Lincoln Educational Services Corp (LINC) 2026 Q1 法說會逐字稿

Good day, and welcome to the Lincoln Educational Services first quarter 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，歡迎參加 Lincoln Educational Services 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker, Mr. Michael Polyviou. Please go ahead.

現在我想把會議交給各位的講者 Michael Polyviou 先生。請開始。

Thank you, Sherry. Good morning, everyone. Before the market opened today, Lincoln Educational Services issued a news release reporting financial results for the first quarter ended March 31, 2026, as well as recent corporate developments. The release is available on the Investor Relations portion of the company's corporate website at www.lincolntech.edu.

謝謝你，Sherry。各位早安。在今天開盤前，Lincoln Educational Services 已發布新聞稿，公布截至 2026 年 3 月 31 日止第一季的財務結果，以及近期的公司發展動態。該新聞稿可於公司企業網站 www.lincolntech.edu 的投資人關係專區取得。

Joining us today on the call are Scott Shaw, CEO and President; and Brian Meyers, Chief Financial Officer and Executive Vice President. Today's call is being recorded and is being broadcast live on the company's website. A replay of the call will be archived on the company's website. Statements made by Lincoln's management on today's call regarding the company's business that are not historical facts may be forward-looking statements as term is identified in federal securities laws. The words may, will, expect, believe, anticipate, project, plan, intend, estimate and continue as well as similar expressions are intended to identify forward-looking statements.

今天與會的還有執行長兼總裁 Scott Shaw，以及財務長兼執行副總裁 Brian Meyers。今天的電話會議正在錄音，並於公司網站進行即時直播。會議重播將存檔於公司網站。Lincoln 管理層今天在會議中就公司業務所作、非屬歷史事實的陳述，可能構成聯邦證券法所界定的前瞻性陳述。「可能」、「將」、「預期」、「相信」、「預料」、「預測」、「計畫」、「打算」、「估計」及「持續」等字眼，以及類似用語，旨在辨識前瞻性陳述。

Forward-looking statements should not be read as a guarantee of future performance. The company cautions you that these statements reflect certain 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 and may influence the accuracy of the statements and projection on which segment and statements are based.

前瞻性陳述不應被解讀為對未來績效的保證。公司提醒各位，這些陳述反映了對公司未來績效或事件的某些預期，並受多項不確定性、風險及其他因素影響，其中許多超出公司控制範圍，可能影響這些陳述的準確性，以及其所依據的預測與假設。

Factors that may affect the company's results include, but are not limited to, the risks and uncertainties discussed in the Risk Factors section of the annual report on Form 10-K and the quarterly report on Form 10-Q filed with the Securities and Exchange Commission. Forward-looking statements are based on information available at the time those statements are made and management's good faith belief as of the time with respect to future events.

可能影響公司業績的因素包括但不限於：公司向美國證券交易委員會（SEC）提交之 Form 10-K 年報及 Form 10-Q 季報中「風險因素」章節所討論的風險與不確定性。前瞻性陳述係基於作出陳述當時可得之資訊，以及管理層於當時就未來事件所持的善意信念。

All forward-looking statements are qualified in the 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 thereof. (Operator Instructions)

所有前瞻性陳述均在整體上受本警示性聲明所限制；Lincoln 不承擔於其後因新資訊、未來事件或其他原因而在該等陳述作出日後公開修訂或更新任何前瞻性陳述之義務。(接線員指示)

Now I'd like to turn the call over to Scott Shaw, CEO and President of Lincoln Educational Services. Scott, please go ahead.

現在我想把電話會議交給 Lincoln Educational Services 的執行長兼總裁 Scott Shaw。Scott，請開始。

Thank you, Michael, and good morning, everyone. Thank you for joining us today to recap our outstanding first quarter. As we reported during our Investor Day presentation on May, I'm sorry, March 19, we expected a strong first quarter, and we did achieve 19.5% student start growth. Fully half of the student start growth came from our organic operations, meaning those campuses and programs opened before 2025. We believe this metric is a solid proof point that Lincoln Tech is leading the way in an evolving skilled trades marketplace.

謝謝你，Michael，各位早安。感謝各位今天加入我們，一同回顧我們表現出色的第一季。正如我們在 5 月——抱歉，是 3 月 19 日的投資人日簡報中所報告的，我們預期第一季會很強勁，而我們確實達成了學生開課人數（student start）成長 19.5%。學生開課人數成長中有一半完全來自我們的有機營運，也就是 2025 年之前就已開設的校區與課程。我們相信，這項指標是有力的佐證，證明 Lincoln Tech 正在引領不斷演變的技職市場。

As a recognized leader of education and training services for safe in-demand rewarding careers, we are clearly benefiting from the expanding interest across America in skilled trades training as employer demand for skilled workers continues to exceed supply. Some of this interest is driven by the growing concerns about the negative impact of artificial intelligence on white-collar jobs, especially in the technology and finance fields. A greater contributor is the attention created by the robust salaries, bringing you solidly into the middle class and ever-increasing employer opportunities.

