Slides
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Q3 2025 Investor Presentation
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Safe Harbor Statement Statements in this presentation regarding Lincoln’s business that are not historical facts may be “forward-looking statements” as that term is defined in the federal securities law. The words “may,” “will,” “expect,” “believe,” “anticipate,” “project,” “plan,” “intend,” “estimate,” and “continue,” and their opposites and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Generally, these statements relate to business plans or strategies and projections involving anticipated revenues, earnings, or other aspects of the Company’s operating results. The Company cautions you that these statements concern current expectations about the Company’s future performance or events and are subject to a number of uncertainties, risks, and other influences, many of which are beyond the Company’s control, that may influence the accuracy of the statements and the projects upon which the statements are based including, without limitation, impacts related to epidemics or pandemics; our failure to comply with the extensive regulatory framework applicable to our industry or our failure to obtain timely regulatory approvals in connection with acquisitions or a change of control of our Company; our success in updating and expanding the content of existing programs and developing new programs for our students in a cost-effective manner or on a timely basis; risks associated with cybersecurity; risks associated with changes in applicable federal laws and regulations; uncertainties regarding our ability to comply with federal laws and regulations, such as the 90/10 rule and prescribed cohort default rates; risks associated with the opening of new campuses; risks associated with integration of acquired schools; industry competition; our ability to execute our growth strategies; conditions and trends in our industry; general economic conditions; and other factors discussed in the “Risk Factors” section of our Annual Reports and Quarterly Reports filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement, and Lincoln undertakes no obligation to publicly revise or update any forward-looking statements, whether as a result of new information, future events or otherwise after the date hereof.
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Investment Opportunity Employers cannot find enough technically trained employees and with the infrastructure bill passed demand for skilled workers should be even greater Lincoln is a leading, technical, hands- on educator and trainer serving high demand industries (transportation, skilled trades and healthcare) facing this Skills Gap Proven ability to grow population and revenue in high and low unemployment markets Continuing our strong track record of profitability with increasing operating leverage Strong balance sheet with resources to expand programs and campuses to accelerate growth Continuing efforts to streamline and standardize operations including moving to a more efficient hybrid learning model, and standardizing curriculum. Hybrid model is more attractive to students Skills Gap Leader Growth Profitability Increasing EfficiencyBalance sheet
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Strong Q3 – Increasing FY 2025 Guidance Revenue +25.4% Q3 2025: $141.4M Starts* +6.0% ~6,400 Q3 2025 Starts * Q3 2025 excludes 2,764 student starts on July 1, 2025 to align with comparable student start activity in the prior year that occurred in the last week of June 2024 Prior Year revenue and starts exclude Transitional segment (Euphoria campus) $16.9M Adj EBITDA +65.1% vs prior year EPS: $0.12 vs $0.13 PY Q3 2025 NI: $3.8M Adj. EPS: $0.20 vs $0.13 PY Q3 2025 Adj NI: $6.3M 2025 Full Year Guidance Revenue $505M to $510M Adjusted EBITDA $65M to $67M Net Income $17M to $19M Starts +15% to +16% Capital Expenditures $75M to $80M ~80% of Capital Expenditures relates to growth initiatives: new campuses, campus relocations, and new programs New Houston, TX campus opened Completed relocation of Levittown, PA campus Signed lease for new campus in Rowlett, TX (northern suburb of Dallas) Offering automotive & skilled trade programs Scheduled to open Q1 2027
