Lincoln Educational Services Corporation (LINC): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da educação focada na carreira, a Lincoln Educational Services Corporation (LINC) surge como uma força transformadora, preenchendo estrategicamente a lacuna entre as demandas da força de trabalho e o desenvolvimento de habilidades profissionais. Por meio de sua inovadora tela de modelo de negócios, a Linc oferece uma abordagem abrangente do treinamento vocacional que capacita os alunos com capacidades práticas e alinhadas à indústria. Ao integrar perfeitamente opções de aprendizado flexíveis, caminhos de carreira direcionados e parcerias robustas de empregadores, a corporação está na vanguarda das soluções educacionais que respondem diretamente às necessidades em evolução do mercado profissional de hoje.

Lincoln Educational Services Corporation (LINC) - Modelo de negócios: Parcerias -chave

Empregadores que buscam treinamento de força de trabalho qualificado

A partir do quarto trimestre 2023, a Lincoln Educational Services Corporation estabeleceu parcerias com 327 empregadores específicos em vários setores. O valor total dessas colaborações de treinamento da força de trabalho foi de US $ 14,3 milhões em receita anual do contrato.

Setor da indústria	Número de parcerias do empregador	Valor anual do contrato
Assistência médica	126	US $ 5,7 milhões
Automotivo	84	US $ 3,9 milhões
Tecnologia	67	US $ 2,8 milhões
Negociação/fabricação	50	US $ 1,9 milhão

Redes de aconselhamento de carreira do ensino médio

A Lincoln Educational Services mantém parcerias ativas com 412 redes de aconselhamento de carreira no ensino médio em 23 estados. Essas parcerias geram aproximadamente US $ 2,6 milhões em recrutamento de estudantes e receitas de referência.

Programas de treinamento e desenvolvimento corporativos

As parcerias corporativas incluem 214 colaborações de programas de treinamento e desenvolvimento ativos, gerando US $ 8,7 milhões em contratos especializados de treinamento da força de trabalho para 2023.

• Treinamento de habilidades tecnológicas: 87 parcerias
• Programas de certificação profissional: 64 parcerias
• Rastreios de desenvolvimento de gerenciamento: 63 parcerias

Plataformas de tecnologia de aprendizado on -line

A Lincoln Educational Services integrou parcerias com 6 principais plataformas de tecnologia de aprendizado on -line, representando um investimento de US $ 3,2 milhões em infraestrutura de aprendizado digital para 2023.

Plataforma	Ano de integração	Investimento anual
Coursera	2022	US $ 1,1 milhão
edx	2021	US $ 0,9 milhão
Udacity	2023	US $ 0,7 milhão
Outros	Vários	US $ 0,5 milhão

Credenciamento e órgãos regulatórios educacionais

A Lincoln Educational Services mantém a conformidade e o credenciamento com 12 organizações regulatórias educacionais nacionais e estaduais, representando um investimento anual de conformidade de US $ 1,5 milhão.

• Conselho de Educação Ocupacional
• Comissão de Credenciamento de Escolas de Carreira e Faculdades
• Conselhos educacionais específicos do estado em 23 estados

Lincoln Educational Services Corporation (LINC) - Modelo de negócios: Atividades -chave

Entrega de educação profissional e técnica

A Lincoln Educational Services Corporation opera 22 campi em 14 estados a partir de 2023. A instituição oferece programas em:

• Tecnologia automotiva
• Assistência médica
• Negócios qualificados
• Tecnologia da Informação

Categoria de programa	Número de programas	Duração média do programa
Programas automotivos	7	12-18 meses
Programas de saúde	9	9-24 meses
Negócios qualificados	6	10-15 meses

Desenvolvimento do programa de treinamento focado na carreira

Lincoln desenvolve programas com informações diretas da indústria, com 85% dos programas com colaboração consultiva do setor.