作為提供安全、需求旺盛且具回報職涯之教育與訓練服務的公認領導者，隨著雇主對技術工人的需求持續超過供給，我們顯然正受惠於全美對技職訓練日益擴大的興趣。其中一部分興趣來自於人們日益擔憂人工智慧對白領工作（尤其是科技與金融領域）的負面影響。更大的推動因素則是強勁的薪資水準，能讓你穩健進入中產階級，以及持續增加的雇主就業機會。

These factors are helping to drive the skilled trades and the placement of Lincoln Tech graduates in rewarding long-term careers like HVAC, electrical automotive technician welding in health care. At Lincoln, we have focused our strategies on simplifying operations to maximize opportunities at both existing campuses and at new greenfield campuses. Our successful execution during the first quarter led to 22.5% revenue growth, nearly 85% adjusted EBITDA growth and more than doubling our net income. Attesting to the improving efficiencies we are generating throughout our operations, we also generated cash from operations during the first quarter for the first time in 10 years.

這些因素正協助推動技職產業的發展，並促進 Lincoln Tech 畢業生在暖通空調（HVAC）、電工、汽車技師、焊接以及醫療保健等領域，獲得具回報的長期職涯安置。在 Lincoln，我們將策略聚焦於簡化營運，以在既有校區與新設綠地（greenfield）校區中最大化機會。我們在第一季的成功執行帶來 22.5% 的營收成長、近 85% 的調整後 EBITDA 成長，並使淨利超過倍增。為了證明我們在整體營運中所創造的效率提升，我們也在第一季產生了營運現金流，這是 10 年來首次。

Our financial performance as well as the current trends in our business are leading us to increase our 2026 guidance, which Brian will review in a few minutes. The campus relocations and openings executed in 2025 to address underserved markets are all meeting our expectations, and all the program expansions at existing campuses are contributing to our strong start growth.

我們的財務表現以及目前的業務趨勢，促使我們上調 2026 年的財測指引，Brian 將在幾分鐘後進行說明。我們於 2025 年為因應服務不足市場而執行的校區搬遷與新設，皆符合我們的預期；而既有校區的各項課程擴增也都在推動我們強勁的開課人數成長。

In February, we launched the most recent program expansion with the opening of electrical program at our South Plainfield, New Jersey campus. In addition, as we previously reported, we began reenrolling new students at our Paramus nursing program in January, which contributed to overall health care starts increasing 5% after declining in the fourth quarter.

2 月，我們在新澤西州 South Plainfield 校區開設電工課程，推出最新一波的課程擴增。此外，如同我們先前所報告的，我們在 1 月開始讓 Paramus 護理課程重新招收新生，帶動整體醫療保健類開課人數在第四季下滑後回升成長 5%。

Our Hicksville, New York and Roulette, Texas new campus development projects remain on schedule. Hicksville is scheduled to begin enrollment during the fourth quarter, while Roulette should begin enrolling students in the first quarter of 2027. Our efforts to identify suitable locations to expand into other underserved US markets remains at a high pace and we are hopeful we will be able to report additional greenfield location expansions when we report our second quarter results in early August.

我們在紐約州 Hicksville 與德州 Roulette 的新校區開發專案仍按計畫進行。Hicksville 預計於第四季開始招生，而 Roulette 預計於 2027 年第一季開始招收學生。我們持續以高強度推進在美國其他服務不足市場尋找合適據點的工作，並希望在 8 月初公布第二季業績時，能回報更多綠地據點擴張的進展。

Our other growth initiatives continue to be implemented, negotiations with existing corporate partners to expand customized tailored education and training programs are underway and we are constantly exploring new partnerships with a variety of corporate and governmental organizations, the most recent being the agreement we signed with New Jersey Transit under which our workforce link division is providing diesel and electrical systems training to New Jersey transit technicians at New Jersey maintenance facilities.

我們其他成長計畫也持續推動中；與既有企業合作夥伴就擴大客製化、量身打造的教育與訓練方案之協商正在進行；同時我們也不斷探索與各類企業及政府組織的新合作。最近的一項合作是我們與 New Jersey Transit 簽署的協議，依該協議，我們的 Workforce Link 事業部在新澤西州的維修設施，為 New Jersey Transit 的技術人員提供柴油與電力系統訓練。

We also have several projects underway to build our high school starts to increase veteran enrollment, both of which are designed to generate longer-term results beginning in 2027. For instance, we have expanded investments in targeted high school initiatives that are leading to greater interest among students, parents and school districts.

我們也有數個專案正在進行，以提升高中生開課人數並增加退伍軍人入學，兩者皆旨在自 2027 年起帶來較長期的成果。例如，我們已加碼投資於鎖定式的高中推廣計畫，正促使學生、家長與學區的興趣提升。

At the same time and further reflecting the evolving marketplace, high schools are reaching out to us to explore how to offer our skilled trades programs to their students under what we call our high school share program, students attend Lincoln classes during their junior and senior years and then continue after high school to gain their certificate in less time, which accelerates their entry into a rewarding career.

同時，且更進一步反映市場的演變，高中也主動與我們接洽，探討如何在我們所稱的「高中共享計畫」下，將我們的技職課程提供給他們的學生；學生在高三與高四期間修讀 Lincoln 的課程，並在高中畢業後繼續就讀，以更短時間取得證照，從而加速進入具回報的職涯。

There are currently more than two dozen requested high school share proposals under review by school districts, all of whom are keenly interested in offering quality skilled trades programs but are waiting to see if they have dollars in their budgets to fund the programs. This is another initiative that is likely to see progress as we move into 2027.

