[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Lincoln Educational Services Corporation as of June 30, 2021, and for the three and six-month periods then ended [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2021, total assets were $244.6 million, a slight decrease from $245.2 million at December 31, 2020, with total liabilities decreasing and stockholders' equity increasing Condensed Consolidated Balance Sheet Data (in thousands) | Account | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Current Assets** | $72,500 | $74,164 | | **Total Assets** | **$244,646** | **$245,190** | | **Total Current Liabilities** | $62,474 | $66,842 | | **Total Liabilities** | **$134,923** | **$142,141** | | **Total Stockholders' Equity** | $97,741 | $91,067 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported significant year-over-year growth in revenue and profitability, turning a net loss into a net income for the six months ended June 30, 2021 Statement of Operations Highlights (in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $80,464 | $62,470 | $158,461 | $132,511 | | **Operating Income (Loss)** | $3,452 | $1,160 | $9,472 | ($185) | | **Net Income (Loss)** | $2,426 | $783 | $6,915 | ($967) | | **Net Income (Loss) per Common Share (Diluted)** | $0.06 | $0.02 | $0.19 | ($0.06) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities decreased for the six months ended June 30, 2021, primarily due to the absence of CARES Act funds received in the prior year Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $1,067 | $6,468 | | **Net cash used in investing activities** | ($3,516) | ($2,975) | | **Net cash used in financing activities** | ($2,570) | ($16,169) | | **Net Decrease in Cash** | ($5,019) | ($12,676) | | **Cash at End of Period** | $33,007 | $25,968 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's accounting policies, financial data, and the impact of COVID-19 and government relief programs - The company operates **22 schools** in **14 states**, organized into two reportable segments: Transportation and Skilled Trades, and Healthcare and Other Professions (HOPS)[29](index=29&type=chunk)[30](index=30&type=chunk) - As of June 30, 2021, the company had **$33.0 million in cash and cash equivalents** and could borrow an additional **$21.0 million** under its Credit Facility[31](index=31&type=chunk) - The company received **$27.4 million in HEERF funds** under the CARES Act, all of which had been distributed or utilized by June 30, 2021. An additional **$15.4 million** was allocated under the CRRSAA, none of which had been drawn down as of the reporting date[120](index=120&type=chunk)[125](index=125&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial results, highlighting strong recovery and growth driven by increased student starts and population, along with regulatory updates [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Revenue and operating income significantly increased in Q2 and H1 2021 due to higher student population and a return to in-person instruction, with bad debt expense favorably impacted by HEERF funds Revenue and Operating Income Growth (YoY) | Period | Revenue Growth | Operating Income (Loss) 2021 | Operating Income (Loss) 2020 | | :--- | :--- | :--- | :--- | | **Q2 2021** | +28.8% | $3.5M | $1.2M | | **H1 2021** | +19.6% | $9.5M | ($0.2M) | - Student starts for Q2 2021 increased **8.0% YoY**. Excluding students who delayed their start in 2020 due to the pandemic, the underlying increase was **19.1%**[141](index=141&type=chunk)[142](index=142&type=chunk) - A net benefit of approximately **$3.0 million** was recorded to bad debt expense in H1 2021 due to the application of HEERF funds to relieve certain student account balances[158](index=158&type=chunk) [Segment Results](index=30&type=section&id=Segment%20Results) Both Transportation and Skilled Trades and Healthcare and Other Professions segments demonstrated strong revenue and operating income growth in Q2 2021, driven by increased student starts and average population Segment Performance - Q2 2021 vs Q2 2020 | Segment | Revenue Growth | Operating Income Growth | Student Start Growth | | :--- | :--- | :--- | :--- | | **Transportation & Skilled Trades** | 32.7% | 131.1% | 9.0% | | **Healthcare & Other Professions (HOPS)** | 20.2% | 8.5% | 5.9% | [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2021, the company maintained a net cash balance and access to a credit facility, primarily funding operations through tuition and Title IV programs - The company's net cash balance was **$16.7 million** as of June 30, 2021, compared to **$20.8 million** at year-end 2020[180](index=180&type=chunk) - The company had **$16.8 million outstanding** under its credit facility as of June 30, 2021[198](index=198&type=chunk) - The company has outstanding institutional loan commitments to active students of **$28.1 million**, which are not reported on the financials as no cash is advanced[202](index=202&type=chunk) [Regulatory Updates](index=37&type=section&id=Regulatory%20Updates) The company faces significant regulatory developments, including ongoing borrower defense application reviews by the DOE, changes to the 90/10 Rule, and planned negotiated rulemaking that could impact for-profit schools - The DOE is reviewing a number of borrower defense applications concerning Lincoln, with the company receiving **315 claims** to review as of July 2021[203](index=203&type=chunk) - The ARPA amends the 90/10 Rule, effective for fiscal years starting on or after **January 1, 2023**, to count federal funds like veterans' benefits in the **90% revenue limit** from federal sources[210](index=210&type=chunk)[211](index=211&type=chunk) - The DOE has announced its intention to establish negotiated rulemaking committees on a wide range of topics that could adversely impact for-profit schools[215](index=215&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) The company's management concluded that disclosure controls and procedures were adequate and effective as of June 30, 2021, with no material changes to internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures are **adequate and effective** as of the end of the quarterly period[220](index=220&type=chunk) - No changes were made during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[221](index=221&type=chunk) [PART II. OTHER INFORMATION](index=40&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to ordinary course lawsuits, including a largely dismissed class action related to COVID-19 and ongoing DOE review of borrower defense applications that could have a material adverse effect - A class action lawsuit filed against the company for breach of contract and other claims related to the COVID-19 transition to online classes was largely **dismissed by the court on July 9, 2021**[224](index=224&type=chunk) - The DOE is reviewing a number of borrower defense applications concerning Lincoln. The company received **175 claims** in May 2021 and another **140** in July 2021 for review and response[226](index=226&type=chunk) - Management cannot predict the outcome of the DOE's review, but an adverse finding imposing liabilities could have a **material negative impact** on the company's business and financial results[227](index=227&type=chunk) [Item 6. Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate documents and CEO/CFO certifications - Lists exhibits filed with the report, including CEO/CFO certifications under Sarbanes-Oxley Sections **302 and 906**[229](index=229&type=chunk)

