Lincoln Educational Services Reports Fourth Quarter & FY 2022 Results; Outlines Accelerated Organic Growth Plans
Fourth Quarter 2022 Financial Highlights and Recent Operating Developments
- Total Revenue of
$91.8 million , up 4.5%; same school revenue up 4.8% - Total student starts up 2.4%; same school student starts up 4.7%
- Adjusted EBITDA* of
$15.7 million , up 7.4% - Adjusted net income* of
$9.9 million , up 20.7% - Total liquidity* of
$65 million and debt-free - Repurchased an additional 489 thousand shares of common stock for
$2.7 million - Converted the Series A preferred stock into common stock thereby eliminating annual dividend payments of
$1.2 million - Launched first class under our Tesla partnership
- Entered into new corporate partnerships with
Peterbilt ,Marriott Hotels International and Johnson Controls
*See Use of “Non-GAAP Financial Information” below.
“Lincoln returned to student start growth during our fourth quarter and achieved strong financial results in its most profitable quarter with both revenues and Adjusted EBITDA growing in comparison to last year. In addition, student retention and placement rates continued their positive trends and our graduation rates reached a new company high. Over the past three years, we have transformed Lincoln’s profitability and balance sheet. Now with the success achieved to date with our hybrid teaching model, centralized financial aid and program expansions, we have the opportunity to accelerate our investment to build a more scalable and higher return business,” said
“Key to this strategy is our new hybrid teaching model which we began to implement at our campuses in 2022. This model delivers our programs with all of the hands-on learning on our campuses with a greater component of classroom work delivered through online instruction. The model also standardizes our programs across campuses, on-campus timeslots (morning, afternoon, & evening) with consistent start dates which provides greater flexibility and efficiencies. The roll-out of our hybrid model creates the opportunity to efficiently add over ten new program replications across our existing campuses over the next two years. This results in organic growth with the fastest and highest return on investment as we leverage our existing infrastructure, campus management and market knowledge. Upon reaching their full run-rate after approximately three years of operation, each of these ten programs is expected to provide an average of
“Pursuing this strategy requires a higher level of investment during 2023 in terms of both operating and capital expenditures,” continued
“We expect successful execution of these plans will lead to significantly higher profit margins beginning in 2024 with a more efficient and scalable platform to drive sustainable growth thereafter. Continued strong demand for our programs combined with the efficiency and growth from these investments, including the early contribution from our new
The Company also announced that the Board of Directors has authorized the continuation of the share repurchase program originally established on
Purchases may be made in open-market transactions, in block transactions on or off an exchange, in privately negotiated transactions or by other means as determined by the Company’s management and in accordance with the regulations of the
“Our Board of Directors’ decision to continue the share repurchase program reflects our continued commitment to return value to our shareholders,”
2022 FOURTH QUARTER FINANCIAL RESULTS
(Quarter ended
- Revenue increased
$4.0 million , or 4.5% to$91.8 million from$87.8 million in the prior year. Excluding Transitional segment revenue of$1.6 million in the current quarter and$1.8 million in the prior comparable period, revenues would have increased$4.2 million . The revenue increase was driven by a 6.8% increase in average revenue per student which more than offset the 2.3% decline in the average student population. Additionally, during the quarter, we experienced a 4.7% increase in student starts further contributing to the growth. The higher revenue per student resulted from tuition increases along with the newly-implemented hybrid teaching model which delivers higher daily revenue rates in certain programs as these programs overall duration can be shortened. - Educational services and facilities expense increased
$1.7 million , or 5.0% to$36.5 million from$34.8 million in the prior year. The Transitional segment educational services and facilities expense were$0.7 million for the current and prior quarter. Increased costs were primarily concentrated in instructional and facilities expense, the main drivers of which were higher instructional staffing levels as the Company transitions to the new hybrid teaching model, combined with higher costs in consumables and books and tools due to rising inflation. Facilities expense increased mainly due to additional rent of$0.3 million associated with the leasing of theDenver, CO andGrand Prairie, TX campuses as a result of the sale leaseback transaction executed in the fourth quarter of 2021, in addition to an increase in repairs and maintenance expense quarter over quarter. - Selling, general and administrative expense increased
$2.1 million , or 5.2% to$42.9 million from$40.8 million in the prior year. Excluding Transitional segment selling, general and administrative expense of$1.0 million in the current quarter and$0.8 million in the prior quarter, the selling, general and administrative expense would have increased$1.9 million . The increase was driven by several factors including bad debt expense, medical costs driven by higher claims, severance expense incurred to better align the Company’s cost structure in certain functions, costs incurred for the newAtlanta, Georgia campus and one-time costs incurred for teaching the remaining students at theSomerville, Massachusetts campus. Partially offsetting these costs was a decrease in incentive compensation. - Impairment of long-lived assets resulted in a pre-tax non-cash charge of
$1.0 million determined by annual testing, which examined current market value as compared to the current carrying value. In the prior year there was an impairment charge of$0.7 million , resulting from a one-time non-cash impairment charge triggered by an adjustment to fair market value for a campus sold during the second quarter of 2022.
