Legislation (A.472C /S.121B) will support make certain that New York schools are correctly educating students on the Holocaust. The laws directs the New York State Education Department to figure out regardless of whether school districts throughout the state have achieved education requirements on instruction of the Holocaust, which have been required by law considering the fact that 1994. It will also have to have NYSED to detect how non-compliant educational institutions will shut gaps in understanding of the Holocaust in colleges.
Condition Senator Anna M. Kaplan said, “With antisemitism on the increase, and Holocaust misinformation exploding around the planet, it’s never ever been far more critical that we study the lessons of the Holocaust, and ensure our next generation is aware of about our background, no make any difference how dark or complicated the dialogue may be. It’s why I’ve fought tirelessly to pass the Holocaust Education Bill, so that we can guarantee this important heritage is currently being taught to learners in New York, and so that we may hardly ever forget what transpired. I’m so grateful for my partnership with Assemblymember Nily Rozic, for the management of Governor Kathy Hochul, and for the plenty of advocates and corporations who fought along with me since working day one of this essential energy.”
Assemblymember Nily Rozic said, “Under no circumstances Once more have to provide as a connect with to motion, not just vacant phrases we say. As antisemitism rises across New York and Holocaust survivors age, this new regulation will guarantee that New York college students are taught about what occurs when hatred goes unchecked. I’m grateful to Governor Hochul for signing this deal of legislation, and to all the businesses and advocates whose tireless function brought us to this second.”
Laws (A.3719A/S.117A) requires museums to admit the origins of art items that were stolen from Europeans during the Nazi period, mainly from Jewish family members. During Globe War II, the Nazis looted some 600,000 paintings from Jews, enriching the 3rd Reich and removing all vestiges of Jewish identity and tradition. Museums across New York display screen this stolen artwork with no recognition of or transparency around their origins, and this laws will involve museums to disclose information on the record of these stolen art pieces.
Point out Senator Anna M. Kaplan reported, “For the duration of the Holocaust, some 600,000 paintings were stolen from Jewish folks not only for their worth, but to wipe our tradition and identity off the deal with of the Earth. These days, artwork earlier stolen by the Nazis can be found hanging in museums around New York with no recognition of the dark paths they traveled there. With the history of the Holocaust staying so important to go on to the up coming generation, it is really very important that we be transparent and be certain that any individual viewing artwork stolen by the Nazis comprehend wherever it arrived from and its part in record.”
Assemblymember Charles D. Lavine said, “80 yrs afterwards we are continue to pressured to confront the horrors of the Holocaust. As well numerous men and women continue to be ignorant of the indiscriminate wholesale murder of extra than six million Jews by the Nazis for the duration of Environment War II, as well as the many examples of humiliation and, in circumstances these types of as this, blatant profiteering. This legislation is indicative of how we ought to keep on to battle dislike through training.”
Legislation (A.9338/S.8318) needs the New York Point out Department of Financial Companies to maintain and update a record of monetary establishments that waive wire service fees associated with Holocaust reparations payments. About 1-third of Holocaust survivors in the U.S. live in poverty. This laws will relieve needless burdens that banks may well spot on Holocaust survivors that obtain reparation payments.
Condition Senator Zellnor Myrie said, “We cannot heal the trauma that aged Holocaust survivors have endured, but we can just take measures to enable them make finishes fulfill. I’m grateful to Governor Hochul for signing this invoice into regulation and to Assembly Member Eichenstein for his partnership. I motivate all condition-chartered banks to voluntarily waive these transaction charges for survivors and appear ahead to looking at them on the state’s listing future calendar year.”
Assemblymember Simcha Eichenstein said, “Our Holocaust survivors are a valuable reward and it is incumbent on us to aid them in any way we can. This invoice, which I sponsored with Senator Zellnor Myrie, will make certain that our Holocaust survivors are aware of which banking companies are waiving costs on reparations payments, costs that could include up considerably. Our elderly survivors that have endured so much should not be charged corporate transaction charges for payments that are rightfully theirs. They have earned improved. Thank you Governor Hochul for recognizing the importance of this invoice and signing it into regulation now.”
BridgeYear presents occupation test push possibilities to university
Victoria Chen was a superior college teacher and counselor when she understood she was section of an instructional system that wasn’t supporting learners who ended up not academically inclined or interested in faculty.
That’s when she co-started BridgeYear, an corporation developed to present a pathway toward financial independence and steadiness.
