Exhibit 99.1 Lincoln Educational Services Reports Results for Fourth Quarter and Full Year 2023 Strong Demand Driving Outlook for Continued Growth in 2024 Fourth Quarter 2023 Financial Highlights* Full Year 2023 Financial and Operational Highlights* Recent Developments *Note: The highlighted financial results exclude the Transitional segment. A reconciliation of GAAP / non-GAAP measures is included in this release. "Our team is successfully executing our transformative growth strategies, which has led to in ...

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 September 30, 2023 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) New Jersey 57-1150621 14 Sylvan Way, Suite A 07054 Parsippany, NJ (Zip Code) (Address of principal executive offices) (973) 736-9340 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR ...

Lincoln Educational Services Corporation (NASDAQ:LINC) Q3 2023 Earnings Conference Call November 6, 2023 10:00 AM ET Company Participants Michael Polyviou - Investor Relations Scott Shaw - President and Chief Executive Officer Brian Meyers - Chief Financial Officer Conference Call Participants Steven Frankel - Rosenblatt Securities Eric Martinuzzi - Lake Street Capital Markets Raj Sharma - B. Riley Robert Puopolo - Epic Partners Operator Good day, and thank you for standing by. Welcome to the Lincoln Educat ...

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 June 30, 2023 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 57-1 ...

Lincoln Educational Services Corporation (NASDAQ:LINC) Q2 2023 Earnings Conference Call August 7, 2023 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 Eric Martinuzzi - Lake Street Capital Markets Rajiv Sharma - B. Riley Robert Puopolo - Epic Partners Operator Good day and welcome to the Q2 2023 Lincoln Educat ...

