Lincoln Educational Q2 revenue up 9.8% to $88.2M; raises FY2023 guidance

LINCOLN EDUCATIONAL SERVICES CORP

2023-Q2 EPS reported $0.57 revenue$175,929,000

Revenue grew 9.8% to $88.2M, driven by 17.9% increase in new student starts and 8.6% higher revenue per student.
Adjusted EBITDA of $2.4M; net gain of $30.9M from sale of Nashville property, net proceeds $33.3M.
Full-year 2023 revenue guidance raised to $360M-$370M, adjusted EBITDA to $22M-$26M, adjusted net income to $10M-$13M.
Student start growth refined to upper end of prior range: 6%-10% (excluding ~150 starts shifted to 2024).
Closed sale of Nashville campus for $33.8M; entered rent-free lease for up to 15 months while relocating.

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 second quarter ended June 30, 2023 results: revenue $88.2 million. Guidance raised.

Period: second quarter ended June 30, 2023
Revenue: $88.2 million
Guidance: raised
Result: reported results

Exact text from the filing

Second Quarter 2023 Financial Highlights and Recent Operating Developments * • Revenue grew 9.8% to $88.2 million • New student starts increased 17.9% • Adjusted EBITDA of $2.4 million • Total liquidity of $95 million; No debt outstanding • Raising outlook for revenues and earnings for the full year and refining outlook for start growth to the upper end of previous range

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Source: SEC EDGAR

accession 0001140361-23-038529

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