RECENT BUSINESS DEVELOPMENTS
Opening of New
Share Repurchase Program. During the fourth quarter, the Company repurchased 489,011 shares of its common stock for approximately
Closing of
Series A convertible preferred stock. In November, the Company converted the aggregate 12,700 shares of Series A preferred stock outstanding into 5,381,356 shares of common stock thereby eliminating the obligation to pay quarterly dividends generating annual savings of
FOURTH QUARTER SEGMENT RESULTS
Transportation and Skilled Trades Segment
Revenue increased
Adjusted EBITDA was
Healthcare and Other Professions Segment
Revenue increased by
Adjusted EBITDA was
Transitional Segment
Revenue was
Corporate and Other
This category includes unallocated expenses incurred on behalf of the entire Company.
Corporate and other expenses were
YEAR-END FINANCIAL RESULTS
(Period ended December 31, 2022 compared to December 31, 2021)
- Total revenue increased
$13.0 million , or 3.9%, to $348.3 million, compared to $335.3 million. - Transportation and Skilled Trades segment revenue increased
$9.4 million , or 3.9%, to $249.9 million, compared to $240.5 million. - The Healthcare and Other Professions segment revenue increased
$3.5 million , or 4.0%, to $91.5 million, compared to $88.0 million. - Transitional segment revenue remained essentially flat at
$6.8 million year over year.
FULL YEAR 2023 OUTLOOK
Lincoln enters 2023 with a strong balance sheet including total cash and cash equivalents, restricted cash and short-term investments of
Specific operating and financial guidance for the coming year is as follows:
- Revenue in the range of
$345 million to$360 million - Student start growth in the range of 5% to 10%
- Adjusted EBITDA* in the range of
$19 million to$24 million - Adjusted Net income* in the range of
$7 million to$11 million - Capital expenditures in the range of
$35 million to$40 million
*See Use of “Non-GAAP Financial Information” below
The 2023 guidance excludes the impact of the new
The Company is also providing additional information as to the progress of operations through 2023. This information represents management’s current expectations for the upcoming year and may be revised in-line with the developing business environment.
Revenue
In line with historic seasonality, which typically yields better results in the second half of the year, we expect revenue growth in the first half of the year to be in the low single digits, with slightly higher growth in the second half of the year.
Operating Expenses
Operating expenses are expected to be in the mid to low
Other
Interest income, stock-based compensation and depreciation and amortization are expected to be approximately
CONFERENCE CALL INFO
Lincoln will host a conference call today at
An archived version of the webcast will be accessible for 90 days at http://www.lincolntech.edu.