Investor Presentation Three Months Ending March 31, 2023 2 Lincoln is a leading, technical, hands-on educator and trainer serving high demand industries (transportation, skilled trades and healthcare) facing this Skills Gap Skills Gap Leader Growth Profitability Balance sheet Increasing Efficiency 3 BRIDGING THE SKILLS GAP LINCOLN TECH. Statements in this presentation regarding Lincoln's business that are not historical facts may be "forward-looking statements" that involve risks and uncertainties. Forward- ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) Unaudited Q1 2023 condensed consolidated financial statements detail **$87.3 million revenue**, a **$0.1 million net loss**, and the impact of ASC 326 Q1 2023 vs Q1 2022 Key Financials (in thousands) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | **Revenue** | $87,284 | $82,554 | | **Operating Loss** | $(1,116) | $(326) | | **Net (Loss) Income** | $(109) | $272 | | **Net Loss per Common Share** | $(0.00) | $(0.00) | Condensed Balance Sheet (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $107,587 | $114,135 | | **Total Assets** | $281,093 | $291,566 | | **Total Current Liabilities** | $54,574 | $55,020 | | **Total Liabilities** | $145,839 | $146,689 | | **Total Stockholders' Equity** | $135,254 | $144,877 | Condensed Cash Flow Statement (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(214) | $(14,367) | | **Net cash used in investing activities** | $(3,249) | $(1,045) | | **Net cash used in financing activities** | $(2,335) | $(2,296) | | **Net decrease in cash** | $(5,798) | $(17,708) | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes explain segment reorganization, ASC 326 adoption, property sale, preferred stock conversion, and credit facility - Effective January 1, 2023, the company reorganized its business into two reportable segments: **'Campus Operations'** (ongoing core operations) and **'Transitional'** (campuses marked for closure) As of March 31, 2023, the only transitional campus is **Somerville, MA**, expected to be fully taught-out by **year-end 2023**[37](index=37&type=chunk)[88](index=88&type=chunk)[90](index=90&type=chunk) - The company adopted **ASC 326 (CECL)** for credit losses on **January 1, 2023**, resulting in a one-time opening balance sheet adjustment that increased the allowance for credit losses by approximately **$10.8 million** and decreased retained earnings by **$7.9 million**, after-tax[43](index=43&type=chunk)[108](index=108&type=chunk) - The sale of the **Nashville, TN** campus property for **$34.5 million** is now expected to close in the **second quarter of 2023**, classified as **'asset held for sale'** on the balance sheet[104](index=104&type=chunk)[105](index=105&type=chunk) - On **November 30, 2022**, all outstanding **Series A Preferred Stock** was mandatorily converted into **5,381,356 shares of common stock**, terminating all future preferred dividend obligations[51](index=51&type=chunk)[71](index=71&type=chunk) - The company's credit facility was terminated on **November 4, 2022**, with **no debt outstanding** as of March 31, 2023, but expects to negotiate a new credit facility in **Q2 2023** Existing letters of credit of **$4.0 million** remain outstanding and are cash collateralized[68](index=68&type=chunk)[166](index=166&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2023 financial results, noting **5.7% revenue growth** to **$87.3 million**, widened operating loss from **increased SG&A**, and solid liquidity [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Q1 2023 revenue grew **5.7%** to **$87.3 million**, but faster cost growth, especially **7.8% SG&A increase**, led to a **$1.1 million operating loss** Consolidated Results of Operations (in thousands) | Line Item | Q1 2023 | Q1 2022 | % Change | | :--- | :--- | :--- | :--- | | **Revenue** | $87,284 | $82,554 | 5.7% | | Educational services and facilities | $38,093 | $36,196 | 5.2% | | Selling, general and administrative | $50,307 | $46,684 | 7.8% | | **Operating Loss** | $(1,116) | $(326) | 242.3% | - The revenue increase was driven by a new hybrid teaching model, a **9.0% increase in average revenue per student** from tuition hikes, and a **6.4% increase in student starts**[134](index=134&type=chunk) - The increase in SG&A expense was primarily due to a **$2.7 million** rise in administrative costs (salaries, benefits, legal) and a **$0.6 million** increase in marketing investments[138](index=138&type=chunk)[139](index=139&type=chunk) [Segment Results](index=27&type=section&id=Segment%20Results) Segment analysis shows **Campus Operations** revenue up **6.9%** to **$86.4 million** and operating income up **17.4%**, while **Transitional** segment revenue declined **47.4%** Segment Performance (Q1 2023 vs Q1 2022) | Segment | Revenue (in thousands) | Operating Income (Loss) (in thousands) | Student Starts | | :--- | :--- | :--- | :--- | | **Campus Operations** | $86,352 (+6.9%) | $10,109 (+17.4%) | 3,440 (+6.4%) | | **Transitional** | $932 (-47.4%) | $(197) (vs. $(62)) | 0 (-100.0%) | | **Corporate** | N/A | $(11,028) (-24.2%) | N/A | - The Transitional segment consists of the **Somerville, MA** campus, which is planned to be fully taught-out with a total closure cost of approximately **$2.0 million** by the **end of 2023**[150](index=150&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity remains strong with **$44.5 million cash**, improved operating cash flow, and projected **11% capital expenditures** for the new Atlanta campus - Cash, cash equivalents, and restricted cash was **$44.5 million** at quarter-end The company also holds **$14.7 million** in short-term investments[153](index=153&type=chunk) - Net