Lincoln Educational Services Corporation (LINC) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 4.57M | 43.51M | 23.88M | 299K | -8.38M | 30.3M | 5.61M | 8.34M | -14.93M | 21.95M | -6.79M | 10.62M | -214K | 270K | 10.6M | 4.38M | -14.37M | 9.7M | 16.68M | 9.37M |
| Operating CF Margin % | 3.17% | 30.45% | 16.89% | 0.26% | -7.13% | 25.38% | 4.9% | 8.1% | -14.45% | 21.41% | -6.82% | 11.98% | -0.25% | 0.29% | 11.55% | 5.33% | -17.4% | 11.04% | 18.73% | 11.64% |
| Operating CF Growth % | 154.5% | 43.6% | 326.01% | -96.41% | 43.9% | 38.06% | 182.55% | -21.49% | -6878.5% | 8028.15% | -164.04% | 142.67% | 98.51% | -97.22% | -36.44% | -53.29% | -73.12% | -26.89% | 344.41% | -49.14% |
| Net Income | 4.36M | 12.7M | 3.8M | 1.55M | 1.94M | 6.83M | 3.95M | -682K | -214K | 6.79M | 2.06M | 17.25M | -109K | 8.56M | 3.54M | 260K | 272K | 23.96M | 3.84M | 2.43M |
| Depreciation & Amortization | 7.63M | 6.48M | 5.46M | 4.29M | 3.35M | 3.48M | 2.81M | 3.36M | 2.6M | 1.94M | 1.72M | 1.68M | 1.25M | 1.74M | 1.56M | 1.53M | 1.53M | 1.52M | 1.93M | 1.79M |
| Stock-Based Compensation | 0 | 1.41M | 0 | 1.34M | 1.21M | 1.27M | 1.25M | 1.04M | 1.06M | 1.84M | 662K | 2.58M | 812K | 744K | 637K | 491K | 1.24M | 796K | 756K | 844K |
| Deferred Taxes | 0 | 2.08M | 0 | 0 | 547K | -2.7M | 34K | 0 | 421K | 1.63M | 0 | 0 | 0 | 1.23M | 0 | 0 | 64K | 8.37M | 1.61M | 777K |
| Other Non-Cash Items | 15.07M | 15.9M | 19.13M | 13.36M | 11.9M | 16.94M | 15.66M | 13.85M | 12.81M | 10.47M | 12.72M | -16.49M | 8.17M | 10.91M | 8.64M | 8.11M | 7.71M | -14.32M | 8.75M | 4.95M |
| Working Capital Changes | -22.5M | 4.95M | -4.51M | -20.25M | -27.32M | 4.47M | -18.1M | -9.23M | -31.61M | -732K | -23.97M | 5.61M | -10.34M | -22.92M | -3.78M | -6.02M | -25.18M | -10.63M | -207K | -1.43M |
| Change in Receivables | -17.95M | 267K | -23.12M | -17.51M | -13.29M | -5.44M | -27.57M | -16.12M | -16.86M | -6.52M | -22.32M | -8.26M | -8.66M | -16.17M | -10.63M | -8.46M | -13.38M | -4.38M | -8.24M | -8.51M |
| Change in Inventory | 1.5M | -893K | 1.41M | -2.11M | 659K | -421K | -366K | 74K | 529K | -13K | -380K | 81K | -18K | 96K | 368K | -442K | 81K | 434K | 172K | -661K |
| Change in Payables | 1M | -6.44M | 6.91M | -1.7M | -8.07M | 2.71M | 9.34M | 5.09M | -5.56M | -1.33M | 728K | 3.26M | 2.39M | -5.83M | 2.5M | 1.11M | 186K | -3.49M | 3.24M | -4.21M |
| Cash from Investing | -14.63M | -18.57M | -21.86M | -26.13M | -19.64M | -24.77M | -19.19M | -11.04M | 8.03M | 12.33M | -17.78M | 16.07M | -3.25M | -16.69M | -3.47M | -147K | -1.04M | 43.1M | -1.74M | -2.3M |
| Capital Expenditures | -14.63M | -18.51M | -21.85M | -26.39M | -19.89M | -24.77M | -19.37M | -11.04M | -1.68M | -12.01M | -17.78M | -7.65M | -3.25M | -1.93M | -3.47M | -2.53M | -1.05M | -2.28M | -1.74M | -2.3M |
