Lincoln Educational Services Corporation (LINC) provides career-oriented post-secondary education to recent high school graduates and working adults. The company operates campuses across multiple states, offering programs in skilled trades, automotive technology, healthcare services, hospitality services, and information technology. LINC sells educational programs that prepare students for careers in various industries.
- Campus Operations - Operates campuses that contribute to the company's core operations and performance, offering programs across multiple areas of study.
- Transitional - Manages campuses marked for closure, currently being taught-out, or held for sale.
You might also like
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Scott M. Shaw ExecutiveBoard | President and Chief Executive Officer (CEO) | Scott M. Shaw has been the CEO of LINC since 2015. Previously, he served in various executive roles at LINC including President and COO, with board membership starting in 2001 and then rejoining in July 2015. | View Report → | |
Brian K. Meyers Executive | Executive Vice President, Chief Financial Officer, and Treasurer | Brian K. Meyers has over 30 years of experience in accounting and financial management and has served as Executive Vice President, Chief Financial Officer, and Treasurer at Lincoln Educational Services Corporation since 2002. Previously, he was Vice President and Controller at Candie’s Inc. and began his career in public accounting in 1989. | ||
Chad D. Nyce Executive | Executive Vice President and Chief Operating Officer | Chad D. Nyce serves as Executive Vice President and Chief Operating Officer at LINC since 2025, having previously joined the company as Executive Vice President and Chief Innovation Officer in 2020. He has extensive leadership experience across various sectors, particularly in education and healthcare. | ||
Anna Cabral Board | Independent Director | Board Member at Navient Corporation | Anna Cabral is an experienced leader with extensive public service and corporate governance expertise, and she has been serving as an independent director at LINC since June 27, 2024. Previously, she held prominent roles such as Treasurer of the United States and has been an active Board Member at Navient Corporation since 2014. | |
Carlton E. Rose Board | Board Director | Chairman of the Board, REE Automotive | Carlton E. Rose serves as a Board Director at LINC and is a member of the Audit and Compensation Committees since August 7, 2020. He has a distinguished career including a long tenure at UPS and holds external roles such as Chairman of the Board at REE Automotive. | |
Felecia J. Pryor Board | Director | Senior Vice President & Chief People Officer at John Deere | Felecia J. Pryor has been a Director at LINC since August 5, 2021. She serves as Chair of the Compensation Committee and is a member of the Nominating and Corporate Governance Committee. Additionally, she is Senior Vice President & Chief People Officer at John Deere. | |
James J. Burke Board | Board Director (Chair of the Compensation Committee and Member of the Nominating and Corporate Governance Committee) | Boards of several privately-owned companies and non-profit organizations | James J. Burke, Jr. has been serving on LINC’s Board of Directors since 1999 and currently chairs the Compensation Committee while also serving on the Nominating and Corporate Governance Committee. | |
John A. Bartholdson Board | Non-Executive Chair of the Board of Directors | Chairperson of the Compensation Committee at Bioventus, Inc. ; Chair of the board of directors at Theragenics Corporation | John A. Bartholdson has served as the Non-Executive Chair at LINC since May 2, 2024, having joined the board on November 14, 2019. | |
Kevin M. Carney Board | Director | Kevin M. Carney has served as a Director at Lincoln Educational Services (LINC) since March 11, 2020. He is a seasoned financial leader, having served as CFO of Web.com Group, Inc. from 1998 to 2018 and held significant roles at The Carlyle Group and Manor Care. | ||
Marta Newhart Board | Independent Director | Independent Director, Enterprise Leader & Chief Marketing, Communications & Brand Officer at APCO Worldwide | Marta Newhart has served as an Independent Director at LINC since June 27, 2024. She also holds an active role as Independent Director, Enterprise Leader & Chief Marketing, Communications & Brand Officer at APCO Worldwide. | |
Michael A. Plater Board | Board of Directors Member | Michael A. Plater, Ph.D., has served on the Board of Directors of LINC since August 7, 2020. He is also a member of the Audit Committee and the Nominating and Corporate Governance Committee. | ||
Sylvia J. Young Board | Board Director | At-Large Trustee, American Hospital Association (appointed April 2019); Board Member, Pediatrix Medical Group, Inc. (joined May 2023); Board Member, Denver Center for the Performing Arts; Board Member, Colorado Concern | Sylvia J. Young was appointed to LINC's Board of Directors on February 23, 2023 and serves on its Compensation Committee. With over 35 years of leadership in healthcare, including her role as President and CEO of HCA Continental Division until 2023, she brings extensive industry expertise to the board. |
-
Given the noted discrepancy in program numbers from last year’s 5 to this year’s 7—with an additional welding expansion—what underlying factors contributed to this revision, and how will you mitigate potential execution risks?
-
With 2025 guidance projecting an adjusted EBITDA margin of roughly 12% compared to the strategic target of 16% by 2027, what specific operational levers will be implemented to bridge this gap, and what risks could impede this margin improvement?
-
Considering the varied timelines for your new campus developments—accelerated relocation in Nashville, early Q3 for Levittown, and year-end for Houston—what contingency plans are in place if delays occur, and how might these affect your broader growth strategy?
