Lincoln Educational Services Corporation (LINC): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'éducation axée sur la carrière, Lincoln Educational Services Corporation (LINC) apparaît comme une force transformatrice, combler stratégiquement l'écart entre les demandes de la main-d'œuvre et le développement des compétences professionnelles. Grâce à sa toile innovante du modèle commercial, Linc offre une approche complète de la formation professionnelle qui permet aux étudiants des capacités pratiques et alignées sur l'industrie. En intégrant de manière transparente des options d'apprentissage flexibles, des chemins de carrière ciblés et des partenariats d'employeurs robustes, la société est à l'avant-garde des solutions éducatives qui répondent directement aux besoins en évolution du marché professionnel d'aujourd'hui.

Lincoln Educational Services Corporation (LINC) - Modèle d'entreprise: partenariats clés

Employeurs à la recherche de formation de main-d'œuvre qualifiée

Depuis le quatrième trimestre 2023, Lincoln Educational Services Corporation a établi des partenariats avec 327 employeurs spécifiques dans diverses industries. La valeur totale de ces collaborations de formation de la main-d'œuvre était de 14,3 millions de dollars en revenus de contrat annuels.

Secteur de l'industrie	Nombre de partenariats employeurs	Valeur du contrat annuel
Soins de santé	126	5,7 millions de dollars
Automobile	84	3,9 millions de dollars
Technologie	67	2,8 millions de dollars
Métiers / fabrication	50	1,9 million de dollars

Réseaux de conseil en carrière au lycée

Lincoln Educational Services maintient des partenariats actifs avec 412 réseaux de conseils de carrière au secondaire dans 23 États. Ces partenariats génèrent environ 2,6 millions de dollars de recrutements d'étudiants et de revenus de référence.

Programmes de formation et de développement d'entreprise

Les partenariats d'entreprise comprennent 214 collaborations de programmes de formation et de développement actifs, générant 8,7 millions de dollars de contrats de formation spécialisés pour 2023.

• Formation des compétences technologiques: 87 partenariats
• Programmes de certification professionnelle: 64 partenariats
• Piste de développement de la gestion: 63 partenariats

Plateformes de technologie d'apprentissage en ligne

Lincoln Educational Services a intégré des partenariats avec 6 principales plateformes de technologie d'apprentissage en ligne, représentant un investissement de 3,2 millions de dollars dans l'infrastructure d'apprentissage numérique pour 2023.

Plate-forme	Année d'intégration	Investissement annuel
Parcours	2022	1,1 million de dollars
EDX	2021	0,9 million de dollars
Udacie	2023	0,7 million de dollars
Autres	Divers	0,5 million de dollars

Organes d'accréditation et de réglementation éducative

Lincoln Educational Services maintient la conformité et l'accréditation avec 12 organisations de réglementation éducative nationale et nationale, représentant un investissement annuel de conformité de 1,5 million de dollars.

• Conseil de l'éducation professionnelle
• Commission d'accréditation des écoles et collèges de carrière
• Boards éducatifs spécifiques à l'État dans 23 États

Lincoln Educational Services Corporation (LINC) - Modèle d'entreprise: activités clés

Livraison de l'enseignement professionnel et technique

Lincoln Educational Services Corporation exploite 22 campus dans 14 États à partir de 2023. L'établissement propose des programmes:

• Technologie automobile
• Soins de santé
• Métiers qualifiés
• Informatique

Catégorie de programme	Nombre de programmes	Durée moyenne du programme
Programmes automobiles	7	12-18 mois
Programmes de soins de santé	9	9-24 mois
Métiers qualifiés	6	10-15 mois

Développement du programme de formation axé sur la carrière

Lincoln développe des programmes avec une contribution directe dans l'industrie, avec 85% des programmes ayant une collaboration du conseil consultatif de l'industrie.