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$66M $90M 2025 Adjusted EBITDA 2027 Adjusted EBITDA Target Well Positioned to Exceed Long-Term Goals Notes: • 2025 Revenue and Adjusted EBITDA represent the midpoint of guidance • 2027 Adjustments to EBITDA in above chart include ~$6M for non-cash stock- based compensation and ~$2M of losses related to opening the new Hicksville campus • 2027 campus count includes Hicksville, which is being adjusted • Beginning in 2026, we will no longer adjust our EBITDA for pre-opening costs, and net operating losses from new campus and program expansions as we currently do. 2027 adjusted EBITDA is projected to exceed $100M if we still included these adjustments 2027 Projections: EBITDA (non-adj) ~$82M Net Income: ~$36M EPS: ~$1.14 Cash from Ops: ~$70M Revenue: $507.5M Margin: 13% Existing Campuses & Programs Efficiencies through Lincoln 10.0 hybrid teaching model, centralization, and automation Expansion of high school student initiatives & partnerships New Construction Evaluating new and adjacent markets to expand footprint Relocation of existing campuses to expand program offerings Streamlined, state-of-the-art facilities New campuses expected to generate ~$7M+ after 36 months of operations New Programs Replicate profitable, high-demand programs in existing schools 2024: 4 new programs, 1 expansion 2025: 4 new programs, 2 expansions New programs expected to generate over $1M after 24 months of operations Acquisitions Continue to evaluate strategic opportunities to expand market share Leverage cost-saving synergies Diversify program offerings Organic Growth Opportunities Inorganic Growth Opportunities Revenue: $550M Margin: 16% 21 Campuses 23 Campuses New 2027 Projections: Revenue: $600M+ Adj. EBITDA*: $90M+ *Adjusted only for stock compensation (see notes below)
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New Campus Pro-Forma Hybrid Learning Model • State-of-the-art facilities • ~60k – 80k square feet Facilities The Campus will offer a mix of Automotive and Skilled Trade Programs in the Hybrid Learning Model. Blended Programs • CapEx: ~$18-$25M • Classes start ~2 years from lease signing • Accretive to earnings within 2 years of class start • Avg Pop of ~900 students by Year 4 Financials $0 $10 $20 $30 $40 Year 1 Year 2 Year 1 Year 2 Year 3 Year 4 Revenue ($M) ($5) $0 $5 $10 $15 Year 1 Year 2 Year 1 Year 2 Year 3 Year 4 EBITDA ($M) Campus EBITDA estimates above are fully burdened with marketing expenses and allocations for corporate support services 0 Pre-Opening 0 Campus Open 0 Pre-Opening 0 Campus Open
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Lincoln Graduates are Essential Workers Over 95% of our students are pursuing careers that the U.S Department of Homeland Security considers Essential Critical Infrastructure Workers.
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Company Overview
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Campuses Across the Country Opportunity for expansion Active Campuses: 22 New Campuses: 2
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Demand for “Middle Skills Training” Middle-skill jobs, which require education beyond high school but not a four-year degree, make up the largest part of America’s labor market. (Source: U.S. Bureau of Labor Statistics) Low Skill 22% Middle Skill 48% High Skill 30% US Employment by Skill Level (2023-2033) Source: U.S. Bureau of Labor Statistics Employment by Typical Entry-Level Education Lincoln connects employers with entry level trained professionals from the adult, high school and military sectors.
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Drivers of Organic Demand for Training Supply Declining societal pressure to attend traditional college Elimination of Vo-Tec programs Demand New appreciation for skills-trade training Silver Tsunami – aging baby- boomers retiring from the workplace Growing skepticism of the value of college Employers struggle to find interested candidates Simple jobs have become more complex with technology Strong demand in healthcare, manufacturing, and construction Infrastructure spending will exacerbate the shortage Less stigma – Essential Workers GAP
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Significant Opportunity for Organic Growth Annual New Hires Electrical 80,200 Automotive Technology 67,800 Welding 45,800 HVAC 42,500 Diesel Technology 25,600 Medical Assisting 119,800 Dental Assisting 54,900 LPN 54,000 Lincoln’s Market Share ~1.9% BLS data for Lincoln’s top programs Source: U.S. Bureau of Labor Statistics, Occupational Projections 2023 -2033