ABOUT
FORWARD-LOOKING STATEMENTS
Statements in this press release and in oral statements made from time to time by representatives of
(Tables to Follow)
(In Thousands)
Three Months Ended | Year-Ended | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
REVENUE | $ | 91,778 | $ | 87,816 | $ | 348,287 | $ | 335,336 | |||||||
COSTS AND EXPENSES: | |||||||||||||||
Educational services and facilities | 36,513 | 34,788 | 148,746 | 138,931 | |||||||||||
Selling, general and administrative | 42,888 | 40,762 | 182,391 | 168,923 | |||||||||||
Gain on disposition of assets | - | (22,479 | ) | (177 | ) | (22,479 | ) | ||||||||
Impairment of long-lived assets | 1,049 | 700 | 1,049 | 700 | |||||||||||
Total costs & expenses | 80,450 | 53,771 | 332,009 | 286,075 | |||||||||||
OPERATING INCOME | 11,328 | 34,045 | 16,278 | 49,261 | |||||||||||
OTHER: | |||||||||||||||
Interest income | 318 | - | 318 | - | |||||||||||
Interest expense | (47 | ) | (1,142 | ) | (160 | ) | (2,015 | ) | |||||||
INCOME BEFORE INCOME TAXES | 11,599 | 32,903 | 16,436 | 47,246 | |||||||||||
PROVISION FOR INCOME TAXES | 3,041 | 8,939 | 3,802 | 12,528 | |||||||||||
NET INCOME | $ | 8,558 | $ | 23,964 | $ | 12,634 | $ | 34,718 | |||||||
PREFERRED STOCK DIVIDENDS | 196 | 304 | 1,111 | 1,219 | |||||||||||
INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ | 8,362 | $ | 23,660 | $ | 11,523 | $ | 33,499 | |||||||
Basic and diluted | |||||||||||||||
Net income per common share | $ | 0.27 | $ | 0.73 | $ | 0.36 | $ | 1.04 | |||||||
Weighted average number of common shares outstanding: | |||||||||||||||
Basic and diluted | 26,436 | 25,180 | 25,879 | 25,081 | |||||||||||
Adjusted EBITDA (1) | $ | 15,659 | $ | 14,582 | $ | 28,167 | $ | 37,511 | |||||||
Depreciation and amortization | $ | 1,745 | $ | 1,520 | $ | 6,364 | $ | 7,140 | |||||||
Number of campuses | 22 | 22 | 22 | 22 | |||||||||||
Average enrollment | 13,230 | 13,599 | 12,894 | 12,899 | |||||||||||
Stock-based compensation | $ | 745 | $ | 796 | $ | 3,111 | $ | 2,889 | |||||||
Net cash provided by operating activities | $ | 270 | $ | 9,697 | $ | 882 | $ | 27,447 | |||||||
Net cash (used in) provided by investing activities | $ | (16,691 | ) | $ | 43,100 | $ | (21,354 | ) | $ | 37,848 | |||||
Net cash used in financing activities | $ | (2,911 | ) | $ | (16,640 | ) | $ | (12,548 | ) | $ | (20,014 | ) | |||
Selected Consolidated Balance Sheet Data: | |||
(Unaudited) | |||
Cash and cash equivalents | $ | 46,074 | |
Restricted Cash | 4,213 | ||
Short-term investments | 14,758 | ||
Current assets | 114,135 | ||
Working capital | 59,115 | ||
Total assets | 291,566 | ||
Current liabilities | 55,020 | ||
Total stockholders' equity | 144,877 | ||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
In addition to disclosing financial results that are determined in accordance with
- We define EBITDA as income (loss) before interest expense (net of interest income), provision (benefit) for income taxes, depreciation and amortization.
- We define Adjusted EBITDA as EBITDA plus stock compensation expense and adjustments for items not considered part of the Company’s normal recurring operations.
- We define Adjusted net income as net income plus adjustments for items not considered part of the Company’s normal recurring operations.
- We define same school revenue as
Total Company revenue less Transitional segment revenue. - We define Total liquidity as the Company’s cash and cash equivalents, short-term investments and restricted cash.
EBITDA, Adjusted EBITDA, Adjusted net income, same school revenue and total liquidity are presented because we believe they are useful indicators of our performance and our ability to make strategic investments and meet capital expenditures and debt service requirements. However, they are not intended to represent cash flows from operations as defined by GAAP and should not be used as an alternative to net income (loss) as indicators of operating performance or cash flow as a measure of liquidity. EBITDA, Adjusted EBITDA, Adjusted net income, same school revenue and total liquidity are not necessarily comparable to similarly titled measures used by other companies.
