Lincoln Educational Services Corp
NASDAQ:LINC
Income Statement
Earnings Waterfall
Lincoln Educational Services Corp
Revenue
|
378.1m
USD
|
Cost of Revenue
|
-162.3m
USD
|
Gross Profit
|
215.8m
USD
|
Operating Expenses
|
-209.1m
USD
|
Operating Income
|
6.7m
USD
|
Other Expenses
|
19.3m
USD
|
Net Income
|
26m
USD
|
Income Statement
Lincoln Educational Services Corp
Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||||||
Revenue |
216
N/A
|
209
-3%
|
203
-3%
|
199
-2%
|
203
+2%
|
171
-16%
|
144
-16%
|
114
-21%
|
306
+169%
|
329
+7%
|
348
+6%
|
369
+6%
|
286
-22%
|
280
-2%
|
274
-2%
|
267
-3%
|
262
-2%
|
259
-1%
|
258
0%
|
261
+1%
|
263
+1%
|
265
+1%
|
267
+1%
|
270
+1%
|
273
+1%
|
280
+2%
|
279
0%
|
285
+2%
|
293
+3%
|
301
+3%
|
319
+6%
|
329
+3%
|
335
+2%
|
340
+1%
|
342
+0%
|
344
+1%
|
348
+1%
|
353
+1%
|
360
+2%
|
367
+2%
|
378
+3%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(103)
|
(101)
|
(99)
|
(97)
|
(100)
|
(82)
|
(65)
|
(48)
|
(152)
|
(166)
|
(177)
|
(190)
|
(144)
|
(140)
|
(137)
|
(133)
|
(129)
|
(127)
|
(125)
|
(124)
|
(125)
|
(125)
|
(124)
|
(124)
|
(124)
|
(124)
|
(120)
|
(121)
|
(122)
|
(124)
|
(132)
|
(136)
|
(139)
|
(143)
|
(145)
|
(147)
|
(149)
|
(151)
|
(155)
|
(158)
|
(162)
|
|
Gross Profit |
113
N/A
|
108
-5%
|
104
-3%
|
102
-3%
|
103
+1%
|
90
-12%
|
79
-13%
|
66
-16%
|
155
+134%
|
163
+6%
|
171
+5%
|
179
+4%
|
141
-21%
|
140
-1%
|
137
-2%
|
134
-3%
|
132
-1%
|
131
-1%
|
133
+1%
|
136
+3%
|
138
+1%
|
140
+1%
|
143
+2%
|
145
+2%
|
150
+3%
|
156
+4%
|
159
+2%
|
164
+3%
|
171
+4%
|
177
+3%
|
187
+6%
|
194
+3%
|
196
+1%
|
197
+0%
|
196
0%
|
197
+0%
|
200
+1%
|
202
+1%
|
205
+1%
|
210
+2%
|
216
+3%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(117)
|
(113)
|
(112)
|
(111)
|
(111)
|
(94)
|
(78)
|
(59)
|
(152)
|
(163)
|
(170)
|
(184)
|
(149)
|
(147)
|
(146)
|
(144)
|
(139)
|
(138)
|
(137)
|
(138)
|
(141)
|
(142)
|
(143)
|
(145)
|
(145)
|
(147)
|
(146)
|
(148)
|
(150)
|
(150)
|
(158)
|
(165)
|
(169)
|
(176)
|
(179)
|
(180)
|
(182)
|
(187)
|
(192)
|
(200)
|
(209)
|
|
Selling, General & Administrative |
(117)
|
(113)
|
(112)
|
(111)
|
(111)
|
(94)
|
(78)
|
(59)
|
(152)
|
(162)
|
(170)
|
(184)
|
(148)
|
(147)
|
(146)
|
(145)
|
(139)
|
(138)
|
(137)
|
(138)
|
(141)
|
(142)
|
(143)
|
(145)
|
(145)
|
(147)
|
(146)
|
(147)
|
(150)
|
(150)
|
(158)
|
(165)
|
(169)
|
(176)
|
(179)
|
(180)
|
(182)
|
(186)
|
(192)
|
(200)
|
(209)
|
|
Operating Income |
(4)
N/A
|
(5)
-37%
|
(8)
-60%
|
(9)
-13%
|
(8)
+11%
|
(5)
+46%
|
1
N/A
|
7
+929%
|
3
-63%
|
1
-67%
|
2
+111%
|
(5)
N/A
|
(7)
-43%
|
(6)
+12%
|
(9)
-45%
|
(11)
-16%
|
(6)
+42%
|
(7)
-6%
|
(4)
+39%
|
(1)
+66%
|
(4)
-150%
|
(2)
+40%
|
(1)
+67%
|
1
N/A
|
5
+557%
|
10
+107%
|
13
+34%
|
17
+31%
|
21
+23%
|
27
+29%
