Lincoln Educational Services Corporation (LINC) Financial Statements (2024 and earlier)

Company Profile

Business Address 14 SYLVAN WAY
PARSIPPANY, NJ 07054
State of Incorp. NJ
Fiscal Year End December 31
Industry (SIC) 82 - Educational Services (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

3/31/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments75,99260,83283,30738,02623,64417,571
Cash and cash equivalents75,99246,07483,30738,02623,64417,571
Short-term investments  14,758    
Restricted cash and investments4,2774,213    
Receivables35,69237,17526,15930,02120,65218,675
Inventory, net of allowances, customer advances and progress billings2,9482,6182,7212,3941,6081,451
Inventory2,9482,6182,7212,3941,6081,451
Prepaid expense     383178
Asset, held-for-sale, not part of disposal group 10,1984,5594,559   
Other undisclosed current assets5,5564,7384,8813,7234,19019,236
Total current assets:134,663114,135121,62774,16450,47757,111
Noncurrent Assets
Finance lease, right-of-use asset, after accumulated amortization15,797    
Operating lease, right-of-use asset89,92393,09791,48755,18749,065
Property, plant and equipment50,85723,94023,11948,38849,34549,292
Long-term investments and receivables17,50422,73420,02816,46315,33712,175
Accounts and financing receivable, after allowance for credit loss17,50422,73420,02816,46315,33712,175
Intangible assets, net (including goodwill)10,74214,53614,53614,53614,53614,536
Goodwill10,74214,53614,53614,53614,53614,536
Restricted cash and investments     15,00011,600
Deferred income tax assets23,21722,31223,70835,718 
Other noncurrent assets1,7878127947341,003900
Deferred tax assets, net424
Other undisclosed noncurrent assets759     
Total noncurrent assets:210,586177,431173,672171,026144,28688,927
TOTAL ASSETS:345,249291,566295,299245,190194,763146,038
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities31,83219,14928,98332,85922,45324,712
Taxes payable1,017491  
Accounts payable18,15210,49612,29715,67614,58414,107
Accrued liabilities13,6808,65315,66916,6927,86910,605
Deferred revenue26,90624,15425,40523,45323,411
Debt 70  2,00011,14215,000
Other liabilities 333115261992,324
Contract with customer, liability22,545
Other undisclosed current liabilities14,56911,68611,4798,504  
Total current liabilities:73,41055,02065,88266,84257,20564,581
Noncurrent Liabilities
Long-term debt and lease obligation, including:16,126 86,41015,21232,02833,769
Long-term debt, excluding current maturities    15,21232,02833,769
Finance lease, liability16,126    
Other undisclosed long-term debt and lease obligation    (52,702)(46,018) 
Liabilities, other than long-term debt88,90991,6691,6077,3854,3827,821
Accounts payable and accrued liabilities      3,410
Deferred income tax liabilities     153
Liability, pension and other postretirement and postemployment benefits  6681,6074,2524,0154,270
Other liabilities56  3,133214141
Operating lease, liability88,85391,00186,41052,70246,018
Other undisclosed noncurrent liabilities    52,70246,0181
Total noncurrent liabilities:105,03591,66988,01775,29982,42841,591
Total liabilities:178,445146,689153,899142,141139,633106,172
Equity
Equity, attributable to parent, including:166,804144,877129,41891,06743,14839,866
Treasury stock, value   (82,860)(82,860)(82,860)(82,860)
Additional paid in capital49,38045,54032,43930,51230,14529,484
Accumulated other comprehensive loss(36)(960)(1,240)(4,165)(3,456)(4,062)
Retained earnings (accumulated deficit)69,27951,22539,7026,203(42,058)(44,073)
Other undisclosed equity, attributable to parent48,18149,072141,377141,377141,377141,377
Other undisclosed equity   11,98211,98211,982 
Total equity:166,804144,877141,400103,04955,13039,866
TOTAL LIABILITIES AND EQUITY:345,249291,566295,299245,190194,763146,038

Income Statement (P&L) ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues378,070348,287335,336293,095273,342263,200
Cost of revenue
(Cost of Goods and Services Sold)
(162,275)(148,746)(138,931)(122,196)(123,495)(125,373)
Gross profit:215,795199,541196,405170,899149,847137,827
Operating expenses(182,437)(183,263)(147,144)(156,118)(144,609)(141,781)
Operating income (loss):33,35816,27849,26114,7815,238(3,954)
Nonoperating income
(Investment Income, Nonoperating)
2,628318  831
Interest and debt expense(347)(160)(2,015)(1,275)(2,963)(2,422)
Income (loss) from continuing operations before income taxes:35,63916,43647,24613,5062,283(6,345)
Income tax expense (benefit)(9,642)(3,802)(12,528)35,059(268)(200)
Income (loss) from continuing operations:25,99712,63434,71848,5652,015(6,545)
Income (loss) before gain (loss) on sale of properties:34,71848,5652,015(6,545)
Net income (loss) attributable to parent:25,99712,63434,71848,5652,015(6,545)
Preferred stock dividends and other adjustments  (1,111)(1,219)(1,378)  
Other undisclosed net loss available to common stockholders, basic  (2,312)(7,397)(10,374)(92) 
Net income (loss) available to common stockholders, diluted:25,9979,21126,10236,8131,923(6,545)

Comprehensive Income ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income (loss):25,99712,63434,71848,5652,015(6,545)
Comprehensive income (loss):25,99712,63434,71848,5652,015(6,545)
Other undisclosed comprehensive income (loss), net of tax, attributable to parent9242802,925(709)606448
Comprehensive income (loss), net of tax, attributable to parent:26,92112,91437,64347,8562,621(6,097)

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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