Following is a reconciliation of net income (loss) to EBITDA, Adjusted EBITDA, Adjusted net income, same school revenue and total liquidity:
Three Months Ended |
Year-Ended |
||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Net income | $ | 8,558 | $ | 23,964 | $ | 12,634 | $ | 34,718 | |||||||
Interest (income) expense, net | (271 | ) | 1,142 | (158 | ) | 2,015 | |||||||||
Provision for income taxes | 3,041 | 8,939 | 3,802 | 12,528 | |||||||||||
Depreciation and amortization | 1,745 | 1,520 | 6,364 | 7,140 | |||||||||||
EBITDA | 13,073 | 35,565 | 22,642 | 56,401 | |||||||||||
Stock compensation expense | 745 | 796 | 3,111 | 2,889 | |||||||||||
Gain on sale of asset | - | (22,479 | ) | (177 | ) | (22,479 | ) | ||||||||
Severance | 364 | - | 765 | - | |||||||||||
New campus start-up costs | 230 | - | 369 | - | |||||||||||
Impairment of long-lived assets | 1,049 | 700 | 1,049 | 700 | |||||||||||
Transitional segment | 198 | - | 408 | - | |||||||||||
Adjusted EBITDA | $ | 15,659 | $ | 14,582 | $ | 28,167 | $ | 37,511 | |||||||
Three Months Ended |
||||||||||||||
(Unaudited) | ||||||||||||||
Transportation and Skilled Trades | Healthcare and Other Professions | |||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||
Net income | $ | 16,227 | $ | 16,632 | $ | 2,865 | $ | 3,941 | ||||||
Interest expense, net | - | - | - | - | ||||||||||
Provision for income taxes | - | - | - | - | ||||||||||
Depreciation and amortization | 1,336 | 1,238 | 243 | 135 | ||||||||||
EBITDA | 17,563 | 17,870 | 3,108 | 4,076 | ||||||||||
Stock compensation expense | 108 | - | - | - | ||||||||||
Loss on sale of asset | 22 | 1 | 6 | 1 | ||||||||||
Severance | 364 | - | - | - | ||||||||||
New campus start-up costs | - | - | - | - | ||||||||||
Impairment of long-lived assets | - | - | 1,049 | - | ||||||||||
Transitional segment | - | - | - | - | ||||||||||
Adjusted EBITDA | $ | 18,035 | $ | 17,870 | $ | 4,157 | $ | 4,076 | ||||||
Transitional | Corporate | |||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||
Net (loss) income | $ | (202 | ) | $ | 160 | $ | (10,332 | ) | $ | 3,231 | ||||
Interest (income) expense, net | - | - | (271 | ) | 1,142 | |||||||||
Provision for income taxes | - | - | 3,041 | 8,939 | ||||||||||
Depreciation and amortization | 4 | 8 | 162 | 139 | ||||||||||
EBITDA | (198 | ) | 168 | (7,400 | ) | 13,451 | ||||||||
Stock compensation expense | - | - | 637 | 796 | ||||||||||
Gain on sale of asset | - | - | - | (22,479 | ) | |||||||||
Severance | - | - | - | - | ||||||||||
New campus start-up costs | - | - | 230 | - | ||||||||||
Impairment of long-lived assets | - | - | - | 700 | ||||||||||
Transitional segment | 198 | - | - | - | ||||||||||
Adjusted EBITDA | $ | - | $ | 168 | $ | (6,533 | ) | $ | (7,532 | ) | ||||
Year-Ended |
||||||||||||||
(Unaudited) | ||||||||||||||
Transportation and Skilled Trades | Healthcare and Other Professions | |||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||
Net income | $ | 42,335 | $ | 52,055 | $ | 7,189 | $ | 11,739 | ||||||
Interest expense, net | - | - | - | - | ||||||||||
Provision for income taxes | - | - | - | - | ||||||||||
Depreciation and amortization | 5,069 | 6,155 | 685 | 464 | ||||||||||
EBITDA | 47,404 | 58,210 | 7,874 | 12,203 | ||||||||||
