| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net income | 4,356 | 12,700 | 3,799 | 3,499 |
| Depreciation and amortization | 7,214 | 6,481 | 5,043 | 7,637 |
| Deferred income taxes | NaN | 2,076 | 0 | 547 |
| Finance lease amortization | 418 | 417 | 418 | 835 |
| Amortization of deferred finance charges | 35 | 35 | 17 | 90 |
| Loss (gain) on sale of assets | -6 | -60 | -10 | 476 |
| Gain on insurance proceeds | NaN | 0 | 0 | NaN |
| Proceeds from insurance | NaN | 0 | 0 | NaN |
| Fixed asset donations | -93 | -114 | 0 | -197 |
| Provision for credit losses | 13,683 | 15,501 | 17,572 | 25,012 |
| Income taxes payable | NaN | 0 | 0 | -1,072 |
| Stock-based compensation expense | 1,444 | 1,407 | 1,533 | 2,548 |
| Accounts receivable | 17,951 | -267 | 23,122 | 30,797 |
| Inventories | -1,498 | 893 | -1,411 | 1,451 |
| Prepaid income taxes | -1,098 | 168 | -1,363 | 2,794 |
| Prepaid expenses and current assets | -995 | 6,579 | 191 | 3,611 |
| Other assets, net | -725 | -5,219 | -2,607 | 657 |
| Accounts payable | 1,002 | -6,436 | 6,912 | -9,768 |
| Accrued expenses | -4,614 | 1,631 | 1,361 | 3,452 |
| Unearned tuition | -4,872 | 10,674 | 5,402 | -2,548 |
| Other liabilities | -378 | 1,230 | -253 | 1,672 |
| Total adjustments | 210 | 30,808 | 20,083 | -11,578 |
| Net cash provided by (used in) operating activities | 4,566 | 43,508 | 23,882 | -8,079 |
| Proceeds from sale of property and equipment | NaN | NaN | -10 | 504 |
| Capital expenditures | 14,628 | 18,506 | 21,851 | 46,276 |
| Proceeds from sale of property and equipment | -6 | 434 | NaN | NaN |
| Net cash used in investing activities | -14,634 | -18,566 | -21,861 | -45,772 |
| Proceeds from borrowings | 33,000 | 0 | 20,000 | 25,000 |
| Payments on borrowings | 28,000 | 8,000 | 25,000 | 12,000 |
| Payment of deferred finance fees | NaN | 0 | 0 | 121 |
| Finance lease principal paid | -101 | -90 | -87 | -179 |
| Tenant allowance finance leases | NaN | -1,813 | 0 | 2,212 |
| Net share settlement for equity-based compensation | 6,660 | 0 | 155 | 3,633 |
| Net cash used in financing activities | -1,761 | -9,903 | -5,242 | 11,279 |
| Net decrease in cash and cash equivalents | -11,829 | 15,039 | -3,221 | -42,572 |
| Cash and cash equivalents beginning of period | 28,519 | 59,273 | 59,273 | NaN |
| Cash and cash equivalentsend of period | 16,690 | 15,039 | 13,480 | NaN |
LINCOLN EDUCATIONAL SERVICES CORP (LINC)
LINCOLN EDUCATIONAL SERVICES CORP (LINC)