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LINC Stock Price Correlated With Lincoln Educational Services Financials
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Income Statement
Cash Flow
Balance Sheet
LINC Income Statement
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LINC Cash Flow
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LINC Balance Sheet
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COMPANY PROFILE
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Business Activities —Lincoln Educational Services Corporation and its subsidiaries (collectively, the “Company”, “we”, “our” and “us”, as applicable) provide diversified career-oriented post-secondary education to recent high school graduates and working
adults. The Company, which currently operates 22 schools in 14 states, offers programs in skilled trades (which include HVAC, welding and computerized numerical control and electrical and electronic systems technology, among other
programs), automotive technology, healthcare services (which include nursing, dental assistant and medical administrative assistant, among other programs), hospitality services (which include culinary, therapeutic massage, cosmetology and
aesthetics) and information technology. The schools operate under Lincoln Technical Institute, Lincoln College of Technology, Lincoln Culinary Institute, and Euphoria Institute of Beauty Arts and Sciences and associated brand names. Most of the
campuses serve major metropolitan markets and each typically offers courses in multiple areas of study. Five of the campuses are
destination schools, which attract students from across the United States and, in some cases, from abroad. The Company’s other campuses primarily attract students from their local communities and surrounding areas. All of the campuses are
nationally accredited and are eligible to participate in federal financial aid programs by the U.S. Department of Education (the “DOE”) and applicable state education agencies and accrediting commissions which allow students to apply for and
access federal student loans as well as other forms of financial aid.
The Company’s business is organized into two reportable business segments: (a) Transportation and Skilled Trades, and (b) Healthcare and Other Professions (“HOPS”).
Liquidity — As of December 31, 2021, the Company had cash and cash equivalents of $83.3 million. As of December 31, 2020, the Company had cash and cash equivalents of $38.0 million. As of December 31, 2020, the Company had a net cash balance of $20.8
million calculated as cash and cash equivalents, less both the short-term and long-term portions of the Company’s Credit Facility (defined below). The Company believes that its likely sources of cash should be sufficient to fund operations for
the next twelve months and thereafter for the foreseeable future.
Principles of Consolidation —The accompanying consolidated financial statements include the accounts of Lincoln Educational Services Corporation and its wholly-owned subsidiaries. All intercompany accounts and transactions have been
eliminated.
Cash and Cash Equivalents —Cash and cash equivalents include all cash balances and highly liquid short-term investments, which contain original maturities within three months of purchase. Pursuant to the DOE’s cash management requirements, the Company retains funds from financial aid programs under Title IV of the Higher Education Act in
segregated cash management accounts. The segregated accounts do not require a restriction on use of the cash and, as such, these amounts are classified as cash and cash equivalents on the consolidated balance sheet.
Accounts Receivable —The Company reports accounts receivable at net realizable value, which is equal to the gross receivable less an estimated allowance for uncollectible accounts. Noncurrent accounts receivable represent amounts due from
graduates in excess of 12 months from the balance sheet date.
Allowance for Uncollectible Accounts —Based upon experience and judgment, an allowance is established for uncollectible accounts with respect to tuition receivables. In establishing the allowance for uncollectible accounts,
the Company considers, among other things, current and expected economic conditions, a student’s status
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Business Activities —Lincoln Educational Services Corporation and its subsidiaries (collectively, the “Company”, “we”, “our” and “us”, as applicable) provide diversified career-oriented post-secondary education to recent high school graduates and working
adults. The Company, which currently operates 22 schools in 14 states, offers programs in skilled trades (which include HVAC, welding and computerized numerical control and electrical and electronic systems technology, among other
programs), automotive technology, healthcare services (which include nursing, dental assistant and medical administrative assistant, among other programs), hospitality services (which include culinary, therapeutic massage, cosmetology and
aesthetics) and information technology. The schools operate under Lincoln Technical Institute, Lincoln College of Technology, Lincoln Culinary Institute, and Euphoria Institute of Beauty Arts and Sciences and associated brand names. Most of the
campuses serve major metropolitan markets and each typically offers courses in multiple areas of study. Five of the campuses are
destination schools, which attract students from across the United States and, in some cases, from abroad. The Company’s other campuses primarily attract students from their local communities and surrounding areas. All of the campuses are
nationally accredited and are eligible to participate in federal financial aid programs by the U.S. Department of Education (the “DOE”) and applicable state education agencies and accrediting commissions which allow students to apply for and
access federal student loans as well as other forms of financial aid.
The Company’s business is organized into two reportable business segments: (a) Transportation and Skilled Trades, and (b) Healthcare and Other Professions (“HOPS”).
Liquidity — As of December 31, 2021, the Company had cash and cash equivalents of $83.3 million. As of December 31, 2020, the Company had cash and cash equivalents of $38.0 million. As of December 31, 2020, the Company had a net cash balance of $20.8
million calculated as cash and cash equivalents, less both the short-term and long-term portions of the Company’s Credit Facility (defined below). The Company believes that its likely sources of cash should be sufficient to fund operations for
the next twelve months and thereafter for the foreseeable future.
Principles of Consolidation —The accompanying consolidated financial statements include the accounts of Lincoln Educational Services Corporation and its wholly-owned subsidiaries. All intercompany accounts and transactions have been
eliminated.
Cash and Cash Equivalents —Cash and cash equivalents include all cash balances and highly liquid short-term investments, which contain original maturities within three months of purchase. Pursuant to the DOE’s cash management requirements, the Company retains funds from financial aid programs under Title IV of the Higher Education Act in
segregated cash management accounts. The segregated accounts do not require a restriction on use of the cash and, as such, these amounts are classified as cash and cash equivalents on the consolidated balance sheet.
Accounts Receivable —The Company reports accounts receivable at net realizable value, which is equal to the gross receivable less an estimated allowance for uncollectible accounts. Noncurrent accounts receivable represent amounts due from
graduates in excess of 12 months from the balance sheet date.
Allowance for Uncollectible Accounts —Based upon experience and judgment, an allowance is established for uncollectible accounts with respect to tuition receivables. In establishing the allowance for uncollectible accounts,
the Company considers, among other things, current and expected economic conditions, a student’s status
Free historical financial statements for Lincoln Educational Services Corp. See how revenue, income, cash flow, and balance sheet financials have changed over 48 quarters since 2012. Compare with LINC stock chart to see long term trends.
Data imported from Lincoln Educational Services Corp SEC filings. Check original filings before making any investment decision.