Recrutement et inscription des étudiants

Inscription totale des étudiants pour 2023: 10 124 étudiants

Canal de recrutement	Pourcentage d'inscription
Marketing en ligne	42%
Sensibilisation du campus direct	33%
Programmes de référence	25%

Conception de programmes spécifiques à l'industrie

Curriculum mis à jour chaque année avec les normes de l'industrie, couvrant:

• Compétences technologiques émergentes
• Exigences de compétence en milieu de travail
• Préparation de certification

Services de placement de carrière et de soutien à l'emploi

Taux de placement pour 2023: 67,3% dans les 6 mois suivant l'obtention du diplôme

Secteur de l'industrie	Taux de placement
Soins de santé	72%
Automobile	65%
Informatique	61%

Lincoln Educational Services Corporation (LINC) - Modèle d'entreprise: Ressources clés

Emplacements de campus physiques multiples

Depuis 2023, Lincoln Educational Services Corporation exploite 22 campus à travers 6 États, y compris les emplacements dans:

• New Jersey
• Pennsylvanie
• Ohio
• Connecticut
• Tennessee
• Maryland

Type de campus	Nombre de campus
Campus principaux	22
Emplacements physiques totaux	22

Faculté pédagogique expérimentée

Lincoln Educational Services emploie Environ 800 professeurs à travers ses campus.

Catégorie des professeurs	Nombre
Professeur à temps plein	450
Professeur à temps partiel	350

Équipement de formation aligné par l'industrie

Investissement total dans l'équipement de formation et les infrastructures: 12,3 millions de dollars en 2023.

Infrastructure technologique éducative

Investissement sur l'infrastructure technologique: 4,7 millions de dollars en 2023, y compris:

• Systèmes de gestion de l'apprentissage
• Plateformes d'apprentissage en ligne
• Technologies de classe numérique

Services de carrière et équipes de placement

Personnel dédié aux services de carrière: 65 professionnels Taux de placement de carrière: 68% Dans les six mois suivant l'obtention du diplôme

Métriques de placement	Valeur
Personnel total des services de carrière	65
Taux de placement	68%

Lincoln Educational Services Corporation (LINC) - Modèle d'entreprise: propositions de valeur

Formation pratique et pratiques pour les compétences

Lincoln Educational Services propose des programmes de formation ciblés avec les détails suivants:

Catégorie de programme	Durée de formation moyenne	Numéros d'inscription (2023)
Soins de santé	9-18 mois	2 847 étudiants
Technologie automobile	12-24 mois	1 456 étudiants
Métiers qualifiés	6-12 mois	1 203 étudiants

Programmes accélérés de carrière

Caractéristiques clés du programme:

• Temps d'achèvement du programme moyen: 12-24 mois
• Taux de placement: 68,3% dans les 6 mois suivant l'obtention du diplôme
• Revenu total du programme annuel: 173,4 millions de dollars

Options d'apprentissage flexibles

Mode d'apprentissage	Pourcentage d'étudiants	Revenus annuels des frais de scolarité
Programmes en ligne	37%	64,2 millions de dollars
Programmes en personne	63%	109,2 millions de dollars

Tracks de certification reconnus par l'industrie

Répartition de la certification:

• Programmes de certification totaux: 22
• Programmes accrédités au niveau national: 18
• Taux d'achèvement de la certification moyenne: 76,5%

Voies directes vers les possibilités d'emploi

Secteur de l'industrie	Partenariats d'emploi	Salaire de départ moyen
Soins de santé	87 partenaires d'entreprise	$45,600
Automobile	53 partenaires d'entreprise	$42,300
Métiers qualifiés	41 partenaires d'entreprise	$39,800

Lincoln Educational Services Corporation (LINC) - Modèle d'entreprise: relations clients

Conseil de carrière personnalisé

Lincoln Educational Services fournit des conseils de carrière individualisés aux étudiants de son réseau de campus. Depuis 2024, la société propose:

Service de conseil	Nombre de personnel dédié	Heures de conseil moyen par étudiant
Conseiller en carrière en tête-à-tête	87 conseillers de carrière dévoués	3,5 heures par étudiant par semestre

Services de soutien aux étudiants en cours

La société maintient une infrastructure complète de soutien aux étudiants:

• Portail de support étudiant 24/7 en ligne
• Services de tutorat académique disponibles dans les 22 emplacements du campus
• Ressources de conseil en santé mentale

Service d'assistance	Taux d'utilisation annuel
Portail d'assistance en ligne	68% des étudiants inscrits
Tutorat académique	42% de la population étudiante

