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• University of Phoenix for skilled trades and hands-on careers.
• General Assembly for automotive, healthcare, and culinary skills.

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• Automotive & Diesel Technology Programs: Provides hands-on training and education for careers in automotive, diesel, and collision repair industries.
• Skilled Trades Programs: Offers vocational training in high-demand fields such as HVAC, welding, electrical technology, and manufacturing.
• Healthcare & Nursing Programs: Delivers education and practical experience for various allied health professions, including medical assisting and practical nursing.
• Culinary Arts Programs: Focuses on professional culinary training and hospitality management for aspiring chefs and food service professionals.
• Information Technology Programs: Equips students with skills in areas like network administration and cybersecurity for careers in the IT sector.

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Lincoln Educational Services (symbol: LINC) primarily sells its educational services directly to **individuals** (students) rather than to other companies. Its major customers can be categorized as follows:

• **Vocational Students for Skilled Trades:** These are individuals seeking hands-on, technical training and certifications in high-demand fields such as automotive technology, diesel mechanics, HVAC (heating, ventilation, and air conditioning), welding, and electrical systems. These students are typically aiming for direct entry into specialized trade professions.
• **Healthcare Support Professionals in Training:** This category includes individuals pursuing careers in the growing healthcare sector, enrolling in programs like practical nursing (LPN), medical assisting, dental assisting, and phlebotomy. They are preparing for essential support roles in medical and dental environments.
• **Adult Learners and Career Enhancers:** This segment comprises individuals, often beyond traditional college age, who are looking to acquire new skills, earn industry-recognized certifications, or make a complete career change to improve their employment prospects and earning potential. Many in this group are seeking to transition into more stable, higher-paying fields or advance within their current industries.

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Scott M. Shaw, President and Chief Executive Officer

Mr. Shaw joined Lincoln Educational Services in 2001 and has served as President and Chief Executive Officer since 2015. Prior to joining Lincoln, he was a partner at Stonington Partners, Inc. since 1994. In his role at Stonington, he was involved in identifying, evaluating, and acquiring companies, as well as overseeing them through board participation, developing strategic plans, evaluating new investment opportunities, assisting with refinancing, and executing the final sale of companies. He also consulted for Merrill Lynch Capital Partners Inc., a private investment firm, from 1994 to 2000. Mr. Shaw holds an MBA from the Wharton School of Business and a B.A. from Duke University.

Brian K. Meyer, Executive Vice President, Chief Financial Officer and Treasurer

Mr. Meyer joined Lincoln Educational Services in 2002. He has over 25 years of accounting and financial management experience. Before joining Lincoln, he was the Vice President and Controller for Candie's Inc. He started his career in 1989 at Richard A. Eisner (now EisnerAmper LLP), a public accounting firm. Mr. Meyer is a Certified Public Accountant and earned a B.S. in Accounting from Wagner College.

Chad D. Nyce, Executive Vice President and Chief Operating Officer

Mr. Nyce joined Lincoln Educational Services in 2020. Before his current role, he was Executive Vice President and Chief Innovation Officer at Lincoln. Previously, he served as Chief Operating Officer at Strayer University, LLC from 2007 to 2019. He was also a Regional Vice President of Operations for InteliStaf Healthcare, Inc. from 2004 to 2007, and a Vice President of the Investment Banking Division at Goldman, Sachs & Co. Mr. Nyce holds an MBA and a BBA from Temple University.

Neal Goldstein, Senior Vice President and Chief Information Officer

Mr. Goldstein joined Lincoln Educational Services in 2025. He oversees Lincoln's information technology services, products, and new strategic initiatives. Prior to Lincoln, he was the Chief Technology Officer at Mutual of America, and has held various CTO and CIO roles in the financial services industry. He has a B.A. in Economics from Trent University and an M.S. in International Economics from the London School of Economics.

Jay Rasmussen, Senior Vice President of Admissions

Mr. Rasmussen joined Lincoln Educational Services in 2014, initially serving as Campus President for the South Plainfield, NJ, and Mahwah, NJ campuses. He was promoted to Vice President of Admissions in 2016 and then to his current role as Senior Vice President of Admissions in 2019.

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The key risks to Lincoln Educational Services (LINC) primarily revolve around regulatory compliance, student enrollment and retention, and competitive pressures within the education sector.

1. Regulatory Compliance and Changes: Lincoln Educational Services operates within a heavily regulated industry. The company faces significant risks related to its ability to comply with the extensive existing regulatory framework and the potential promulgation of new regulations. This includes uncertainties regarding compliance with federal laws and regulations such as the 90/10 Rule and cohort default rates. Additionally, maintaining accreditation is crucial for its operations. Failure to adhere to these regulations or obtain timely regulatory approvals, especially in instances like changes of control or acquisitions, could severely impact the business.
2. Student Enrollment and Retention: The financial health and operational success of Lincoln Educational Services are directly tied to its ability to attract new students and retain its current student population. A decline in enrollment or an inability to maintain student retention rates would negatively affect the company's revenue and overall profitability. The company continuously enrolls students throughout the year, with a significant intake in late summer or early fall.
3. Industry Competition: Lincoln Educational Services operates in a competitive environment. Its ability to successfully attract and retain students is influenced by the competitive landscape, including other providers of career-oriented post-secondary education.

