LINCOLN EDUCATIONAL SERVICES CORP LINC Cash Flow

Lincoln educational services corp (LINC)

CashFlow / TTM

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
5,732	2,015	-2,159	-4,098	-5,138	-6,545	-3,872	-4,762	-7,429	-11,484	-37,817	-36,798	-33,165	-28,304	-1,120	1,932	-2,535	-3,350	-7,269	-47,930	-51,922	-56,133	-92,916	-57,112	-54,893	-51,286	-31,080	-30,289	-41,618	-37,186	-19,067	-21,508	4,129	17,540	0	0	0
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
7,956	8,116	8,104	8,222	8,371	8,421	8,553	8,615	8,649	8,702	8,914	9,247	9,792	11,066	12,369	13,356	14,266	14,506	15,309	16,551	17,941	19,338	20,887	22,095	22,793	23,701	23,969	24,501	25,757	26,848	27,644	28,760	28,619	28,464	0	0	0
Amortization of deferred finance charges
140	190	448	384	377	369	355	457	521	583	748	795	883	949	902	791	565	554	559	628	812	818	777	640	615	474	165	166	69	0	0	0	0	-	-	-	-
Write-off of deferred finance charges
-	-	-	-	-	-	-	-	-	2,161	2,161	2,161	2,161	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	0	0	0
Deferred income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-15,536	-14,229	0	0	0	-	-	-	-
Loss on disposition of assets
567	567	211	-428	-421	-537	-533	1,424	1,480	1,623	994	-529	-588	-223	-1,148	-1,383	-1,394	-1,738	-290	-62	-49	-41	59	360	550	506	547	238	52	71	32	44	4	-5	0	0	0
Gain on capital lease termination, net
-	-	-	-	-	-	-	-	-	-	-	-	-	6,710	8,094	6,417	4,739	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.
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,194	0	0	0	-	-	-	-	-	-	-	-
Fixed asset donation
-1,304	-1,084	0	0	0	-	-	-	-	-19	-18	-83	-83	-123	-123	-69	-69	-20	-50	-50	-62	-92	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Fixed asset donation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
Impairment of long-lived assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-
Provision for doubtful accounts
22,772	20,847	19,874	19,078	18,520	17,705	16,315	14,050	14,401	13,720	14,869	15,225	14,422	14,592	12,813	12,721	13,605	13,583	14,550	15,458	15,660	15,500	15,829	15,477	15,122	15,532	16,504	19,053	20,902	21,056	22,921	25,983	27,492	30,553	0	0	0
Stock-based compensation expense
918	679	480	282	145	522	774	1,048	1,288	1,220	1,302	1,419	1,428	1,440	1,329	1,024	1,169	1,128	1,020	1,696	1,956	2,621	3,026	2,338	2,712	2,995	4,186	4,704	4,714	4,340	3,408	3,408	3,131	3,541	0	0	0
Deferred rent
-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred rent revenue recognized during period.
-	-	-	-	-	958	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tax benefit associated with exercise of share based payments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	158	0	0	0
Deferred rent
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-663	-	-746	-790	-790	-740	-1,154	-1,068	-957	-888	-300	-239	-79	421	763	841	952	768	0	0	0
(Increase) decrease in assets:
Accounts receivable
28,496	25,986	23,570	24,334	25,338	23,836	23,016	19,777	18,920	15,733	12,287	16,406	15,602	15,700	16,430	10,643	12,089	13,216	13,178	15,881	16,040	14,470	11,041	14,113	17,008	15,049	22,955	22,254	20,579	19,202	21,787	23,340	20,605	15,317	0	0	0
Inventories
143	157	-412	284	-218	-206	524	-82	242	-30	-77	-132	-249	-201	-168	36	-148	-9	-190	-213	-55	-372	-158	-757	-576	-408	-719	-224	-315	-421	-331	-94	-568	-504	0	0	0
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.
