Lincoln Ed Q4 revenue up 7.4% to $87.8M, net income $24M; 2022 guidance $350-365M

LINCOLN EDUCATIONAL SERVICES CORP

2021-FY EPS reported $1.04 revenue$335,336,000

Q4 revenue $87.8M (+7.4% YoY); average students up 6.3%; ending population up 6.9% (+850).
Adjusted EBITDA $15.1M (+13.1%); net income $24.0M ($0.73 diluted).
Sale-leaseback gain $22.5M; retired all $17M debt; net cash $83.3M (up $62.5M YoY).
FY2021 revenue $335.3M (+14.4%); student starts up 7.5% to 15,402; Adj. EBITDA $38.1M (+59%).
2022 guidance: rev $350-365M, Adj. EBITDA $35-40M, net income $17-22M; start growth 5-10%.

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