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Our Superior Educational Approach Feedback Integration Student Support Industrial Infrastructure Engaging Curriculum Graduation and Placement Employment Assistance Develop training programs with feedback from employers and key industry associations to understand gaps and needs Integrate industry preferred licensing and certifications into the curriculum Provide robust student support services to ensure strong outcomes Build labs and shops that replicate the working environment using professional grade equipment and tools Incorporate cutting edge education technology with animations, videos and simulations to make learning active and engaging Superior graduation rates and placement rates Expect students to meet employability standards for appearance, attendance and professional attitude while in school Offer an accelerated program with multiple entry points to allow students to graduate quickly and enter the workforce earlier
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Lincoln Tech Largest Provider of Automotive and Skilled Trade Graduates in the East Source: IPEDS completions survey 2023-24
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Strong Industry Partner Relationships Positions Lincoln as long-term solutions provider for both entry level technicians and advanced workforce training Employers appreciate the technical and soft skills of our students Partners provide validation of the quality of our education Co-branding opportunities with elite partners helps attract new students Partners provide better job opportunities for our graduates
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Compliance Stats 90/10 Rule : This rule caps the percentage of revenue that a proprietary institution can receive from federal financial aid sources at 90%; the other 10% of revenue must come from alternative sources. Starting in 2023, the Veteran Affairs benefits are counted as federal financial aid in the numerator. CDR : It is the percentage of a school's borrowers who enter repayment on certain Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct Loan (Direct Loan) Program loans during a particular federal fiscal year (FY), Octo ber 1st to September 30th, and default or meet other specified conditions prior to the end of the second following fiscal year. Composite Score : the DOE composite score reflects the overall financial health of an institution. The score can be anywhere along the scale from negative 1.0 to positive 3.0. If an institution receives a score greater than or equal to 1.5, the insti tution is considered financially responsible. FY 2025 FY 2024 Metrics Company Overall New Britain OPEID Indianapolis OPEID Iselin OPEID Company Overall New Britain OPEID Indianapolis OPEID Iselin OPEID 90/10 Actual 82% 84% 80% 84% 81% 84% 79% 83% CDR* 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Composite Score 2.5 3.0 This data is the annual data reported to ACCSC for completion and employment rates as of July 1, 2025 Total Students Available for Grad Total Grads Completion Percentage Grads Available for Employment Total Employed Employment Percentage 14,864 10,149 68% 9,861 7,871 80% • Cohort Default Rate is 0% as a result of Department of Education pausing federal student loan payments due to the pandemic. 2022 cohort reported in FY25, 2021 cohort reported in FY24.
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Financial Review Q3 Results from Operations Three Months Ended September 30, 2025 compared to Three Months Ended September 30, 2024 Balance Sheet Strength Strong liquidity of $65M Well-positioned to implement growth initiatives Starts 1,2 6,445 +6.0% Revenue 1 $141.4M +$28.6M Adj. EBITDA 3 $16.9M +$6.7M Net Income $3.8M -$0.2M 1. Prior year excludes Transitional segment (Euphoria campus) 2. Q3 2025 excludes 2,764 student starts on July 1, 2025 to align with comparable student start activity in the prior year that occurred in the last week of June 2024 3. Excludes new campus / new program start-up costs and other items not considered part of the Company’s normal recurring operation s. Refer to appendix for reconciliations.
