Lincoln Educational cites ~$80M cash, zero debt; 2021 student starts up 10.7%

LINCOLN EDUCATIONAL SERVICES CORP

FY 2021 ended with ~$80M cash, no outstanding debt, and $11M revolver available.
Q4 2021 student starts ~2,700; average population grew ~650 vs. prior-year quarter.
Total students enrolled ~13,100 across 22 campuses as of Dec 31, 2021.
2018 cohort default rate 9.8%; 90/10 revenue ratio 75%; composite score 3.0.
Monetized real estate via sale-leaseback; plan to blend 25% online instruction.

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