Core Insights - Lincoln Educational Services is experiencing strong enrollment growth and expansion in skilled trades education, with a focus on HVAC, electrical, automotive, and welding programs [3][4][20] Enrollment and Campus Expansion - The company opened a new campus in Houston, Texas, with classes starting in late September, and early enrollments are exceeding expectations [1] - Lincoln relocated its Nashville campus and introduced new programs, planning to host an Investor Day on March 19 [2] - The company aims to initiate two new campus projects annually, with new campuses planned in Hicksville, New York, and Rowlett, Texas, targeting openings in late 2026 and early 2027 respectively [4][16] Financial Performance - For Q4, revenue increased by $25.2 million, or 21.4%, to $142.9 million, driven by a 17% increase in average student population [9] - Adjusted EBITDA rose 51.2% to $29.1 million, with a margin expansion of over 400 basis points to 20.4% [13] - For the full year, revenue increased by 19.7% to $518.2 million, with total starts rising to approximately 21,000, up 15.2% [14] Student Outcomes and Market Trends - Student placement outcomes for graduates in skilled trades have reached recent highs, driven by demand exceeding supply [3] - The company is benefiting from a growing interest in skilled trades as alternatives to traditional four-year degrees become more appealing [3] Program Mix and Strategic Adjustments - Transportation and skilled trades, which make up about 80% of the student population, saw start growth of 23.4% in the quarter [7] - The company is exiting programs that do not yield strong returns, such as culinary and cosmetology, while focusing on programs that meet gainful employment thresholds [8] Future Guidance - For 2026, the company projects revenue between $580 million and $590 million, with adjusted EBITDA expected to be between $72 million and $76 million [16] - The company anticipates student start growth of 8% to 13% and plans capital expenditures of $70 million to $75 million [16]