Lincoln Educational Q1 revenue up 5.8% to $82.6M; reiterates FY2022 guidance

LINCOLN EDUCATIONAL SERVICES CORP

2022-Q1 EPS reported $0.00 revenue$82,554,000

Revenue $82.6M, up 5.8% YoY; average student population rose 4.4%.
Adjusted EBITDA $2.4M vs $5.4M prior year; net loss with tax benefit of $0.6M.
Full-year 2022 guidance reaffirmed: revenue $350-365M, adj. EBITDA $35-40M, net income $17-22M.
Expects Q2 low double-digit start growth; sale of Nashville campus now Q3 with ~$34M net proceeds.
Transportation/Trades segment revenue $58.8M (+5.6%); Healthcare segment $23.8M (+6.5%).

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