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$7.4 $6.1 $10.2 $16.9 Q3 2022 Q3 2023 Q3 2024 Q3 2025 $87.4 $97.2 $112.7 $141.4 8.5% 6.3% 9.1% 12.0% Q3 2022 Q3 2023 Q3 2024 Q3 2025 Adj. Revenue Adj. EBITDA Margin Revenue, EBITDA & Margin ($ in millions) Q3 Adj. Revenue & Margin Sep YTD Adj. Revenue & Margin Q3 Adj. EBITDA Sep YTD Adj. EBITDA Excludes new campus / new program start-up costs and other items not considered part of the Company’s normal recurring operations. Refer to appendix for reconciliations. $243.4 $266.9 $315.3 $375.4 5.1% 4.0% 7.3% 10.1% YTD Q3 2022 YTD Q3 2023 YTD Q3 2024 YTD Q3 2025 Adj. Revenue Adj. EBITDA Margin $12.4 $10.8 $23.1 $38.1 YTD Q3 2022 YTD Q3 2023 YTD Q3 2024 YTD Q3 2025
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Starts & Average Population Q3 Starts Sep YTD Starts Q3 Avg Pop Sep YTD Avg Pop Prior years exclude Transitional segment (Somerville and Euphoria campuses). See appendix for reconciliations. Q3 2025 excludes 2,764 student starts on July 1, 2025 to align with comparable student start activity in the prior year that occurred in the last week of June 2024 4,594 4,966 6,081 6,445 Q3 2022 Q3 2023 Q3 2024 Q3 2025 8.1% 22.5% 6.0% 11,171 12,468 14,756 16,976 YTD Q3 2022 YTD Q3 2023 YTD Q3 2024 YTD Q3 2025 11.6% 18.4% 15.0% 12,038 12,503 14,011 16,763 Q3 2022 Q3 2023 Q3 2024 Q3 2025 3.9% 12.1% 19.6% 11,949 12,054 13,605 16,082 YTD Q3 2022 YTD Q3 2023 YTD Q3 2024 YTD Q3 2025 0.9% 12.9% 18.2%
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Adjusted EBITDA Seasonality 1 ($ in 000's) Q1 Q2 Q3 Q4 TY 2021 $ 8,499 $ 6,079 $ 8,378 $ 14,413 $ 37,370 2022 $ 2,757 $ 2,499 $ 7,429 $ 15,660 $ 28,345 2023 $ 2,196 $ 2,435 $ 6,139 $ 15,730 $ 26,500 2024 $ 6,545 $ 6,240 $ 10,236 $ 19,227 $ 42,312 2025 $ 10,636 $ 10,511 $ 16,909 Starts Seasonality 2 Q1 Q2 Q3 Q4 TY 2021 3,226 3,403 5,084 2,398 14,111 2022 3,028 3,549 4,594 2,538 13,709 2023 3,236 4,266 4,966 3,058 15,526 2024 3,812 4,863 6,081 3,397 18,153 2025 3 4,610 5,921 6,445 Seasonality Operations continue to demonstrate consistent seasonality, with the strongest performance in the 2nd half of the year 1. See appendix for Adjusted EBITDA reconciliation. 2. Excludes Transitional segment. Refer to appendix for reconciliation. 3. 2,764 student starts on July 1, 2025, shifted from Q3 2025 to Q2 2025 to align with comparable student start activity in the prior year that occurred in the last week of June 2024
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Investment Merits A national leader in hands-on transportation, skilled trades, and healthcare training Organic revenue growth with increasing profitability The skills gap will drive growth for the next decade In a down economy, Lincoln’s growth and profitability can increase substantially Opportunities to expand footprint and program offerings for additional growth Capacity at campuses provides high operating leverage on incremental growth ` Strong student outcomes and regulatory record
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Appendix
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Use of Non-GAAP Financial Information This presentation contains non-GAAP (Generally Accepted Accounting Principles) financial measures, which are intended to supplement, but not substitute for, the most directly comparable GAAP measures. Management chooses to disclose to investors these non-GAAP financial measures because they provide an additional analytical tool to clarify the results from operations and help to identify underlying trends. Additionally, such measures help compare the company's performance on a consistent basis across time periods. Management defines As Reported as actual operating results derived from previously filed annual and quarterly financial information submitted to the Securities and Exchange Commission. Management defines EBITDA as loss before interest expense, interest income, income taxes, depreciation and amortization. Management defines Pro forma as actual operating results derived from previously filed annual and quarterly financial information submitted to the Securities and Exchange Commission excluding unusual and non-recurring transactions such as closed school operations, gain on sale of assets and interest normalization. Management defines interest normalization as adjusting interest expense on debt from prior years using the Company’s current credit agreement terms. To obtain a complete understanding of the company's performance, these measures should be examined in connection with revenue, operating loss and net loss, determined in accordance with GAAP, as presented in the financial statements and notes thereto included in the annual and quarterly filings with the Securities and Exchange Commission. Since the items excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be an alternative to revenue, operating loss and net loss as a measure of the company's operating performance. Exclusion of items in the non-GAAP presentation should not be construed as an inference that these items are unusual, infrequent or non-recurring. Other companies, including other companies in the education industry, may calculate non-GAAP financial measures differently than the Company does, limiting their usefulness as a comparative measure across companies. A reconciliation of the historical non-GAAP financial measures to the most directly comparable GAAP measures is included in the following slides.
