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Sep 30, 2023
Lincoln Tech Q3 2023 Earnings Report
Revenue and student starts increased, driven by the continued roll out of the Lincoln 10.0 hybrid instructional platform and strategic growth plans.
Key Takeaways
Lincoln Educational Services Corporation reported a strong third quarter with a 10.5% increase in revenue to $99.5 million and a 7.1% increase in new student starts. The company's strategic growth plans include new campuses and the relocation and expansion of existing campuses. The company raised its outlook for the full year.
Revenue grew 10.5% to $99.5 million.
New student starts increased 7.1%.
Earnings per share of $0.07 was reported.
Total liquidity was $70.3 million with no debt outstanding.
Lincoln Tech
Lincoln Tech
Forward Guidance
Based on the financial results achieved during the first nine months of the year and the current outlook for the remainder of the year, the Company is increasing financial guidance for revenue, student starts and adjusted net income. In addition, the lower-end of the range for Adjusted EBITDA has increased, and expected investments in Capital Expenditures have been lowered.
Positive Outlook
- Revenue in the range of $370 million to $375 million
- Adjusted EBITDA in the range of $24 million to $26 million
- Adjusted net income in the range of $12 million to $14 million
- Student start growth in the range of 8% to 11%
- Capital expenditures in the range of $30 million to $33 million