Lincoln Educational Services Reports Fourth Quarter & FY 2022 Results; Outlines Accelerated Organic Growth Plans

About this update from Lincoln Educational Services Corporation

[{"type":"text","content":"Conference Call Today at 10 a.m. ET\nPARSIPPANY, N.J., Feb. 27, 2023 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (Nasdaq: LINC) today announced operating and financial results for the fourth quarter and full year ended December 31, 2022. In addition to providing its financial outlook for 2023, the Company introduced three-year growth objectives for financial performance driven by its business transformation investments and campus program expansions. Fourth Quarter 2022 Financial Highlights and Recent Operating Developments Total Revenue of $91.8 million, up 4.5%; same school revenue up 4.8%Total student starts up 2.4%; same school student starts up 4.7%Adjusted EBITDA* of $15.7 million, up 7.4%Adjusted net income* of $9.9 million, up 20.7%Total liquidity* of $65 million and debt-freeRepurchased an additional 489 thousand shares of common stock for $2.7 millionConverted the Series A preferred stock into common stock thereby eliminating annual dividend payments of $1.2 millionLaunched first class under our Tesla partnershipEntered into new corporate partnerships with Peterbilt, Marriott Hotels International and Johnson Controls *See Use of “Non-GAAP Financial Information” below. “Lincoln returned to student start growth during our fourth quarter and achieved strong financial results in its most profitable quarter with both revenues and Adjusted EBITDA growing in comparison to last year. In addition, student retention and placement rates continued their positive trends and our graduation rates reached a new company high. Over the past three years, we have transformed Lincoln’s profitability and balance sheet. Now with the success achieved to date with our hybrid teaching model, centralized financial aid and program expansions, we have the opportunity to accelerate our investment to build a more scalable and higher return business,” said Scott Shaw, President & CEO. “Key to this strategy is our new hybrid teaching model which we began to implement at our campuses in 2022. This model delivers our programs with all of the hands-on learning on our campuses with a greater component of classroom work delivered through online instruction. The model also standardizes our programs across campuses, on-campus timeslots (morning, afternoon, & evening) with consistent start dates which provides greater flexibility and efficienc...

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