Connexions du réseau des anciens

Lincoln Educational Services organise un vaste programme d'engagement des anciens:

Métriques du réseau des anciens	2024 statistiques
Total des membres du réseau des anciens élèves	37 582 professionnels enregistrés
Événements annuels de réseautage des anciens	12 événements virtuels et 6 en personne

Aide au placement de carrière

La société fournit un soutien robuste au placement:

• Partenariats directs avec 412 employeurs
• Programme d'entretien de placement garanti
• Ateliers professionnels de préparation de CV et d'entretiens

Métriques de placement	2024 données
Taux de placement	76,3% dans les 6 mois suivant l'obtention du diplôme
Salaire de départ moyen	48 750 $ dans tous les programmes

Programmes de développement des compétences continues

Lincoln Educational Services propose des ressources de développement professionnel continues:

• Programmes de mise à niveau de certification en ligne
• Ateliers d'amélioration des compétences trimestrielles
• Modules de formation spécifiques à l'industrie

Métriques de développement des compétences	2024 statistiques
Modules de formation en ligne totaux	87 cours spécialisés
Inscription annuelle des participants	5 621 étudiants et étudiants actuels

Lincoln Educational Services Corporation (LINC) - Modèle d'entreprise: canaux

Emplacements du campus physique

En 2024, Lincoln Educational Services Corporation exploite 24 campus dans 14 États.

État	Nombre de campus
New Jersey	6
Pennsylvanie	4
Autres États	14

Plateformes d'apprentissage en ligne

Lincoln Tech Offre Options de programme 100% en ligne et hybride sur plusieurs disciplines.

• Inscription totale du programme en ligne: 35% de la population étudiante
• Plateformes d'apprentissage numérique: Blackboard Learn and Canvas
• Offres de programmes en ligne: 12 programmes distincts axés sur la carrière

Événements de recrutement de salon de carrière

Données de participation des événements de recrutement annuels:

Type d'événement	Nombre d'événements	Total des participants
Foires de carrière au lycée	87	4,230
Recrutement spécifique à l'industrie	42	2,150

Campagnes de marketing numérique

Canaux de marketing numérique et mesures de performance:

• Dépenses publicitaires numériques totales: 3,2 millions de dollars en 2023
• Canaux principaux: Google Ads, Facebook, LinkedIn
• Taux de conversion: 4,7% des efforts de marketing numérique

Consultations directes sur les ventes et les inscriptions

Statistiques de consultation des ventes et des inscriptions:

Métrique	2023 données
Consultations totales d'inscription	12,450
Taux de conversion	38%
Durée de consultation moyenne	47 minutes

Lincoln Educational Services Corporation (LINC) - Modèle d'entreprise: segments de clientèle

Diplômés du secondaire à la recherche de formation en carrière

En 2023, Lincoln Educational Services Corporation a ciblé environ 3,2 millions de diplômés du secondaire par an. L'établissement propose des programmes professionnels avec une inscription de 7 850 étudiants sur plusieurs campus.

Segment démographique	Marché potentiel total	Inscription actuelle
Diplômés du secondaire	3,200,000	7,850

Adultes qui travaillent à la recherche d'amélioration des compétences

Lincoln Educational Services Corporation dessert environ 45 670 professionnels qui recherchent un progrès de carrière grâce à des programmes de formation spécialisés.

• Tranche d'âge moyenne: 25 à 45 ans
• Revenu annuel médian: 48 230 $
• Taux d'inscription à temps partiel: 62%

Professionnels de la transition de carrière

La société soutient 12 500 professionnels en transition chaque année entre les domaines de carrière grâce à une formation professionnelle ciblée.

Catégorie de transition de carrière	Nombre d'étudiants
Transition des soins de santé	4,750
Transition technique des compétences	3,850
Transition professionnelle des entreprises	3,900

Les employeurs ont besoin d'un développement de la main-d'œuvre

Lincoln Educational Services Corporation s'associe à 237 entités d'entreprise pour la formation de la main-d'œuvre, représentant une valeur marchande potentielle de 42,6 millions de dollars en 2023.

• Partenariats de l'industrie des soins de santé: 89
• Collaborations du secteur manufacturier: 62
• Accords de formation technologique: 86

Étudiants internationaux à la recherche de l'enseignement professionnel américain

L'établissement accueille 1 240 étudiants internationaux de 43 pays, générant 18,3 millions de dollars de revenus étudiants internationaux pour 2023.

