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)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments60,83283,30738,02623,64417,57114,563
Cash and cash equivalents46,07483,30738,02623,64417,57114,563
Short-term investments14,758     
Restricted cash and investments4,213     
Receivables37,17526,15930,02120,65218,67515,791
Inventory, net of allowances, customer advances and progress billings2,6182,7212,3941,6081,4511,657
Inventory2,6182,7212,3941,6081,4511,657
Prepaid expense    383178207
Disposal group, including discontinued operation      2,959
Asset, held-for-sale, not part of disposal group4,5594,559    
Other undisclosed current assets4,7384,8813,7234,19019,2369,541
Total current assets:114,135121,62774,16450,47757,11144,718
Noncurrent Assets
Operating lease, right-of-use asset93,09791,48755,18749,065
Property, plant and equipment23,94023,11948,38849,34549,292 
Long-term investments and receivables22,73420,02816,46315,33712,1758,928
Accounts and financing receivable, after allowance for credit loss22,73420,02816,46315,33712,1758,928
Intangible assets, net (including goodwill)14,53614,53614,53614,53614,53614,536
Goodwill14,53614,53614,53614,53614,53614,536
Restricted cash and investments    15,00011,60032,802
Deferred income tax assets22,31223,70835,718 
Other noncurrent assets8127947341,003900939
Deferred tax assets, net424424
Total noncurrent assets:177,431173,672171,026144,28688,92757,629
Other undisclosed assets      52,866
TOTAL ASSETS:291,566295,299245,190194,763146,038155,213
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities19,14928,98332,85922,45324,71222,279
Taxes payable1,017491   
Accounts payable10,49612,29715,67614,58414,10710,508
Accrued liabilities8,65315,66916,6927,86910,60511,771
Deferred revenue24,15425,40523,45323,411
Debt   2,00011,14215,000 
Deferred revenue and credits24,647
Contract with customer, liability22,545
Other liabilities3115261992,324558
Other undisclosed current liabilities11,68611,4798,504   
Total current liabilities:55,02065,88266,84257,20564,58147,484
Noncurrent Liabilities
Long-term debt and lease obligation, including:  86,41015,21232,02833,76952,593
Long-term debt, excluding current maturities   15,21232,02833,76952,593
Other undisclosed long-term debt and lease obligation   (52,702)(46,018)  
Liabilities, other than long-term debt91,6691,6077,3854,3827,8219,323
Accounts payable and accrued liabilities     3,4104,338
Deferred income tax liabilities    153
Liability, pension and other postretirement and postemployment benefits6681,6074,2524,0154,2704,437
Other liabilities   3,133214141548
Operating lease, liability91,00186,41052,70246,018
Other undisclosed noncurrent liabilities   52,70246,0181 
Total noncurrent liabilities:91,66988,01775,29982,42841,59161,916
Total liabilities:146,689153,899142,141139,633106,172109,400
Equity
Equity, attributable to parent, including:144,877129,41891,06743,14839,86645,813
Treasury stock, value  (82,860)(82,860)(82,860)(82,860)(82,860)
Additional paid in capital45,54032,43930,51230,14529,48429,334
Accumulated other comprehensive loss(960)(1,240)(4,165)(3,456)(4,062)(4,510)
Retained earnings (accumulated deficit)51,22539,7026,203(42,058)(44,073)(37,528)
Other undisclosed equity, attributable to parent49,072141,377141,377141,377141,377141,377
Other undisclosed equity  11,98211,98211,982  
Total equity:144,877141,400103,04955,13039,86645,813
TOTAL LIABILITIES AND EQUITY:291,566295,299245,190194,763146,038155,213

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

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues348,287335,336293,095273,342263,200261,853
Revenue, net261,853
Cost of revenue
(Cost of Goods and Services Sold)
(148,746)(138,931)(122,196)(123,495)(125,373)(129,413)
Gross profit:199,541196,405170,899149,847137,827132,440
Operating expenses(183,263)(147,144)(156,118)(144,609)(141,781)(137,156)
Operating income (loss):16,27849,26114,7815,238(3,954)(4,716)
Nonoperating income
(Investment Income, Nonoperating)
318  83156
Interest and debt expense(160)(2,015)(1,275)(2,963)(2,422)(7,098)
Other undisclosed income from continuing operations before equity method investments, income taxes      
Income (loss) from continuing operations before income taxes:16,43647,24613,5062,283(6,345)(11,758)
Income tax expense (benefit)(3,802)(12,528)35,059(268)(200)274
Income (loss) from continuing operations:12,63434,71848,5652,015(6,545)(11,484)
Income (loss) before gain (loss) on sale of properties:34,71848,5652,015(6,545)(11,484)
Net income (loss) attributable to parent:12,63434,71848,5652,015(6,545)(11,484)
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:9,21126,10236,8131,923(6,545)(11,484)

Comprehensive Income ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income (loss):12,63434,71848,5652,015(6,545)(11,484)
Comprehensive income (loss):12,63434,71848,5652,015(6,545)(11,484)
Other undisclosed comprehensive income (loss), net of tax, attributable to parent2802,925(709)6064481,591
Comprehensive income (loss), net of tax, attributable to parent:12,91437,64347,8562,621(6,097)(9,893)

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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