UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from______ to______ Commission File Number 000-51371 LINCOLN EDUCATIONAL SERVICES CORPORATION (Exact name of registrant as specified in its charter) New Jersey 57- ...

Revenue Growth - Revenue increased by 13.7% to $117.5 million, marking the sixth consecutive quarter of double-digit growth[5] - Revenue for Q1 2025 was $117,506,000, an increase of 13.3% compared to $103,366,000 in Q1 2024[22] - Total revenue for Q1 2025 reached $117,506, an increase of 13.7% from $103,366 in Q1 2024[30] - Campus Operations segment generated revenue of $117,506 in Q1 2025, a 16.0% increase from $101,321 in Q1 2024[30] Profitability - Net income improved to $1.9 million, compared to a net loss of $0.2 million in the previous year[5] - Net income for Q1 2025 was $1,944,000, compared to a net loss of $214,000 in Q1 2024, marking a turnaround in profitability[22] - Basic and diluted net income per share for Q1 2025 was $0.06, compared to a loss of $0.01 per share in Q1 2024[22] - Operating income for Q1 2025 was $3,413,000, a significant improvement from an operating loss of $458,000 in Q1 2024[22] - Operating income for Campus Operations improved to $21,671 in Q1 2025, a 71.9% increase from $12,609 in Q1 2024[30] Adjusted EBITDA - Adjusted EBITDA rose to $10.6 million, compared to $6.5 million in the prior year, reflecting a 63% increase[5] - Adjusted EBITDA for Q1 2025 was $10,636, up from $6,545 in Q1 2024, indicating a growth of 62.5%[29] - Adjusted EBITDA guidance for 2025 was increased to between $58 million and $63 million[13] - The company projects adjusted EBITDA for 2025 to be in the range of $58,000 to $63,000, with a midpoint of $60,500[34] Student Enrollment - Student starts grew by 16.2%, with a 20.9% increase excluding the Transitional segment[5] - The number of starts in Campus Operations increased by 20.9% to 4,610 in Q1 2025, compared to 3,812 in Q1 2024[32] - The average population in Campus Operations grew by 16.2% to 15,469 in Q1 2025, up from 13,311 in Q1 2024[32] Liquidity and Financial Position - Total liquidity reached nearly $90 million, with no debt outstanding as of March 31, 2025[5] - Total liquidity as of March 31, 2025, was $88,655, consisting of cash and cash equivalents of $28,655 and a credit facility of $60,000[29] - Cash used in operating activities for Q1 2025 was $(8,378,000), an improvement from $(14,934,000) in Q1 2024[24] - Total costs and expenses for Q1 2025 were $114,093,000, up from $103,824,000 in Q1 2024, reflecting a 9.5% increase[22] Capital Expenditures and Investments - Capital expenditures for Q1 2025 were $(19,889,000), significantly higher than $(1,684,000) in Q1 2024, indicating increased investment in growth[24] - New campus and campus relocation costs for 2025 are estimated at $8,900, which includes pre-opening costs and net operating losses[35] - The Nashville campus relocation was completed, enhancing operational efficiency and supporting the launch of two new programs[5] - The company plans to open a new campus in Houston, Texas by year-end 2025 and in Hicksville, New York by the end of 2026[7] Marketing Efficiency - Marketing cost per student start was approximately 20% lower compared to the prior year, indicating improved efficiency[10] Credit Losses - The company reported a provision for credit losses of $11,835,000 in Q1 2025, slightly down from $12,213,000 in Q1 2024[24] Guidance and Projections - The company raised its full-year 2025 revenue guidance to between $485 million and $495 million[13] - Adjusted EBITDA and other non-GAAP measures are used by the company to assess performance and make strategic decisions[26][27] - Total liquidity, defined as cash and cash equivalents plus available borrowings, is a key measure for the company's ability to meet capital expenditures and debt service[28]

Financial Data and Key Metrics Changes - Revenue increased by 16% to $117.5 million, marking the eighth consecutive quarter of double-digit revenue growth [23][30] - Adjusted EBITDA grew by 56% to $10.6 million, with an adjusted EBITDA margin rising to 9% from 7% in the prior year [30][32] - Net income was $1.9 million or $0.06 per diluted share, while adjusted net income was $3.5 million or $0.11 per diluted share [31][32] Business Line Data and Key Metrics Changes - Student starts at 21 campuses grew by 20% over the prior period, continuing a trend of double-digit growth for six consecutive quarters [9][30] - Transportation and Skilled Trades programs saw a robust 32.4% increase in stock growth, while healthcare and other professions experienced a decline of 6.3% due to program optimizations [24][25] Market Data and Key Metrics Changes - The company is successfully meeting the growing demand for educational alternatives to traditional four-year colleges, with a focus on closing the workforce skills gap [10][19] - The East Point campus in Atlanta opened in March 2024 and contributed over $4 million in revenue during Q1 2025, becoming profitable ahead of schedule [10][100] Company Strategy and Development Direction - The company is focused on expanding its network of schools by replicating in-demand programs and opening new campuses in underserved markets [16][19] - The Lincoln ten point zero hybrid teaching model has provided increased flexibility for students, contributing to higher graduation rates and attracting corporate partners [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving approximately $550 million in organically generated revenue and $90 million in adjusted EBITDA by 2027 [7][32] - The company anticipates continued strong demand for skilled trades training, driven by initiatives in manufacturing, electrical utilities, and military needs [17][19] Other Important Information - Capital expenditures for 2025 are expected to range between $70 million and $75 million, supporting new campuses and program expansions [27][35] - The company has amended its credit facility to increase financial flexibility, ending the quarter with approximately $90 million in total liquidity and no debt outstanding [27][28] Q&A Session Summary Question: Can you provide additional color on the strong demand and increased marketing efficiencies? - Management noted that improved marketing efficiencies were due to vendor collaboration and increased awareness, leading to lower overall costs [38][39] Question: What is the update on regulatory changes and their impact? - Management indicated that the administration is supportive of trade education, and while there are changes at the Department of Education, they maintain strong contacts to ensure timely approvals [46][47] Question: Are all new programs approved by the Department of Education? - Management confirmed that all new programs are approved except for the welding program in Rhode Island, which is pending [52] Question: How much of the healthcare start contraction is due to specific program suspensions? - Management stated that outside of the suspended programs, healthcare starts grew by approximately 6% [61] Question: What is the expected cadence of capital expenditures throughout the year? - Management indicated that Q2 is expected to be one of the heaviest quarters for capital expenditures, slightly exceeding Q1 [96]

