Revenue

FY 2025

$430M to $435M "

$480M to $490M " "

raised

Adjusted EBITDA

FY 2025

$41M to $43M "

$55M to $60M " "

raised

Student Starts Growth

FY 2025

13% to 15% "

8% to 12% " "

lowered

Capital Expenditures

FY 2025

$50M to $55M "

$70M to $75M " "

raised

Net Income

FY 2025

no prior guidance

$8M to $13M "

no prior guidance

Depreciation & Amortization

FY 2025

no prior guidance

$21.5M for the year (with 30% in Q4) "

no prior guidance

Net Interest Expense

FY 2025

no prior guidance

Approximately $2.5M for the year "

no prior guidance

Income Tax Provision

FY 2025

no prior guidance

30% of pretax income; $50K–$100K tax benefits in Q1/Q2 "

no prior guidance

Diluted Weighted Avg Shares

FY 2025

no prior guidance

31.1M to 31.4M for quarters; 31.3M for year "

no prior guidance

Campus Expansion and New Campus Launches

Consistently discussed in Q1, Q2 and Q3 with plans for new campus launches, campus relocations and program replication (e.g., East Point, Nashville, Levittown, Houston, Long Island) " " "

Q4 details successful new campus developments (e.g., East Point exceeding targets), new campus pipeline for 2025 and beyond, and complementary strategic growth objectives " "

Steady expansion with explicitly positive operational results and increased detail in execution, reflecting growth momentum.

Regulatory Environment and Approval Processes

Q2 noted delays in permits (Houston) while Q3 discussed mixed regulatory challenges and potential easing under new federal leadership; Q1 had no coverage " " "

Q4 emphasizes an expectation of eased regulatory burdens along with caution over potential delays in Title IV activations; optimism is balanced with acknowledgment of potential turmoil "

Sentiment shifting from operational delays to cautiously optimistic outlook as regulators and new administration factors evolve.

Enrollment Trends and Student Demand

All previous quarters (Q1, Q2, Q3) reported robust student start growth, solid increases in average student population and strong macro demand for skilled trades " " "

Q4 highlights record student start growth with consecutive year-over-year increases and a 15.2% annual boost, particularly in skilled trades and transportation programs " "

Consistently strong and growing enrollment across periods, reinforcing a very positive demand trajectory.

Program Quality and Academic Outcomes

Q1 discussed the launch of Lincoln 10.0 and modest graduation improvements; Q3 had indirect references via core program focus; Q2 did not emphasize this topic " "

Q4 provides enhanced focus on high ROI programs, improved NCLEX scores, and greater emphasis on adapting programs (e.g., exiting low-return programs) to improve academic outcomes " " "

Increasing focus on quality and outcomes with a shift toward optimizing program mix and leveraging hybrid models for better academic performance.

Operational Efficiency and Cost Management

From Q1 to Q3, discussions included improvements via the Lincoln 10.0 model, cost-per-start efficiencies and declining expense ratios " " "

Q4 continues the theme with further reductions in facility and education service costs relative to revenue, accelerated efficiencies via Lincoln 10.0 and improved adjusted EBITDA expectations " "

Steady and continuous improvement in operating efficiencies with cost management strategies deepening over time.

Capital Investment and Expenditure Risk

Q1 outlined planned investments for campus relocations and new builds; Q2 discussed CapEx adjustments and regulatory delays affecting timelines; Q3 provided robust plans with clear funding levels " " "

Q4 shows larger capital investments with accelerated spending (e.g., $64.1 million in 2024) and recognizably higher depreciation risks, reflecting both growth ambitions and execution challenges " " "

Increasing capital outlays with attendant risks; growth-focused yet highlighting potential timing and execution challenges.

Program Segment Diversification and Overreliance

Early quarters mentioned program expansion with hints of diversification (Q1 replication plans; Q2 focus on key segments) while Q3 introduced divestiture of underperforming segments (e.g., Euphoria campus issues) " " "

Q4 reinforces the strategy by exiting low-ROI programs (cosmetology, culinary, collision) and reallocating space to high-demand programs like welding, HVAC and Tesla training " " "

A clear strategic pivot away from non-core, underperforming offerings toward a diversified, higher-return program portfolio.

New Program Initiatives and Innovation (Hybrid Learning, Corporate Partnerships)

Q1 introduced Lincoln 10.0 and initial corporate partnerships; Q2 and Q3 expanded on hybrid learning adoption and detailed new employer agreements and program replications " " "

Q4 continues with robust replication of high-demand programs, expansion of hybrid learning across 65% of the population, and new or renewed multi-year corporate agreements driving innovative workforce training " " "

Steady momentum in innovation with expanded hybrid learning and deeper corporate partnerships that enhance both educational reach and revenue potential.

Strategic Portfolio Management and Asset Divestiture

Not mentioned in Q1/Q2; Q3 initiated discussion on divesting non-core assets such as the Euphoria Institute campus due to underperformance " "

Q4 builds on that approach with continued strategic divestiture efforts, including the sale of the Euphoria campus and related space optimization to support high-ROI initiatives " "

An emerging focus from Q3 onward to optimize the asset portfolio, marking a deliberate shift toward core programs and efficient resource allocation.