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Population Q1 2025 Q2 2025* Q3 2025* Q4 2025 FY 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Starts Auto/Skilled Trades 3,551 4,802 5,253 2,682 3,648 4,700 2,366 13,396 Healthcare & Other 1,059 1,119 1,192 1,130 1,215 1,381 1,031 4,757 Total Company 4,610 5,921 6,445 3,812 4,863 6,081 3,397 18,153 Ending Population Auto/Skilled Trades 12,130 13,502 14,635 9,639 10,482 11,672 11,081 Healthcare & Other 3,774 3,618 3,609 3,810 3,716 3,891 3,757 Total Company 15,904 17,120 18,244 13,449 14,198 15,563 14,838 Average Population Auto/Skilled Trades 11,695 12,329 13,302 9,544 9,741 10,449 11,654 10,347 Healthcare & Other 3,774 3,685 3,461 3,767 3,751 3,563 3,932 3,753 Total Company 15,469 16,014 16,763 13,311 13,492 14,012 15,586 14,100 Prior Year excludes Transitional segment * 2,764 student starts on July 1, 2025, shifted from Q3 2025 to Q2 2025 to align with comparable student start activity in th e prior year that occurred in the last week of June 2024 YOY decline in Healthcare & Other primarily due to temporary suspension of Nursing starts in the Paramus campus as well as teaching out smaller, less profitable programs such as Massage Therapy and Culinary. Excluding these items, Healthcare & Other starts are mostly flat vs prior year through nine months.
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Financial Statements Our financial statements reflect the following operational results: 1. Adjusted EBITDA - We define Adjusted EBITDA as EBITDA plus stock compensation expense and adjustments for items not considered part of the company’s normal recurring operations 2. Adjusted Revenue - We define Adjusted Revenue as revenue excluding the Transitional segment 3. Adjusted Starts - We define Adjusted Starts as starts excluding the Transitional segment 4. Adjusted Average Population - We define Adjusted Average Population as average population excluding the Transitional segment 5. Liquidity – We define Liquidity as cash and cash equivalents and available borrowings under our credit facility
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Quarterly Starts Reconciliation For the Three Months Ended For the Year Ended 2025 March 31, 2025 June 30, 2025 Sept 30, 2025 Dec 31, 2025 Starts Total Company 4,610 3,157 9,209 Adjustments to Starts July 1, 2025 Starts - 2,764 (2,764) Adjusted Starts 4,610 5,921 6,445 For the Three Months Ended For the Year Ended 2023 For the Three Months Ended For the Year Ended 2024 March 31, 2023 June 30, 2023 Sept 30, 2023 Dec 31, 2023 March 31, 2024 June 30, 2024 Sept 30, 2024 Dec 31, 2024 Starts Total Company 3,440 4,411 5,157 3,191 16,199 3,967 4,953 6,243 3,497 18,660 Adjustments to Starts Transitional Segment 204 145 191 133 673 155 90 162 100 507 Adjusted Starts 3,236 4,266 4,966 3,058 15,526 3,812 4,863 6,081 3,397 18,153 For the Three Months Ended For the Year Ended 2021 For the Three Months Ended For the Year Ended 2022 March 31, 2021 June 30, 2021 Sept 30, 2021 Dec 31, 2021 March 31, 2022 June 30, 2022 Sept 30, 2022 Dec 31, 2022 Starts Total Company 3,548 3,703 5,430 2,721 15,402 3,353 3,852 4,929 2,786 14,920 Adjustments to Starts Transitional Segment 322 300 346 323 1,291 325 303 335 248 1,211 Adjusted Starts 3,226 3,403 5,084 2,398 14,111 3,028 3,549 4,594 2,538 13,709