”The bachelor’s diploma is not the only pathway to good results,” she reported. “It’s a single way that we can persuade college students to go immediately after superior university but it’s not the only way.”
The “Career Exam Drive” is just one of the methods they deliver access to occupations in which they could possibly have an fascination.
“A great deal of pupils believe they may well want to do a little something in health care but they really don’t know the time period phlebotomist or healthcare laboratory technician,” she claimed. “And further than realizing the phrase, if they never ever tried it that’s a really challenging provide for a youthful particular person to make a financial commitment, a life span determination to go after that academic path.”
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OneGoal Houston focuses on college graduation
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“If you are a lower-money student in Houston you have as 20{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} opportunity of finishing a postsecondary diploma or credential than 67{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of your a lot more affluent peers,” mentioned Patty Williams-Downs, the Executive Director of OneGoal Houston. “That is the divide.”
Come across out about the many applications in position by OneGoal Houston to support relieve the hole in diploma chances.
From the in the vicinity of bottom of the class to Ph.D.
He graduated in the base 3rd of his modest high faculty class and was explained to that HVAC was his ideal likelihood at a occupation.
Daniel Villanueva felt he had much more to give and now quite a few decades and 8 schools later he has a Ph.D. and is Vice President of Enrollment Administration at U of H Downtown.
“There had been educational difficulties at just about every degree that I experienced to press ahead and there were people along the way that served in the function that I at the moment serve who aided development my job ahead,” he stated.
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The obstacles to equitable faculty education options are just one of several topics on this week’s Houston Newsmakers with Khambrel Marshall
Look at an extended Newsmakers Additional on resourcing below.
For a lot more info on this week’s Houston Newsmakers
· Victoria Chen, Co-Founder & Govt Director, BridgeYear
Booklet Delivers Tweens/Teens with the Principles of Taking care of Dollars
DENVER, April 26, 2022 /PRNewswire/ — Economic Literacy Colorado (EconLitCO) and Bellco Credit score Union are celebrating Economic Literacy Month by launching a new “FUNancial $marts” instructional exercise reserve for students in grades 6-8 that teaches them the principles of managing revenue. The booklet is becoming distributed through Bellco branches, as well as by way of supplemental local community partnerships.
“FUNancial $marts” for center schoolers features things to do about genuine world money situations, making good decisions about buys, and means to comparison shop. An electronic variation is also out there for obtain at this website link.
“Developing short- and long-term fiscal routines and abilities direct to better economical very well-getting. And making certain that young folks in our group have the important lifestyle abilities they require to succeed is a major precedence for Bellco,” stated John Rivera, senior vice president and main retail officer at Bellco Credit history Union. “We are proud to lover with Financial Literacy Colorado for the 3rd calendar year and assist their initiatives to equip academics with the information and facts and products they want to carry financial empowerment to their lecture rooms.”
“Individual finance and elementary economics are vital capabilities that each pupil will use all through their life. We had wonderful success with the K-5 “FUNancial $marts” action book and are excited for the new ebook geared towards center college students,” mentioned Debbie Pierce, president and CEO of EconLitCO. “We encourage Coloradans to challenge them selves and their kids by expanding recognition and education and learning all-around economics and financial literacy, awareness that is crucial to getting prosperous users of our no cost company technique.”
April was dubbed Monetary Literacy Thirty day period in 2004 with hopes of elevating community awareness of the importance of knowledge own finance and the effects affiliated with very little to no financial education. In 2019 Bellco teamed up EconLitCO to create “FUNancial $marts” for elementary college students. The elementary action e book incorporates collaborative classes of counting income, budgeting, and generating a company. With the enable of a trainer, guardian, or relatives member, FUNancial $marts can equip younger men and women with know-how to make educated decisions and get ready them to deal with economical and financial issues in their future. An electronic edition of the K-5 e-book is also offered for obtain on the Bellco internet site.
EconLitCO has quite a few methods obtainable which includes distant mastering for mom and dad and learners, personalized finance literacy, information and routines, and much more. To accessibility these methods and upcoming classes, check out ELC’s web page at econlitco.org.
