Financial Performance & Growth Strategy - Lincoln's Q1 2025 revenue reached $117.5 million, marking a $16.2 million increase compared to the previous year[71] - Adjusted EBITDA for Q1 2025 was $10.6 million, a $4.1 million increase year-over-year[71] - The company projects 2027 revenue to reach $550 million and adjusted EBITDA to $60.5 million[9] - Lincoln anticipates net income of approximately $36 million and EPS of $1.13 by 2027[9] - The company's growth strategy includes new program development, strategic acquisitions, and new school construction to expand market share and diversify program offerings[7] Hybrid Learning Model & Campus Expansion - Lincoln's hybrid learning model aims to expand capacity at existing campuses and generate instructional cost savings[13] - New campuses are expected to generate approximately $6 million of EBITDA 36 months after opening[7] - A new campus pro-forma hybrid learning model anticipates approximately $4.5 million of EBITDA loss prior to opening, with profitability within two years of class start and an average population of approximately 700 students by Year 4[15] - Capital expenditures for new and relocated campuses and new programs are projected at $60 million in 2025[90] Market Position & Compliance - Over 95% of Lincoln's students are pursuing careers considered essential critical infrastructure workers by the U S Department of Homeland Security[21] - The company's 90/10 actual ratio is 82% overall, indicating strong revenue from non-federal financial aid sources[50] - Lincoln maintains a composite score of 2.5, reflecting overall financial health[50]