Lincoln educational services corp (LINC)
Balance Sheet / TTM
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Dec'10
ASSETS
CURRENT ASSETS:
Cash and cash equivalents

9,741

23,644

11,757

6,489

5,683

17,571

10,183

3,081

4,863

14,563

7,277

7,210

8,707

21,064

19,240

10,950

20,166

38,420

32,422

4,850

5,180

12,299

12,702

6,759

7,086

12,886

6,250

4,266

17,289

61,708

20,429

19,994

27,606

26,524

26,133

30,291

65,995

Restricted cash

-

-

3,997

4,497

4,498

16,775

7,820

8,490

8,490

7,189

7,189

6,189

11,189

6,399

6,282

6,555

7,371

7,362

7,358

0

0

30,000

0

0

0

54,500

-

-

-

0

-

-

-

-

-

-

-

Restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1

1

694

Accounts receivable, less allowance of $19,687 and $18,107 at March 31, 2020 and December 31, 2019, respectively

26,504

20,652

22,094

22,083

22,577

18,675

21,659

20,685

19,643

15,791

18,503

17,886

17,386

15,383

13,741

11,671

10,709

10,410

17,016

17,574

15,725

13,533

18,193

18,569

17,701

16,127

25,960

20,756

15,733

17,370

19,574

18,600

17,229

19,696

20,405

20,413

33,697

Inventories

1,835

1,608

1,899

2,086

1,692

1,451

2,311

1,802

1,910

1,657

1,787

1,884

1,668

1,687

1,146

1,278

1,096

1,242

1,611

1,597

1,593

1,486

2,222

2,193

2,120

2,269

2,380

2,950

2,696

2,677

3,099

3,174

2,964

3,051

3,383

3,221

3,555

Prepaid income taxes and income taxes receivable

312

383

358

389

128

178

206

239

140

207

195

252

213

262

274

314

330

349

695

849

827

879

1,356

8,010

8,035

8,517

18,497

16,206

10,662

7,085

19,966

21,339

14,092

11,743

12,552

12,525

0

Assets held for sale

-

-

-

-

-

-

0

0

0

2,959

3,021

16,820

16,820

16,847

48,297

46,029

46,319

44,369

44,762

52,393

51,696

50,930

6,310

6,310

-

6,310

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,229

6,795

7,541

7,729

8,101

8,016

8,439

8,725

9,288

9,838

11,057

Assets held for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,310

-

-

-

-

0

-

-

-

-

-

-

-

Prepaid expenses and other current assets

4,100

4,190

4,257

4,634

3,158

2,461

2,213

2,358

2,809

2,352

2,187

2,586

3,353

2,894

2,181

2,630

3,190

2,710

2,765

3,614

4,386

3,937

2,683

4,088

3,257

3,013

2,278

2,803

3,101

2,944

2,322

2,143

2,135

2,919

1,969

2,453

2,494

Total current assets

42,492

50,477

44,362

40,178

37,736

57,111

44,392

36,655

37,855

44,718

40,159

52,827

59,336

64,536

91,161

79,427

89,181

104,862

106,629

80,877

79,407

113,064

43,466

45,929

44,509

103,622

61,594

53,776

57,022

99,513

73,491

73,266

72,465

72,658

73,731

78,742

117,492

PROPERTY, EQUIPMENT AND FACILITIES - At cost, net of accumulated depreciation and amortization of $173,483 and $172,408 at March 31, 2020 and December 31, 2019, respectively

49,367

49,345

48,209

47,480

47,776

49,292

50,891

53,468

54,017

52,866

54,083

55,132

55,056

55,445

57,956

59,079

60,476

66,625

66,627

63,919

66,806

69,740

117,173

121,282

124,126

127,332

137,371

141,113

146,937

154,096

158,492

162,453

175,300

180,014

180,360

180,880

172,431

OTHER ASSETS:
Noncurrent restricted cash

0

15,000

0

0

0

11,600

0

0

0

32,802

0

0

0

20,252

20,281

20,273

20,266

15,259

15,254

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Noncurrent receivables, less allowance of $2,555 and $2,260 at March 31, 2020 and December 31, 2019, respectively

