Lincoln Educational Q1 revenue up 6.9% to $86.4M; raises full-year guidance

LINCOLN EDUCATIONAL SERVICES CORP

2023-Q1 EPS reported $0.00 revenue$87,284,000

Q1 revenue $86.4M, +6.9% YoY; adjusted EBITDA $2.2M; new student starts +6.4%.
Raising FY2023 guidance: revenue $355-365M, adj. EBITDA $21-25M, adj. net income $9-12M.
Adopted CECL, reducing retained earnings by $7.9M net of taxes; no Q1 ops impact.
Repurchased 104k shares for $0.5M in Q1; total repurchases $10M since May 2022.
Atlanta campus on track for 2023; Somerville campus closing by year-end.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LINCOLN EDUCATIONAL SERVICES CORP reported the first quarter ended March 31, 2023 results: revenue $86.4 million. Guidance raised.

Period: the first quarter ended March 31, 2023
Revenue: $86.4 million
Guidance: raised
Result: reported results

Exact text from the filing

First Quarter 2023 Financial Highlights and Recent Operating Developments * • Revenues of $86.4 million grew 6.9% • New student starts increased 6.4% • Adjusted EBITDA of $2.2 million • Increasing outlook for revenues and earnings for the full year *Note: The highlighted financial results exclude the Transitional segment and results and guidance in this release, including the highlights above, include references to

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Source: SEC EDGAR

accession 0001140361-23-023346

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