Recrutamento e matrícula de estudantes

Total de matrícula de estudantes para 2023: 10.124 alunos

Canal de recrutamento	Porcentagem de inscrição
Marketing online	42%
Diretor do campus direto	33%
Programas de referência	25%

Design de currículo específico da indústria

Currículo atualizado anualmente com os padrões do setor, cobrindo:

• Habilidades tecnológicas emergentes
• Requisitos de competência no local de trabalho
• Preparação de certificação

Serviços de colocação de carreira e suporte de emprego

Taxa de colocação de trabalho para 2023: 67,3% dentro de 6 meses após a graduação

Setor da indústria	Taxa de colocação
Assistência médica	72%
Automotivo	65%
Tecnologia da Informação	61%

Lincoln Educational Services Corporation (LINC) - Modelo de negócios: Recursos -chave

Múltiplos locais do campus físico

A partir de 2023, a Lincoln Educational Services Corporation opera 22 campi entre 6 estados, incluindo locais em:

• Nova Jersey
• Pensilvânia
• Ohio
• Connecticut
• Tennessee
• Maryland

Tipo do campus	Número de campi
Principais campi	22
Locais físicos totais	22

Faculdade de instrução experiente

Lincoln Educational Services emprega Aproximadamente 800 membros do corpo docente em seus campi.

Categoria do corpo docente	Número
Faculdade de tempo integral	450
Faculdade de meio período	350

Equipamento de treinamento alinhado à indústria

Investimento total em equipamentos de treinamento e infraestrutura: US $ 12,3 milhões em 2023.

Infraestrutura de tecnologia educacional

Investimento de infraestrutura de tecnologia: US $ 4,7 milhões em 2023, incluindo:

• Sistemas de gerenciamento de aprendizagem
• Plataformas de aprendizado on -line
• Tecnologias de sala de aula digital

Equipes de Serviços de Carreira e Colocação

Equipe dedicada de serviços de carreira: 65 profissionais Taxa de colocação de carreira: 68% Dentro de seis meses após a graduação

Métricas de colocação	Valor
Equipe total de serviços de carreira	65
Taxa de colocação	68%

Lincoln Educational Services Corporation (LINC) - Modelo de negócios: proposições de valor

Treinamento prático e pronto para o trabalho

A Lincoln Educational Services oferece programas de treinamento direcionados com os seguintes detalhes:

Categoria de programa	Duração média do treinamento	Números de inscrição (2023)
Assistência médica	9-18 meses	2.847 alunos
Tecnologia automotiva	12-24 meses	1.456 alunos
Negócios qualificados	6 a 12 meses	1.203 alunos

Programas acelerados focados na carreira

Principais características do programa:

• Tempo médio de conclusão do programa: 12-24 meses
• Taxa de colocação: 68,3% dentro de 6 meses após a graduação
• Receita anual total do programa: US $ 173,4 milhões

Opções de aprendizado flexíveis

Modo de aprendizado	Porcentagem de estudantes	Receita anual de matrícula
Programas online	37%	US $ 64,2 milhões
Programas pessoais	63%	US $ 109,2 milhões

Faixas de certificação reconhecidas pela indústria

Redução de certificação:

• Programas de certificação total: 22
• Programas credenciados nacionalmente: 18
• Taxa média de conclusão da certificação: 76,5%

Caminhos diretos para oportunidades de emprego

Setor da indústria	Parcerias de emprego	Salário inicial médio
Assistência médica	87 parceiros corporativos	$45,600
Automotivo	53 parceiros corporativos	$42,300
Negócios qualificados	41 parceiros corporativos	$39,800

Lincoln Educational Services Corporation (LINC) - Modelo de negócios: Relacionamentos do cliente

Aconselhamento de carreira personalizado

A Lincoln Educational Services fornece orientação profissional individualizada para estudantes em toda a sua rede de campi. A partir de 2024, a corporação oferece:

Serviço de aconselhamento	Número de funcionários dedicados	Horário médio de aconselhamento por aluno
Aconselhamento individual de carreira	87 conselheiros de carreira dedicados	3,5 horas por aluno por semestre

Serviços de apoio ao aluno em andamento

A corporação mantém uma infraestrutura abrangente de apoio aos alunos:

• 24/7 portal de suporte a estudantes on -line
• Serviços de tutoria acadêmica disponíveis em todos os 22 locais do campus
• Recursos de aconselhamento em saúde mental

