---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-22-006965"
form_type: "8-K"
ticker: "LINC"
cik: "0001286613"
company_name: "LINCOLN EDUCATIONAL SERVICES CORP"
filed_at: "2022-02-28T23:59:59+00:00"
generated_at: "2026-06-27T03:28:19.662913+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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%.

## SEC filing metadata
- accession: 0001140361-22-006965
- form_type: 8-K
- ticker: LINC
- cik: 0001286613
- company_name: LINCOLN EDUCATIONAL SERVICES CORP
- filed_at: 2022-02-28T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1286613/000114036122006965/0001140361-22-006965-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1286613/000114036122006965/brhc10034533_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-22-006965
- JSON: https://secwatch.observer/filing/0001140361-22-006965.json
- Plain text: https://secwatch.observer/filing/0001140361-22-006965.txt

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