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Quarterly Avg Pop Reconciliation For the Three Months Ended For the Year Ended 2025 March 31, 2025 June 30, 2025 Sept 30, 2025 Dec 31, 2025 Average Pop Total Company 15,469 15,554 16,303 Adjustments to Avg Pop Impact of July 1, 2025 Starts - 460 460 Adjusted Average Pop 15,469 16,014 16,763 For the Three Months Ended For the Year Ended 2023 For the Three Months Ended For the Year Ended 2024 March 31, 2023 June 30, 2023 Sept 30, 2023 Dec 31, 2023 March 31, 2024 June 30, 2024 Sept 30, 2024 Dec 31, 2024 Average Pop Total Company 12,387 12,453 12,942 13,983 12,941 13,678 13,811 14,309 15,904 14,426 Adjustments to Avg Pop Transitional Segment 653 528 439 402 505 367 320 298 318 326 Adjusted Average Pop 11,734 11,926 12,503 13,581 12,436 13,311 13,492 14,011 15,586 14,100 For the Three Months Ended For the Year Ended 2021 For the Three Months Ended For the Year Ended 2022 March 31, 2021 June 30, 2021 Sept 30, 2021 Dec 31, 2021 March 31, 2022 June 30, 2022 Sept 30, 2022 Dec 31, 2022 Average Pop Total Company 12,441 12,548 13,189 13,599 12,944 12,884 12,637 12,824 13,231 12,894 Adjustments to Avg Pop Transitional Segment 771 832 795 851 812 860 854 786 762 815 Adjusted Average Pop 11,670 11,715 12,395 12,748 12,132 12,025 11,783 12,038 12,469 12,079
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Quarterly Revenue Reconciliation For the Three Months Ended For the Year Ended 2023 For the Three Months Ended For the Year Ended 2024 March 31, 2023 June 30, 2023 Sept 30, 2023 Dec 31, 2023 March 31, 2024 June 30, 2024 Sept 30, 2024 Dec 31, 2024 Revenue Total Company $ 87,284 $ 88,646 $ 99,618 $ 102,522 $ 378,070 $103,366 $ 102,914 $ 114,410 $ 119,374 $ 440,064 Adjustments to Revenue Transitional Segment 3,489 2,766 2,430 2,151 10,837 2,045 1,681 1,665 1,708 7,098 Adjusted Revenue $ 83,795 $ 85,879 $ 97,188 $ 100,371 $ 367,233 $ 101,321 $101,234 $ 112,746 $ 117,666 $ 432,966 For the Three Months Ended For the Year Ended 2021 For the Three Months Ended For the Year Ended 2022 March 31, 2021 June 30, 2021 Sept 30, 2021 Dec 31, 2021 March 31, 2022 June 30, 2022 Sept 30, 2022 Dec 31, 2022 Revenue Total Company $ 77,996 $ 80,464 $ 89,059 $ 87,816 $ 335,336 $ 82,554 $ 82,142 $ 91,813 $ 91,778 $ 348,287 Adjustments to Revenue Transitional Segment 3,754 4,284 4,173 4,364 16,575 4,332 4,418 4,394 4,247 17,391 Adjusted Revenue $ 74,242 $ 76,180 $ 84,887 $ 83,452 $ 318,761 $ 78,222 $ 77,724 $ 87,419 $ 87,531 $ 330,896