Lincoln Educational Services Corporation (NASDAQ:LINC) Q2 2021 Earnings Conference Call August 9, 2021 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 - Colliers Austin Moldow - Canaccord Raj Sharma - B. Riley Justyn Putnam - Talanta Investment Group Operator Ladies and gentlemen, thank you for standing by and welcome to the Q2 2021 Lincoln Educational ...

Investor Presentation □ LINCOLN TECH® BRIDGING THE SKILLS GAP LINCOLN TECH. Quarter Ended June 30, 2021 Safe Harbor Statement Statements in this presentation regarding Lincoln's business that are not historical facts may be "forward-looking statements" that involve risks and uncertainties. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Fo ...

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, 2021 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- ...

Lincoln Educational Services Corporation (NASDAQ:LINC) Q1 2021 Earnings Conference Call May 10, 2021 10:00 AM ET Corporate Participants Michael Polyviou - IR, EVC Group Scott Shaw - President and Chief Executive Officer Brian Meyers - Chief Financial Officer Conference Call Participants Alex Paris - Barrington Research Steven Frankel - Colliers Austin Moldow - Canaccord Raj Sharma - B. Riley Operator Good day and thank you for standing by, and welcome to the First Quarter 2021 Lincoln Educational Services' ...

U.S. 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, 2020 Commission File Number 000-51371 LINCOLN EDUCATIONAL SERVICES CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) New Jersey 57-1150621 200 Executive Drive, Suite 340 West Orange, NJ 07052 (Addres ...

Lincoln Educational Services Corporation (NASDAQ:LINC) Q4 2020 Earnings Conference Call March 3, 2021 10:00 AM ET Company Participants Michael Polyviou - IR, EVC Group Scott Shaw - President and CEO Brian Meyers - CFO Conference Call Participants Alex Paris - Barrington Research Steven Frankel - Colliers Securities Austin Moldow - Canaccord Genuity Raj Sharma - the B. Riley Justin Putnam - Talanta Investment Operator Ladies and gentlemen, thank you for standing by, and welcome to the Lincoln Educational Ser ...

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, 2020 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 ...

Lincoln Educational Services Corporation (NASDAQ:LINC) Q3 2020 Earnings Conference Call November 10, 2020 10:00 AM ET Company Participants Michael Polyviou - IR, Managing Member at EVC Group LLC Scott Shaw - President and CEO Brian Meyers - CFO Conference Call Participants Alex Paris - Barrington Research Steven Frankel - Colliers Raj Sharma - B. Riley Austin Moldow - Canaccord Justin Putnam - Talanta Operator Ladies and gentlemen, thank you for standing by and welcome to the Q3 2020 Lincoln Educational Ser ...

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, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 LINCOLN EDUCATIONAL SERVICES CORPORATION (Exact name of registrant as specified in its charter) New Jersey 57-1150621 (State or other jurisdiction of incorporation or organization) (IRS Empl ...