Lincoln Educational Services Corp. Files Q2 2024 10-Q
Ticker: LINC · Form: 10-Q · Filed: Aug 8, 2024 · CIK: 1286613
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
Lincoln Educational Services Corp. filed its Q2 2024 10-Q, showing financial details for the period ending June 30, 2024.
AI Summary
Lincoln Educational Services Corp. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including balance sheet information as of December 31, 2023, and June 30, 2024, and statements of operations for the six months ended June 30, 2024 and 2023. Key financial statement components like common stock, additional paid-in capital, and retained earnings are presented for various periods.
Why It Matters
This filing provides investors with an update on Lincoln Educational Services Corp.'s financial health and operational performance for the second quarter of 2024, crucial for investment decisions.
Risk Assessment
Risk Level: medium — The filing is a standard quarterly report, but the educational services sector can be subject to regulatory and economic risks.
Key Numbers
- Q2 2024 — Quarterly Period (The filing covers the second quarter of 2024.)
- June 30, 2024 — End of Reporting Period (The financial data reported is as of this date.)
- December 31, 2023 — Prior Year End (Comparative balance sheet data from the prior year-end is included.)
Key Players & Entities
- LINCOLN EDUCATIONAL SERVICES CORP (company) — Filer
- 20240630 (date) — Period of Report
- 20240808 (date) — Filing Date
- 0001286613 (company) — Central Index Key
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, meaning the filing covers the period ending June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on 20240808.
What is the Central Index Key (CIK) for Lincoln Educational Services Corp.?
The Central Index Key for Lincoln Educational Services Corp. is 0001286613.
What are some of the key financial statement components mentioned in the filing?
The filing references components such as us-gaap:CommonStockMember, us-gaap:AdditionalPaidInCapitalMember, and us-gaap:RetainedEarningsMember for various periods.
What is the fiscal year end for Lincoln Educational Services Corp.?
The company's Fiscal Year End is 1231.
Filing Stats: 4,355 words · 17 min read · ~15 pages · Grade level 19.8 · Accepted 2024-08-08 16:32:31
Filing Documents
- ef20029686_10q.htm (10-Q) — 1738KB
- ef20029686_ex31-1.htm (EX-31.1) — 9KB
- ef20029686_ex31-2.htm (EX-31.2) — 9KB
- ef20029686_ex32.htm (EX-32) — 6KB
- 0001140361-24-036418.txt ( ) — 7528KB
- linc-20240630.xsd (EX-101.SCH) — 39KB
- linc-20240630_cal.xml (EX-101.CAL) — 71KB
- linc-20240630_def.xml (EX-101.DEF) — 167KB
- linc-20240630_lab.xml (EX-101.LAB) — 585KB
- linc-20240630_pre.xml (EX-101.PRE) — 338KB
- ef20029686_10q_htm.xml (XML) — 1358KB
Financial Statements
Financial Statements 2 Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023 (Unaudited) 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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 32 Item 4.
Controls and Procedures
Controls and Procedures 32 PART II. OTHER INFORMATION 32 Item 1.
Legal Proceedings
Legal Proceedings 32 Item 1A.
Risk Factors
Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 3. Defaults Upon Senior Securities 33 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 33 Item 6. Exhibits 34
SIGNATURES
SIGNATURES 35 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) June 30, December 31, 2024 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 66,987 $ 75,992 Restricted cash - 4,277 Accounts receivable, less allowance for credit losses of $ 39,355 and $ 34,441 at June 30 , 2024 and December 31, 2023 , respectively 43,581 35,692 Inventories 2,345 2,948 Prepaid income taxes and income taxes receivable 2,388 - Prepaid expenses and other current assets 4,090 5,556 Assets held for sale - 10,198 Total current assets 119,391 134,663 PROPERTY, EQUIPMENT AND FACILITIES - At cost, net of accumulated depreciation and amortization of $ 142,957 and $ 140,161 at June 30 , 2024 and December 31, 2023 , respectively 59,495 50,857 OTHER ASSETS: Noncurrent receivables, less allowance for credit losses of $ 18,876 and $ 19,370 at June 30 , 2024 and December 31, 2023 , respectively 17,058 17,504 Deferred finance charges 399 - Deferred income taxes, net 22,796 23,217 Operating lease right-of-use assets 106,603 89,923 Finance lease right-of-use assets 27,580 15,797 Goodwill 10,742 10,742 Other assets, net 1,372 1,787 Pension plan assets, net 943 759 Total other assets 187,493 159,729 TOTAL ASSETS $ 366,379 $ 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) June 30, December 31, 2024 2023 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Unearned tuition $ 24,328 $ 26,906 Accounts payable 19,001 18,152 Accrued expenses 11,611 13,713 Income taxes payable - 2,832 Current portion of operating lease liabilities 11,952 11,737 Current portion of