cash used in operating activities decreased to **$0.2 million** from **$14.4 million** YoY, mainly due to the timing of **$8.0 million** in Title IV funds received in January 2023[159](index=159&type=chunk) - Capital expenditures are expected to be approximately **11% of revenues** in 2023, a significant increase from **3% in 2022**, driven by the new **Atlanta campus** buildout and other program expansions[162](index=162&type=chunk) - During Q1 2023, the company repurchased **104,030 shares** for approximately **$0.5 million** under its share repurchase program[154](index=154&type=chunk) [Regulatory Updates](index=31&type=section&id=Regulatory%20Updates) Regulatory updates focus on the *Sweet v. Cardona* lawsuit, where stay requests were denied, posing a material risk of DOE recoupment, and new third-party servicer regulations - In the ***Sweet v. Cardona*** case, the company's motions to stay the settlement were **denied** by the **Ninth Circuit** and the **Supreme Court**, although the company intends to continue its appeal[169](index=169&type=chunk) - As a result of the stay denials, the **DOE** could automatically approve pending borrower defense applications and seek to recoup loan amounts from the company, which could have a **material adverse effect** on business and operations[170](index=170&type=chunk) - The **DOE** is considering new regulations related to **third-party servicers**, which may expand the definition and require the company to revise contracts and increase oversight of its vendors[172](index=172&type=chunk)[173](index=173&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is not required to provide quantitative and qualitative disclosures about market risk - The company is a **smaller reporting company** as defined by **Rule 12b-2 of the Exchange Act** and is not required to provide the information otherwise required by this item[175](index=175&type=chunk) [Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) CEO and CFO concluded disclosure controls and procedures were effective, with new internal controls implemented for ASC 326 and accounts payable - The CEO and CFO concluded that the company's disclosure controls and procedures are **adequate and effective** as of March 31, 2023[176](index=176&type=chunk) - There were **no material changes** to internal control over financial reporting, except for the implementation of new controls related to **ASC 326** and **accounts payable payment processing**[177](index=177&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) Details involvement in the ***Sweet v. Cardona*** lawsuit, where stay requests were denied, potentially leading to automatic loan discharges and DOE recoupment - The company is appealing the ***Sweet v. Cardona*** settlement, which involves **Borrower Defense to Repayment** claims[179](index=179&type=chunk) - Requests to stay the settlement pending appeal were **denied** by the U.S. Court of Appeals for the **Ninth Circuit** on March 29, 2023, and by the **Supreme Court** on April 13, 2023[179](index=179&type=chunk) - The denial of the stay requests means the **DOE** could automatically approve pending borrower defense applications and seek to recoup funds from the company, creating a **significant potential liability**[180](index=180&type=chunk) [Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) Highlights material risk from the ***Sweet v. Cardona*** lawsuit, where stay denials could lead to automatic borrower defense grants and DOE recoupment actions - The primary risk highlighted is the **denial** of the company's motion to stay the judgment in the ***Sweet v. Cardona*** case by the **Ninth Circuit** and the **Supreme Court**[184](index=184&type=chunk)[185](index=185&type=chunk) - This could result in the **DOE automatically granting** all pending borrower defense applications submitted before June 22, 2022, and potentially seeking **recoupment** of all associated loan amounts from the company[186](index=186&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details Q1 2023 share repurchases of **104,030 shares** for **$0.5 million**, with the program extended and **$30.0 million** remaining authorized - On **February 27, 2023**, the Board of Directors **extended** the share repurchase program for an **additional 12 months** and authorized an **additional $10 million** for repurchases[188](index=188&type=chunk) Share Repurchases in Q1 2023 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | January 2023 | 0 | N/A | | February 2023 | 0 | N/A | | March 2023 | 104,030 | $5.34 | | **Total** | **104,030** | **$5.34** | - As of March 31, 2023, approximately **$30.0 million** remained authorized for future share repurchases[187](index=187&type=chunk)[189](index=189&type=chunk) [Defaults Upon Senior Securities](index=35&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - None[191](index=191&type=chunk) [Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reports no mine safety disclosures - None[191](index=191&type=chunk) [Other Information](index=35&type=section&id=Item%205.%20Other%20Information) The company reports no other information for this item - None[193](index=193&type=chunk) [Exhibits](index=35&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with Form 10-Q, including corporate governance documents and CEO/CFO certifications required by Sarbanes-Oxley Act - The filing includes **certifications** from the **CEO and CFO** pursuant to **Sections 302 and 906 of the Sarbanes-Oxley Act**[192](index=192&type=chunk) - Financial statements formatted in **Inline Extensible Business Reporting Language (iXBRL)** are included as **Exhibit 101**[192](index=192&type=chunk)

