Lincoln Educational Services Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Lincoln Educational Services Corp. filed its Q1 2024 10-Q report on May 6, 2024.</b>

AI Summary

LINCOLN EDUCATIONAL SERVICES CORP (LINC) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Lincoln Educational Services Corp. filed a 10-Q report on May 6, 2024, for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business address is 14 Sylvan Way, Suite A, Parsippany, NJ 07054. The company was incorporated in New Jersey with a fiscal year end of December 31. The filing includes financial data related to common stock, retained earnings, additional paid-in capital, and accumulated other comprehensive income for various periods.

Why It Matters

For investors and stakeholders tracking LINCOLN EDUCATIONAL SERVICES CORP, this filing contains several important signals. This 10-Q filing provides the latest quarterly financial update for Lincoln Educational Services Corp., crucial for investors to assess recent performance and financial health. The detailed financial information within the report allows stakeholders to track trends in key accounts like revenue, net income, and equity over time.

Risk Assessment

Risk Level: low — LINCOLN EDUCATIONAL SERVICES CORP shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not indicate any unusual or high-risk events.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the company's operational performance and outlook.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-06 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (Reporting Period)
• 2023-12-31 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• LINCOLN EDUCATIONAL SERVICES CORP (company) — FILER
• 0001140361-24-024558 (filing_id) — ACCESSION NUMBER
• 20240506 (date) — FILED AS OF DATE
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• 14 SYLVAN WAY (address) — BUSINESS ADDRESS
• 07054 (zip_code) — BUSINESS ADDRESS ZIP
• NJ (state) — BUSINESS ADDRESS STATE
• 973-736-9340 (phone) — BUSINESS PHONE

FAQ

Industry Context

Lincoln Educational Services Corp. operates within the educational services sector, providing vocational training and career education programs.

Regulatory Implications

The filing is a standard Form 10-Q, which is a mandatory quarterly report filed by public companies with the U.S. Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators for Q1 2024.
2. Review any disclosures related to operational changes, risks, or strategic initiatives mentioned in the Management's Discussion and Analysis section.
3. Compare the Q1 2024 results with prior periods (Q1 2023, FY 2023) to identify trends and assess performance.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for the fiscal year 2024, providing an update on the company's financial position and performance compared to previous quarters and the same period in the prior year.

Filing Documents

• ef20026273_10q.htm (10-Q) — 1242KB
• ef20026273_ex31-1.htm (EX-31.1) — 9KB
• ef20026273_ex31-2.htm (EX-31.2) — 9KB
• ef20026273_ex32.htm (EX-32) — 6KB
• 0001140361-24-024558.txt (&nbsp;) — 6233KB
• linc-20240331.xsd (EX-101.SCH) — 44KB
• linc-20240331_cal.xml (EX-101.CAL) — 68KB
• linc-20240331_def.xml (EX-101.DEF) — 180KB
• linc-20240331_lab.xml (EX-101.LAB) — 603KB
• linc-20240331_pre.xml (EX-101.PRE) — 350KB
• ef20026273_10q_htm.xml (XML) — 920KB

Financial Statements

Financial Statements 2 Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 (Unaudited) 2 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30 PART II. OTHER INFORMATION 31 Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 33

SIGNATURES

SIGNATURES 34 Index

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report on Form 10-Q and the documents incorporated by reference herein contain "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which include information relating to future events, future financial performance, strategies, expectations, competitive environment, regulation and availability of resources. These forward-looking statements include, without limitation, statements regarding proposed new programs, expectations that regulatory developments or other matters will or will not have a material adverse effect on our consolidated financial position, results of operations or liquidity, statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operating results and future economic performance; and "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in future tense, identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to the following: compliance with the extensive existing r

Financial Statements

Financial Statements LINCOLN EDUCATIONAL SERVICES CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts) (Unaudited) March 31, December 31, 2024 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 68,554 $ 75,992 Restricted cash 1,221 4,277 Accounts receivable, less allowance for credit losses of $ 37,128 and $ 34,441 at March 31 , 2024 and December 31, 2023 , respectively 40,484 35,692 Inventories 2,419 2,948 Prepaid expenses and other current assets 6,071 5,556 Assets held for sale - 10,198 Total current assets 118,749 134,663 PROPERTY, EQUIPMENT AND FACILITIES - At cost, net of accumulated depreciation and amortization of $ 141,696 and $ 140,161 at March 31 , 2024 and December 31, 2023 , respectively 52,005 50,857 OTHER ASSETS: Noncurrent receivables, less allowance for credit losses of $ 19,211 and $ 19,370 at March 31 , 2024 and December 31, 2023 , respectively 17,360 17,504 Deferred finance charges 420 - Deferred income taxes, net 22,796 23,217 Operating lease right-of-use assets 102,797 89,923 Finance lease right-of-use assets 27,998 15,797 Goodwill 10,742 10,742 Other assets, net 1,443 1,787 Pension plan assets, net 853 759 Total other assets 184,409 159,729 TOTAL ASSETS $ 355,163 $ 345,249 See Notes to Condensed Consolidated Financial Statements (Unaudited). 2 Index LINCOLN EDUCATIONAL SERVICES CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts) (Unaudited) March 31, December 31, 2024 2023 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Unearned tuition $ 22,265 $ 26,906 Accounts payable 14,282 18,152 Accrued expenses 9,206 13,713 Income taxes payable 2,287 2,832 Current portion of operating lease liabilities 11,842 11,737 Current portion of finance lease liabilities - 70 Total current l

View Full Filing

View this 10-Q filing on SEC EDGAR