LINCOLN EDUCATIONAL SERVICES CORP LINC Cash Flow

Lincoln educational services corp (LINC)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
CASH FLOWS FROM OPERATING ACTIVITIES:
NET LOSS
-1,750	9,207	1,339	-3,064	-5,467	5,033	-600	-4,104	-6,874	7,706	-1,490	-6,771	-10,929	-18,627	-471	-3,138	-6,068	8,557	2,581	-7,605	-6,883	4,638	-38,080	-11,597	-11,094	-32,145	-2,276	-9,378	-7,487	-11,939	-1,485	-20,707	-3,055	6,180	-3,926	4,930	10,356
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
1,890	2,144	1,983	1,939	2,050	2,132	2,101	2,088	2,100	2,264	2,163	2,122	2,153	2,476	2,496	2,667	3,427	3,779	3,483	3,577	3,667	4,582	4,725	4,967	5,064	6,131	5,933	5,665	5,972	6,399	6,465	6,921	7,063	7,195	7,581	6,780	6,908
Amortization of deferred finance charges
45	-164	160	99	95	94	96	92	87	80	198	156	149	245	245	244	215	198	134	18	204	203	203	202	210	162	66	177	69	-147	67	80	0	-	-	-	-
Write-off of deferred finance charges
-	-	-	-	-	-	-	-	-	0	0	0	2,161	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-5,290	381	381	-	-	-	-	-	-	-	-	-	-2,008	502	385
Deferred income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-664	-9,557	-3,641	-1,674	643	-	-	-	-
Loss on disposition of assets
-1	356	212	0	-1	0	-427	7	-117	4	1,530	63	26	-625	7	4	391	-1,550	-228	-7	47	-102	0	6	55	-2	301	196	11	39	-8	10	30	0	4	-30	21
Gain on capital lease termination, net
-	-	-	-	-	-	-	-	-	-	-	-	-	1,678	1,677	1,678	1,677	3,062	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
The aggregate amount of write-downs for impairments of goodwill and long-lived assets recognized during the period for continuing and discontinued operations.
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	4,468	1,726	-	-	-	-	-	-	-	-
Fixed asset donation
-220	-191	0	-893	0	-	-	-	-	-1	0	0	-18	0	-65	0	-58	0	-11	0	-9	-30	-11	-12	-39	-	-	-	-	-	-	-	-	-	-	-	-
Fixed asset donation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
Impairment of long-lived assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-
Provision for doubtful accounts
6,551	5,690	6,234	4,297	4,626	4,717	5,438	3,739	3,811	3,327	3,173	4,090	3,130	4,476	3,529	3,287	3,300	2,697	3,437	4,171	3,278	3,664	4,345	4,373	3,118	3,993	3,993	4,018	3,528	4,965	6,542	5,867	3,682	6,830	9,604	7,376	6,743
Stock-based compensation expense
291	219	218	190	52	20	20	53	429	272	294	293	361	354	411	302	373	243	106	447	332	135	782	707	997	540	94	1,081	1,280	1,731	612	1,091	906	799	612	814	1,316
Deferred rent
-	-	-	-	-	-	-	-	-	-	-	-	-55	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred rent revenue recognized during period.
-	-	-	-	-	261	216	205	276	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tax benefit associated with exercise of share based payments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	60	15	-8	91
Deferred rent
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-59	-212	-	-125	-193	-187	-241	-169	-193	-137	-655	-83	-82	-68	-67	-22	78	432	275	56	189	248
(Increase) decrease in assets:
Accounts receivable
11,835	4,952	7,216	4,493	9,325	2,536	7,980	5,497	7,823	1,716	4,741	4,640	4,636	-1,730	8,860	3,836	4,734	-1,000	3,073	5,282	5,861	-1,038	5,776	5,441	4,291	-4,467	8,848	8,336	2,332	3,439	8,147	6,661	955	6,024	9,700	3,926	-4,333
Inventories
227	-291	-187	394	241	-860	509	-108	253	-130	-97	216	-19	-177	-152	99	29	-144	52	-85	168	-325	29	73	-149	-111	-570	254	19	-422	-75	163	-87	-332	162	-311	-23
The increase (decrease) during the reporting period in income taxes receivable, which represents the amount due from tax authorities for refunds of overpayments or recoveries of income taxes paid and the amount of increase (decrease) of consideration paid in advance for income and other taxes that provide economic benefits in future periods.
