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Jun 30, 2022
Lincoln Tech Q2 2022 Earnings Report
Lincoln Tech's Q2 2022 performance saw revenue increase, student starts rise, and strategic growth initiatives progress.
Key Takeaways
Lincoln Educational Services Corporation reported a 2.1% increase in revenue to $82.1 million and a 4.0% increase in student starts for Q2 2022. The company is executing its five-year growth strategy, including developing a new campus in Atlanta and forming corporate partnerships. However, student start growth was lower than anticipated due to macro-operating factors and the transition to a centralized financial aid support system.
Revenue increased by 2.1% to $82.1 million compared to the prior year.
Student starts increased by 4.0% year-over-year.
A new campus in Atlanta, Georgia, is expected to open in Q3 2023, with projected annual revenue of $20 million.
The company repurchased 414,963 shares of common stock for approximately $2.5 million.
Lincoln Tech
Lincoln Tech
Forward Guidance
Lincoln is updating its 2022 full year guidance based on six-month results and current expectations regarding a lower level of start growth than previously anticipated.
Positive Outlook
- Revenue in the range of $340 million to $350 million.
- Student start decline / growth in the range of -3% to 3%.
- Adjusted EBITDA in the range of $25 million to $30 million.
- Net income in the range of $10 million to $15 million.
- Capital expenditures in the range of $8.0 million to $11.0 million.