Stock compensation expense | 116 | - | - | - | ||||||||||
Loss on sale of asset | 22 | 1 | 6 | 1 | ||||||||||
Severance | 364 | - | - | - | ||||||||||
New campus start-up costs | - | - | - | - | ||||||||||
Impairment of long-lived assets | - | - | 1,049 | - | ||||||||||
Transitional segment | - | - | - | - | ||||||||||
Adjusted EBITDA | $ | 47,906 | $ | 58,211 | $ | 8,929 | $ | 12,204 | ||||||
Transitional | Corporate | |||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||
Net (loss) income | $ | (430 | ) | $ | 105 | $ | (36,460 | ) | $ | (29,181 | ) | |||
Interest (income) expense, net | - | - | (158 | ) | 2,015 | |||||||||
Provision for income taxes | - | - | 3,802 | 12,528 | ||||||||||
Depreciation and amortization | 22 | 36 | 588 | 485 | ||||||||||
EBITDA | (408 | ) | 141 | (32,228 | ) | (14,153 | ) | |||||||
Stock compensation expense | - | - | 2,995 | 2,889 | ||||||||||
Gain on sale of asset | - | - | (205 | ) | (22,481 | ) | ||||||||
Severance | - | - | 401 | - | ||||||||||
New campus start-up costs | - | - | 369 | - | ||||||||||
Impairment of long-lived assets | - | - | - | 700 | ||||||||||
Transitional segment | 408 | - | - | - | ||||||||||
Adjusted EBITDA | $ | - | $ | 141 | $ | (28,668 | ) | $ | (33,045 | ) | ||||
Three Months Ended | Year-Ended | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Net income | $ | 8,558 | $ | 23,964 | $ | 12,634 | $ | 34,718 | |||||||
Adjustments to net income: | |||||||||||||||
Gain on sale of asset | - | (22,479 | ) | (177 | ) | (22,479 | ) | ||||||||
Impairment of long-lived assets | 1,049 | 700 | 1,049 | 700 | |||||||||||
Severance and accelerated stock vesting | 472 | - | 1,263 | - | |||||||||||
New campus start-up costs | 230 | - | 369 | - | |||||||||||
Transitional segment | 198 | - | 408 | - | |||||||||||
Total adjustments | 1,949 | (21,779 | ) | 2,912 | (21,779 | ) | |||||||||
Income tax effect | (561 | ) | 6,055 | (839 | ) | 6,055 | |||||||||
Adjusted net income, non-GAAP | $ | 9,946 | $ | 8,240 | $ | 14,707 | $ | 18,994 | |||||||
GAAP effective income tax rate | 28.8 | % | 27.8 | % | 28.8 | % | 27.8 | % | |||||||
Three Months Ended |
||||||||||
(Unaudited) | ||||||||||
Total | Total | % Change | ||||||||
Company | Company | Same School Basis | ||||||||
2022 | 2021 | 2022 | ||||||||
Total Company Revenue | $ | 91,778 | $ | 87,816 | ||||||
Less: Transitional Revenue | (1,553 | ) | (1,762 | ) | ||||||
Same school revenue | $ | 90,225 | $ | 86,054 | 4.8 | % | ||||
Year-Ended |
||||||||||
(Unaudited) | ||||||||||
Total | Total | % Change | ||||||||
Company | Company | Same School Basis | ||||||||
2022 | 2021 | 2022 | ||||||||
Total Company Revenue | $ | 348,287 | $ | 335,336 | ||||||
Less: Transitional Revenue | (6,847 | ) | (6,807 | ) | ||||||
Same school revenue | $ | 341,440 | $ | 328,529 | 3.9 | % | ||||
As of | ||||||
Cash and cash equivalents | $ | 46,074 | ||||
Restricted cash | 4,213 | |||||
Short-term investments | 14,758 | |||||
Total Liquidity | $ | 65,045 | ||||
Three Months Ended |
|||||||||
2022 | 2021 | % Change | |||||||
Revenue: | |||||||||
Transportation and Skilled Trades | $ | 65,817 | $ | 62,945 | 4.6 | % | |||
Healthcare and Other Professions | 24,408 | 23,109 | 5.6 | % | |||||
Transitional | 1,553 | 1,762 | -11.9 | % | |||||