-71	-399	-31	261	-50	-29	-32	99	-67	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Prepaid income taxes and income taxes receivable
-	-	-	-	-	-	-	-	-	-	-	-	-49	-	-40	-16	-19	-346	-154	22	-52	-477	-6,654	-25	-482	-10,389	2,363	5,637	3,821	-	-	-	-	-	-	-	-
Prepaid income taxes and income taxes receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,973	-	-232	-14,014	528
Prepaid expenses and current assets
6	1,056	-377	-874	697	248	-145	-461	467	167	-398	-763	462	351	-585	-748	570	684	-834	-758	464	1,267	-1,391	846	264	756	-518	-272	140	2,049	229	-253	-751	1,136	-207	239	502
Other assets, net
127	365	354	360	289	108	72	-34	45	-10	98	187	888	300	357	600	444	78	502	462	418	55	232	-423	-95	313	453	46	365	-1,128	17	408	-296	-212	47	-605	74
Increase (decrease) in liabilities:
Accounts payable
-2,195	-3,753	-74	3,689	582	-5,254	4,030	1,997	2,980	90	-3,255	3,183	-3,211	-3,101	4,940	-1,305	208	-2,322	294	3,334	-302	2,294	-1,146	1,202	-5,082	4,256	802	-2,174	-1,423	-338	822	-1,745	-919	-3,384	732	-1,052	-1,806
Accrued expenses
723	-1,654	437	-2,796	2,326	-3,119	1,563	515	-95	-2,851	1,042	-3,989	2,185	-416	1,699	-2,826	2,738	-1,724	205	1,119	-50	-564	359	2,798	1,213	-4,843	30	3,840	1,802	-4,981	254	1,586	1,453	-2,748	-2,078	1,625	-11,735
Unearned tuition
-5,127	510	3,185	1,388	-4,217	1,020	2,106	-1,471	-3,757	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Pension plan liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-91	-90	-202	112	0	-194	-194	-284	-174	-174	-174	-196	-72	-71	-70	-63
Unearned tuition
-	-	-	-	-	-	-	-	-	-	-	-	-1,611	-	5,942	-2,873	-5,035	1,593	5,762	-5,311	583	-5,853	7,261	-3,411	813	-5,597	5,878	-2,664	-2,070	-6,472	1,406	-2,930	-1,470	-3,105	-3,346	-75	-1,176
Other liabilities
-32	-236	-406	-592	-468	1,743	-63	4	-43	-1,534	1,660	200	45	1,436	110	185	-231	-259	467	18	-32	-177	-114	184	-52	207	220	253	88	223	226	87	-38	-128	353	135	-333
Total adjustments
-10,197	-3,326	4,550	3,204	-5,455	-911	7,118	1,812	-3,168	-2,420	4,394	-1,266	-545	22,033	9,096	-5,831	-3,101	3,288	11,557	2,264	578	6,063	54,300	5,078	2,714	44,728	7,211	-675	3,268	19,824	5,620	18,996	8,732	3,485	11,950	-820	4,683
Net cash used in operating activities
-11,947	5,881	5,889	140	-10,922	4,122	6,518	-2,292	-10,042	5,286	2,904	-8,037	-11,474	3,406	8,625	-8,969	-9,169	11,845	14,138	-5,341	-6,305	10,701	16,220	-6,519	-8,380	12,583	4,935	-10,053	-4,219	7,885	4,135	-1,711	5,677	9,665	8,024	4,110	15,039
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures
1,287	2,113	2,060	573	639	480	2,406	1,335	476	990	1,667	1,266	832	1,441	600	1,054	501	612	308	539	759	2,676	2,185	1,974	637	3,007	1,660	1,280	591	2,060	2,001	2,056	2,722	7,269	6,793	12,197	11,860
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1	0	-370	-323
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	816	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of property and equipment
-	-	-	-	-	0	2,333	7	8	10	15,330	96	26	19	0	4	428	4	367	0	80	0	0	6	61	3	496	234	17	42	11	36	35	0	8	2	26
Net cash used in investing activities
-1,287	-1,749	-1,849	-573	-639	-480	-73	-1,328	-468	-980	13,663	-1,170	-806	-2,502	-336	-234	-73	-608	59	-539	-679	-2,676	-2,185	-1,968	-576	-3,004	-1,164	-1,046	-574	-2,018	-1,990	-3,492	-2,687	-7,268	-6,785	-11,825	-11,511
