LINC Q1 revenue up 19.7% to $103.4M; EBITDA triples; full-year guidance raised

LINCOLN EDUCATIONAL SERVICES CORP

2024-Q1 EPS reported -$0.01 revenue$103,366,000

Revenue $103.4M (+19.7% YoY); student starts up 15.3%; student population +11.2%.
Adjusted EBITDA tripled to $6.5M; new $40M credit facility with Fifth Third Bank.
Full-year 2024 guidance raised: revenue $418-428M, adjusted EBITDA $37-42M.
New campus in East Point, GA opened; 5-year $6M training agreement with CMC.
Ended quarter with $109M liquidity, no debt outstanding.

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, 2024 results: revenue $103.4 million. Guidance raised.

Period: the first quarter ended March 31, 2024
Revenue: $103.4 million
Guidance: raised
Result: reported results

Exact text from the filing

and operating results for the first quarter ended March 31, 2024, as well as recent business developments. First Quarter 2024 Financial Highlights* • Revenue grew 19.7% to $103.4 million • Adjusted EBITDA tripled to $6.5 million • Student starts increased 15.3% • Ended quarter with 1,388 additional students, a 11.2% increase in population • Total liquidity of

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Source: SEC EDGAR

accession 0001140361-24-024460

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