---
schema_version: "secwatch.filing_event.v1"
accession: "0001019056-23-000162"
form_type: "8-K"
ticker: "LINC"
cik: "0001286613"
company_name: "LINCOLN EDUCATIONAL SERVICES CORP"
filed_at: "2023-02-27T23:59:59+00:00"
generated_at: "2026-06-18T23:15:08.288615+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001019056-23-000162
- form_type: 8-K
- ticker: LINC
- cik: 0001286613
- company_name: LINCOLN EDUCATIONAL SERVICES CORP
- filed_at: 2023-02-27T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1286613/000101905623000162/0001019056-23-000162-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1286613/000101905623000162/lincoln_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001019056-23-000162
- JSON: https://secwatch.observer/filing/0001019056-23-000162.json
- Plain text: https://secwatch.observer/filing/0001019056-23-000162.txt

## Key facts
- Earnings Releases
  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
  source text: Lincoln Educational Services Corporation (the “Company”) issued a press release announcing financial results for the fourth quarter and year ended December 31, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1286613/000101905623000162/0001019056-23-000162-index.htm
- Earnings Releases
  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
  source text: Revenue increased $4.0 million, or 4.5% to $91.8 million from $87.8 million in the prior year.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1286613/000101905623000162/0001019056-23-000162-index.htm
- Executive change
  Ronald E. Harbour departed as Director at LINCOLN EDUCATIONAL SERVICES CORP.
  - Action: not stand for re-election
  - Role: Director
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1286613/000101905623000162/0001019056-23-000162-index.htm
- Executive change
  Sylvia Jean Young was appointed as Director at LINCOLN EDUCATIONAL SERVICES CORP.
  - Action: appointed
  - Role: Director
  source text: the Board appointed Sylvia Jean Young as an independent director, effective immediately.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1286613/000101905623000162/0001019056-23-000162-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.