Highest-materiality recent filing
Acquired facility and real property at 8315-8317 W. North Avenue, Melrose Park, IL for $18.8M from Melrose Omni, LLC.
Lincoln Educational Services subsidiary agrees to buy Melrose Park campus property for $18.8M
Purchase price of $18.8M for property at 8315-8317 W. North Ave, Melrose Park, IL.
Annual meeting votes pass; strategic plan presentation attached but content not disclosed
All 10 director nominees elected; say-on-pay approved with ~94.6% of votes cast.
Lincoln Educational Q1 revenue up 22.5% to $144M; net income doubles; raises FY 2026 guidance
Revenue $144.0M (+22.5% YoY); net income $4.4M ($0.14 EPS) vs $1.9M ($0.06 EPS).
Lincoln Educational expands revolving credit facility to $125M from $60M
New $125M credit facility replaces prior $60M agreement; includes $10M LC sublimit and $25M accordion feature.
Q1 2026 student starts expected to rise 19% vs prior-year quarter, continuing 13-quarter growth streak.
Q4 revenue $142.9M, up 19.7% YoY; net income $12.7M ($0.40 EPS) vs $6.8M ($0.22 EPS) a year ago.
Lincoln Educational extends employment of CEO, CFO, COO, GC, and CHRO through Dec 2028
New employment agreements with Scott Shaw (CEO), Brian Meyers (CFO), Chad Nyce (COO), Alexandra Luster (GC), Stephen Ace (CHRO) effective Dec 19, 2025.
Lincoln Educational raises FY2025 guidance after Q3 revenue up 23.6%, adj. EBITDA up 65.1%
Q3 revenue $141.4M (+23.6% YoY); net income $3.8M ($0.12/share) vs $4.0M ($0.13) prior year which included $2.8M insurance gain.
Lincoln Educational Services Q2 revenue $116.5M (+13.2%), raises FY2025 guidance
Revenue $116.5M (+13.2% YoY); net income $1.6M vs $0.7M net loss in prior year.
Lincoln Educational extends share repurchase program with $29.7M capacity remaining
Board authorized continuation of share repurchase program; original $30M expanded to $40M total.
Lincoln Ed reports Q1 revenue $117.5M (+13.7%); raises FY2025 guidance
Revenue $117.5M (+13.7% YoY); net income $1.9M vs ($0.2M) loss; adj EBITDA $10.6M vs $6.5M.
Lincoln Educational expands credit facility to $60M, extends maturity to 2028
Credit facility increased from $40M to $60M with Fifth Third Bank.
Lincoln Educational Q4 revenue up 16.4% to $119.4M; guides 2025 revenue $480-490M
Q4 net income $6.8M, adjusted EBITDA $19.2M; full-year revenue $440.1M (+16.4% YoY).
Lincoln Ed Services Q3 revenue up 15% to $114.4M; raises 2024 guidance
Revenue $114.4M (+15% YoY); net income $4.0M; adjusted EBITDA $10.2M (+67% YoY).
Lincoln Educational Q2 revenue +16.1% to $102.9M; raises FY2024 guidance
Revenue $102.9M (+16.1% YoY); student starts +12.3%; quarter-end student population +11.4%.
Lincoln Educational amends credit agreement, clarifies covenants and events of default
Amended $40M revolving credit facility with Fifth Third Bank; effective June 28, 2024.
Board expanded from 8 to 10 directors; Cabral and Newhart appointed as independent directors effective June 27, 2024.
Lincoln Educational extends share buyback to May 2025; $29.7M remains available
Board extended $40M repurchase program through May 24, 2025.
LINC Q1 revenue up 19.7% to $103.4M; EBITDA triples; full-year guidance raised
Revenue $103.4M (+19.7% YoY); student starts up 15.3%; student population +11.2%.
Lincoln Educational projects Q1 student starts up ~15%, reaffirms FY2024 outlook
Projected Q1 2024 student start growth of approximately 15%, compared to 6.4% (excl. transitional segment) in prior year.
J. Barry Morrow, Chair since 2015 and board member since 2006, will not stand for re-election at the 2024 Annual Meeting in May.
Lincoln Educational Q4 revenue $102.5M (+13.6%); guides 2024 rev $410-420M
Q4 revenue $102.5M (+13.6% YoY); new student starts +16%; EPS $0.23.
Lincoln Educational Services enters $40M revolving credit facility with Fifth Third Bank
Facility total $40M including $10M letter of credit sublimit and $20M accordion option (upsize to $60M).
Lincoln Ed Q3: revenue $99.5M (+10.5%), EPS $0.07, raises FY2023 guidance
Revenue grew 10.5% to $99.5M; adjusted EBITDA $6.1M; EPS $0.07.
Lincoln Educational Q2 revenue up 9.8% to $88.2M; raises FY2023 guidance
Revenue grew 9.8% to $88.2M, driven by 17.9% increase in new student starts and 8.6% higher revenue per student.
Lincoln Educational closes Nashville campus sale for $33.8M, net gain ~$28.7M, plans new campus
Sold 16-acre Nashville campus to SLC Development affiliate for $33.8M; net proceeds ~$33.2M.
