Q1 2026 Lincoln Educational Services Corp Earnings Call Transcript
Key Points
- Lincoln Educational Services Corp (LINC) achieved a 19.5% growth in student starts, with half of this growth coming from organic operations.
- The company reported a 22.5% increase in revenue, marking three consecutive years of double-digit quarterly revenue growth.
- Adjusted EBITDA grew by nearly 85%, and net income more than doubled, indicating strong financial performance.
- Lincoln Educational Services Corp (LINC) generated positive cash flow from operations for the first time in 10 years.
- The company raised its 2026 guidance, reflecting confidence in continued growth and strong business momentum.
- Operating expenses increased significantly, from $114.1 million to $137.6 million, due to higher student population and growth initiatives.
- The rise in laptop costs is expected to impact the company by approximately $750,000 per quarter for the remainder of the year.
- New campus losses amounted to $2.8 million in the first quarter, impacting overall profitability.
- The company faces challenges in expanding healthcare programs, focusing on achieving profitability before further expansion.
- There is uncertainty in finding suitable locations for new campuses, which could affect the pace of expansion.
Good day, and welcome to the Lincoln Educational Services first quarter 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker, Mr. Michael Polyviou. Please go ahead.
Thank you, Sherry. Good morning, everyone. Before the market opened today, Lincoln Educational Services issued a news release reporting financial results for the first quarter ended March 31, 2026, as well as recent corporate developments. The release is available on the Investor Relations portion of the company's corporate website at www.lincolntech.edu.
Joining us today on the call are Scott Shaw, CEO and President; and Brian Meyers, Chief Financial Officer and Executive Vice President. Today's call is being recorded and is being broadcast live on the company's website. A replay of the call will be archived on the company's
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