Région	Nombre d'étudiants	Contribution des revenus
Asie	580	8,7 millions de dollars
Moyen-Orient	310	4,6 millions de dollars
l'Amérique latine	350	5 millions de dollars

Lincoln Educational Services Corporation (LINC) - Modèle d'entreprise: Structure des coûts

Compense des professeurs et du personnel

Depuis l'exercice 2023, Lincoln Educational Services Corporation a déclaré des frais de rémunération totale de 83,1 millions de dollars pour les professeurs et le personnel.

Catégorie de compensation	Montant ($)
Salaires	67,500,000
Avantages	15,600,000

Entretien et opérations du campus

Les coûts annuels de maintenance et d'exploitation du campus ont totalisé 22,3 millions de dollars en 2023.

• Loyer et location de l'installation: 12 500 000 $
• Utilitaires: 4 800 000 $
• Réparation et entretien: 5 000 000 $

Technologie et infrastructure d'apprentissage

L'investissement en infrastructure technologique pour 2023 était de 9,7 millions de dollars.

Catégorie d'investissement technologique	Montant ($)
Matériel	3,200,000
Logiciel	2,500,000
Réseau et infrastructure informatique	4,000,000

Marketing et recrutement des étudiants

Les frais de marketing pour le recrutement des étudiants en 2023 ont atteint 15,2 millions de dollars.

• Marketing numérique: 6 700 000 $
• Publicité traditionnelle: 4 500 000 $
• Événements de recrutement: 4 000 000 $

Développement et accréditation des programmes

Les coûts de développement et d'accréditation des programmes étaient de 5,6 millions de dollars en 2023.

Catégorie de développement du curriculum	Montant ($)
Conception d'études	3,100,000
Processus d'accréditation	2,500,000

Lincoln Educational Services Corporation (LINC) - Modèle d'entreprise: sources de revenus

Frais de scolarité et de programme

Pour l'exercice 2022, Lincoln Educational Services Corporation a déclaré des revenus totaux de 214,3 millions de dollars, avec une partie importante dérivée des frais de scolarité et des frais de programme.

Année académique	Revenu total des frais de scolarité	Frais de scolarité moyens par étudiant
2022	186,2 millions de dollars	$14,750
2021	201,5 millions de dollars	$15,230

Contrats de formation d'entreprise

Lincoln Technical Institute génère des revenus grâce à des partenariats stratégiques d'entreprise.

• Contrats de formation du secteur des soins de santé: 12,5 millions de dollars en 2022
• Partenariats de formation en technologie automobile: 8,3 millions de dollars en 2022
• Accords de formation technologique et informatique: 6,7 millions de dollars en 2022

Financement de l'éducation du gouvernement

L'aide financière fédérale et le financement gouvernemental représentaient une source de revenus critique.

Source de financement	Montant (2022)
Titre IV Aide financière fédérale	165,4 millions de dollars
Subventions à l'éducation au niveau de l'État	7,2 millions de dollars

Partenariats de financement des étudiants

Lincoln Educational Services collabore avec plusieurs institutions financières pour les programmes de prêts étudiants.

• Sallie Mae Student Loan Partnerships: 45,6 millions de dollars de créations de prêts
• Services financiers Wells Fargo Education: 22,3 millions de dollars en financement des étudiants
• Partenariats privés de prêt étudiant: 18,7 millions de dollars

Revenus du programme de formation continue

Des programmes spécialisés de développement à court terme et professionnel contribuent à la diversification des revenus.

Catégorie de programme	Revenus (2022)
Programmes de certification professionnelle	5,4 millions de dollars
Cours de formation continue en ligne	3,2 millions de dollars
Formation technique à court terme	4,9 millions de dollars

Lincoln Educational Services Corporation (LINC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Lincoln Educational Services Corporation (LINC) is capturing market share, especially as demand for skilled labor keeps climbing. The value proposition centers on speed, relevance, and job placement, which is clearly reflected in their recent financial performance.