About Bellco
Bellco is just one of Colorado’s biggest fiscal institutions, with more than $6 billion in property and 26 branches in Colorado. Founded in 1936, Bellco features a full selection of economic items and providers including home fairness loans, automobile financial loans and checking accounts. Currently, Bellco has more than 350,000 associates who reward from the advantages of a credit score union, such as reduced interest rates on financial loans, higher yields on personal savings and access to thousands of ATMs nationwide. Hook up with Bellco on Fb and Twitter. Bellco is federally insured by NCUA and is an Equivalent Housing Financial institution.
About Economic Literacy Colorado
Economic Literacy Colorado empowers Colorado college students to realize a lifetime of economic understanding and economic protection by providing financial and personal economical education to academics and their students as a result of packages and college-accredited qualified growth. To study additional, please take a look at www.econlitco.org and stick to Economic Literacy Colorado on Facebook, Twitter and LinkedIn.
Media get in touch with: Amy Moynihan [email protected]
The Fidelity Stack attributes Make investments Quest with gamified economic schooling
New experience launches along with Fidelity Metaverse ETF (FMET)
BOSTON, April 21, 2022–(Business WIRE)–Fidelity Investments® nowadays celebrated the grand opening of its initially immersive metaverse practical experience aimed at presenting a new way to learn investing essentials. The system is the most up-to-date go by Fidelity to make innovative means to serve purchaser desires, primarily the future generation of buyers, as it results in being the to start with top brokerage firm to present an educational metaverse encounter.
The Fidelity Stack in Decentraland (Graphic: Business Wire)
The Fidelity Stack, crafted in Decentraland, capabilities a multi-amount layout entire with a foyer, dance ground, and rooftop sky back garden for customers to explore on foot – or even via teleport. In the Devote Quest at The Fidelity Stack, buyers are challenged to traverse the setting up finding out the basics of ETF investing though collecting “orbs” alongside the way.
“Fidelity is frequently innovating as we re-visualize what it appears to be like like to have interaction with consumers as a trusted economical companies organization in the potential,” said Kathryn Condon, head of advertising channels and rising platforms at Fidelity. “As Web 3. will take shape, Fidelity is excited to deliver our experience in financial training to this new digital place.”
In addition to furnishing a primer on different forms of expenditure merchandise, like ETFs, the experience celebrates the start of Fidelity Metaverse ETF (FMET), a new thematic ETF that supplies accessibility to companies that build, manufacture, distribute, or offer products or services associated to creating and enabling the metaverse. This ETF, along with other folks introduced past week, is a self-indexed ETF applying Fidelity’s proprietary indices, constructed by Fidelity’s quantitative investing group, to detect fairness securities that present exposure to these fast growing industries.
“The way we interact with every single other and with our cash is quickly transforming, whether which is by way of the increase of blockchain technologies or improvement of a new digital universe,” extra Condon. “Our foray into the metaverse is intended with this in head.”
The encounter joins the Fidelity Reddit website page and Fidelity’s TikTok account as some of the a lot of assets for younger buyers to improve their economic expertise through instructive content material and actionable insights. To aid investors superior fully grasp the metaverse and its related investment decision opportunities, this Viewpoints posting provides history: Enter the Metaverse.
“We’re portion of a dynamic shift as young people choose management of their funds in new strategies,” mentioned David Dintenfass, main internet marketing officer and head of emerging buyers at Fidelity. “The up coming technology seeks out economic education in all the areas they expend time, no matter if bodily or digital. We’re dedicated to serve shoppers in these decentralized communities as they remodel and expand.”
To stop by The Fidelity Stack, click on here (a desktop or notebook personal computer is demanded for Decentraland). To preview the expertise from any machine, simply click right here.
About Fidelity Investments Fidelity’s mission is to encourage improved futures and deliver improved results for the consumers and firms we provide. With assets under administration of $11.3 trillion, which include discretionary property of $4.2 trillion as of March 31, 2022, we concentration on meeting the exclusive wants of a numerous established of shoppers. Privately held for above 75 a long time, Fidelity employs extra than 57,000 associates who are centered on the extensive-term accomplishment of our clients. For a lot more information about Fidelity Investments, visit https://www.fidelity.com/about-fidelity/our-firm.
Important Information
Prior to investing in any mutual fund or exchange-traded fund, you need to take into account its expense goals, challenges, expenses, and expenditures. Contact Fidelity for a prospectus, an giving circular, or, if readily available, a summary prospectus containing this information. Read it thoroughly.
