Lincoln Educational Q4 revenue $91.8M (+4.5%); guides 2023 Adj. EBITDA $19-24M; extends buyback

LINCOLN EDUCATIONAL SERVICES CORP

2022-FY EPS reported $0.36 revenue$348,287,000

Q4 revenue $91.8M (+4.5% YoY); Adj. EBITDA $15.7M (+7.4%); student starts +2.4%.
FY 2023 guidance: revenue $345-360M, Adj. EBITDA $19-24M, capex $35-40M.
Board expands to 10; appoints Sylvia Jean Young; director Harbour not standing for re-election.
Share repurchase extended: additional $10M authorized, total remaining $30.6M through May 2024.
Converted Series A preferred to common, saving $1.2M annual dividends; Nashville campus sale expected Q2 2023 for ~$35M.

item 2.02 item 5.02 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Ronald E. Harbour

Director

LINC · LINCOLN EDUCATIONAL SERVICES CORP

Filed: February 27, 2023, 6:59 PM ET

Director Ronald E. Harbour advised the Board of his decision not to stand for re-election to the Board for the coming term and to retire effective at the end of his current term on the date of the Annual Meeting of Shareholders.

Appointed

Sylvia Jean Young

Director

LINC · LINCOLN EDUCATIONAL SERVICES CORP

Effective: 2023-02-23
Filed: February 27, 2023, 6:59 PM ET

the Board appointed Sylvia Jean Young as an independent director, effective immediately.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LINCOLN EDUCATIONAL SERVICES CORP updated its the fiscal year ended December 31, 2022 guidance (initiated).

Period: the fiscal year ended December 31, 2022
Guidance: initiated
Result: reported results

Exact text from the filing

Lincoln Educational Services Corporation (the “Company”) issued a press release announcing financial results for the fourth quarter and year ended December 31, 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LINCOLN EDUCATIONAL SERVICES CORP reported the fourth quarter ended December 31, 2022 results: revenue $91.8 million. Guidance initiated.

Period: the fourth quarter ended December 31, 2022
Revenue: $91.8 million
Guidance: initiated
Result: reported results

Exact text from the filing

Revenue increased $4.0 million, or 4.5% to $91.8 million from $87.8 million in the prior year.

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Executive change SEC 8-K Item 5.02 confidence 0.95

Ronald E. Harbour departed as Director at LINCOLN EDUCATIONAL SERVICES CORP.

Action: not stand for re-election
Role: Director

Exact text from the filing

Director Ronald E. Harbour advised the Board of his decision not to stand for re-election to the Board for the coming term and to retire effective at the end of his current term on the date of the Annual Meeting of Shareholders.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Sylvia Jean Young was appointed as Director at LINCOLN EDUCATIONAL SERVICES CORP.

Action: appointed
Role: Director

Exact text from the filing

the Board appointed Sylvia Jean Young as an independent director, effective immediately.

View on SEC.gov

18 earnings releases filed in the last 30 days. Browse all earnings releases →

LINCOLN EDUCATIONAL SERVICES CORP filing history →

Source: SEC EDGAR

accession 0001019056-23-000162

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