-240	-219	151	150	-12	-29	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Prepaid income taxes and income taxes receivable
-	-	-	-	-	-	-	-	-	-	-	-	-117	-	-421	-535	-497	-530	-661	-7,161	-7,208	-7,638	-17,550	-8,533	-2,871	1,432	0	0	0	-	-	-	-	-	-	-	-
Prepaid income taxes and income taxes receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	0	0	0
Prepaid expenses and current assets
-189	502	-306	-74	339	109	28	-225	-527	-532	-348	-535	-520	-412	-79	-328	-338	-444	139	-418	1,186	986	475	1,348	230	106	1,399	2,146	2,165	1,274	361	-75	417	1,670	0	0	0
Other assets, net
1,206	1,368	1,111	829	435	191	73	99	320	1,163	1,473	1,732	2,145	1,701	1,479	1,624	1,486	1,460	1,437	1,167	282	-231	27	248	717	1,177	-264	-700	-338	-999	-83	-53	-1,066	-696	0	0	0
Increase (decrease) in liabilities:
Accounts payable
-2,333	444	-1,057	3,047	1,355	3,753	9,097	1,812	2,998	-3,193	-6,384	1,811	-2,677	742	1,521	-3,125	1,514	1,004	5,620	4,180	2,048	-2,732	-770	1,178	-2,198	1,461	-3,133	-3,113	-2,684	-2,180	-5,226	-5,316	-4,623	-5,510	0	0	0
Accrued expenses
-3,290	-1,687	-3,152	-2,026	1,285	-1,136	-868	-1,389	-5,893	-3,613	-1,178	-521	642	1,195	-113	-1,607	2,338	-450	710	864	2,543	3,806	-473	-802	240	829	691	915	-1,339	-1,688	545	-1,787	-1,748	-14,936	0	0	0
Unearned tuition
-44	866	1,376	297	-2,562	-2,102	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Pension plan liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-271	-180	-284	-276	-672	-846	-826	-806	-718	-616	-513	-409	-276	0	0	0
Unearned tuition
-	-	-	-	-	-	-	-	-	-	-	-	-3,430	-	-373	-553	-2,991	2,627	-4,819	-3,320	-1,420	-1,190	-934	-2,317	-1,570	-4,453	-5,328	-9,800	-10,066	-9,466	-6,099	-10,851	-7,996	-7,702	0	0	0
Other liabilities
-1,266	-1,702	277	620	1,216	1,641	-1,636	87	283	371	3,341	1,791	1,776	1,500	-195	162	-5	194	276	-305	-139	-159	225	559	628	768	784	790	624	498	147	274	322	27	0	0	0
Total adjustments
-5,769	-1,027	1,388	3,956	2,564	4,851	3,342	618	-2,460	163	24,616	29,318	24,753	22,197	3,452	5,913	14,008	17,687	20,462	63,205	66,019	68,155	106,820	59,731	53,978	54,532	29,628	28,037	47,708	53,172	36,833	43,163	23,347	19,298	0	0	0
Net cash used in operating activities
-37	988	-771	-142	-2,574	-1,694	-530	-4,144	-9,889	-11,321	-13,201	-7,480	-8,412	-6,107	2,332	7,845	11,473	14,337	13,193	15,275	14,097	12,022	13,904	2,619	-915	3,246	-1,452	-2,252	6,090	15,986	17,766	21,655	27,476	36,838	0	0	0
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures
6,033	5,385	3,752	4,098	4,860	4,697	5,207	4,468	4,399	4,755	5,206	4,139	3,927	3,596	2,767	2,475	1,960	2,218	4,282	6,159	7,594	7,472	7,803	7,278	6,584	6,538	5,591	5,932	6,708	8,839	14,048	18,840	28,981	38,119	0	0	0
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-694	0	0	0
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of property and equipment
-	-	-	-	-	2,348	2,358	15,355	15,444	15,462	15,471	141	49	451	436	803	799	451	447	80	86	67	70	566	794	750	789	304	106	124	82	79	45	36	0	0	0
Net cash used in investing activities
-5,458	-4,810	-3,541	-1,765	-2,520	-2,349	-2,849	10,887	11,045	10,707	9,185	-4,814	-3,878	-3,145	-1,251	-856	-1,161	-1,767	-3,835	-6,079	-7,508	-7,405	-7,733	-6,712	-5,790	-5,788	-4,802	-5,628	-8,074	-10,187	-15,437	-20,232	-28,565	-37,389	0	0	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings
-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments on borrowings
54,414	54,514	29,466	28,899	28,899	35,099	34,800	50,300	55,300	66,766	64,767	49,267	44,267	387	383	6,733	6,733	38,847	46,350	50,000	50,000	72,000	64,500	59,500	59,500	42,500	42,500	37,500	37,500	0	0	0	0	20,000	0	0	0
Proceeds from borrowings
48,545	40,045	31,645	30,350	31,000	31,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
The credit (payment) for loan and debt issuance costs.