Accelerated, career-focused training in high-demand fields like skilled trades is a primary draw. The market is clearly responding to this focus. For instance, in the second quarter ended June 30, 2025, Lincoln Educational Services Corporation saw student starts jump by 19.5% compared to the prior year, or 21.8% when excluding the Transitional segment. This momentum carried into the third quarter, with the average student population increasing by 17.2% in Q3 2025, driving revenue up 23.6% year-over-year to $141.4 million for that quarter alone. This rapid scaling supports the value of accelerated training.

The curriculum is designed to be hands-on, employer-informed, addressing the national skills gap. This isn't just talk; it shows up in their operational efficiency. Educational services and facilities expense, as a percentage of revenue, declined to 40.2% in Q2 2025 from 44.3% the prior year, suggesting the training delivery is becoming more efficient relative to the revenue it generates. Furthermore, specific campuses are getting external validation for this focus; for example, the Melrose Park, IL campus achieved a 75% job placement rate for graduates in programs like automotive, electrical, HVAC, medical assisting, and welding.

A direct pathway to employment through strong corporate hiring partnerships is a key differentiator. The company actively builds these relationships. Back in 2023, more than 1,100 students participated in a partnership program. These employer-funded or custom-built programs ensure the skills taught directly match industry needs. The financial results back this up; Adjusted EBITDA for Q3 2025 reached $16.9 million, a 65.1% increase year-over-year, showing that the operational success is tied to filling these high-demand roles.

You see the result of this focus in the high graduate employment rates and career services support. As noted, the Melrose Park campus reported a 75% job placement rate for graduates in their field of study last year. To put this in context against the broader financial picture, the company raised its full-year 2025 revenue guidance to a range of $505 million to $510 million, demonstrating strong student demand for these career outcomes.

Finally, the entire model serves as a compelling educational alternative to a traditional four-year college degree. The market is voting with its enrollment. The company finished 2024 with nearly $60 million in cash and no debt outstanding, and for 2025, they raised the full-year Adjusted EBITDA guidance to between $65 million and $67 million. This financial strength, built on double-digit growth in student metrics, validates the market's preference for a faster, skills-focused route to a career.

Here's a quick look at the financial momentum supporting these value propositions through the first three quarters of 2025:

Metric	Q1 2025 (Approximate)	Q2 2025 (Ended 6/30/25)	Q3 2025 (Ended 9/30/25)
Revenue	Approximately $117.5 million	$116.5 million	$141.4 million
Net Income	$0.11 per share (EPS)	$1.6 million	$3.8 million (vs. $4.0 million last year including a $2.8 million gain)
Adjusted EBITDA	N/A	$10.5 million	$16.9 million
Student Starts Growth (YoY)	Double-digit increase	Up 19.5%	12.0% growth in starts over the first nine months of 2025

The company is clearly executing on its plan to meet employer needs, as evidenced by the recognition of specific campuses for student success in 2025:

• Melrose Park campus job placement rate: 75%
• Melrose Park campus graduates last year: Over 700
• South Plainfield campus graduates last year: Nearly 200
• Total campuses operated: 21

Finance: draft 13-week cash view by Friday.

Lincoln Educational Services Corporation (LINC) - Canvas Business Model: Customer Relationships

You're looking at how Lincoln Educational Services Corporation (LINC) keeps its students engaged from initial contact through post-graduation career development. It's a relationship-driven model, especially since they focus on high-demand, shorter-term technical training.

High-touch, personalized admissions and financial aid counseling

The initial contact involves a high degree of personal interaction. Lincoln Educational Services Corporation must provide adequate financial aid counseling to its students, a requirement under Title IV Program regulations, as noted in their 2024 filings. You can see the structure of this support through their resources, such as the Student Consumer Information Booklet (SCIB), which guides prospective students on need-based Federal programs and aid disbursement policies. To speed up the enrollment process, they encourage applying for financial aid directly through StudentAid.gov before a campus visit.

Dedicated career services and job placement assistance for graduates

The promise of employment is central to the value proposition, and the data supports this focus. For instance, two campuses recognized in 2025 reported approximately 75% job placement rates in students' fields of study. Specifically, at the Melrose Park, IL campus, 3 out of 4 graduates were hired for careers in their field last year. This focus on outcomes is reinforced by the stated demand from corporate partners for Lincoln Educational Services Corporation's graduates, as noted by the President & CEO in February 2025. The relationship extends to employer partnerships, which are key to these placement statistics.