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Quarterly & FY Guidance EBITDA Reconciliation For the Three Months Ended For the Year Ended 2025 FY 2025 Guidance Midpoint March 31, 2025 June 30, 2025 Sept 30, 2025 Dec 31, 2025 Net Income Total Company $ 1,944 $ 1,554 $ 3,799 $ 18,000 Add-back: Interest expense, net 587 802 991 3,300 Provision for income taxes 882 522 1,495 7,700 Operating Income $ 3,413 $ 2,878 $ 6,285 $ 29,000 Depreciation and amortization: Total Company 3,763 4,710 5,460 20,300 EBITDA $ 7,176 $ 7,588 $ 11,745 $ 49,300 Stock compensation expense 1,205 1,343 1,532 5,400 New campus/relocation/program expansion costs 2,255 1,580 3,624 9,800 Other one-time items 1,500 Adjusted EBITDA $ 10,636 $ 10,511 $ 16,902 $ 66,000 For the Three Months Ended For the Year Ended 2023 For the Three Months Ended For the Year Ended 2024 March 31, 2023 June 30, 2023 Sept 30, 2023 Dec 31, 2023 March 31, 2024 June 30, 2024 Sept 30, 2024 Dec 31, 2024 Net Income (loss) Total Company $ (109) $ 17,250 $ 2,064 $ 6,792 $ 25,997 $ (214) $ (682) $ 3,953 $ 6,834 $ 9,891 Add-back: Interest expense (income), net (442) (519) (857) (463) (2,281) (131) 29 195 373 466 Provision (benefit) for income taxes (564) 6,784 789 2,633 9,642 (113) (463) 1,674 3,722 4,820 Operating Income (loss) $ (1,115) $ 23,515 $ 1,996 $ 8,962 $ 33,358 $ (458) $ (1,116) $ 5,822 $ 10,929 $ 15,177 Depreciation and amortization: Total Company 1,254 1,679 1,723 2,114 6,770 2,964 3,323 3,229 3,440 12,956 EBITDA $ 139 $ 25,194 $ 3,719 $ 11,076 $ 40,128 $ 2,506 $ 2,207 $ 9,051 $ 14,369 $ 28,133 Stock compensation expense 812 2,575 662 1,845 5,894 1,059 1,045 1,250 1,275 4,629 Somerville closure 193 478 742 487 1,900 - - - - - (Gain)/Loss on sale of assets - (30,939) - - (30,939) - - - 1,178 1,178 Gain on insurance proceeds - - - - - - - (2,794) - (2,794) Impairment of goodwill & long-lived assets - 4,220 - - 4,220 - - - - - New campus/relocation/program expansion costs 260 404 917 1,885 3,466 2,891 2,988 1,970 1,994 9,843 Severance and other one-time costs 792 503 99 437 1,831 89 - 759 475 1,323 Adjusted EBITDA $ 2,196 $ 2,435 $ 6,139 $ 15,730 $ 26,500 $ 6,545 $ 6,240 $ 10,236 $ 19,291 $ 42,312
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Quarterly EBITDA Reconciliation For the Three Months Ended For the Year Ended 2021 For the Three Months Ended For the Year Ended 2022 March 31, 2021 June 30, 2021 Sept 30, 2021 Dec 31, 2021 March 31, 2022 June 30, 2022 Sept 30, 2022 Dec 31, 2022 Net Income Total Company $ 4,489 $ 2,426 $ 3,839 $ 23,964 $ 34,718 $ 272 $ 260 $ 3,544 $ 8,558 $ 12,634 Add-back: Interest expense (income), net 285 297 292 1,142 2,015 43 34 37 (272) (158) Provision for income taxes 1,245 729 1,614 8,939 12,528 (641) 102 1,300 3,041 3,802 Operating Income (loss) $ 6,019 $ 3,452 $ 5,745 $ 34,045 $ 49,261 $ (326) $ 396 $ 4,881 $ 11,327 $ 16,279 Depreciation and amortization: Total Company 1,901 1,793 1,927 1,520 7,141 1,528 1,529 1,560 1,747 6,363 EBITDA $ 7,920 $ 5,245 $ 7,673 $ 35,565 $ 56,402 $ 1,202 $ 1,925 $ 6,441 $ 13,074 $ 22,642 Stock compensation expense 493 844 757 796 2,888 1,239 491 637 744 3,111 Somerville closure 87 (9) (51) (168) (141) 56 83 71 198 408 Gain on sale of assets - - - (22,479) (22,479) - - - - - Impairment of goodwill & long-lived assets - - - 700 700 - - - 1,049 1,049 New campus/relocation/program expansion costs - - - - - - - 140 229 369 Severance and other one-time costs - - - - - 260 - 140 365 765 Adjusted EBITDA $ 8,499 $ 6,079 $ 8,378 $ 14,413 $ 37,370 $ 2,757 $ 2,499 $ 7,429 $ 15,660 $ 28,344