Total | $ | 91,778 | $ | 87,816 | 4.5 | % | |||
Operating Income (Loss): | |||||||||
Transportation and Skilled Trades | $ | 16,227 | $ | 16,632 | -2.4 | % | |||
Healthcare and Other Professions | 2,865 | 3,941 | -27.3 | % | |||||
Transitional | (202 | ) | 160 | -226.3 | % | ||||
Corporate | (7,562 | ) | 13,312 | -156.8 | % | ||||
Total | $ | 11,328 | $ | 34,045 | -66.7 | % | |||
Starts: | |||||||||
Transportation and Skilled Trades | 1,485 | 1,467 | 1.2 | % | |||||
Healthcare and Other Professions | 1,265 | 1,160 | 9.1 | % | |||||
Transitional | 36 | 94 | -61.7 | % | |||||
Total | 2,786 | 2,721 | 2.4 | % | |||||
Average Population: | |||||||||
Transportation and Skilled Trades | 8,934 | 9,087 | -1.7 | % | |||||
Healthcare and Other Professions | 4,037 | 4,191 | -3.7 | % | |||||
Transitional | 259 | 321 | -19.3 | % | |||||
Total | 13,230 | 13,599 | -2.7 | % | |||||
End of Period Population: | |||||||||
Transportation and Skilled Trades | 8,237 | 8,648 | -4.8 | % | |||||
Healthcare and Other Professions | 3,959 | 4,093 | -3.3 | % | |||||
Transportation | 192 | 318 | -39.6 | % | |||||
Total | 12,388 | 13,059 | -5.1 | % | |||||
Year-Ended |
||||||||||
2022 | 2021 | % Change | ||||||||
Revenue: | ||||||||||
Transportation and Skilled Trades | $ | 249,905 | $ | 240,531 | 3.9 | % | ||||
Healthcare and Other Professions | 91,535 | 87,998 | 4.0 | % | ||||||
Transitional | 6,847 | 6,807 | 0.6 | % | ||||||
Total | $ | 348,287 | $ | 335,336 | 3.9 | % | ||||
Operating Income (Loss): | ||||||||||
Transportation and Skilled Trades | $ | 42,335 | $ | 52,055 | -18.7 | % | ||||
Healthcare and Other Professions | 7,189 | 11,740 | -38.8 | % | ||||||
Transitional | (430 | ) | 105 | -509.5 | % | |||||
Corporate | (32,816 | ) | (14,639 | ) | -124.2 | % | ||||
Total | $ | 16,278 | $ | 49,261 | -67.0 | % | ||||
Starts: | ||||||||||
Transportation and Skilled Trades | 9,831 | 10,291 | -4.5 | % | ||||||
Healthcare and Other Professions | 4,710 | 4,666 | 0.9 | % | ||||||
Transitional | 379 | 445 | -14.8 | % | ||||||
Total | 14,920 | 15,402 | -3.1 | % | ||||||
Average Population: | ||||||||||
Transportation and Skilled Trades | 8,629 | 8,505 | 1.5 | % | ||||||
Leave of Absence - COVID-19 | - | (12 | ) | 100.0 | % | |||||
Transportation and Skilled Trades Excluding Leave of Absence - COVID-19 | 8,629 | 8,493 | 1.6 | % | ||||||
Healthcare and Other Professions | 3,973 | 4,123 | -3.6 | % | ||||||
Leave of Absence - COVID-19 | - | (33 | ) | 100.0 | % | |||||
Healthcare and Other Professions Excluding Leave of Absence - COVID-19 | 3,973 | 4,090 | -2.9 | % | ||||||
Transitional | 292 | 316 | -7.6 | % | ||||||
Leave of Absence - COVID-19 | - | - | 0.0 | % | ||||||
Transitional Excluding Leave of Absence - COVID-19 | 292 | 316 | -7.6 | % | ||||||
Total | 12,894 | 12,944 | -0.4 | % | ||||||
Total Excluding Leave of Absense - COVID-19 | 12,894 | 12,899 | -0.0 | % | ||||||
End of Period Population: | ||||||||||
Transportation and Skilled Trades | 8,237 | 8,648 | -4.8 | % | ||||||
Healthcare and Other Professions | 3,959 | 4,093 | -3.3 | % | ||||||
Transportation | 192 | 318 | -39.6 | % | ||||||
Total | 12,388 | 13,059 | -5.1 | % | ||||||
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Lincoln Educational Services Corporation