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from borrowings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	72,000	74,500	64,500	59,500	0	0	0	-	-	-	-	-	-	-	-
Reclassifications of payments from borrowings from restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	30,000	0	0	0	24,500	54,500	54,500	54,500	0	0	0	0	-	-	-	-	-	-	-	-
Payments of borrowings from restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-22,612	0	5,016	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payment of deferred finance fees
-	-	-	-	-	94	201	188	477	1,241	1,134	1,134	844	645	674	3,218	3,468	2,823	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net share settlement for equity-based compensation
172	18	18	18	79	372	383	383	322	440	500	500	506	178	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,321	5,522	6,725	6,725	6,709	6,690	6,601	6,511	6,444	6,365	10,423	14,474	18,490	0	0	0
Proceeds from exercise of stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	711	0	0	0
Tax benefit associated with exercise of share based payments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	158	0	0	0
Net share settlement for equity-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	520	520	494	797	708	708	714	531	696	696	688	862	0	0	0
Payments under capital lease obligations
-	-	-	-	-	-	-	-	-	-	-	-	-	2,864	7,986	8,105	8,222	5,472	462	452	442	435	426	418	416	411	415	427	449	481	503	500	472	437	0	0	0
Net cash used in financing activities
5,055	-3,480	2,063	1,322	1,922	-4,565	6,916	-8,571	-7,699	7,453	-23,379	-7,878	-10,601	-4,074	-14,263	-889	4,674	13,551	10,362	-11,105	-8,495	-5,204	281	6,586	-3,498	-46,280	-7,925	-7,848	-8,333	29,385	-8,033	-11,720	-14,969	-38,920	0	0	0
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
-440	-7,302	-2,249	-585	-3,172	-8,608	3,537	-1,828	-6,543	6,839	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-13,182	6,100	14,986	26,121	19,720	-1,909	-1,906	-587	6,452	2,493	-10,203	-48,822	-14,179	-15,728	-10,317	35,184	-5,704	-10,297	-16,058	-39,471	0	0	0
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash Paid For [Abstract]
Interest
1,964	2,155	2,145	2,207	2,127	2,030	1,864	1,804	1,688	2,790	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,149	-	6,444	5,619	4,997	4,597	4,442	4,302	4,350	4,209	4,196	4,073	4,067	4,184	3,970	3,994	6,034	4,003	0	0	0
Income taxes
119	118	137	140	190	191	185	183	-10	139	149	144	222	150	132	122	167	89	104	106	144	145	155	153	278	410	375	375	306	226	348	387	29,492	23,218	0	0	0
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Liabilities accrued for or noncash purchases of fixed assets
3,463	2,852	1,552	943	247	265	392	-205	527	1,447	1,462	2,661	2,494	2,048	2,255	2,164	1,533	979	1,037	952	806	1,613	531	960	637	93	2,085	1,605	1,881	1,789	-160	-1,126	4,289	1,166	0	0	0