Metaverse organizations are issue to several dangers, which includes all those affiliated with constrained merchandise lines, markets, monetary sources or personnel, intense competitiveness, potentially rapid solution obsolescence, impairment of intellectual house legal rights, disruptions in services, cybersecurity attacks, and adjustments in regulation. Despite the fact that the fund’s fundamental index works by using a regulations-centered proprietary index methodology that seeks to discover these types of corporations, there is no warranty that this methodology will be profitable.
ETFs are topic to marketplace fluctuation and the dangers of their fundamental investments. ETFs have management expenses and other expenses. In contrast to mutual money, ETF shares are purchased and marketed at marketplace rate, which may be bigger or decreased than their NAV, and are not independently redeemed from the fund.
Exchange-traded products (ETPs) are subject matter to current market volatility and the threats of their underlying securities, which might contain the threats involved with investing in smaller providers, foreign securities, commodities, and preset revenue investments. Overseas securities are subject matter to interest charge, forex trade price, financial, and political risks, all of which are magnified in rising marketplaces. ETPs that target a small universe of securities, such as a distinct area or industry sector, are usually subject matter to higher sector volatility, as properly as to the specific hazards associated with that sector, location, or other concentrate. ETPs that use derivatives, leverage, or advanced financial investment tactics are subject matter to additional threats. The return of an index ETP is usually distinctive from that of the index it tracks for the reason that of fees, bills, and monitoring mistake. An ETP may perhaps trade at a top quality or discount to its web asset price (NAV) (or indicative value in the scenario of trade-traded notes). The diploma of liquidity can range appreciably from a single ETP to an additional and losses could be magnified if no liquid marketplace exists for the ETP’s shares when trying to sell them. Just about every ETP has a one of a kind danger profile, in-depth in its prospectus, providing circular, or very similar substance, which should be regarded as carefully when creating investment choices.
Fidelity Investments and Fidelity are registered company marks of FMR LLC.
Fidelity Investments is not affiliated or related with, nor has it entered into a partnership with, Decentraland, the Decentraland DAO or the Decentraland Basis.
Fidelity Brokerage Expert services LLC, Member NYSE, SIPC,
900 Salem Street, Smithfield, RI 02917
Fidelity Distributors Company LLC,
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Countrywide Monetary Products and services LLC, Member NYSE, SIPC,
2021 Operating and Financial Results Met or Exceeded Guidance
Conference Call Today at 10 a.m. ET
PARSIPPANY, N.J., Feb. 28, 2022 (GLOBE NEWSWIRE) — Lincoln Educational Services Corporation (Nasdaq: LINC) today, reported operating and financial results for the fourth quarter and full year ended December 31, 2021 as well as recent business developments.
Fourth Quarter 2021 Financial Highlights and Recent Operating Developments
Revenue of $87.8 million, up 7.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} compared to prior year
Adjusted EBITDA* of $15.1 million, up 13.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} over prior year
Average student population up 6.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}; ending population up 6.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} or 850 students
Consummated sale-leaseback transactions generate gain on sale of $22.5 million and net proceeds of $45.4 million, with approximately $17 million used to retire all outstanding debt
Net cash position of $83.3 million, up $62.5 million over prior year
Net income of $24.0 million
Full Year 2021 Results – Achieved or Exceeded Guidance
Student start growth of 7.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Adjusted EBITDA* of $38.1 million
Adjusted pre-tax net income* of $27.1 million
*See Use of “Non-GAAP Financial Information” below.
“Strong execution, both during the fourth quarter and for the full year, allows Lincoln to enter 2022 in an extremely strong operating position with approximately 850 more students compared to the year-ago period. Additionally, the proceeds from the sale-leaseback transactions significantly improved our liquidity, giving us one of the strongest balance sheets in Lincoln’s 75-year history,” said Scott Shaw, President & CEO. “Our continued success, high graduate placement rates and a more favorable outlook for high school student starts compared to a year ago, gives us a high degree of confidence that we can achieve even greater results for years to come.
The expected proceeds of approximately $34.0 million from the contemplated sale of our Nashville, Tennessee property, assuming consummation, combined with our continuing strong cash flow provides the Company with even more financial resources to execute our near and long-term growth strategies. During 2022, we plan to begin the relocation of our Nashville campus to a new and more efficient facility in the Nashville area. Furthermore, we plan to expand our footprint through a new campus while continuing to invest in new programs. We are poised to execute these strategies to generate consistent, long-term growth while enhancing our ability to serve our growing student population as well as our corporate partners.”