目前有二十多件高中共享計畫提案正由學區審查中；各學區都非常有意提供高品質的技職課程，但仍在觀望其預算中是否有資金可用以支持這些課程。這也是一項很可能在我們邁入 2027 年時看到進展的計畫。

Meanwhile, we are expanding our efforts to educate government officials on the benefits of our education and training to their constituents. For instance, in April, we were honored to host Secretary of Education Linda McMahon at our Shelton, Connecticut campus where our HVAC electrical LPN and medical assistant students demonstrated some of the skills they have acquired while attending Lincoln Tech.

同時，我們也在擴大向政府官員宣導我們教育與訓練對其選民所帶來效益的工作。例如，4 月我們很榮幸在康乃狄克州 Shelton 校區接待教育部長 Linda McMahon；在該校區，我們的 HVAC、電工、LPN（執業護理師）與醫療助理學生展示了他們在 Lincoln Tech 就讀期間所習得的一些技能。

The current administration is a huge proponent of skilled trade training and keen to understand how students can learn the in-demand rewarding skills needed to close the skills gap in America our leadership and results for our students are helping governments at all levels, understand the possibilities. At the state and regional level, we were also honored to host Connecticut Governor, Ned Lamont, at our new Britain campus where we experienced Lincoln Tech's role in training electricians and HVAC technicians. And in Maryland, we worked with the state to hold our third career quest. You may recall last year, we helped fund a high school career event that was attended by 500 high school students. This year, the event attracted more than 1,700 students.

現任政府大力支持技術工種培訓，並希望了解學生如何學習市場需求旺盛且回報可觀的技能，以縮小美國的技能缺口；我們對學生的領導力與成果正協助各級政府了解其中的可能性。在州與區域層級，我們也很榮幸在新不列顛校區接待康乃狄克州州長 Ned Lamont，並一同見證 Lincoln Tech 在培訓電工與暖通空調（HVAC）技術人員方面所扮演的角色。在馬里蘭州，我們與州政府合作舉辦了第三場 Career Quest。您或許記得去年我們協助資助了一場高中職涯活動，吸引了 500 名高中生參加。今年該活動吸引了超過 1,700 名學生。

Just another example of the expanding interest in skilled training in-demand rewarding and safe careers and Lincoln Tech's leadership role in helping students achieve their goals. We believe our Lincoln 10.0 hybrid teaching platform continues to play a major role in our growth, the platform provides students flexibility to those needing to balance work and life while earning their certificate or degree. We've achieved this flexibility by combining hands-on learning at campus facilities with a component of classroom work delivered through online instruction which reduces the time needed to complete many of our curriculums and accelerates our graduates to their highly rewarding careers.

這只是另一個例子，說明市場對技術培訓、需求旺盛、回報可觀且安全的職涯之興趣正在擴大，以及 Lincoln Tech 在協助學生達成目標方面的領導地位。我們相信 Lincoln 10.0 混合式教學平台持續在我們的成長中扮演重要角色；該平台為需要在取得證照或學位期間兼顧工作與生活的學生提供彈性。我們透過將校園設施的實作學習與透過線上教學提供的部分課堂內容相結合來達成此一彈性，這可縮短完成多項課程所需時間，並加速畢業生進入回報豐厚的職涯。

We have realized instructional efficiencies, space efficiencies and organizational productivity through Lincoln 10.0 during the first quarter and fully anticipate this trend continuing throughout the remainder of the year. While our Lincoln 10.0 hybrid teaching platform continues to realize increasing levels of instructional efficiencies for the company, our instructors and our students, we are also investing some of the gains from these efficiencies in programs and processes to continuously drive improved student outcomes.

在第一季，我們透過 Lincoln 10.0 實現了教學效率、空間效率與組織生產力的提升，並完全預期此趨勢將在今年剩餘期間持續。在 Lincoln 10.0 混合式教學平台持續為公司、講師與學生帶來更高層次的教學效率之際，我們也將部分效率提升所帶來的成果再投資於各項計畫與流程，以持續推動更佳的學生學習成果。

For instance, we are providing emotional and life support to help students face the challenges they experienced in pursuing a new career while holding down a job and/or raising a family, this service has positively impacted our student retention rate at our programs opened for more than a year, helping to build on our already high graduation rates.

例如，我們提供情緒與生活支持，協助學生在追求新職涯的同時，面對維持工作及／或養育家庭所帶來的挑戰；此服務已對我們開辦超過一年的課程之學生留任率產生正面影響，並在我們原本就很高的畢業率基礎上再進一步提升。

The strong start to the year illustrates the substantial progress we have made towards achieving our objective of providing the best education and training for safe, rewarding and in-demand careers it has also enabled us to raise our guidance, which Brian will review in a moment. We now see achieving $600 million in revenue for the full year as a growing possibility.

今年的強勁開局展現了我們在達成目標方面所取得的重大進展：為安全、回報可觀且需求旺盛的職涯提供最佳教育與訓練；同時也使我們得以上調財測，Brian 稍後將進一步說明。我們現在認為全年達成 6 億美元營收的可能性正在提高。

Our momentum as well as the availability of resources from our recently increased credit facility brings us another step closer to achieving our 2030 objectives laid out during our Investor Day presentation on March 19, of $850 million in revenue and $150 million of adjusted EBITDA as we continue to expand on our leadership position.