| CapEx % of Revenue | 10.17% | 12.95% | 15.45% | 22.65% | 16.93% | 20.75% | 16.93% | 10.73% | 1.63% | 11.72% | 17.85% | 8.63% | 3.72% | 2.11% | 3.78% | 3.08% | 1.28% | 2.6% | 1.95% | 2.85% |
| Acquisitions | 0 | 255K | -10K | 255K | 0 | 0 | 0 | 0 | 9.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -315K | 0 | 0 | 249K | 0 | 177K | 0 | 0 | 0 | 0 | 23.72M | 0 | -14.76M | 0 | 2.38M | 9K | 45.38M | 0 | 0 |
| Cash from Financing | -1.76M | -9.9M | -5.24M | 13.88M | -2.6M | -216K | 561K | -82K | -3.59M | 0 | 0 | -610K | -2.33M | -2.91M | -4.5M | -2.84M | -2.3M | -16.64M | -804K | -804K |
| Debt Issued (Net) | 4.9M | -9.67M | -5.09M | 13.93M | 1.11M | -98K | 657K | -64K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -16.33M | -500K | -500K |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -335K | -556K | -2.71M | -4.2M | -2.54M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -199K | -304K | -304K | -304K | -307K | -304K | -304K |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -335K | -556K | -2.71M | -4.2M | -2.54M | 0 | 0 | 0 | 0 |
| Other Financing | -6.66M | -235K | -155K | -46K | -3.71M | -118K | -96K | -18K | -3.59M | 0 | 0 | -275K | -1.78M | 0 | 0 | 0 | -1.99M | 0 | 0 | 0 |
| Net Change in Cash | -11.83M | 15.04M | -3.22M | -11.95M | -30.62M | 5.31M | -13.03M | -2.79M | -10.49M | 34.28M | -24.57M | 26.08M | -5.8M | -19.33M | 2.63M | 1.39M | -17.71M | 36.16M | 14.14M | 6.26M |
| Free Cash Flow | -10.07M | 25M | 2.03M | -26.09M | -28.27M | 5.53M | -13.76M | -2.71M | -16.62M | 9.93M | -24.57M | 2.96M | -3.46M | -1.66M | 7.13M | 1.85M | -15.42M | 7.42M | 14.95M | 7.07M |
| FCF Margin % | -6.99% | 17.5% | 1.44% | -22.4% | -24.06% | 4.63% | -12.03% | -2.63% | -16.08% | 9.69% | -24.67% | 3.34% | -3.97% | -1.81% | 7.77% | 2.25% | -18.68% | 8.45% | 16.78% | 8.79% |
| FCF Growth % | 64.38% | 352.36% | 114.76% | -864.08% | -70.1% | -44.35% | 44% | -191.26% | -379.87% | 697.23% | -444.53% | 60.53% | 77.54% | -122.42% | -52.28% | -73.87% | -62.02% | -33.99% | 356.82% | -57.49% |
| FCF per Share | -0.32 | 0.80 | 0.06 | -0.83 | -0.91 | 0.18 | -0.44 | -0.09 | -0.55 | 0.32 | -0.80 | 0.10 | -0.12 | -0.06 | 0.28 | 0.07 | -0.60 | 0.29 | 0.59 | 0.28 |
| FCF Conversion (FCF/Net Income) | 1.05x | 3.43x | 6.29x | 0.19x | -4.31x | 4.43x | 1.42x | -12.22x | 69.79x | 3.23x | -3.29x | 0.62x | 1.96x | 0.03x | 2.99x | 16.89x | -52.82x | 0.40x | 4.35x | 3.86x |
| Interest Paid | 0 | 0 | 0 | 743K | 648K | 623K | 668K | 1.03M | 34K | 16K | 0 | 0 | 0 | 39K | 14K | 14K | 104K | 737K | 229K | 235K |
| Taxes Paid | 0 | 0 | 0 | 4.61M | 111K | -5.48M | 1.26M | 4.21M | 10K | 1.2M | 3.83M | 2.17M | 0 | 255K | 10K | 1.11M | 91K | 56K | 29K | 652K |