LINCOLN EDUCATIONAL SERVICES CORP

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income (Loss) Attributable to Parent ($28.3m) ($11.5m) ($6.5m) $2.0m $48.6m $34.7m $12.6m $26.0m $9.9m $20.0m
Net Income (Loss) Available to Common Stockholders, Basic ($28.3m) ($11.5m) ($6.5m) $1.9m $36.8m $26.1m $9.2m $26.0m $9.9m $20.0m
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent ($4.5m)
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest ($23.8m)
Depreciation, Depletion and Amortization $11.1m $8.7m $8.4m $8.1m $7.4m $7.1m $6.4m $6.6m $11.3m $19.2m
Amortization of Debt Issuance Costs $949k $583k $369k $190k $181k $136k $0 $133k $142k
Amortization of Intangible Assets $100k
Depreciation $10.9m $8.7m $8.4m $8.1m $7.4m $7.1m $6.4m $6.8m $12.9m $20.8m
Deferred Income Tax Expense (Benefit) $0 ($424k) $0 $153k ($35.9m) $11.3m $1.3m $1.6m ($2.2m) $2.6m
Share-based Payment Arrangement, Noncash Expense $1.4m $1.2m $522k $679k $1.7m $2.9m $3.1m $5.9m $4.6m $5.5m
Goodwill and Intangible Asset Impairment $9.9m $4.2m $0 $0
Goodwill, Impairment Loss $0 $0 $0 $0 $0
Operating Lease, Impairment Loss $600k
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property ($223k) $1.6m ($537k) $567k $81k $22.5m $177k $30.9m ($2.1m) $406k
Gain (Loss) on Disposition of Assets ($120k) $1.6m ($537k) $567k $81k $22.5m $177k $30.9m ($2.1m) $406k
Income Tax Expense (Benefit) $200k ($274k) $200k $268k ($35.1m) $12.5m $3.8m $9.6m $4.8m $6.1m
Changes in operating assets and liabilities:
Additional Financial Items
Increase (Decrease) in Accounts Receivable $15.7m $15.7m $23.8m $26.0m $37.4m $26.5m $48.6m $45.8m $66.0m $53.7m
Increase (Decrease) in Inventories ($201k) ($30k) ($206k) $157k $786k $327k ($103k) $330k $184k $933k
Increase (Decrease) in Accounts Payable $742k ($3.2m) $3.8m $444k $856k ($3.7m) ($2.0m) $5.0m $11.6m ($9.3m)
General and Administrative Expense $89.4m $114.3m
Goodwill $14.5m $14.5m $14.5m $14.5m $14.5m $14.5m $14.5m $10.7m $10.7m $10.7m
Investment Income, Interest $155k $56k $31k $8k $0 $318k $2.6m $2.1m $126k
Payments of Financing Costs $645k $1.2m $94k $975k $456k $121k
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement ($461k)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment ($991k) ($850k) ($601k) ($691k) ($585k) ($640k) ($81k) ($106k) $0 $0
Net Cash Provided by (Used in) Operating Activities ($6.1m) ($11.3m) ($1.7m) $988k $23.5m $27.4m $882k $25.6m $29.3m $59.3m
Cash flows from investing activities:
Payments to Acquire Property, Plant, and Equipment $3.6m $4.8m $4.7m $5.4m $5.6m $7.5m $9.0m $40.7m $56.9m $86.6m
Net Cash Provided by (Used in) Investing Activities ($2.2m) $9.9m ($2.3m) ($4.8m) ($5.5m) $37.8m ($21.4m) $7.4m ($47.0m) ($86.2m)
Cash flows from financing activities:
Proceeds from Issuance of Long-term Debt $40.0m $11.0m $0 $45.0m
Repayments of Long-term Debt $387k $66.8m $35.1m $54.5m $28.0m $17.8m $0 $45.0m
Payments for Repurchase of Common Stock $9.4m $891k $0
Payments of Ordinary Dividends, Common Stock $0
Net Cash Provided by (Used in) Financing Activities ($9.1m) ($5.1m) ($4.6m) ($3.5m) ($18.6m) ($20.0m) ($12.5m) ($2.9m) ($3.3m) ($3.9m)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents $54.5m $45.9m $38.6m $38.0m $83.3m $50.3m $80.3m $59.3m $28.5m
Supplemental disclosure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities $2.8m $2.0m $2.2m $1.1m $1.5m $171k $110k $2.4m $3.2m
Income Taxes Paid, Net $87k $55k $29k $219k $383k $0 $0 $6.2m