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings
-	-	-	-	-	-	-	-	-	-	0	8,000	30,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments on borrowings
26,500	27,347	567	0	26,600	2,299	0	0	32,800	2,000	15,500	5,000	44,266	1	0	0	386	-3	6,350	0	32,500	7,500	10,000	0	54,500	0	5,000	0	37,500	0	0	0	0	0	0	0	20,000
Proceeds from borrowings
11,000	35,000	1,295	1,250	2,500	26,600	0	1,900	2,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
The credit (payment) for loan and debt issuance costs.
-3	-	-	-	86	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from borrowings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	45,000	6,000	2,500	-	2,500	10,000	5,000	54,500	5,000	0	0	-	-	-	-	-	-	-	-
Reclassifications of payments from borrowings from restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	30,000	-30,000	0	0	54,500	0	0	0	0	-	-	-	-	-	-	-	-
Payments of borrowings from restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-5,016	5,016	-22,612	22,612	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payment of deferred finance fees
-	-	-	-	-	0	13	1	80	107	0	290	844	0	0	0	645	29	2,544	250	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net share settlement for equity-based compensation
172	0	0	0	18	0	0	61	311	11	0	0	429	71	0	6	101	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	480	483	1,686	1,672	1,681	1,686	1,686	1,656	1,662	1,597	1,596	1,589	1,583	5,655	5,647	5,605
Proceeds from exercise of stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	130	353	115	113
Tax benefit associated with exercise of share based payments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	60	15	-8	91
Net share settlement for equity-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	21	-	0	47	65	408	0	21	368	319	0	27	185	484	0	19	359
Payments under capital lease obligations
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	2,864	5,122	119	117	114	112	109	107	107	103	101	105	102	107	113	127	134	129	110	99	99
Net cash used in financing activities
-15,669	18,758	728	1,238	-24,204	24,301	-13	1,838	-30,691	35,782	-15,500	2,710	-15,539	4,950	1	-13	-9,012	-5,239	13,375	5,550	-135	-8,428	-8,092	8,160	3,156	-2,943	-1,787	-1,924	-39,626	35,412	-1,710	-2,409	-1,908	-2,006	-5,397	-5,658	-25,859
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
-28,903	22,890	4,768	805	-35,765	27,943	6,432	-1,782	-41,201	40,088	1,067	-6,497	-27,819	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,290	-9,216	-18,254	5,998	27,572	-330	-7,119	-403	5,943	-327	-5,800	6,636	1,984	-13,023	-44,419	41,279	435	-7,612	1,082	391	-4,158	-13,373	-22,331
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash Paid For [Abstract]
Interest
327	517	565	555	518	507	627	475	421	341	567	359	1,523	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,473	-	2,077	1,602	1,483	1,282	1,252	980	1,083	1,127	1,112	1,028	942	1,114	989	1,022	1,059	900	1,013	3,062	-972
Income taxes
1	5	14	99	0	24	17	149	1	18	15	-44	150	28	10	34	78	10	0	79	0	25	2	117	1	35	0	242	133	0	0	173	53	122	39	29,278	-6,221
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Liabilities accrued for or noncash purchases of fixed assets
721	1,173	649	920	110	-127	40	224	128	0	-557	956	1,048	15	642	789	602	222	551	158	48	280	466	12	855	-802	895	-311	311	1,190	415	-35	219	-759	-551	5,380	-2,904