Here are some operational metrics that reflect the scale of student interaction and growth:

Metric	Value (Q3 2025)	Comparison Period
Student Population Growth (Excluding Transitional Segment)	17.2% increase	Quarter over Quarter (Q3 2024)
Nine-Month Student Starts Growth (Excluding Transitional Segment)	15.0% increase	Nine Months Ended September 30, 2024
Reported Job Placement Rate (Select Campuses)	Approximately 75%	2025 Recognition Data
Total Campuses Operated	21	As of July 2025

Student retention programs focused on academic and personal support

Retention efforts are formalized, aiming to keep students on track to graduation. The company trains staff at each school to recognize early warning signs of a potential drop and to advise students on academic, financial, and employment matters to maximize student retention. The rollout of the hybrid instructional platform, Lincoln 10.0, was explicitly linked to providing a better student experience, evidenced by higher student retention, with the transition targeted for completion by the end of 2025. The overall student body size reflects this success, with the student population up 14.8% in the third quarter of 2025 compared to the prior year. That's a substantial increase in the number of students being supported.

• Staff trained to recognize early warning signs of student drop-out.
• Hybrid platform (Lincoln 10.0) designed to boost student experience and retention.
• Student starts grew by 16.2% in Q1 2025.
• Student population increased by 18.2% in Q2 2025.

Alumni network engagement for ongoing career development

While specific alumni engagement metrics aren't detailed in recent filings, the focus on career readiness implies an ongoing relationship post-graduation. The structure supports this through dedicated career services. The company's programs are designed to provide skilled technicians, and the success is measured by placement rates, which is the first step in the ongoing career development relationship. For example, the nine-month student starts for the first nine months of 2025 grew by 12.0%. This continuous influx of new students feeds the pipeline for future alumni engagement.

Lincoln Educational Services Corporation (LINC) - Canvas Business Model: Channels

Physical campus locations for hands-on, in-person instruction

Lincoln Educational Services Corporation is actively expanding its physical footprint, which serves as the primary channel for hands-on instruction. The company opened a new campus in Houston, Texas, in August 2025. Furthermore, the relocation and expansion of campuses in Nashville, TN, and Levittown, PA, were completed in 2025. The company has future plans for a new campus in Hicksville, New York, by the end of 2026, and another in Rowlett, Texas, in the first quarter of 2027. Guidance suggests a target of two new campus openings annually, with each projected to generate \$7 million to \$10 million in EBITDA by year four. As of the third quarter of 2025, the average student population across these locations was 16,763.

Campus Activity/Metric	Data Point (Late 2025)
New Campus Opened (2025)	1 (Houston, TX, August 2025)
Relocations/Expansions Completed (2025)	2 (Nashville, TN and Levittown, PA)
Future Campus Planned (2026)	1 (Hicksville, NY)
Future Campus Planned (Q1 2027)	1 (Rowlett, TX)
Targeted New Campus Annual Openings	2

Digital platforms for the Lincoln 10.0 hybrid learning model

The Lincoln 10.0 hybrid teaching platform is a key channel for instruction, designed to increase capacity and deliver instructional cost savings. This platform is central to the company's strategy, improving operating efficiencies and student experience. The transition to Lincoln 10.0 was on track for completion by the end of 2025. The average student population growth in Q2 2025 was 16.0%, partly attributed to this model.

• Platform implementation status: On track for completion by end of 2025.
• Impact on efficiency: Delivers increased instructional leverage.
• Student population growth (Q2 2025): 16.0% increase in average student population.

Direct-to-consumer marketing and enrollment teams

Direct marketing efforts are a significant channel for student acquisition. For the first quarter of 2025, student starts grew by 20.9% when excluding the Transitional segment. The marketing cost per student start in Q1 2025 was approximately 20% lower compared to the prior year, showing improved efficiency in this channel. The full-year 2025 guidance projects student starts growth between 15% and 16%. Selling, general and administrative expense, which includes marketing investments, increased by \$6.4 million, or 10.6%, in Q1 2025, driven by an expanded workforce to support the larger student body.

