Lincoln Educational Services Corporation (LINC) financial statements (2023 and earlier)

Company profile

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

Balance sheet (Statement of financial position) ($ in thousands)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments83,30738,02623,64417,57114,56321,06438,420
Cash and cash equivalents83,30738,02623,64417,57114,56321,06438,420
Receivables26,15930,02120,65218,67515,79110,2949,613
Inventory, net of allowances, customer advances and progress billings2,7212,3941,6081,4511,6571,0581,043
Inventory2,7212,3941,6081,4511,6571,0581,043
Prepaid expense  383178207262349
Disposal group, including discontinued operation    2,95924,78645,911
Assets held-for-sale, not part of disposal group4,559      
Other undisclosed current assets4,8813,7234,19019,2369,5418,8339,928
Total current assets:121,62774,16450,47757,11144,71866,297105,264
Noncurrent Assets
Operating lease, right-of-use asset91,48755,18749,065
Property, plant and equipment23,11948,38849,34549,292   
Long-term investments and receivables20,02816,46315,33712,1758,9285,6334,993
Accounts and financing receivable, after allowance for credit loss20,02816,46315,33712,1758,9285,6334,993
Intangible assets, net (including goodwill)14,53614,53614,53614,53614,53614,53614,536
Goodwill14,53614,53614,53614,53614,53614,53614,536
Restricted cash and investments  15,00011,60032,80220,25215,259
Deferred income tax assets23,70835,718 
Other noncurrent assets7947341,0039009391,0441,190
Deferred tax assets, net424424  
Other undisclosed noncurrent assets      2,529
Total noncurrent assets:173,672171,026144,28688,92757,62941,46538,507
Other undisclosed assets    52,86655,44566,508
TOTAL ASSETS:295,299245,190194,763146,038155,213163,207210,279
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities28,98332,85922,45324,71222,27926,56325,020
Accounts payable12,29715,67614,58414,10710,50813,74812,863
Accrued liabilities15,66916,6927,86910,60511,77112,81512,157
Taxes payable1,017491     
Deferred revenue25,40523,45323,411
Debt 2,00011,14215,000 11,71310,114
Disposal group, including discontinued operation     11,57814,236
Deferred revenue and credits24,64717,52321,390
Contract with customer, liability22,545
Other liabilities15261992,324558653686
Other undisclosed current liabilities11,4798,504     
Total current liabilities:65,88266,84257,20564,58147,48468,03071,446
Noncurrent Liabilities
Long-term debt and lease obligation, including:86,41015,21232,02833,76952,59330,24448,110
Long-term debt, excluding current maturities 15,21232,02833,76952,59330,24434,653
Capital lease obligations   3,785
Operating lease, liability86,41052,70246,018
Other undisclosed long-term debt and lease obligation (52,702)(46,018)   9,672
Liabilities, other than long-term debt1,6077,3854,3827,8219,3234,6399,726
Accounts payable and accrued liabilities   3,4104,3383,8964,177
Deferred income tax liabilities  153
Liability, pension and other postretirement and postemployment benefits1,6074,2524,0154,2704,437 5,549
Other liabilities 3,133214141548743 
Other undisclosed noncurrent liabilities 52,70246,0181 5,368 
Total noncurrent liabilities:88,01775,29982,42841,59161,91640,25157,836
Total liabilities:153,899142,141139,633106,172109,400108,281129,282
Stockholders' equity
Stockholders' equity attributable to parent, including:129,41891,06743,14839,86645,81354,92680,997
Treasury stock, value(82,860)(82,860)(82,860)(82,860)(82,860)(82,860)(82,860)
Additional paid in capital32,43930,51230,14529,48429,33428,55427,292
Accumulated other comprehensive loss(1,240)(4,165)(3,456)(4,062)(4,510)(6,101)(7,072)
Retained earnings (accumulated deficit)39,7026,203(42,058)(44,073)(37,528)(26,044)2,260
Other undisclosed stockholders' equity attributable to parent141,377141,377141,377141,377141,377141,377141,377
Other undisclosed stockholders' equity11,98211,98211,982    
Total stockholders' equity:141,400103,04955,13039,86645,81354,92680,997
TOTAL LIABILITIES AND EQUITY:295,299245,190194,763146,038155,213163,207210,279

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

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
Revenues335,336293,095273,342263,200261,853196,910193,220
Revenue, net261,853196,910193,220
Cost of revenue
(Cost of Goods and Services Sold)
(138,931)(122,196)(123,495)(125,373)(129,413)(94,922)(92,165)
Gross profit:196,405170,899149,847137,827132,440101,988101,055
Operating expenses(147,144)(156,118)(144,609)(141,781)(137,156)(107,151)(100,277)
Operating income (loss):49,26114,7815,238(3,954)(4,716)(5,163)778
Nonoperating income  831566,8664,194
Investment income, nonoperating  8315615552
Other nonoperating income     6,7114,142
Interest and debt expense(2,015)(1,275)(2,963)(2,422)(7,098)(6,001)(7,438)
Income (loss) from continuing operations before income taxes:47,24613,5062,283(6,345)(11,758)(4,298)(2,466)
Income tax expense (benefit)(12,528)35,059(268)(200)274(200)(242)
Income (loss) from continuing operations:34,71848,5652,015(6,545)(11,484)(4,498)(2,708)
Loss from discontinued operations     (23,806)(642)
Net income (loss) attributable to parent:34,71848,5652,015(6,545)(11,484)(28,304)(3,350)
Preferred stock dividends and other adjustments(1,219)(1,378)     
Other undisclosed net loss available to common stockholders, basic(7,397)(10,374)(92)    
Net income (loss) available to common stockholders, diluted:26,10236,8131,923(6,545)(11,484)(28,304)(3,350)

Comprehensive Income ($ in thousands)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
Net income (loss):34,71848,5652,015(6,545)(11,484)(28,304)(3,350)
Comprehensive income (loss):34,71848,5652,015(6,545)(11,484)(28,304)(3,350)
Other undisclosed comprehensive income (loss), net of tax, attributable to parent2,925(709)6064481,591971395
Comprehensive income (loss), net of tax, attributable to parent:37,64347,8562,621(6,097)(9,893)(27,333)(2,955)

Statements sources

The financial statements are based on the company's filings with the 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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