2021 FOURTH QUARTER FINANCIAL RESULTS
(Quarter ended December 31, 2021 compared to quarter ended December 31, 2020)
Revenue increased $6.0 million, or 7.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $87.8 million from $81.8 million. The increase in revenue resulted from a 6.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase in average population, driven by a 7.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase in starts for the year.
Educational services and facilities expense increased $3.3 million, or 10.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $34.8 million from $31.5 million in the prior year comparable period. Increased costs were primarily concentrated in instructional expense, books and tools expense and facilities expense. In addition to increases resulting from higher student populations, instruction expense rose due to higher salaries as a consequence of inflationary pressures and instructor shortages, particularly in nursing programs. Facility expenses increased $0.6 million due to additional rent expense in the current quarter as a result of the sale-leaseback transactions.
Selling, general and administrative expense increased $1.6 million, or 4.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to $40.8 million primarily due to an increase in benefits expense driven by an uptick in medical claims in the current year in combination with a slight increase in salaries.
Gain on sale of assets was $22.5 million recorded upon the consummation of the sale-leaseback transactions involving the Denver, Colorado and Grand Prairie, Texas campuses.
Operating income increased to $34.0 million in 2021, from $11.1 million in the prior year period. The increase was mainly driven by a $22.5 million gain resulting from the sale-leaseback transactions, partially offset by $0.6 million of additional rent expense related to the two campuses that were subject of the sale-leaseback transactions and a $0.7 million non-cash impairment charge to adjust the book value of a former campus facility, which closed about 10 years ago. Excluding the impact of the sale-leaseback transactions and the impairment charge as a one-time event, operating income would have increased $1.7 million, or 15.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.
Net interest expense increased $0.8 million, to $1.1 million from $0.3 million in the prior year comparable period. The additional expense was driven by the sale-leaseback transactions which included $0.5 million related to terminating the interest rate hedge early and $0.5 million non-cash write-off of deferred finance fees.
Net income of $24.0 million, or $0.73 per diluted share, compared to $46.0 million, or $1.44 per diluted share. In 2021, income tax provision was $12.5 million compared to $35.1 million tax benefit related to a full valuation allowance reversal in 2020.
Debt-free balance sheetas of December 31, 2021 after payoff of all outstanding debt in the fourth quarter compared to $17.8 million of borrowings in the prior year.
FOURTH QUARTER SEGMENT RESULTS Transportation and Skilled Trades Segment Revenue increased $4.3 million, or 7.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to $62.9 million from $58.6 million in the prior year comparable period. The increase in revenue results from a 7.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} higher average student population, driven by the 9.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase in student starts for the year.
Operating income improved to $16.6 million from $15.6 million in the prior year comparable quarter, driven mainly by revenue growth.
Healthcare and Other Professions Segment Revenue increased $1.7 million, or 7.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to $24.9 million from $23.2 million in the prior year comparable quarter. The increase in revenue results from a 3.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} higher average student population, driven by the 4.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase in student starts for the year, and a 3.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase in average revenue per student in the current quarter.
Operating income was $4.1 million down slightly from $4.7 million in the prior year comparable quarter due primarily to higher instructional salaries.
Corporate and Other This category includes unallocated expenses incurred on behalf of the entire Company. Corporate and other expenses were $8.5 million compared to $9.2 million after excluding the $22.5 million gain from sale-leaseback transactions, partially offset by a one-time non-cash impairment charge of $0.7 million in the current year.
YEAR-END FINANCIAL RESULTS (Period ended December 31, 2021 compared to December 31, 2020)
Total revenue increased by $42.2 million, or 14.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $335.3 million, compared to $293.1 million
Student starts grew by 1,081 or 7.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 15,402 compared to 14,321
Transportation and Skilled Trades segment revenue increased by $33.1 million, or 16.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $240.5 million, compared to $207.4 million
The Healthcare and Other Professions segment revenue increased by $9.1 million, or 10.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $94.8 million, compared to $85.7 million
Adjusted EBITDA increased $14.2 million or 59{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to $38.1 million, compared to $23.9 million
Operating income increased to $49.3 million as compared to $14.8 million
FULL YEAR 2022 OUTLOOK
Through the combination of cash generated from Lincoln’s strong operating performance and additional liquidity provided by the sale-leaseback transactions, Lincoln entered 2022 with over $80 million of net cash. In addition, the Company has availability under its credit agreement and anticipates increasing its cash position from the contemplated consummation of the sale of its Nashville, Tennessee campus. Lincoln will utilize this strong balance sheet to increase its level of investment in growth strategies and operating efficiencies.
