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Mar 31, 2022
Lincoln Tech Q1 2022 Earnings Report
Reported an increase in revenue and a decrease in adjusted EBITDA compared to the prior year.
Key Takeaways
Lincoln Educational Services Corporation reported a 5.8% increase in revenue to $82.6 million, driven by a 4.4% increase in average student population. However, adjusted EBITDA decreased to $2.4 million from $5.4 million in the prior year, due to increased investments in marketing and program development.
Revenue increased by 5.8% year-over-year, reaching $82.6 million.
Adjusted EBITDA decreased from $5.4 million to $2.4 million year-over-year.
Average student population increased by 4.4% compared to the previous year.
The company is reiterating its 2022 full year guidance for revenue, student starts, adjusted EBITDA, net income, and capital expenditures.
Forward Guidance
The Company anticipates low double-digit start growth in the second quarter and reiterates its full year 2022 guidance.
Positive Outlook
- Revenue in the range of $350 million to $365 million
- Student start growth in the range of 5% to 10%
- Adjusted EBITDA in the range of $35.0 million to $40.0 million
- Net Income in the range of $17.0 million to $22.0 million
- Capital expenditures in the range of $7.0 million to $9.0 million
Challenges Ahead
- The 2022 guidance excludes the impact of the contemplated consummation of the sale and relocation of the Nashville, Tennessee campus.
- The 2022 guidance excludes additional costs associated with a new potential campus.
- The outlook is based on current enrollment trends.
- The outlook does not account for the impact from continuing COVID-19 issues or any new COVID-19 variants.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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