14,769

15,337

14,633

13,662

12,972

12,175

11,372

9,804

9,088

8,928

7,827

6,876

6,826

7,323

5,437

4,567

4,749

5,278

5,921

5,451

5,857

6,235

8,475

6,668

6,468

6,869

5,496

5,845

6,550

6,109

5,431

4,800

5,312

5,572

5,669

5,565

6,807

Deferred income taxes, net

-

-

-

-

-

424

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred finance charges

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,783

481

140

158

175

191

953

1,163

574

640

705

774

-

-

-

329

-

-

-

Deferred finance charges

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

842

909

-

-

715

806

-

Deferred income taxes, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

17,065

7,153

3,600

1,520

-

4,414

1,856

1,524

Deferred income taxes, net

-

-

0

0

424

-

424

424

424

424

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

18,409

19,312

17,917

-

-

-

-

1,877

-

-

-

Operating lease right-of-use assets

47,088

49,065

38,750

37,951

39,323

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Goodwill

14,536

14,536

14,536

14,536

14,536

14,536

14,536

14,536

14,536

14,536

14,536

14,536

14,536

14,536

14,536

14,536

14,536

14,536

21,991

22,207

22,207

22,207

23,511

62,465

62,465

62,465

62,465

62,465

65,527

65,527

83,856

83,856

97,371

97,371

97,371

106,709

106,709

Other assets, net

999

1,003

1,247

1,091

3,222

900

966

908

951

939

954

860

1,155

1,115

1,023

1,116

1,092

1,190

2,703

2,658

2,479

2,303

2,647

3,624

3,537

4,498

4,377

3,989

4,000

3,690

4,663

4,717

4,384

4,430

4,202

5,885

7,859

Total other assets

77,392

94,941

69,166

67,240

70,477

39,635

-

-

-

57,629

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total other assets

-

-

-

-

-

-

27,298

25,672

24,999

-

23,317

22,272

22,517

43,226

41,277

40,492

40,643

36,263

48,652

30,797

30,683

30,903

34,808

72,948

73,423

74,995

91,321

92,251

94,699

93,165

101,945

97,882

108,587

109,579

112,371

120,821

122,899

TOTAL ASSETS

169,251

194,763

161,737

154,898

155,989

146,038

122,581

115,795

116,871

155,213

117,559

130,231

136,909

163,207

190,394

178,998

190,300

207,750

221,908

175,593

176,896

213,707

195,447

240,159

242,058

305,949

290,286

287,140

298,658

346,774

333,928

333,601

356,352

362,251

366,462

380,443

412,822

LIABILITIES, SERIES A CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of credit agreement

2,000

2,000

7,117

4,579

3,635

15,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Less current maturities

-

-

-

-

-

-

-

-

-

0

0

8,000

5,000

11,713

10,000

10,000

10,000

10,000

5,813

6,000

0

30,000

7,500

-

-

0

-

-

-

-

-

-

-

-

-

-

-

Unearned tuition

18,284

23,411

22,901

19,716

18,328

22,545

21,525

19,419

-

24,647

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Current portion of capital lease obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

114

515

490

480

471

462

-

-

435

-

-

-

-

-

-

-

-

-

-

-

Current portion of finance obligation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,678

3,355

5,033

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Current portion of long-term debt and lease obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

15,452

443

-

426

418

415

412

409

419

450

481

510

476

437

Unearned tuition

-

-

-

-

-

-

-

-

20,890

-

26,200

20,528

23,167

24,778

19,859

15,159

16,100

23,703

26,803

22,351

26,779

26,469

34,858

27,597

31,008

30,195

35,792

29,914

32,578

34,648

41,120

39,714

41,772

43,242

46,347

49,693

50,944

Accounts payable

12,699

14,584

18,899

18,411

14,544

14,107

19,483

15,587

13,386

10,508

10,423

14,235

10,574

13,748

17,137

11,892

13,324

12,863

15,184

14,913

11,538

11,894

9,818

11,097

9,823

14,603

11,160

9,724

11,992

13,500

14,027

12,804

14,069

15,468

19,674

19,638

25,617

Accrued expenses

8,592

7,869

9,523

9,123

11,963

10,605

13,783

12,220

11,713

11,771

14,619

13,707

17,725

15,368

11,828

10,142

12,767

11,209

15,083

15,051

13,849

13,865

15,140

14,781

11,984

10,655

15,580

15,550

11,710

9,746

14,750

14,482

12,869

11,296

14,041

16,093

26,071

Current portion of operating lease liabilities

9,372

9,142

9,089

9,840

9,508

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Liabilities held for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

15,958

14,719

16,760

12,332

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Dividends payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

5,647

16,650

Advanced payments from federal funds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

299

67

-

Income taxes payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

1,044

Other short-term liabilities

133

199

595

1,090

1,773

2,324

557

505

512

558

2,122

464

627

653

157

208

239

686

730

780

675

780

723

830

703

693

340

320

229

268

244

277

392

631

424

528

905

Total current liabilities

51,080

57,205

68,124

62,759

59,751

64,581

55,348

47,731

46,501

47,484

53,364

56,934

57,093

66,260

76,617

65,475

74,223

70,907

64,128

59,585

53,321

83,479

68,501

69,757

53,961

56,581

63,298

55,926

56,924

58,574

70,550

67,696

69,552

71,118

81,295

92,142

121,668

NONCURRENT LIABILITIES:
Long-term credit agreement and term loan

16,576

32,028

19,785

21,435

20,958

33,769

24,374

24,292

22,300

52,593

16,721

24,023

24,156

30,244

31,734

31,510

31,287

32,124

38,837

-

-

0

0

-

-

54,500

-

-

-

-

-

-

-

-

-

-

-

Long-term capital lease obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

3,785

24,644

24,788

24,914

25,038

25,159

-

-

25,509

-

-

-

-

-

-

-

-

-

-

-

Long-term finance obligation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

