Core Insights - Lincoln Educational Services Corporation reported strong financial performance for Q1 2025, with a 13.7% increase in revenue to $117.5 million and a 63% rise in adjusted EBITDA [5][7][8] - The company is raising its full-year guidance based on positive momentum and strong first-quarter results, projecting revenue between $485 million and $495 million [5][13] - The company continues to expand its campus operations and program offerings, with new campuses planned in Houston, Texas, and Hicksville, New York [5][13] Financial Performance - Revenue increased by 13.7% to $117.5 million compared to Q1 2024, marking the sixth consecutive quarter of double-digit growth [7][8] - Adjusted EBITDA rose to $10.6 million from $6.5 million in the prior year [7][8] - Net income improved to $1.9 million from a net loss of $0.2 million in the previous year [7][23] Operational Highlights - Student starts grew by 16.2%, with a 20.9% increase when excluding the Transitional segment [7][8] - The quarter-end student population increased by 15.2%, or 18.3% excluding the Transitional segment [7][8] - The company successfully relocated its Nashville campus and is on track to complete the Levittown campus relocation in the second half of the year [5][7] Segment Results - Campus Operations segment revenue increased by 16.0% to $117.5 million, with adjusted EBITDA rising by 50% to $27.5 million [10][32] - The Transitional segment was eliminated following the sale of the Summerlin campus, which had generated $2.0 million in revenue in the prior year [11][32] Guidance and Future Outlook - The company raised its financial guidance for FY 2025, projecting revenue of $485 million to $495 million and adjusted EBITDA of $58 million to $63 million [13][36] - The guidance reflects expectations for continued growth in student starts, now projected to increase by 10% to 14% [13][36] - Lincoln aims to achieve approximately $550 million in revenue and $90 million in adjusted EBITDA by 2027 [5][13]