Serviço de suporte	Taxa de utilização anual
Portal de suporte on -line	68% dos alunos matriculados
Tutoria acadêmica	42% da população estudantil

Conexões de rede de ex -alunos

Os Serviços Educacionais de Lincoln mantêm um extenso programa de engajamento de ex -alunos:

Métricas de rede de ex -alunos	2024 Estatísticas
Membros do Total Alumni Network	37.582 profissionais registrados
Eventos anuais de rede de ex -alunos	12 eventos virtuais e 6 pessoais

Assistência à colocação de carreira

A corporação fornece suporte robusto de colocação de cargos:

• Parcerias diretas com 412 empregadores
• Programa de entrevista de colocação de emprego garantida
• Oficinas de currículo profissional e preparação de entrevistas

Métricas de colocação	2024 dados
Taxa de colocação de empregos	76,3% dentro de 6 meses após a graduação
Salário inicial médio	US $ 48.750 em todos os programas

Programas de desenvolvimento de habilidades contínuas

A Lincoln Educational Services oferece recursos de desenvolvimento profissional em andamento:

• Programas de atualização de certificação online
• Oficinas de aprimoramento trimestral de habilidades
• Módulos de treinamento específicos do setor

Métricas de desenvolvimento de habilidades	2024 Estatísticas
Módulos de treinamento online totais	87 cursos especializados
Inscrição anual de participantes	5.621 alunos e alunos atuais

Lincoln Educational Services Corporation (LINC) - Modelo de negócios: canais

Locais físicos do campus

A partir de 2024, a Lincoln Educational Services Corporation opera 24 campi em 14 estados.

Estado	Número de campi
Nova Jersey	6
Pensilvânia	4
Outros estados	14

Plataformas de aprendizado on -line

Lincoln Tech oferece 100% opções de programa online e híbrido em várias disciplinas.

• Matrícula total do programa on -line: 35% da população estudantil
• Plataformas de aprendizado digital: Blackboard Learn and Canvas
• Ofertas de programas on-line: 12 programas distintos focados na carreira

Eventos de recrutamento de feira de feira

Dados anuais de participação de eventos de recrutamento:

Tipo de evento	Número de eventos	Total de participantes
Feiras de carreira do ensino médio	87	4,230
Recrutamento específico da indústria	42	2,150

Campanhas de marketing digital

Canais de marketing digital e métricas de desempenho:

• Gastes de publicidade digital total: US $ 3,2 milhões em 2023
• Canais primários: Google Ads, Facebook, LinkedIn
• Taxa de conversão: 4,7% dos esforços de marketing digital

Consultas diretas de vendas e inscrição

Estatísticas de consulta de vendas e matrículas:

Métrica	2023 dados
Total de consultas de inscrição	12,450
Taxa de conversão	38%
Duração média da consulta	47 minutos

Lincoln Educational Services Corporation (LINC) - Modelo de negócios: segmentos de clientes

Graduados do ensino médio que buscam treinamento de carreira

A partir de 2023, a Lincoln Educational Services Corporation visava aproximadamente 3,2 milhões de graduados no ensino médio anualmente. A instituição oferece programas profissionais com uma matrícula de 7.850 alunos em vários campi.

Segmento demográfico	Mercado potencial total	Inscrição atual
Graduados do ensino médio	3,200,000	7,850

Adultos que procuram aprimoramento de habilidades

A Lincoln Educational Services Corporation atende a aproximadamente 45.670 profissionais que buscam avanços na carreira por meio de programas de treinamento especializados.

• Faixa etária média: 25-45 anos
• Renda anual mediana: US $ 48.230
• Taxa de inscrição em tempo parcial: 62%

Profissionais de transição de carreira

A corporação suporta 12.500 profissionais em transição anualmente entre campos de carreira através de treinamento vocacional direcionado.

Categoria de transição de carreira	Número de alunos
Transição de assistência médica	4,750
Transição de habilidades técnicas	3,850
Transição profissional de negócios	3,900

Empregadores que precisam de desenvolvimento da força de trabalho

A Lincoln Educational Services Corporation faz parceria com 237 entidades corporativas para treinamento da força de trabalho, representando um valor potencial de mercado de US $ 42,6 milhões em 2023.