Specific operating and financial guidance for the coming year is as follows:
Revenue in the range of $350 million to $365 million
Student start growth in the range of 5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to 10{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Adjusted EBITDA* in the range of $35.0 million to $40.0 million
Net Income in the range of $17.0 million to $22.0 million
Capital expenditures in the range of $7.0 million to $9.0 million
*See Use of “Non-GAAP Financial Information” below
The 2022 guidance excludes the impact of the contemplated consummation of the sale and relocation of the Nashville, Tennessee campus, which is under contract, as well as additional costs associated with a new potential campus. The outlook is based on, among other things, current enrollment trends and does not account for the impact from continuing COVID-19 issues or any new COVID-19 variants. Accordingly, as is always the case, the guidance may be revised as the year unfolds due to changes in student demand and other factors.
The Company is also providing additional information as to the progress of operations through 2022. This information represents management’s current expectations for the upcoming year and may be revised in-line with the developing business environment.
Revenue Pursuant to the Company’s seasonality patterns, it is anticipated that approximately 45{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of revenue will occur in the first half of the year. Student starts are expected to increase in the low single digits during the first quarter, with higher start growth in the remainder of the year.
Operating Expenses Operating expenses are expected to range in the low to mid $80 million level each quarter, with the third quarter’s expenses expected to reflect the high point of the year, consistent with the seasonality of the Company’s business. This higher level of operating expenses for the full year includes the addition of $3.2 million of rent expense resulting from the sale-leaseback transactions as well as $2.0 million of additional spending related to growth initiatives, efforts to streamline operations and development and implementation of improvements to Lincoln’s hybrid teaching model. First quarter operating expenses will show the largest increase year over year, as the first quarter of 2021 included a one-time $3.0 million benefit due to Care Act funds credited to student’s accounts.
Other Interest expense, depreciation and amortization and stock-based compensation expense are expected to be approximately $0.4 million, $6.6 million, and $4.5 million respectively, recognized evenly throughout the year. The effective tax rate for the year is projected to be 28.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.
CONFERENCE CALL INFO Lincoln will host a conference call today at 10:00 a.m. Eastern Daylight Time to discuss results. To access the live webcast of the conference call, please go to the Investor Relations section of Lincoln’s website at http://www.lincolntech.edu. Participants can also listen to the conference call by dialing 844-413-0946 (domestic) or 216-562-0456 (international) and providing access code 2498132. Please log in or dial into the call at least 10 minutes prior to the start time.
A replay of the call will also be available for seven days by calling 855-859-2056 (domestic) or 404-537-3406 (international) and providing access code 2498132.
ABOUT LINCOLN EDUCATIONAL SERVICES CORPORATION Lincoln Educational Services Corporation is a provider of diversified career-oriented post-secondary education helping to provide solutions to America’s skills gap. For 75 years, Lincoln has offered and continues to offer recent high school graduates and working adults degree and diploma programs. The Company operates under two reportable segments: Transportation and Skilled Trades and Healthcare and Other Professions. Lincoln has provided the nation’s workforce with skilled technicians since its inception in 1946. For more information, go to www.lincolntech.edu.
SAFE HARBOR Statements in this press release and in oral statements made from time to time by representatives of Lincoln Educational Services Corporation regarding Lincoln’s business that are not historical facts, including those made in a conference call, may be “forward-looking statements” as that term is defined in the federal securities law. The words “may,” “will,” “expect,” “believe,” “anticipate,” “project,” “plan,” “intend,” “estimate,” and “continue,” and their opposites and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Generally, these statements relate to business plans or strategies and projections involving anticipated revenues, earnings or other aspects of the Company’s operating results. Such forward-looking statements include the Company’s current belief that it is taking appropriate steps regarding the pandemic and that student growth will continue. The Company cautions you that these statements concern current expectations about the Company’s future performance or events and are subject to a number of uncertainties, risks and other influences many of which are beyond the Company’s control, that may influence the accuracy of the statements and the projects upon which the statements are based including, without limitation, impacts related to the COVID-19 pandemic, our inability to close on the sale of our Nashville campus; our failure to comply with the extensive regulatory framework applicable to our industry or our failure to obtain timely regulatory approvals in connection with acquisitions or a change of control of our Company; our success in updating and expanding the content of existing programs and developing new programs for our students in a cost-effective manner or on a timely basis; risks associated with changes in applicable federal laws and regulations; uncertainties regarding our ability to comply with federal laws and regulations, such as the 90/10 rule and prescribed cohort default rates; risks associated with the opening of new campuses; risks associated with integration of acquired schools; industry competition; our ability to execute our growth strategies; conditions and trends in our industry; the COVID-19 pandemic and its impact on our business and the U.S. and global economics; general economic conditions; and other factors discussed in the “Risk Factors” section of our Annual Reports and Quarterly Reports filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement, and Lincoln undertakes no obligation to publicly revise or update any forward-looking statements, whether as a result of new information, future events or otherwise after the date hereof.