Corporate partner recruitment events and job fairs

Corporate partnerships serve as a vital channel for graduate placement and program relevance. Demand from corporate partners for graduates is noted as being at an all-time high. An example of this channel in action is the workforce development partnership with Container Maintenance Corporation (CMC), which began operations in June 2024 at their Charleston, South Carolina facility. The company is executing plans to expand workforce development programs to capitalize on this opportunity.

Enrollment/Marketing Metric (Q1 2025)	Amount/Percentage
Student Starts Growth (Excl. Transitional)	20.9%
Marketing Cost per Student Start Change (YoY)	Approximately 20% lower
Selling, General & Administrative Expense Increase (YoY)	\$6.4 million / 10.6%

Lincoln Educational Services Corporation (LINC) - Canvas Business Model: Customer Segments

You're looking at the core groups Lincoln Educational Services Corporation (LINC) serves to drive its business, which saw its average student population grow by 17.2% to 16,763 in the third quarter of 2025. The end-of-period student population reached 18,244 as of September 30, 2025. The company is clearly scaling to meet demand, raising its full-year 2025 revenue guidance to between $505 million and $510 million.

Recent high school graduates seeking technical career paths

This segment represents students entering directly from secondary education. While the most recent specific breakdown is from early 2024 filings, it gives a clear picture of the younger cohort. 50% of all students are 21 years of age or younger. Furthermore, data from a March 2024 filing indicated that prospects who have graduated high school and are beyond their year of graduation account for 78% of the population, implying the remaining portion is the recent graduate segment.

Working adults and career changers needing specialized training

This group is crucial, often balancing work and study. As of a March 2024 report, about 70% of students are employed in full-time or part-time positions while attending. This aligns with the fact that 78% of the student population consists of prospects who have already graduated high school and are looking to upskill or change careers. Also, about 27% of new students have dependents, suggesting a significant portion are established adults making a career pivot.

Veterans utilizing military education benefits for skilled trades

Veterans represent a dedicated segment utilizing their education benefits to transition into skilled roles. According to a March 2024 filing, 5% of Lincoln Educational Services Corporation students are veterans looking to reenter the workforce. This segment is served across the company's brands, which focus on fields like transportation and skilled trades.

Employers seeking a steady pipeline of trained technicians

Employers are a critical downstream customer segment, as successful placements validate the value proposition. The President and CEO noted in February 2025 that demand from corporate partners for graduates is at an all-time high. This demand is supported by external validation; for instance, two Lincoln Educational Services Corporation campuses were recognized as "America's Top Vocational Schools" by USA Today for 2025, highlighting success in providing skills for high-demand industries.

Here's a quick look at the scale of student activity driving the pipeline:

Metric (Q3 Ended Sept 30, 2025)	Value	Comparison
Revenue	$141.4 million	Up 23.6% vs. prior year period
Average Student Population	16,763	Up 17.2% vs. prior year period
Total New Student Starts (Q3)	6,445	Up 3.2% vs. prior year period
Nine-Month Student Start Growth	12.0%	Excluding Transitional segment: 15.0%

The focus on high-demand fields means the customer base is segmented by career interest, which drives the specific training programs offered. The primary areas of study include:

• Skilled Trades (e.g., electrical, welding)
• Transportation (e.g., automotive repair)
• Healthcare and Other Professions

The company continues to invest in expanding this pipeline, with plans to open a new campus in Rowlett, Texas, expected in early 2027, and another in Hicksville, New York, by the end of 2026.

Lincoln Educational Services Corporation (LINC) - Canvas Business Model: Cost Structure

You're looking at the major outlays Lincoln Educational Services Corporation (LINC) is making to fuel its growth trajectory as of late 2025. Understanding the cost structure is key because it tells you where the operational engine is burning cash to achieve those student start targets.

The company's operating expenses show significant absolute increases, but the narrative is that these costs are scaling slower than revenue, which points to operating leverage. For instance, in the third quarter of 2025, the Educational services and facilities expense hit $57.3 million. That expense, as a percentage of revenue, actually improved, falling to 40.5% from 42.0% in the prior year comparable period, which is a good sign of efficiency as the student base grows.