• Parcerias do setor de saúde: 89
• Colaborações do setor manufatureiro: 62
• Acordos de treinamento em tecnologia: 86

Estudantes internacionais que buscam educação profissional nos EUA

A instituição hospeda 1.240 estudantes internacionais de 43 países, gerando US $ 18,3 milhões em receita internacional de estudantes para 2023.

Região	Número de alunos	Contribuição da receita
Ásia	580	US $ 8,7 milhões
Médio Oriente	310	US $ 4,6 milhões
América latina	350	US $ 5 milhões

Lincoln Educational Services Corporation (LINC) - Modelo de negócios: estrutura de custos

Faculdade e compensação da equipe

No ano fiscal de 2023, a Lincoln Educational Services Corporation registrou despesas totais de remuneração de US $ 83,1 milhões para professores e funcionários.

Categoria de compensação	Valor ($)
Salários	67,500,000
Benefícios	15,600,000

Manutenção e operações do campus

Os custos anuais de manutenção e operações do campus totalizaram US $ 22,3 milhões em 2023.

• Aluguel e arrendamento da instalação: US $ 12.500.000
• Utilitários: US $ 4.800.000
• Reparo e manutenção: US $ 5.000.000

Infraestrutura de tecnologia e aprendizado

O investimento em infraestrutura tecnológica para 2023 foi de US $ 9,7 milhões.

Categoria de investimento em tecnologia	Valor ($)
Hardware	3,200,000
Software	2,500,000
Rede e infraestrutura de TI	4,000,000

Marketing e recrutamento de estudantes

As despesas de marketing para recrutamento de estudantes em 2023 atingiram US $ 15,2 milhões.

• Marketing digital: US $ 6.700.000
• Publicidade tradicional: US $ 4.500.000
• Eventos de recrutamento: US $ 4.000.000

Desenvolvimento de currículo e credenciamento

Os custos de desenvolvimento e credenciamento curriculares foram de US $ 5,6 milhões em 2023.

Categoria de desenvolvimento curricular	Valor ($)
Design de currículo	3,100,000
Processos de acreditação	2,500,000

Lincoln Educational Services Corporation (LINC) - Modelo de negócios: fluxos de receita

Taxas de mensalidade e programa

Para o ano fiscal de 2022, a Lincoln Educational Services Corporation relatou receitas totais de US $ 214,3 milhões, com uma parcela significativa derivada de taxas de matrícula e programa.

Ano acadêmico	Receita total das mensalidades	Aula média por aluno
2022	US $ 186,2 milhões	$14,750
2021	US $ 201,5 milhões	$15,230

Contratos de treinamento corporativo

O Lincoln Technical Institute gera receita por meio de parcerias corporativas estratégicas.

• Contratos de treinamento do setor de saúde: US $ 12,5 milhões em 2022
• Parcerias de treinamento em tecnologia automotiva: US $ 8,3 milhões em 2022
• Acordos de Tecnologia e Treinamento de TI: US $ 6,7 milhões em 2022

Financiamento da educação do governo

A ajuda financeira federal e o financiamento do governo representaram um fluxo crítico de receita.

Fonte de financiamento	Valor (2022)
Ajuda financeira federal do Título IV	US $ 165,4 milhões
Subsídios de educação em nível estadual	US $ 7,2 milhões

Parcerias de financiamento para estudantes

Lincoln Educational Services colabora com várias instituições financeiras para programas de empréstimos para estudantes.

• Parcerias de empréstimos para estudantes de Sallie Mae: US $ 45,6 milhões em origens de empréstimos
• Wells Fargo Education Financial Services: US $ 22,3 milhões em financiamento estudantil
• Parcerias particulares de empréstimos para estudantes: US $ 18,7 milhões

Receitas do Programa de Educação Continuada

Os programas especializados de desenvolvimento de curto prazo e profissional contribuem para a diversificação de receita.

Categoria de programa	Receita (2022)
Programas de certificação profissional	US $ 5,4 milhões
Cursos de educação continuada online	US $ 3,2 milhões
Treinamento técnico de curto prazo	US $ 4,9 milhões

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.