Lincoln Educational Services Corporation (NASDAQ:LINC) Q1 2023 Earnings Conference Call May 8, 2023 10:00 AM ET Company Participants Michael Polyviou - Investor Relations Scott Shaw - President and Chief Executive Officer Brian Meyers - Chief Financial Officer Conference Call Participants Alex Paris - Barrington Research Steven Frankel - Rosenblatt Eric Martinuzzi - Lake Street Rajiv Sharma - B. Riley Operator Good day and thank you for standing by. Welcome to the Q1 2023 Lincoln Educational Services Earnin ...

Enrollment and Revenue - As of December 31, 2022, the company had 12,388 students enrolled across 22 campuses, with an average enrollment of 12,894 students for the fiscal year, and revenues of $348.3 million, reflecting a 3.9% increase year-over-year[22]. - Skilled trades programs accounted for 36% of total average student enrollment, with tuition rates ranging from $22,000 to $38,000 and program lengths between 28 to 98 weeks[27]. - Automotive technology programs represented 30% of total average student enrollment, with tuition rates ranging from $18,000 to $45,000 and program lengths from 28 to 136 weeks[28]. - Health sciences programs made up 25% of total average student enrollment, with tuition rates ranging from $15,000 to $33,000 and program lengths from 27 to 104 weeks[29]. - Approximately 74% of the company's revenues for the fiscal year ended December 31, 2022, were derived from Title IV Programs[57]. - In fiscal year 2022, approximately 74% of revenues were derived from veterans' benefits programs, including the Post-9/11 GI Bill[73]. - The company received approximately 74% of its revenue from Title IV Programs during the fiscal year ended December 31, 2022[154]. Campus Operations and Expansion - The company plans to close the Somerville, Massachusetts campus by the end of 2023, which is currently the only campus in the Transitional Segment[20]. - The company executed a lease for a 55,000 square foot facility for a second campus in the Atlanta area, incurring approximately $0.4 million in capital expenditures for the year ended December 31, 2022[21]. - The company is focused on expanding geographically and maximizing utilization of existing facilities through increased enrollments and new program introductions[26]. - The company is evaluating the impact of new regulations on school acquisitions, which could complicate future expansion plans[131]. - The DOE may grant closed school loan discharges, which could result in financial liabilities for the company if it does not comply with the new regulations[137]. Regulatory Compliance and Oversight - The company is subject to extensive regulatory oversight, impacting its ability to expand campuses and programs[55]. - The company holds surety bonds with multiple states in an aggregate amount of approximately $15.3 million to comply with state regulations[59]. - The company is in the process of evaluating the impact of new regulations in New Jersey that establish performance quality standards for career-oriented programs[60]. - The Department of Education (DOE) has placed all of the company's institutions on provisional certification due to alleged deficiencies in administrative capability[155]. - The DOE's regulations on substantial misrepresentation could lead to sanctions, including fines and loss of Title IV eligibility, if the company is found non-compliant[130]. - The company is required to post a letter of credit if it fails to comply with the 90/10 Rule or if certain triggering events occur, which could adversely affect its financial condition[125]. - The DOE required the company to maintain a letter of credit amounting to $600,020 due to non-compliance with refund requirements based on audits from 2017 to 2019[126]. - The DOE's expanded financial responsibility standards may require the company to post substantial letters of credit, increasing compliance costs[168]. Student Retention and Marketing - The company experienced a slight decline in student retention rates due to the transition to online instruction, but anticipates improvement as faculty become more skilled in hybrid teaching[40]. - The company aims to implement a hybrid teaching model, combining online and in-person instruction, to enhance flexibility and attract more students[26]. - The company's marketing efforts include a fully integrated approach utilizing traditional media and digital marketing, which drives the majority of new student leads and enrollments[34]. - Referrals accounted for approximately 13% of new student starts during the fiscal year ended December 31, 2022[35]. - The effectiveness of marketing and advertising programs is critical for recruiting new students; failure in these efforts could adversely impact financial performance[204]. Financial Responsibility and Liabilities - The company's composite scores for fiscal years 2022, 2021, and 2020 were calculated to be 2.9, 3.0, and 2.7, respectively, indicating compliance with financial responsibility standards[118]. - The DOE's financial responsibility standards require a composite score of at least 1.5 for institutions to be deemed financially responsible without further oversight[114]. - If an institution's composite score falls below 1.0, it may be deemed to lack financial responsibility, potentially affecting its eligibility for Title IV Programs[116]. - The company is evaluating the impact of the expanded financial responsibility regulations, which could lead to a recalculation of its composite score and additional requirements[121][122]. - The DOE may seek recoupment from institutions for discharged loans, which could significantly impact the company's financial position[87]. Legal and Litigation Risks - The proposed settlement agreement in the Sweet v. Cardona lawsuit could result in automatic loan discharges and refunds for approximately 200,000 class members, including those associated with the company's institutions[96]. - The company is appealing a court ruling that approved a settlement which could result in significant loan discharges without proper adjudication[164]. - The company has filed motions to intervene in the Sweet v. Cardona lawsuit to protect its interests regarding the proposed settlement agreement[97]. - The company faces potential fines and sanctions for incentive payments related to student recruitment, which could impact operational costs[169]. - The company is subject to increased scrutiny and potential liabilities due to ongoing litigation and regulatory changes affecting borrower defense claims[158]. Economic and Market Conditions - The post-secondary education market is highly competitive, with traditional institutions often able to charge lower tuition due to government subsidies, which could adversely affect the company's market share and revenues[189]. - Changes in Title IV Programs by Congress and the DOE could significantly reduce student enrollment and revenues, impacting profit margins[156]. - An increase in student loan interest rates could make education financing more expensive, potentially reducing student enrollment and adversely impacting revenues[192]. - A substantial decrease in student financing options or significant increases in financing costs could significantly impact the student population and financial results[193]. - Legislative changes that reduce funding for Title IV Programs could adversely affect student participation and financial outcomes[194]. Operational Risks - Employee strikes could disrupt class schedules and student retention, materially affecting operations[198]. - Public health crises, such as the COVID-19 pandemic, could disrupt operations and negatively impact future revenues[186]. - Natural or man-made catastrophes could materially affect business operations and financial condition[203]. - The company must adapt educational programs to meet evolving employer demands for technological skills to maintain student enrollment and revenue[187]. - The company is subject to privacy and information security laws, and any breaches could adversely affect reputation and operations[201]. - Changes in U.S. tax laws or adverse outcomes from tax examinations could negatively impact financial results[202].

Lincoln Educational Services Corporation (NASDAQ:LINC) Q4 2022 Earnings Conference Call February 27, 2023 10:00 AM ET Company Participants Michael Polyviou - Investor Relations Scott Shaw - President and Chief Executive Officer Brian Meyers - Chief Financial Officer Conference Call Participants Steven Frankel - Rosenblatt Eric Martinuzzi - Lake Street Alex Paris - Barrington Research Raj Sharma - B. Riley Operator Good day, and thank you for standing by. Welcome to the Q4 2022 Lincoln Educational Services E ...