(Tables to Follow) (In Thousands)
Three Months Ended
Year-Ended
December 31,
December 31,
(Unaudited)
(Unaudited)
2021
2020
2021
2020
REVENUE
$
87,816
$
81,792
$
335,336
$
293,095
COSTS AND EXPENSES:
Educational services and facilities
34,788
31,463
138,931
122,196
Selling, general and administrative
40,762
39,188
168,923
156,199
(Gain) loss on disposition of assets
(22,479
)
15
(22,479
)
(81
)
Impairment of long-lived assets
700
–
700
–
Total costs & expenses
53,771
70,666
286,075
278,314
OPERATING INCOME
34,045
11,126
49,261
14,781
OTHER:
Interest expense
(1,142
)
(315
)
(2,015
)
(1,275
)
INCOME BEFORE INCOME TAXES
32,903
10,811
47,246
13,506
PROVISION (BENEFIT) FOR INCOME TAXES
8,939
(35,209
)
12,528
(35,059
)
NET INCOME
$
23,964
$
46,020
$
34,718
$
48,565
PREFERRED STOCK DIVIDENDS
304
304
1,219
1,378
INCOME AVAILABLE TO COMMON STOCKHOLDERS
$
23,660
$
45,716
$
33,499
$
47,187
Basic and Diluted
Net income per share
$
0.73
$
1.44
$
1.04
$
1.49
Weighted average number of common shares outstanding:
Basic and Diluted
25,180
24,831
25,081
24,748
Other data:
Adjusted EBITDA (1)
$
15,136
$
13,380
$
38,065
$
23,867
Depreciation and amortization
$
1,520
$
1,854
$
7,140
$
7,400
Number of campuses
22
22
22
22
Average enrollment
13,599
12,796
12,899
11,729
Stock-based compensation
$
796
$
400
$
2,889
$
1,686
Net cash provided by operating activities
$
9,697
$
13,263
$
27,447
$
23,485
Net cash provided by (used in) investing activities
$
43,100
$
(2,026
)
$
37,848
$
(5,483
)
Net cash used in financing activities
$
(16,640
)
$
(804
)
$
(20,014
)
$
(18,620
)
Selected Consolidated Balance Sheet Data:
December 31, 2021
(Unaudited)
Cash and cash equivalents
$
83,307
Current assets
121,627
Working capital
55,745
Total assets
295,299
Current liabilities
65,882
Long-term debt obligations, including current portion, net of deferred financing fees
–
Series A convertible preferred stock
11,982
Total stockholders’ equity
129,418
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
In addition to disclosing financial results that are determined in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company believes it is useful to present non-GAAP financial measures that exclude certain significant items as a means to understand the performance of its business. EBITDA, Adjusted EBITDA, reconciled net cash and Adjusted Pre-tax income are measures not recognized in financial statements presented in accordance with GAAP.
We define EBITDA as income (loss) before interest expense (net of interest income), provision (benefit) for income taxes, depreciation and amortization.
We define Adjusted EBITDA as EBITDA plus stock compensation expense and adjustments for items not considered part of the Company’s normal recurring operations.
We define reconciled net cash as our cash and cash equivalents and restricted cash less both the short and long-term portion under the Company’s credit agreement, and deferred financing fees.
We define Adjusted pre-tax income as pre-tax net income before gain on sale of assets, non-cash impairment charges and expenses incurred resulting from the consummation of the sale-leaseback transactions.