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• The rapid proliferation and increasing acceptance of shorter-term, lower-cost, and often online or hybrid skill-based training programs, bootcamps, and industry-recognized certification courses (e.g., Google Career Certificates, Salesforce Trailhead, various tech and healthcare professional certifications). These alternatives provide faster, more flexible, and often more affordable pathways to career-relevant skills, directly competing with Lincoln Educational Services' longer, higher-cost programs.
• Increased public funding and renewed focus on career and technical education (CTE) programs at community colleges and non-profit vocational schools. These institutions are increasingly forming direct partnerships with local industries, receiving significant government investment, and offering similar career-focused training at significantly lower tuition costs, making them more formidable competitors for students seeking vocational training.

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Lincoln Educational Services (LINC) primarily provides career-oriented post-secondary education in the United States across several key areas. The addressable markets for these services in the U.S. are as follows:

• Health Sciences: The U.S. healthcare education market was valued at USD 39.24 billion in 2023 and is projected to reach USD 61.44 billion by 2028, growing at a compound annual growth rate (CAGR) of 9.4% during the forecast period.
• Skilled Trades: The Trade & Technical Schools industry in the United States is estimated to have a market size of $16.8 billion in 2025. Enrollment in Skilled Trades Schools experienced a 1.2% CAGR from 2020 to 2023.
• Automotive Technology: While a specific market size for automotive technology *education* was not directly available in monetary terms, the U.S. automotive repair and maintenance service market, which creates demand for automotive technicians, was valued at USD 183.4 billion in 2023 and is estimated to grow at a CAGR of 10.1% between 2024 and 2032. In 2023, 37,616 degrees were awarded in Automobile Mechanics Technology in the U.S.
• Culinary Arts: For culinary arts education, specific market size in USD for the entire U.S. education sector was not readily available. However, enrollment in Culinary Arts Schools showed significant growth with a 9.4% CAGR from 2020 to 2023 in the U.S. The global online culinary education market was valued at $0.32 billion in 2023 and is projected to reach $0.86 billion by 2034, with North America holding a dominant position. In 2023, 10,286 degrees were awarded in Culinary Arts & Chef Training in the U.S.

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1. Campus Expansion and New Campus Development: Lincoln Educational Services is actively pursuing a significant expansion strategy, with plans to open as many as 20 new campuses as part of its long-term growth initiatives. The company recently opened campuses in East Point, Georgia, and Houston, Texas, expanded facilities in Philadelphia and Nashville, and has a new campus in Hicksville, New York, scheduled to open in 2026. Another new 88,000 square foot facility in Rowlett, Texas, is projected to open in the first quarter of 2027. This physical expansion directly contributes to increased student capacity and, consequently, higher revenue.
2. Growth in Student Enrollment and Starts: The company has consistently reported robust growth in student starts and overall student population. For example, Lincoln Educational Services saw a 21.1% rise in new student starts and a 13.3% increase in the overall student population in Q3 2024. In Q2 2025, student starts grew by approximately 22% and the average student population surged by 21%. This momentum in attracting and enrolling students is a primary driver of revenue growth.
3. Expansion and Replication of Skilled Trades Programs: Lincoln Educational Services is strategically focusing on and replicating successful programs, particularly in high-demand skilled trades such as automotive, welding, electrical, and HVAC. The new Rowlett, Texas campus, for instance, will specifically offer training in these fields to address projected job openings. This targeted program expansion at both new and existing locations aligns with employer demand and is expected to drive enrollment and revenue.
4. Leveraging the Lincoln 10.0 Hybrid Teaching Model: The Lincoln 10.0 hybrid teaching model has been instrumental in improving operational efficiencies and is planned to reach 80% of the student population by mid-2026. While enhancing margin stability, this model also supports revenue growth by increasing the company's capacity to educate more students efficiently and potentially making their programs more accessible and attractive, thereby supporting higher enrollment figures.

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Share Repurchases

• On May 24, 2022, Lincoln Educational Services authorized a share repurchase program of up to $30 million.
• As of March 31, 2025, approximately $29.7 million remained available for additional repurchases under the program.
• Since the program's inception, the company has repurchased approximately 1.7 million shares for an aggregate expenditure of about $10.3 million at an average price of $5.95 per share.

Capital Expenditures

• Lincoln Educational Services anticipates annual capital expenditures of $40–$50 million for new campuses and 2–3% of revenue for maintenance.
• The company's full-year capital expenditure guidance for 2025 was raised to a range of $75 million to $80 million, primarily driven by growth initiatives, including securing additional space at existing campuses.
• In the first six months of 2025, total capital expenditures were approximately $58 million, with the majority directed towards two campus relocations and the ongoing build-out of the Houston campus. New campuses, such as the upcoming Rowlett, Texas location, are expected to require an investment of $20–$25 million each.