我們的成長動能，加上近期提高的信貸額度所帶來的資源可用性，使我們更接近在 3 月 19 日投資人日簡報中提出的 2030 年目標：8.5 億美元營收與 1.5 億美元調整後 EBITDA，同時持續擴大我們的領導地位。

After 80 years of providing high-quality, life-changing career education, we've amassed an unmatched combination of longevity, scale and proven experience. By continuing to execute our strategies to expand our network of schools and replicating our most in-demand programs at our existing campuses, we are providing a unique proven model to help America close its chronic and severe skills gap by meeting the growing demand for more talented men and women to enter the skilled trades.

在提供高品質、改變人生的職涯教育 80 年後，我們累積了無可匹敵的長期經營、規模與經驗實績之組合。透過持續執行擴展校網的策略，並在既有校區複製我們最受市場需求的課程，我們提供一個獨特且經驗證的模式，協助美國縮小長期且嚴重的技能缺口，以滿足對更多優秀男女投入技術工種日益成長的需求。

Before I turn the call over to Brian, I'd like to note we will be continuing our investor outreach efforts over the next few months by attending conferences and conducting nondeal road shows with our covering analysts. Tomorrow, we'll be attending the Needham Technology Media and Consumer Conference in New York City. The following week, we will be attending the LD Micro Invitational and B. Riley Institutional Conference both in Los Angeles, next month, we will be attending the Rosenblatt Securities Conference, East Coast IDEAS Conference and the Northland Securities Conference.

在我把電話會議交給 Brian 之前，我想提到未來幾個月我們將持續進行投資人外展活動，包括參加會議並與覆蓋我們的分析師進行非交易路演（non-deal road show）。明天我們將出席在紐約市舉行的 Needham Technology Media and Consumer Conference。接下來一週，我們將出席在洛杉磯舉行的 LD Micro Invitational 與 B. Riley Institutional Conference；下個月，我們將出席 Rosenblatt Securities Conference、East Coast IDEAS Conference 以及 Northland Securities Conference。

Additionally, we will be doing a West Coast non-deal roadshow with Barrington Securities and a non-deal roadshow with Texas Capital in New York City at the end of June. I believe this level of activity reflects the rising interest in the Lincoln Tech story from investors attracted to our track record and growth profile.

此外，我們將與 Barrington Securities 在西岸進行一場非交易路演，並於 6 月底在紐約市與 Texas Capital 進行一場非交易路演。我相信這樣的活動強度反映出投資人對 Lincoln Tech 故事的興趣正在升溫，投資人被我們的實績與成長輪廓所吸引。

Now I'll turn the call over to Brian Meyers, so he can review the financial highlights for the fourth quarter and full year 2025 and our 2026 guidance. Brian?

現在我把電話會議交給 Brian Meyers，請他回顧 2025 會計年度第四季與全年財務重點，以及我們對 2026 年的財測指引。Brian？

Thank you, Scott, and good morning, everyone. I'll first provide an overview of our financial results for the first quarter of 2026 and then turn to our updated outlook for the remainder of the year. Our first quarter results exceeded internal expectations driven by strong student start growth and improved operating efficiency.

謝謝你，Scott，各位早安。我將先概述我們 2026 會計年度第一季的財務結果，接著說明我們對今年剩餘期間更新後的展望。第一季業績超出內部預期，主要受惠於新生開課人數（student starts）強勁成長以及營運效率提升。

This combination led to strong growth across all our key metrics and increased profitability, reflecting continued execution across the business and the scalability of our operating model. Our growth reflecting the continued momentum in our business and when combined with our first quarter performance enables us to raise our full year outlook across all key metrics. Beginning with student starts, we continue to see strong sustained demand with starts increasing by 19.5% in the quarter.

這樣的組合帶動我們所有關鍵指標的強勁成長並提升獲利能力，反映我們在各項業務上的持續執行力，以及營運模式的可擴展性。我們的成長反映業務動能持續；結合第一季表現，使我們得以上調全年在所有關鍵指標上的展望。先從新生開課人數來看，我們持續看到強勁且具延續性的需求，本季開課人數成長 19.5%。

This growth represents more than 5,500 new students starting across our 22 campuses. As a result, our ending population increased by approximately 2,800 students, almost 18% higher than prior year. As Scott mentioned, we are particularly proud of our continued organic growth, which accounted for about half of the total increase in student starts during the first quarter. Our measurement of organic growth includes new campuses and programs and operations over one year.

此成長代表我們 22 個校區合計有超過 5,500 名新生入學開課。因此，期末在校學生人數增加約 2,800 人，較去年同期高出近 18%。如 Scott 所提，我們特別以持續的有機成長為傲；在第一季新生開課總增量中，有機成長約占一半。我們對有機成長的衡量包含新校區與新課程，以及營運超過一年的校區與課程。

Looking at the composition of student growth our transportation and skilled trades programs representing approximately 80% of our total population grew starts by nearly 24%. Meanwhile, our health care and other professionals programs. which account for roughly 20% of the total population source starts increased by 5%. Revenue increased 22.5% and to $144 million, marking three years of consecutive double-digit quarterly revenue growth. The growth was largely driven by an 18.2% increase in average student population and a 3.6% increase in revenue per student.