Lincoln Educational Services Corporation (LINC) came out with quarterly earnings of $0.11 per share, beating the Zacks Consensus Estimate of $0.04 per share. This compares to earnings of $0.06 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 175%. A quarter ago, it was expected that this company would post earnings of $0.30 per share when it actually produced earnings of $0.31, delivering a surprise of 3.33%.Over the last four ...

Lincoln Educational Services Corporation (LINC) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended March 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected t ...

Lincoln Educational Services Corporation (LINC) shares soared 5.2% in the last trading session to close at $16.11. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 3% loss over the past four weeks.Lincoln shares have been gaining on the optimism surrounding on America’s growing preference for alternative education and training programs to the traditional four-year college education. The demand strength, paired with its Lincoln 10. ...

PARSIPPANY, N.J., March 11, 2025 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (Nasdaq: LINC) today announced an amendment to its secured credit agreement with Fifth Third Bank, National Association, increasing the aggregate principal borrowing amount from $40 million to $60 million. This increase enhances the Company’s financial flexibility, and the additional liquidity enables the Company to execute its growth initiatives to meet its long-term operating objectives. Furthermore, the maturity ...

Financial Data and Key Metrics Changes - For Q4 2024, total revenue grew by 16.4% to $119.4 million, driven by a 13.7% increase in average student population [39] - Adjusted EBITDA for Q4 increased by 22%, reaching $19.2 million, with an adjusted EBITDA margin of 16.1% [42] - Full-year revenue reached $440.1 million, reflecting a 16.4% year-over-year growth, with adjusted EBITDA increasing nearly 60% to $42.3 million [48][49] Business Line Data and Key Metrics Changes - Student starts grew by 9.6% in Q4, marking nine consecutive quarters of growth [40] - The Eastpointe campus contributed $4.4 million to revenue during Q4 and exceeded internal projections by approximately $6 million in revenue for the year [50] - The company is exiting lower ROI programs such as cosmetology and culinary, reallocating resources to higher-demand programs [26][102] Market Data and Key Metrics Changes - The company reported a 10% growth in student starts in transportation and skilled trades, while healthcare and other professions saw a 17% decline in starts [101] - The demand for skilled trades remains strong, with ongoing interest in programs related to auto, diesel, and welding [88] Company Strategy and Development Direction - The company aims to achieve approximately $550 million in revenue and $90 million in adjusted EBITDA by 2027, focusing on new campus development and program replication [10][54] - The Lincoln 10.0% hybrid teaching model is being implemented to enhance flexibility for students and improve operational efficiencies [12][14] - Three new campuses are set to open in 2025, with a focus on high-demand programs [18][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential due to increasing demand for skilled workers and a favorable regulatory environment under the new administration [32][84] - The company anticipates continued solid growth in 2025, with guidance for revenue between $480 million and $490 million [55][61] - Management highlighted the importance of maintaining a high ROI for students and the ongoing need for skilled trades in the workforce [34][119] Other Important Information - The company ended the year with nearly $60 million in cash and no debt, positioning itself well for future growth initiatives [46] - Capital expenditures for 2024 were approximately $64.1 million, with 70% allocated to growth initiatives [51] Q&A Session Summary Question: Updates on new campuses and programs - Management confirmed that Nashville is ahead of schedule, with classes already started, and Levittown is expected to open in early Q3 [74] Question: Impact of regulatory changes on operations - Management indicated that the new administration is likely to ease regulatory burdens, which should benefit the company [84] Question: Changes in skilled trades demand - Management noted consistent demand across skilled trades, but mentioned a softening in collision program demand [88] Question: Inclusion of Hicksville campus in revenue targets - Management confirmed that the Hicksville campus is included in the $550 million revenue target, expected to open in Q4 2026 [92][93] Question: Adjusted EBITDA margin projections - Management indicated that the adjusted EBITDA margin is expected to increase incrementally from 2025 to 2027 as new programs roll out [97]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to_____ Commission File Number 000-51371 LINCOLN EDUCATIONAL SERVICES CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of ...

Lincoln Educational Services Corporation (NASDAQ:LINC) Q4 2024 Earnings Conference Call February 24, 2025 10:00 AM ET Company Participants Michael Polyviou - Investor Relations Scott Shaw - President & Chief Executive Officer Brian Meyers - Chief Financial Officer Conference Call Participants Alex Paris - Barrington Research Steven Frankel - Rosenblatt Securities Eric Martinuzzi - Lake Street Operator Good day, and thank you for standing by. Welcome to the Q4 2024 Lincoln Educational Services earnings confe ...