Lincoln Educational Q1 revenue up 6.9% to $86.4M; raises full-year guidance
Q1 revenue $86.4M, +6.9% YoY; adjusted EBITDA $2.2M; new student starts +6.4%.
Presentation highlights skills gap driving demand for middle-skills training; revenue CAGR 3.9% from 2019-2022.
Lincoln Educational EVP of Campus Operations Stephen Buchenot to retire June 2, 2023
Stephen Buchenot, EVP of Campus Operations, retiring effective June 2, 2023 after 30+ years.
Lincoln Educational Q4 revenue $91.8M (+4.5%); guides 2023 Adj. EBITDA $19-24M; extends buyback
Q4 revenue $91.8M (+4.5% YoY); Adj. EBITDA $15.7M (+7.4%); student starts +2.4%.
Lincoln Educational extends employment contracts for four top executives through Dec 2025
New employment agreements extend CEO Shaw, CFO Meyers, EVPs Buchenot and Nyce through Dec 31, 2025.
Each Series A Preferred share converted into 423.729 common shares; 12,700 shares preferred became 5,381,360 common shares.
Lincoln Educational Services converts all 12,700 Series A Preferred shares to 5.38M common shares
Converted 12,700 shares of Series A Preferred into 5,381,360 common shares at 4.23729 per preferred share.
Lincoln Educational Q3 revenue $91.8M, net income $3.5M; reiterates FY guidance
Q3 revenue $91.8M (+3.1% YoY); net income $3.5M, EPS $0.10; adjusted EBITDA $7.4M.
Revenue $82.1M (+2.1% YoY); student starts up 4.0%, but conversion rate lower than expected.
Lincoln Educational Services authorizes $30M share repurchase program
Board authorized up to $30M of common stock repurchases over twelve months.
Lincoln Educational Q1 revenue up 5.8% to $82.6M; reiterates FY2022 guidance
Revenue $82.6M, up 5.8% YoY; average student population rose 4.4%.
Lincoln Educational cites ~$80M cash, zero debt; 2021 student starts up 10.7%
FY 2021 ended with ~$80M cash, no outstanding debt, and $11M revolver available.
Lincoln Ed Q4 revenue up 7.4% to $87.8M, net income $24M; 2022 guidance $350-365M
Q4 revenue $87.8M (+7.4% YoY); average students up 6.3%; ending population up 6.9% (+850).
Lincoln Ed Q3 rev $89.1M (+13%), operating income up 49.6%; closes sale-leaseback, retires all debt
Revenue $89.1M (+13% YoY), operating income $5.7M (+49.6%), net income $3.8M ($0.11 diluted EPS) vs $3.5M ($0.08).
Lincoln Educational files 8-K/A solely to correct hyperlink in property purchase agreement exhibit
Amendment revises hyperlink in Exhibit 10.1 for Agreement for Purchase and Sale of Property dated Sept 24, 2021.
Lincoln Educational completes $46.5M sale-leaseback of two campuses, nets $28.5M
Closed sale of Denver and Grand Prairie properties for $46.5M; net proceeds ~$28.5M after repaying $16.8M term loan and $1.2M costs.
Lincoln Educational to monetize three campuses for $81M; net proceeds ~$60M after debt repayment
Sale-leaseback of Denver and Grand Prairie campuses for $46.5M; expected Q4 2021 close; $22M gain on sale.
Lincoln Educational Q2 revenue $80.5M (+28.8%), net income $2.4M; raises FY2021 guidance
Revenue $80.5M vs $62.5M (+28.8%); student starts up 8.0% (19.1% adjusted for COVID delays).
Lincoln Educational appoints Felecia Pryor to board, expands to 10 members
Board increased from 9 to 10 directors; Felecia Pryor appointed as independent director.
On June 27, 2024, at a meeting of the Board, and upon the recommendation of the Nominating and Corporate Governance Committee, the Board appointed Anna Escobedo Cabral and Marta Ronquillo Newhart as independent directors, effective immediately.
On June 27, 2024, at a meeting of the Board, and upon the recommendation of the Nominating and Corporate Governance Committee, the Board appointed Anna Escobedo Cabral and Marta Ronquillo Newhart as independent directors, effective immediately.
The Board has named current Board member, John A. Bartholdson, as Mr. Morrow’s successor as Board Chair effective immediately following the Annual Meeting.
On March 13, 2024, J. Barry Morrow, Chair of the Board of Directors of Lincoln Educational Services Corporation (the “Company”), notified the Board of Directors (the “Board”) of his decision not to stand for re-election to the Board
On April 27, 2023, Stephen M. Buchenot notified Lincoln Educational Services Corporation (the “Company”) of his intention to retire from his position as Executive Vice President of Campus Operations effective June 2, 2023.
Director Ronald E. Harbour advised the Board of his decision not to stand for re-election to the Board for the coming term and to retire effective at the end of his current term on the date of the Annual Meeting of Shareholders.
the Board appointed Sylvia Jean Young as an independent director, effective immediately.
On August 5, 2021, at a meeting of the Board and upon the recommendation of the Nominating & Corporate Governance Committee, the Board appointed Felecia Pryor as an independent director to fill the vacancy created by the increase in the size of the Board.
Max materiality 0.85 · Median 0.70 · Most common event earnings