從學生成長的結構來看，我們的運輸與技術工種課程約占總在校人數的 80%，其開課人數成長近 24%。同時，我們的醫療保健與其他專業課程約占總在校人數的 20%，其開課人數增加 5%。營收成長 22.5% 至 1.44 億美元，連續三年達成單季營收雙位數成長。成長主要由平均在校學生人數增加 18.2% 與每名學生營收增加 3.6% 所帶動。

Operating expenses were $137.6 million compared to $114.1 million in the prior year quarter and while and were in line with our expectations. The increased expense reflects both higher student population and our implementation of our ongoing growth initiatives.

營運費用為 1.376 億美元，去年同期為 1.141 億美元，且符合我們的預期。費用增加反映在校學生人數提高，以及我們推動中的成長計畫之落實。

Education service and facility expenses increased from $47.4 million to $58.4 million. However, when excluding the $3.9 million increase in depreciation tied to our recent investments, these expenses were 35.4% of revenue as compared to 37.3% of revenue in the prior year quarter. The improvement was mainly driven by instructional efficiencies. In marketing and sales, while total spend increased cost per start excluding new schools slightly declined, reflecting a strong return on investment.

教育服務與設施費用由 4,740 萬美元增加至 5,840 萬美元。然而，若排除與近期投資相關、折舊增加的 390 萬美元，該費用占營收比為 35.4%，相較去年同期為 37.3%。改善主要由教學效率提升所驅動。在行銷與招生方面，雖然總支出增加，但若排除新校區，單位開課成本（cost per start）略為下降，反映投資報酬率強勁。

Partially offsetting this improvement are higher cost and books and tools primarily driven due to increased laptop pricing as we do not intend to pass these incremental course on to students, the rise of lab top cost is expected to result in an incremental impact of approximately $750,000 per quarter for the remainder of the year. SG&A expenses also improved to 55% of revenue from 56.9%, supported by lower bad debt expense which declined to 9.5% of revenue from 10.1%, reflecting stronger financial aid processing and cash collections.

部分抵銷上述改善的是書籍與工具成本上升，主要由筆記型電腦價格上漲所致；我們不打算將這些新增成本轉嫁給學生。筆電成本上升預期將在今年剩餘期間每季帶來約 75 萬美元的額外影響。SG&A 費用占營收比也由 56.9% 改善至 55%，主要受惠於壞帳費用下降；壞帳費用占營收比由 10.1% 降至 9.5%，反映助學金處理與現金收款更為強勁。

This was the fifth consecutive quarter in which we saw a reduction in bad debt expense as a percentage of revenue compared to the prior year. Adjusted EBITDA increased 84.7% and to $15.5 million. As a reminder, our adjusted EBITDA no longer adds back the losses related to new campuses in their preopening and initial year of operations. We incurred new campus losses of $2.8 million in the first quarter. Total margin expanded to nearly 11% compared to 7% in the prior year.

這是我們連續第五個季度看到壞帳費用占營收比率相較於前一年下降。調整後 EBITDA 增加 84.7%，至 1,550 萬美元。提醒一下，我們的調整後 EBITDA 不再加回與新校區在開校前及營運第一年相關的虧損。第一季我們產生新校區虧損 280 萬美元。總利潤率擴大至接近 11%，相較於前一年的 7%。

On our revenue growth this quarter, we generated an incremental EBITDA margin of approximately 27%, which increased to roughly 40%, excluding new campuses. Net income was $4.4 million, which more than doubled compared to prior year. EPS was $0.14 per diluted share based on approximately 31.3 million weighted average diluted shares outstanding. Net income margin benefited from a lower effective tax rate of approximately 22%, driven by a discrete tax benefit related to stock vesting. We expect the tax rate to normalize to around 9% in future quarters.

就本季的營收成長而言，我們產生約 27% 的增量 EBITDA 利潤率；若排除新校區，該利潤率提高至約 40%。淨利為 440 萬美元，較前一年增加逾一倍。稀釋後每股盈餘（EPS）為 0.14 美元，係以約 3,130 萬股加權平均稀釋流通股數計算。淨利率受惠於較低的有效稅率約 22%，主要由與股票歸屬相關的一次性稅務利益所帶動。我們預期未來季度稅率將回歸正常至約 9%。

Lastly, turning to the balance sheet. We also delivered an exceptional strong quarter driven by solid capital structure and continued improvement in cash generation. Historically, the first quarter has been a period where we use cash from operations. However, this quarter marks the first time in many years that we generated positive operating cash flow during this period. Cash flow from operations totaled $4.6 million compared to compared with the use of $8.4 million in the prior period, a $13 million increase compared to 2025.

最後，談到資產負債表。在穩健的資本結構與持續改善的現金創造能力帶動下，我們也交出一個格外強勁的季度。歷來第一季通常是我們使用營運現金的期間。然而，本季是多年來首次在此期間產生正的營運現金流。營運活動現金流合計 460 萬美元，相較於前期使用 840 萬美元，較 2025 年增加 1,300 萬美元。

Now turning to our full year guidance. Our strong first quarter performance, higher student population and continued momentum gives us confidence to raise our outlook for the year. We now expect revenue of $590 million to $600 million, adjusted EBITDA of $76 million to $80 million, net income of $23 million to $26 million, diluted EPS of $0.74 to $0.83, student stock growth of 10% to 14%. Notably, the high end of our prior guidance now represents the low end of our updated outlook.