|
29
+9%
|
29
0%
|
28
-5%
|
21
-23%
|
18
-16%
|
17
-4%
|
17
+1%
|
16
-10%
|
13
-16%
|
10
-22%
|
7
-34%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
(4)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(6)
|
(6)
|
(8)
|
(8)
|
(8)
|
(7)
|
(6)
|
(10)
|
(9)
|
(8)
|
(7)
|
(3)
|
(2)
|
(2)
|
(2)
|
(2)
|
(3)
|
(3)
|
(3)
|
(3)
|
(2)
|
(2)
|
(1)
|
(1)
|
(1)
|
(1)
|
(2)
|
(2)
|
(1)
|
(1)
|
0
|
1
|
1
|
2
|
2
|
|
Non-Reccuring Items |
0
|
1
|
4
|
(36)
|
(3)
|
(3)
|
(3)
|
36
|
(2)
|
(2)
|
(2)
|
(1)
|
(22)
|
(22)
|
(22)
|
(20)
|
2
|
2
|
1
|
(1)
|
(1)
|
(0)
|
(0)
|
0
|
1
|
(1)
|
(1)
|
(3)
|
(6)
|
(4)
|
(5)
|
(3)
|
22
|
22
|
22
|
22
|
(1)
|
0
|
26
|
26
|
27
|
|
Total Other Income |
0
|
0
|
0
|
0
|
0
|
0
|
1
|
1
|
4
|
6
|
7
|
9
|
7
|
5
|
3
|
2
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Pre-Tax Income |
(8)
N/A
|
(9)
-18%
|
(8)
+7%
|
(50)
-489%
|
(16)
+67%
|
(13)
+23%
|
(7)
+41%
|
38
N/A
|
(3)
N/A
|
(3)
+3%
|
(1)
+77%
|
(5)
-629%
|
(28)
-451%
|
(33)
-17%
|
(37)
-11%
|
(38)
-3%
|
(12)
+69%
|
(8)
+36%
|
(5)
+34%
|
(4)
+16%
|
(6)
-50%
|
(5)
+21%
|
(4)
+24%
|
(2)
+53%
|
2
N/A
|
6
+161%
|
10
+62%
|
12
+23%
|
14
+13%
|
21
+55%
|
23
+11%
|
25
+8%
|
47
+87%
|
41
-13%
|
38
-7%
|
38
-2%
|
16
-56%
|
16
-2%
|
40
+147%
|
38
-5%
|
36
-6%
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
(20)
|
(23)
|
(28)
|
(22)
|
2
|
2
|
2
|
(4)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
35
|
34
|
33
|
32
|
(13)
|
(11)
|
(10)
|
(10)
|
(4)
|
(4)
|
(11)
|
(10)
|
(10)
|
|
Income from Continuing Operations |
(27)
|
(32)
|
(37)
|
(72)
|
(15)
|
(11)
|
(5)
|
34
|
(3)
|
(3)
|
(1)
|
(5)
|
(28)
|
(33)
|
(37)
|
(38)
|
(12)
|
(8)
|
(5)
|
(4)
|
(7)
|
(5)
|
(4)
|
(2)
|
2
|
6
|
10
|
12
|
49
|
55
|
56
|
57
|
35
|
31
|
28
|
28
|
13
|
12
|
29
|
28
|
26
|
|
Net Income (Common) |
(51)
N/A
|
(55)
-7%
|
(57)
-4%
|
(93)
-63%
|
(56)
+40%
|
(52)
+7%
|
(48)
+8%
|
(7)
+85%
|
(3)
+53%
|
(3)
+26%
|
2
N/A
|
(1)
N/A
|
(28)
-2 473%
|
(33)
-17%
|
(37)
-11%
|
(38)
-3%
|
(12)
+70%
|
(8)
+35%
|
(5)
+36%
|
(4)
+19%
|
(7)
-67%
|
(5)
+20%
|
(4)
+19%
|
(2)
+45%
|
2
N/A
|
6
+175%
|
10
+78%
|
10
+6%
|
37
+254%
|
42
+14%
|
42
+1%
|
43
+2%
|
26
-40%
|
23
-13%
|
21
-7%
|
22
+2%
|
9
-58%
|
10
+7%
|
27
+177%
|
26
-4%
|
26
0%
|
|
EPS (Diluted) |
-2.25
N/A
|
-2.4
-7%
|
-2.47
-3%
|
-4.07
-65%
|
-2.46
+40%
|
-2.25
+9%
|
-2.03
+10%
|
-0.31
+85%
|
-0.14
+55%
|
-0.1
+29%
|
0.08
N/A
|
-0.04
N/A
|
-1.21
-2 925%
|
-1.4
-16%
|
-1.55
-11%
|
-1.59
-3%
|
-0.48
+70%
|
-0.3
+38%
|
-0.19
+37%
|
-0.15
+21%
|
-0.27
-80%
|
-0.2
+26%
|
-0.17
+15%
|
-0.08
+53%
|
0.08
N/A
|
0.22
+175%
|
0.39
+77%
|
0.42
+8%
|
1.49
+255%
|
1.67
+12%
|
1.68
+1%
|
1.74
+4%
|
1.04
-40%
|
0.88
-15%
|
0.85
-3%
|
0.87
+2%
|
0.36
-59%
|
0.32
-11%
|
0.89
+178%
|
0.84
-6%
|
0.85
+1%
|