EBITDA, Adjusted EBITDA, reconciled net cash and Adjusted Pre-tax income are presented because we believe they are useful indicators of our performance and our ability to make strategic acquisitions and meet capital expenditures and debt service requirements. However, they are not intended to represent cash flows from operations as defined by GAAP and should not be used as an alternative to net income (loss) as indicators of operating performance or cash flow as a measure of liquidity. EBITDA, Adjusted EBITDA, reconciled net cash and Adjusted Pre-tax income are not necessarily comparable to similarly titled measures used by other companies.
Following is a reconciliation of net income (loss) to EBITDA, Adjusted EBITDA, reconciled net cash and Adjusted Pre-tax income:
Project also resources and builds partnerships to foster and develop investigation on elementary and secondary education right before, for the duration of and after COVID-19
Arlington, Va., Feb. 15, 2022 (Globe NEWSWIRE) — The American Institutes for Investigation (AIR) has launched a new databases that will facilitate analysis on the COVID-19 pandemic, educational results, and the pursuit of fairness in communities close to the country. The COVID-19 Longitudinal Deep Dive Database draws from datasets across a number of sectors and will let researchers to seize a wide view of tendencies in advance of, in the course of, and right after the pandemic.
The databases handles six states—California, Florida, New York, Tennessee, Texas and Washington—and incorporates details from 16 public-facing and restricted datasets relevant to schooling, well being, housing, social companies, work and engineering accessibility. Customers can lookup and browse via above 30,000 variables and at present download info from 2016 to 2021, with options to add information by 2024. The data can be visualized as a result of built-in mapping and graphing features, and scientists can produce comparisons throughout condition, district, university, county and census tracts to examine pressing thoughts about the disparate results all through and after the COVID-19 pandemic.
“The COVID-19 Longitudinal Deep Dive Database supplies a loaded foundation for arduous investigation into training, fairness and the pandemic,” mentioned Michael Garet, an AIR Vice President and Institute Fellow. “We look ahead to partnering with scientists, group leaders and educators to produce evidence that will assistance us greater have an understanding of how the pandemic reaction is connected to outcomes for pupils and support policymakers and academic leaders make educated choices about restoration.”
The databases was designed as a part of AIR’s COVID-19 and Fairness in Instruction (CEE) task, which is jointly funded by the Bill & Melinda Gates Foundation and the AIR Fairness Initiative, AIR’s five-calendar year $100+ million dedication to producing and making use of investigate that addresses systemic inequity. The CEE project seeks to endorse, extend and improve new and existing investigate, and empower communities and researchers to use information and study to boost outcomes for college students, with a target on the trajectories of Black and Latino/a students and people encountering poverty. In addition to creating the longitudinal database, AIR’s CEE task also consists of:
A national community of exploration-apply partnerships (RPP) in decide on communities serving a large percentage of Black and Latino/a pupils, or pupils experiencing poverty. Every RPP includes a partnership in between a nearby researcher, a single or much more college districts, and neighborhood representatives to layout and carry out a local community-led investigate venture. AIR personnel provide a person-on-just one guidance, direction, and get started-up funding, as properly as alternatives to interact with and understand across the community.
A group of researchers targeted on resilience, local community, and equity in education in the context of the pandemic. Created to include both of those proven and rising scholars conducting research on COVID-19 and fairness in education and learning, the local community will include annual convenings, possibilities for researchers checking out similar thoughts in a assortment of neighborhood contexts to network and collaborate, and accessibility to on line forums and frameworks for evidence use.
A series of study mini grants aimed at supporting emerging students, particularly scientists who are underrepresented in the schooling investigation arena. Awards supply $5,000-$25,000 stipends to really encourage and guidance investigate studies centered on COVID-19 and equity in training. The very first two mini grants have been awarded in January. Purposes for a second round of grants are now currently being acknowledged (PDF), with further awards to be announced in the spring.
About AIR Set up in 1946, the American Institutes for Research (AIR) is a nonpartisan, not-for-financial gain corporation that conducts behavioral and social science investigation and provides complex help both of those domestically and internationally in the locations of instruction, wellness and the workforce. AIR’s work is driven by its mission to generate and use rigorous evidence that contributes to a far better, far more equitable entire world. With headquarters in Arlington, Virginia, AIR has offices throughout the U.S. and overseas. For more info, visit www.air.org.
Speak to: Dana Tofig American Institutes for Research 202-403-6347 dtofig@air.org