接著談我們的全年財測。第一季強勁表現、更高的學生人數以及持續的動能，讓我們有信心上調今年展望。我們目前預期營收為 5.90 億至 6.00 億美元，調整後 EBITDA 為 7,600 萬至 8,000 萬美元，淨利為 2,300 萬至 2,600 萬美元，稀釋後 EPS 為 0.74 至 0.83 美元，學生開課人數（student starts）成長 10% 至 14%。值得注意的是，我們先前財測的高端如今成為更新後展望的低端。

As mentioned earlier, beginning in 2026, adjusted EBITDA no longer excludes preopening and first year operating losses from new campuses. As a result, our guidance now includes approximately $10 million in new campus losses and excludes only non-care stock-based compensation. Lastly, capital expenditure guidance remains unchanged at $70 million to $75 million. Planned expenditures include Hicksville and Roulette future campuses, program expansions and ongoing maintenance investments. Growth initiatives accounted for approximately 65% of our total CapEx.

如先前所述，自 2026 年起，調整後 EBITDA 將不再排除新校區開校前及營運第一年的營運虧損。因此，我們的財測目前納入約 1,000 萬美元的新校區虧損，且僅排除非現金的股票基礎薪酬。最後，資本支出（CapEx）指引維持不變，為 7,000 萬至 7,500 萬美元。規劃支出包含 Hicksville 與 Roulette 未來校區、課程擴充，以及持續性的維護投資。成長型計畫約占我們總資本支出的 65%。

During the first quarter, capital expenditures totaled approximately $15 million, coming in below plan due to the timing of certain expenditures shifting into the second quarter. When additional campus locations are announced, we will update our capital expenditure plans.

第一季資本支出合計約 1,500 萬美元，因部分支出時點延後至第二季而低於原計畫。當新增校區地點對外公布時，我們將更新資本支出規劃。

Finally, I'd like to note that subsequent to quarter end, in April, we entered into an amendment to our credit facility that significantly enhanced our financial flexibility. In April, we increased our revolving line of credit from $60 million to $125 million, and the process secured more favorable terms. The amended facility provides us with additional capacity and flexibility to support our growth strategy, including investments in new campuses and program expansions while also positioning us to pursue future corporate development opportunities as they may arise. Prior to this amendment, we ended the first quarter with $72 million in total liquidity with $16.7 million of cash and just $5 million of debt outstanding.

最後我想補充，於季末之後的 4 月，我們對信用融資額度簽署修訂案，顯著提升了我們的財務彈性。4 月我們將循環信用額度由 6,000 萬美元提高至 1.25 億美元，並在過程中取得更有利的條款。修訂後的融資安排為我們提供額外的額度與彈性，以支持成長策略，包括投資新校區與課程擴充，同時也讓我們在未來出現企業發展機會時具備追求的條件。在此修訂之前，我們第一季結束時的總流動性為 7,200 萬美元，其中現金 1,670 萬美元，且僅有 500 萬美元的未償債務。

In closing, we are highly encouraged by our strong start to the year and remain focused on achieving our long-term 2030 objectives including $850 million of revenue and $150 million of adjusted EBITDA as outlined at our Investor Day in March. We thank our entire team for their continued commitment and strong execution.

總結而言，我們對今年強勁的開局深受鼓舞，並將持續專注於達成 2030 年的長期目標，包括在 3 月投資人日所提出的 8.50 億美元營收與 1.50 億美元調整後 EBITDA。我們感謝全體團隊持續的投入與出色的執行。

With that, I'll turn the call over to the operator for questions. Operator?

接下來我把電話交給接線員進行提問。接線員？

(Operator Instructions)

（接線員指示）

Luke Horton, Northland Capital Markets.

Luke Horton，Northland Capital Markets。

Hey, guys. Thanks for taking the questions, and Congrats on a really nice quarter here to start the year. Just wanted to start off with the organic growth. You said about half of that or 19.5% student starts growth was organic in the quarter. Just wondering, as you're thinking about the 2026 guidance, if you could give some details around assumptions for organic growth versus new campuses?

嗨，各位。謝謝讓我提問，也恭喜今年開局交出非常漂亮的一季。我想先從內生成長談起。你們提到本季約有一半、也就是 19.5% 的學生開課人數成長來自內生。想請問在思考 2026 年財測時，能否提供一些關於內生成長與新校區之間假設的細節？

Sure. So I mean, last year, if you look at the full year, about half of our growth was from organic means. This year, we had anticipated probably be about the same, Luke, as we look for the full year, it's about half of the growth could be from organic sources.

當然。如果你看去年全年，大約一半的成長來自內生。今年我們原先預期大概也會差不多，Luke；就全年來看，約有一半的成長可能來自內生來源。

Okay. Got it. And then, obviously, on the skilled trade side, the programs like auto, HVAC welding and electrical, continue to be some major contributors. Just wondering if there's any programs you guys don't offer that you've looked at getting into maybe like an aviation or robotics type programs.