The next big bucket is Selling, general, and administrative (SG&A) expenses, which totaled $77.8 million for Q3 2025. This increase over the prior year was driven by a few things, including costs for supporting the expanding student population, plus compensation expenses that included performance-based incentives. Also contributing to this line item were planned investments in marketing activities.

Here's a quick look at those key reported quarterly costs:

Cost Category	Q3 2025 Amount (Millions USD)	Context/Driver
Educational Services and Facilities Expense	$57.3	Costs associated with supporting a larger student population.
Selling, General, and Administrative (SG&A) Expense	$77.8	Driven by higher administrative expense and compensation costs.

When you look at investments for future capacity, Capital expenditures for new campuses and equipment are guided to be between $75 million to $80 million for the full year 2025. This spend is funding growth initiatives, including recent campus relocations and the buildout of the new Houston campus, which opened in Q3 2025. They are also moving forward with plans for a fourth Greenfield campus in Rowlett, Texas, expected to open in early 2027.

Personnel costs, specifically Instructor and administrative personnel compensation, are embedded within the rising SG&A and educational expenses, reflecting the need for a larger workforce to support the growing student body. The company is definitely investing in its people structure to handle the increased scale.

Driving the top-line growth is a significant focus on enrollment, with the full-year 2025 guidance targeting student start growth in the 15%-16% range. To support this, Marketing and recruitment costs are a key expenditure, though the efficiency of that spend is improving. You see evidence of this in the cost per start metrics:

• Marketing cost per student start was approximately 20% lower compared to the prior year in Q1 2025.
• Cost per student start decreased by 14% in the second quarter of 2025.
• Marketing cost per start declined by 13% in the first half of 2025.

This suggests they are getting more students for each dollar spent on marketing, which is a critical efficiency to watch as they push for that 15%-16% start growth target. Finance: draft 13-week cash view by Friday.

Lincoln Educational Services Corporation (LINC) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Lincoln Educational Services Corporation (LINC) as of late 2025. The business model heavily relies on student-generated revenue, supplemented by the efficient management of educational materials and government funding streams. Here's a breakdown of the key components feeding the top line.

The most immediate financial anchor is the company's updated outlook for the full fiscal year 2025. Lincoln Educational Services Corporation has raised its guidance, now expecting total revenue for full-year 2025 to be between $505 million and $510 million. This follows a strong third quarter, where revenue reached $141.4 million, marking a 23.6% year-over-year increase, or 25.4% when excluding the Transitional segment.

The primary sources of cash flow are directly tied to the student lifecycle. These streams are generally categorized as follows:

• Student tuition and fees for diploma and degree programs
• Government-funded student financial aid (Title IV funding)
• Revenue from books, tools, and supplies

The pricing power and enrollment momentum are evident in the per-student metrics. For the third quarter of 2025, revenue per student increased by 4.8%, which management noted was a result of a combination of factors. This growth is a key indicator of operational leverage.

Here's a look at the key revenue-related metrics from the recent reporting period:

Metric	Value / Detail
Full-Year 2025 Revenue Guidance	$505 million to $510 million
Q3 2025 Revenue	$141.4 million
Q3 2025 Revenue Per Student Increase	4.8%
Nine-Month 2025 Revenue	$375.4 million (up 17.1% year-over-year)
Primary Revenue Drivers (Q3 2025)	17.2% increase in average student population and tuition increases

Student Tuition and Fees form the foundation of direct revenue. You should know that tuition increases are a deliberate lever; for instance, in Q3 2025, tuition was raised by 3% or less, depending on the specific program. This is managed carefully, as historical data shows that a significant portion of revenue is tied to federal aid eligibility.

Government-funded student financial aid (Title IV funding) is critical for student enrollment capacity. While the most recent specific percentage for 2025 isn't immediately available, historical context shows just how central this is: as of 2011, Title IV Programs represented approximately 84% of cash receipts relating to revenues. Furthermore, as recently as the end of 2020, nearly 70% of students were eligible to participate in these federal student aid programs.

Finally, the timing of ancillary sales impacts reported revenue. Revenue from books, tools, and supplies is explicitly cited as a timing factor that contributed to the 4.8% revenue per student increase in Q3 2025, alongside tuition hikes. Finance: draft 13-week cash view by Friday.