Lincoln Educational Services(US:LINC) Newsfilterยท2024-08-08 12:00Financial Performance - Revenue for Q2 2024 increased by 16.1% to $102.9 million, driven by a 12.3% rise in student starts and an 11.7% increase in average student population [1][3][26] - Adjusted EBITDA more than doubled to $6.2 million, reflecting a significant operational improvement [1][2][5] - The company reported a net loss of $700,000 for the quarter, compared to a net income of $17.25 million in the same period last year [1][24] Operational Highlights - Student starts rose by 12.3%, with the total student population at quarter-end increasing by 11.4% [1][26] - The new campus in East Point, Georgia, opened in March 2024, exceeding initial student start forecasts for the full year [2][9] - Ongoing campus relocations in Nashville, Tennessee, and Levittown, Pennsylvania, are expected to open in the first half of 2025, with a new campus in Houston, Texas, anticipated by the end of 2025 [2][9] Strategic Outlook - The company raised its full-year revenue outlook and increased the lower end of its adjusted EBITDA, adjusted net income, and student starts guidance [1][9] - Capital expenditures guidance was reduced due to timing, with a focus on new campus developments and program expansions [9][10] - The company is actively developing corporate partnerships to enhance workforce development programs [2][9] Segment Performance - Campus Operations segment revenue increased by 16.7% to $102.9 million, with adjusted EBITDA rising by 52.9% to $15.8 million [5][29] - The Transitional segment reported no revenue, as the Somerville campus teach-out was completed in Q4 2023 [6][29] Financial Guidance - For the full year 2024, the company projects revenue between $423 million and $430 million, adjusted EBITDA between $39 million and $42 million, and adjusted net income between $14 million and $17 million [9][10] - The guidance reflects a strong performance in the first half of 2024 and an optimistic outlook for the remainder of the year [9][10]