好的。了解。另外，很明顯在技職（skilled trade）方面，像汽車、HVAC（暖通空調）、焊接與電工等課程，持續是主要貢獻來源。想請問是否有你們目前未提供、但曾考慮切入的課程，例如航空或機器人相關課程？

Sure. Yeah, we're always looking for new opportunities. The one that everyone always throws out is plumbing but plumbing is just they're very, very few schools out there doing it. And so and we haven't heard from our employers that there's a huge need. It seems like that is satisfied through other means.

當然。是的，我們一直在尋找新的機會。大家常提到的是水管（plumbing），但市場上真正提供這類課程的學校非常、非常少。而且我們也沒有從雇主那邊聽到有非常龐大的需求。看起來這方面的需求是透過其他方式被滿足。

But we are continue to explore if there could be components that could be included in our program.

不過我們仍持續探索，是否有某些組成要素可以納入我們的課程中。

But aviation is certainly a nice business, very similar to fixing cars and trucks, just larger vehicles that could be something, not necessarily robotics, but in general, there's a whole area around megatronics, which is kind of a combination of electronics, it's hydraulics, it's pneumatics, it's PLCs, things that run factories or other sorts of equipment that need to be repaired and maintained to keep factories running and distribution centers running.

至於航空確實是一個不錯的產業，和修理汽車與卡車非常類似，只是維修的載具更大；這可能是一個方向。至於機器人不一定，但整體而言，有一個領域叫機電整合（mechatronics），大致是電子、液壓、氣動、PLC 等的組合，也就是讓工廠或其他設備運轉的系統；這些設備需要維修與保養，才能讓工廠與配送中心持續運作。

So those are some of the things that we're looking at, whether or not they'll be full programs or maybe some sort of short program we are looking for new opportunities to continue trying to solve the skills gap challenge that's out there.

所以這些是我們正在評估的一些方向；不論最後會是完整課程，或是某種短期課程，我們都在尋找新的機會，持續嘗試解決目前存在的技術缺口（skills gap）挑戰。

Eric Martinuzzi, Lake Street Capital.

Eric Martinuzzi，Lake Street Capital。

It was good to see the HOPS starts turned positive at 5%. I think you said at the Investor Day that really your new campus focus was going to be on the skilled trades and transportation. Is there any expectation that maybe some of the new facilities that you would be getting into would have expansion capabilities for health care and other.

很高興看到 HOPS 的開課人數（starts）轉為正成長 5%。我記得你們在投資人日提到，新校區的重點會放在技職與運輸領域。是否預期你們將進入的一些新設施，可能也具備擴充到醫療照護及其他領域的能力？

Absolutely. I mean just as a reminder, the new Levittown campus we just opened up has about 12,000 of undeveloped square foot feet that we could put something else in. Our new Houston campus also has about the same amount. So we do have some space in some of these newer facilities to add health care and/or additional programs.

當然。我的意思是提醒一下，我們剛啟用的新 Levittown 校區大約有 12,000 平方英尺的未開發空間，我們可以在裡面放入其他項目。我們新的休士頓校區也大約有同樣的空間。所以在這些較新的設施中，我們確實有一些空間可以新增醫療保健和／或其他額外課程。

And the overall, again, plan for health care is obviously, we all know, health care is a growing sector of the economy, huge need, what we're trying to do is make sure that our health care program is as profitable as possible before we expand it, and we actually made really good progress on that this quarter. For the first time, our nursing programs were profitable in the first quarter, frankly, since pre-COVID. So we are making progress. And once we achieve a level of profitability that we're comfortable with, you do hope to expand those programs into other campuses.

而整體而言，再次強調，醫療保健的規劃很明顯——我們都知道醫療保健是經濟中成長中的產業，需求巨大；我們正在做的是在擴張之前，確保我們的醫療保健課程盡可能具備最高獲利能力，而本季我們在這方面其實取得了非常好的進展。自疫情前以來，坦白說，這是我們護理課程首次在第一季實現獲利。所以我們正在取得進展。一旦我們達到一個我們覺得舒適的獲利水準，就會希望把這些課程擴展到其他校區。

And was the recovery of Paramus, are there milestones that the State of New Jersey is looking for you to hit? Or is it just you've got the green...

那 Paramus 的復甦方面，新澤西州是否有希望你們達成的里程碑？還是說你們已經拿到綠燈……

Yes, sorry about that. Yes, we had the full green light. In fact, the graduation rate in Paramus is over 90% for the NCLEX exams. So as a company, we average, frankly, at 89.5% or 89.4% last year. So we're safely well above the benchmark and there's no other restrictions or notification that we need to give the state.

是的，抱歉。是的，我們已經完全拿到綠燈。事實上，Paramus 的 NCLEX 考試通過率超過 90%。以公司整體來看，坦白說，我們去年平均是 89.5% 或 89.4%。所以我們穩穩高於基準，而且沒有其他限制或需要通知州政府的事項。

Okay. You said grad rate, but I think you meant pass rate?

好的。你說的是畢業率，但我想你指的是通過率？

Yes, thank you for clarifying that. You are correct. It's the NCLEX pass rate.

是的，謝謝你澄清。你說得對。是 NCLEX 通過率。

(Operator Instructions)

(接線員指示)

Griffin Boss, B. Riley Securities.