9,672

9,672

9,672

9,672

9,672

9,672

-

-

9,672

-

-

-

-

-

-

-

-

-

-

-

Long-term debt and lease obligations, net of current portion

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

34,950

40,066

-

35,293

35,402

35,510

73,115

35,725

35,828

35,924

36,027

36,127

36,271

56,508

Pension plan liabilities

3,932

4,015

4,149

4,189

4,230

4,271

4,233

4,395

4,408

4,437

4,981

5,279

5,323

5,368

5,476

5,537

5,543

5,549

5,250

4,961

5,130

5,299

1,111

1,278

1,497

1,522

5,960

6,244

6,616

6,901

6,755

6,694

6,648

6,594

3,362

3,182

2,816

Deferred income taxes, net

153

153

93

93

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Long-term portion of operating lease liabilities

43,680

46,018

35,942

34,465

36,352

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

5,290

4,909

4,528

-

-

-

0

-

-

-

-

-

-

-

Accrued rent

-

-

0

0

0

3,410

3,612

3,828

4,025

4,338

4,672

5,278

5,549

5,666

3,602

3,673

3,824

4,716

6,584

6,709

6,822

6,852

7,081

7,250

7,442

7,695

8,268

8,351

8,433

8,663

8,707

8,743

8,677

8,365

8,093

8,063

7,758

Other long-term liabilities

939

214

64

89

111

141

164

281

418

548

685

825

639

743

-

-

-

0

215

219

368

357

627

670

709

746

1,052

1,012

1,023

1,044

1,080

1,056

1,073

1,122

1,174

1,200

1,587

Total liabilities

116,360

139,633

128,157

123,030

121,402

106,172

87,731

80,527

77,652

109,400

80,423

92,339

92,760

108,281

117,429

106,195

114,877

126,753

149,330

105,934

100,227

130,697

112,151

119,195

108,584

160,753

113,871

106,935

108,506

148,297

122,817

120,017

121,874

123,226

130,051

140,858

190,337

COMMITMENTS AND CONTINGENCIES

-

-

-

-

-

-

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

0

0

0

-

0

SERIES A CONVERTIBLE PREFERRED STOCK
STOCKHOLDERS' EQUITY:
Preferred stock, no par value - 10,000,000 shares authorized, no shares issued and outstanding at September 30, 2019 and December 31, 2018

-

-

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

0

0

0

0

0

0

0

0

0

Common stock, no par value - authorized: 100,000,000 shares at March 31, 2020 and December 31, 2019; issued and outstanding: 32,275,062 shares at March 31, 2020 and 31,142,251 shares at December 31, 2019

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,377

141,307

140,954

140,726

Additional paid-in capital

30,264

30,145

29,927

29,709

29,518

29,484

29,464

29,444

29,452

29,334

29,073

28,779

28,486

28,554

28,271

27,860

27,564

27,292

27,131

27,025

26,661

26,350

26,551

25,769

25,109

24,177

24,334

24,312

23,345

22,677

21,650

21,041

19,632

19,535

19,620

19,213

17,378

Treasury stock at cost - 5,910,541 shares at March 31, 2020 and December 31, 2019

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

82,860

Accumulated deficit

-43,808

-42,058

-51,264

-52,604

-49,540

-44,073

-49,106

-48,506

-44,402

-37,528

-45,234

-43,744

-36,973

-26,044

-7,417

-6,946

-3,808

2,260

-6,297

-8,878

-1,273

5,610

1,452

40,015

53,298

66,064

99,890

103,852

114,916

124,059

137,660

140,742

163,045

167,689

163,092

167,026

151,989

Accumulated other comprehensive loss

-4,064

-3,456

-3,600

-3,754

-3,908

-4,062

-4,025

-4,187

-4,348

-4,510

-5,220

-5,660

-5,881

-6,101

-6,406

-6,628

-6,850

-7,072

-6,773

-7,005

-7,236

-7,467

-3,224

-3,337

-3,450

-3,562

-6,326

-6,476

-6,626

-6,776

-6,716

-6,716

-6,716

-6,716

-4,748

-4,748

-4,748

Total stockholders' equity

40,909

43,148

33,580

31,868

34,587

39,866

34,850

35,268

39,219

45,813

37,136

37,892

44,149

54,926

72,965

72,803

75,423

80,997

72,578

69,659

76,669

83,010

83,296

120,964

133,474

145,196

176,415

180,205

190,152

198,477

211,111

213,584

234,478

239,025

236,411

239,585

222,485

TOTAL LIABILITIES, SERIES A CONVERTIBLE PREFERRED STOCK AND EQUITY

169,251

194,763

161,737

154,898

155,989

146,038

122,581

115,795

116,871

155,213

117,559

130,231

136,909

163,207

190,394

178,998

190,300

207,750

221,908

175,593

176,896

213,707

195,447

240,159

242,058

305,949

290,286

287,140

298,658

346,774

333,928

333,601

356,352

362,251

366,462

380,443

412,822

Series A Preferred Stock [Member]
Preferred stock, no par value - 10,000,000 shares authorized, Series A convertible preferred shares, 12,700 shares issued and outstanding at March 31, 2020 and December 31, 2019

11,982

11,982

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total stockholders' equity

11,982

11,982

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-