.81%
% of Gross Profit 96.45% 106.58% 99.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.800M $1.677M $1.529M
YoY Change 15.31% 9.68% -14.72%
% of Gross Profit 3.19% 3.45% 3.32%
Operating Expenses $54.49M $51.81M $45.84M
YoY Change 15.97% 13.04% 5.81%
Operating Profit $1.996M $23.52M $396.0K
YoY Change -59.1% 5838.13% -88.53%
Interest Expense $21.00K $28.00K $35.00K
YoY Change -41.67% -20.0% -88.22%
% of Operating Profit 1.05% 0.12% 8.84%
Other Income/Expense, Net
YoY Change
Pretax Income $2.853M $24.03M $361.0K
YoY Change -41.1% 6557.62% -88.56%
Income Tax $800.0K $6.800M $100.0K
% Of Pretax Income 28.04% 28.29% 27.7%
Net Earnings $2.064M $17.25M $259.0K
YoY Change -41.76% 6560.23% -89.32%
Net Earnings / Revenue 2.07% 19.46% 0.32%
Basic Earnings Per Share $0.07 $0.57 $0.00
Diluted Earnings Per Share $0.07 $0.57 $0.00
COMMON SHARES
Basic Shares Outstanding 31.36M 31.34M 25.96M
Diluted Shares Outstanding 30.70M 30.40M 25.96M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $66.10M $90.70M $66.99M
YoY Change -5.05% 35.4% 102.94%
Cash & Equivalents $41.72M $66.36M $66.99M
Short-Term Investments $24.30M $24.34M
Other Short-Term Assets $21.40M $12.18M $9.805M
YoY Change 214.06% 24.27% 120.44%
Inventory $2.935M $2.555M $3.082M
Prepaid Expenses
Receivables $40.26M $32.05M $31.59M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $130.7M $137.5M $111.5M
YoY Change 17.67% 23.35% 53.74%
LONG-TERM ASSETS
Property, Plant & Equipment $38.40M $32.51M $22.04M
YoY Change 61.07% 47.5% -79.12%
Goodwill $10.74M $10.74M $14.50M
YoY Change -25.92% -25.92% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.179M $1.161M $835.0K
YoY Change 43.96% 39.04% -97.58%
Total Long-Term Assets $185.1M $173.9M $174.0M
YoY Change 2.7% -0.01% 1.05%
TOTAL ASSETS
Total Short-Term Assets $130.7M $137.5M $111.5M
Total Long-Term Assets $185.1M $173.9M $174.0M
Total Assets $315.8M $311.4M $285.4M
YoY Change 8.41% 9.11% 16.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.58M $16.84M $13.94M
YoY Change 8.25% 20.81% 4.17%
Accrued Expenses $12.67M $12.35M $10.89M
YoY Change 26.22% 13.41% -56.18%
Deferred Revenue $21.80M $22.90M $21.70M
YoY Change -3.96% 5.53% -2.25%
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 $66.10M $68.66M $58.19M
YoY Change 10.38% 18.0% -6.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $92.50M $88.29M $88.74M
YoY Change -0.8% -0.51% 52.62%
Total Long-Term Liabilities $92.50M $88.29M $88.74M
YoY Change -0.8% -0.51% 22.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $66.10M $68.66M $58.19M
Total Long-Term Liabilities $92.50M $88.29M $88.74M
Total Liabilities $158.6M $157.0M $146.9M
YoY Change 3.58% 6.82% 8.9%
SHAREHOLDERS EQUITY
Retained Earnings $62.49M $60.42M $39.63M
YoY Change 45.78% 52.49%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $157.2M $154.5M $126.5M
YoY Change
Total Liabilities & Shareholders Equity $315.8M $311.4M $285.4M
YoY Change 8.41% 9.11% 16.66%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $2.064M $17.25M $259.0K
YoY Change -41.76% 6560.23% -89.32%
Depreciation, Depletion And Amortization $1.800M $1.677M $1.529M
YoY Change 15.31% 9.68% -14.72%
Cash From Operating Activities -$6.800M $10.62M $4.375M
YoY Change -164.13% 142.67% -53.29%
INVESTING ACTIVITIES
Capital Expenditures $17.80M $7.652M -$2.528M
YoY Change -612.82% -402.69% 9.15%
Acquisitions
YoY Change
Other Investing Activities $0.00 $23.72M $2.381M
YoY Change 896.39%
Cash From Investing Activities -$17.80M $16.07M -$147.0K
YoY Change 412.82% -11033.33% -93.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -610.0K -2.842M
YoY Change -100.0% -78.54% 269.09%
NET CHANGE
Cash From Operating Activities -6.800M 10.62M 4.375M
Cash From Investing Activities -17.80M 16.07M -147.0K
Cash From Financing Activities 0.000 -610.0K -2.842M
Net Change In Cash -24.60M 26.08M 1.386M
YoY Change -1033.94% 1781.6% -77.93%
FREE CASH FLOW
Cash From Operating Activities -$6.800M $10.62M $4.375M
Capital Expenditures $17.80M $7.652M -$2.528M
Free Cash Flow -$24.60M $2.965M $6.903M
YoY Change -274.78% -57.05% -40.91%

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CY2023Q2 us-gaap Accounts Receivable Noncurrent Originated Four Years Before Latest Fiscal Year
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2662000
CY2023Q2 linc Accounts Receivable Year Five Originated Four Years Before Current Fiscal Year Write Offs
AccountsReceivableYearFiveOriginatedFourYearsBeforeCurrentFiscalYearWriteOffs
178000
linc Accounts Receivable Year Five Originated Four Years Before Current Fiscal Year Write Offs
AccountsReceivableYearFiveOriginatedFourYearsBeforeCurrentFiscalYearWriteOffs
387000
CY2023Q2 us-gaap Accounts Receivable Noncurrent Originated Five Or More Years Before Latest Fiscal Year
AccountsReceivableNoncurrentOriginatedFiveOrMoreYearsBeforeLatestFiscalYear
1545000
CY2023Q2 linc Accounts Receivable Originated More Than Five Years Before Current Fiscal Year Write Offs
AccountsReceivableOriginatedMoreThanFiveYearsBeforeCurrentFiscalYearWriteOffs
96000
linc Accounts Receivable Originated More Than Five Years Before Current Fiscal Year Write Offs
AccountsReceivableOriginatedMoreThanFiveYearsBeforeCurrentFiscalYearWriteOffs
159000
CY2023Q2 us-gaap Accounts Receivable Gross Noncurrent
AccountsReceivableGrossNoncurrent
91161000
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
9339000
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
17204000
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
46599000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
35370000
CY2023Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
10347000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
18600000
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
9339000
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
17204000
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
47607000
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
47607000

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