Lincoln Ed Q3: revenue $99.5M (+10.5%), EPS $0.07, raises FY2023 guidance

LINCOLN EDUCATIONAL SERVICES CORP

2023-Q3 EPS reported $0.63 revenue$275,548,000

Revenue grew 10.5% to $99.5M; adjusted EBITDA $6.1M; EPS $0.07.
New student starts up 7.1%; average revenue per student up 7.3%.
Full-year guidance raised: revenue $370–375M, adjusted EBITDA $24–26M, student start growth 8–11%.
New Houston campus (100k sq ft) announced; Nashville/Philadelphia relocations/expansions; Atlanta campus on track for Q1 2024.
No debt outstanding; total liquidity $70.3M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LINCOLN EDUCATIONAL SERVICES CORP reported the third quarter ended September 30, 2023 results: revenue $99.5 million, EPS $0.07. Guidance raised.

Period: the third quarter ended September 30, 2023
Revenue: $99.5 million
EPS: $0.07
Guidance: raised
Result: reported results

Exact text from the filing

Third Quarter 2023 Financial Highlights and Recent Operating Developments * • Revenue grew 10.5% to $99.5 million • New student starts increased 7.1% • Adjusted EBITDA of $6.1 million • Earnings per share of $0.07 • Total liquidity of $70.3 million; no debt outstanding • Recently announced strategic growth plans include new Houston campus and relocation and expansion of Nashville and Philadelphia campuses • Raised outlook for full year revenue, student starts and adjusted net income; raised lower end of adjusted EBITDA range; reduced 2023 capital expenditures due to timing *Note: The highlighted financial results exclude the Transitional segment.

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Source: SEC EDGAR

accession 0001140361-23-051529

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