-
In light of the discussion on the $550 million revenue guidance, which does not include the new Hicksville campus despite its strategic role, how do you reconcile potential timing risks and revenue recognition challenges when Hicksville comes online in Q4 2026?
-
With concerns over potential delays in Title IV fund approvals and other regulatory hurdles mentioned during the call, what proactive measures are you implementing to safeguard enrollment and expansion plans, and how might delays materially impact your near-term performance?
Research analysts who have asked questions during LINCOLN EDUCATIONAL SERVICES earnings calls.
Eric Martinuzzi
Lake Street Capital Markets
4 questions for LINC
Alexander Paris
Barrington Research Associates, Inc.
3 questions for LINC
Steven Frankel
Rosenblatt Securities
3 questions for LINC
Griffin Boss
B. Riley Securities
2 questions for LINC
Raj Sharma
Texas Capital Bank
2 questions for LINC
Alex Paris
Barrington Research Associates
1 question for LINC
Lars Munson
Tibor Capital Management, LLC
1 question for LINC
Lucas John Horton
Northland Capital Markets
1 question for LINC
Luke Horton
Northland Capital Markets
1 question for LINC
Rajiv Sharma
B. Riley Securities
1 question for LINC
Recent press releases and 8-K filings for LINC.
- Lincoln Educational Services (LINC) is actively expanding, planning to open one to two new campuses annually, with recent openings in Atlanta (March 2024) and Houston (late September 2025). Each new facility, costing $20 million to $25 million, is projected to generate $7 million to $9 million of EBITDA.
- The company anticipates achieving cash flow neutrality in 2026 and becoming cash flow positive in 2027, with an expectation to have zero debt outstanding by year-end 2025, down from $13 million at the end of Q2 2025.
- LINC reports strong student outcomes, including a 70% graduation rate and an 80% to 82% job placement rate in the field of study, significantly outperforming traditional colleges and community colleges.
- The company is experiencing double-digit growth driven by high demand for skilled trades and a shift away from traditional four-year college education, and plans to launch an RN program to complement its existing Licensed Practical Nurse (LPN) offerings.
- Lincoln Educational Services (LINC) expects to be debt-free by year-end and has a $60 million credit facility with a $20 million accordion feature for liquidity.
- The company reported strong second-quarter performance with revenue up 15% and starts up 22%, leading to an increase in their guidance. They forecast about 13% growth in starts for the full year.
- LINC is expanding its footprint by opening new campuses, including a new facility in Nashville in March, a new Philadelphia facility in August, and a Houston campus opening next month. They also signed a lease for a new campus in Hicksville, Long Island, set to open in 2026.
- The company emphasizes a significant skills gap in the trades, noting strong demand for skilled workers in sectors like manufacturing, healthcare, transportation, and construction, where they currently hold less than 2% market share.
- Q1 2025 enrollment starts rose 20%, revenue increased by $16 million, and EBITDA margin expanded by 280 bps.
- Management projects ~11% annual top-line growth and 200 bps EBITDA margin expansion through 2027, targeting $550 million revenue and $90 million EBITDA by 2027.
- FY2025 CapEx is intensive, including $12 million maintenance (~2% of revenue), four new campuses (e.g., Houston Nov 2025, Long Island Fall 2026) at $20–25 million each, and seven program replications.
- Remains debt-free (excluding leases) with a $60 million undrawn credit facility to fund expansion.
- Virtual annual meeting where shareholders voted on three key proposals: director slate election, advisory say-on-pay, and auditor ratification, all receiving strong support.
- Preliminary voting results showed 82.8% approval for directors, 94.5% for say-on-pay, and 98.8% for ratifying Deloitte & Touche LLP as the independent auditor.
- Management presented a strategic update outlining significant 2024 performance achievements and ambitious growth and expansion plans towards 2027.
- Increased borrowing capacity: The company raised its secured credit facility from $40 million to $60 million and extended its maturity to March 7, 2028 to support growth initiatives.
- Enhanced flexibility: The accordion feature of the agreement was expanded from $20 million to $25 million, further strengthening the firm's capacity to pursue new opportunities.
- Q4 Financial Highlights: Revenue increased by 16.4% to $119.4M, net income reached $6.8M, and adjusted EBITDA was $19.2M with a 16.1% EBITDA margin .
- Full Year Growth: Total revenue hit $440.1M with student starts growing by 15.2%, including 3,497 Q4 starts and 18,660 full-year starts, alongside a 13.7% increase in the student population .
- Operational Excellence: Q4 operations generated approximately $30M in cash flow, concluding the quarter with nearly $60M in cash and no debt, while capital expenditures were 70% focused on growth initiatives .
- Strategic Developments: The company maintained nearly $100M in liquidity, secured a new campus lease in Hicksville, NY, completed the sale of the Summerlin, Las Vegas campus, and benefited from the Lincoln 10.0 model .
- 2025 Guidance: Forecasts project revenue of $480–490M and adjusted EBITDA of $55–60M, signaling continued strategic expansion .