Lincoln Educational Q2 revenue $82.1M (+2.1%), lowers FY2022 guidance as student start conversion lags

LINCOLN EDUCATIONAL SERVICES CORP

2022-Q2 EPS reported $0.00 revenue$164,697,000

Revenue $82.1M (+2.1% YoY); student starts up 4.0%, but conversion rate lower than expected.
Adjusted EBITDA $2.4M; net income not disclosed; cash from operations $4.4M; cash $67.0M debt free.
FY2022 guidance cut: revenue $340-350M (prev ~$350M?), Adjusted EBITDA $25-30M, net income $10-15M.
Announced new Atlanta campus (55k sq ft) expected to open Q3 2023, $12M capex, $20M annual revenue at maturity.
Repurchased 414,963 shares for $2.5M under $30M buyback program; sold Suffield, CT property for $2.4M net.

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