On this page of StockholderLetter.com we present the latest annual shareholder letter from LINCOLN EDUCATIONAL SERVICES CORP — ticker symbol LINC. Reading current and past LINC letters to shareholders can bring important insights into the investment thesis.

 •  4/10/2025 Letter Continued (Full PDF)
 •  More "Education & Training Services" Category Stockholder Letters
 •  LINC Benford's Law Stock Score = 87

LINC Shareholder/Stockholder Letter Transcript:

NO LIMITS. NO BOUNDARIES.
LINCOLN EDUCATIONAL SERVICES CORPORATION 2024 ANNUAL REPORT
2024 ANNUAL REPORT

To Our Shareholders,
Scott Shaw
President & CEO
For the past several years, Lincoln Educational Services Corporation has consistently delivered strong operating
and financial performance by providing high-value training and skills development to students seeking a timeefficient and cost-effective path to enter the workforce. As a result of this focus, we are meeting the growing
demand for educational alternatives to traditional four-year colleges while also providing employers seeking
solutions to close their workforce   s skills gap with trained and skilled workers.
In 2024, we continued to build on our track record and ended the year well-positioned for both short and long-term growth. Our
financial performance in 2024 was highlighted by a 16.4% year-over-year revenue increase. For the full year, our new student starts grew
by 15.2% to nearly 18,700, and our end-of-year population increased by approximately 1,900 students. Our Adjusted EBITDA grew by
nearly 60% over 2023 levels, and as of year-end, we had approximately $60 million in cash and no debt.
While achieving strong financial performance, we continued to invest in our growth strategies. We completed the first phase of
implementing our Lincoln 10.0 hybrid teaching platform, which provides greater flexibility to our students and improves operational
efficiencies.
Our progress in new campus development and program expansion was another highlight of 2024. In March, we opened our East Point
campus in metropolitan Atlanta, our first greenfield campus in a number of years. This campus has exceeded all expectations, enrolling
more than 700 students and achieving profitability by the third quarter. Their success has reinforced our confidence in the future of our
other planned campuses, with three set to open in 2025.
In Nashville, we relocated our campus to a new, state-of-the-art facility, welcoming our first class in March 2025. The new Nashville
campus, rebranded as NADC (Nashville Auto Diesel College), builds on its historic legacy of serving the automotive and diesel
industries since World War I. The expanded offerings at NADC will include programs in the welding, HVAC, and electrical fields, as
well as a Peterbilt Training Center.
Our new Levittown, Pennsylvania campus, set to replace our Philadelphia facility, is scheduled to open in the second half of 2025. The
new facility will allow Lincoln to introduce three high-demand skilled trades programs that were not feasible at our Philadelphia location
and enable us to serve an expanded student population.
The upcoming Houston campus, anticipated to open in late 2025, will be our second campus in Texas, opening a new market for
Lincoln. This campus will feature an approximately 100,000 square foot training center, offering career opportunities in automotive,
diesel, welding, HVAC and electrical and electronic fields.
In addition, we recently announced plans to develop a new campus in Hicksville, New York. We expect this new campus to complement
our successful Whitestone, Queens campus, just as our East Point campus has benefited our Marietta, Georgia campus since opening in
March 2024. The 65,000 square-foot training center will offer specialized career training in automotive, welding, HVAC and electrical
and electronics fields. The targeted opening for the Hicksville campus is currently set for the end of 2026.
Beyond campus developments, we successfully replicated and expanded five high-demand programs at existing campuses during
2024 and anticipate adding more high-demand programs throughout 2025. On the corporate partnership front, in 2024, we added,
expanded, or renewed relationships with several corporations. As an example, we entered into a 5-year workforce development agreement
with Container Maintenance Corporation (CMC), Inc. to help train CMC technicians.
In 2025, we aim to build further on our excellent operating and financial results by adding new campuses as well as new programs
at existing campuses as noted above, while enhancing efficiencies across the system. With our strong balance sheet and our recently
expanded $60 million credit facility, we have the resources to drive our growth and are well positioned to achieve our objectives of
approximately $550 million in revenue and approximately $90 million in Adjusted EBITDA in 2027.
At Lincoln, we recognize that our success is intrinsically tied to our students    success. We will continue to advocate for middle-skills
careers, like those we offer, which can lead to rewarding, productive, and fulfilling careers that America needs. I want to thank our
dedicated faculty and staff, who, day in and day out, motivate, educate, and inspire our students to reach their full potential. Finally, I
want to thank our shareholders for their continued support as we strive for even greater returns.
Sincerely,
Scott Shaw
President & Chief Executive Officer
Lincoln Educational Services Corporation



 4/10/2025 Letter Continued (Full PDF)