Griffin Boss，B. Riley Securities。

So first, I just want to start off on the expanded credit facility that more than doubled as you discussed. Just curious, if that changes your calculus going forward when you gave your 2030 targets to the investor, you talked about 6 potential new campus openings between '27 and '29, so 2 per year. But do you have any expectation that maybe you can you can add on to that and maybe do a third campus perhaps in any one of those years? Or are you still just trying to be methodical with 2 per year?

首先，我想先從你提到的、規模超過倍增的擴大信貸額度開始。我好奇的是，這是否會改變你們未來的盤算：你們在向投資人提出 2030 年目標時，談到在 27 到 29 年之間可能新增 6 個校區，也就是每年 2 個。但你們是否預期也許可以在此基礎上再加碼，例如在其中某一年開到第 3 個校區？還是你們仍然只是希望以每年 2 個的節奏，有條不紊地推進？

Well, yes, we're still focused on 2 per year, but we do have the flexibility to add more to that. I think as we've said in the past, we have searches going on in about a dozen different markets. And one we're able to find a facility that meets our needs is a little bit out of our control, but we do think we can basically almost find one every 6 months, but there could be opportunities that we find more we could find them faster in which case we do have greater flexibility to take advantage of that. But the overall plan right now still remains about 2 a year.

嗯，是的，我們仍然以每年 2 個為重點，但我們確實有彈性可以在此之上再增加。我想我們過去也說過，我們在大約 12 個不同市場同時進行選址搜尋。而我們何時能找到符合需求的設施，某種程度上不完全由我們控制；但我們確實認為基本上幾乎每 6 個月就能找到一個，不過也可能出現我們找到更多、或更快找到的機會，在那種情況下，我們就有更大的彈性去把握。但目前整體計畫仍然是每年大約 2 個。

Okay. Understood. And then just one other housekeeping for me, model related. You mentioned the timing for certain CapEx pushing to the second quarter. So is the expectation here in terms of cadence that 2Q might be the heaviest CapEx spend quarter and maybe kind of trailing off in 3Q and 4Q to get to that $70 million, $75 million target.

好的。了解。另外還有一個偏例行、與模型相關的問題。你提到某些資本支出（CapEx）的時點會延後到第二季。所以在節奏上，是否預期第二季會是資本支出最重的一季，然後第三季、第四季逐步回落，以達到 7,000 萬到 7,500 萬美元的目標？

Yes, exactly. It's probably almost half of our CapEx spend is right now, we think is going to happen in Q2.

是的，完全正確。我們目前認為，第二季將發生的資本支出可能接近我們全年資本支出的一半。

(Operator Instructions)

(接線員指示)

I'm showing no questions in the queue at this time. I would now like to turn actually, we do have a follow-up from Luke Horton with Northland Capital.

目前我看到隊列中沒有問題。我現在想把時間交回——其實我們有 Luke Horton（Northland Capital）的追問。

Just wanted to jump back in here on student starts going into 2Q. I know last year, there was kind of a cohort of students that was pushed into 2Q that will no longer be included. Could you just remind us of what to expect here for Q2 and Q3 starts as we lap the kind of weird calendar year from last year?

我想回到第二季的學生開課／入學（student starts）這個議題。我知道去年有一批學生被推遲到第二季，因此不會再被納入。你能否提醒我們，當我們消化去年那個有點特殊的曆年安排時，第二季與第三季的 starts 大概會是什麼樣的情況？

Go ahead, Brian.

Brian，你來回答。

Right. So if you remember last year, there was a start that occurred in the first week of July that we moved into Q2 when we report. So when we report Q2 next year, it will be that the July 2025 start will be moved into Q2. So it will be apples and apples comparison for Q2. So the start that occurred, I think it was like 2,700 students that happened in July, and we're going to pro forma that into Q2 of 2025, and it's going to naturally occur this year at the end of June.

好的。如果你還記得去年，有一個開課是在 7 月第一週發生的，但我們在報表上把它移到第二季。所以當我們明年報告第二季時，會把 2025 年 7 月的那次開課移入第二季。因此第二季會是同口徑（apples-to-apples）的比較。那次 7 月的開課我記得大概是 2,700 名學生，我們會在 2025 年第二季把它以備考（pro forma）的方式納入，而今年則會在 6 月底自然發生。

And for the next five years, that's tough to always be in the second quarter.

而在接下來五年，這很難每次都固定落在第二季。

Okay. So you'll be reporting it out on an apples-to-apples basis. So no, it shouldn't be any big surprises there?

好的。所以你們會以同口徑方式來揭露。所以不會有什麼大的意外，對嗎？

No. Correct. No problem.

不會。沒錯。沒有問題。

I'm showing no further questions in the queue at this time. I would like to turn the call back over to Mr. Scott Shaw for any closing remarks.

目前我看到隊列中沒有其他問題。我想把電話會議交回給 Scott Shaw 先生做結語。

Thank you, operator, and thank you all for joining us today as we reviewed our significant Q1 progress and increased our financial guidance for 2026. Lincoln is benefiting from both macro operating environment trends and our own consistent execution of growth initiatives at our existing campuses and new facilities. Our investments in our operations, our students and our organization continue to create numerous opportunities to generate increasing levels of shareholder returns over several years. Of course, our success is only made possible by the commitment and dedication of our faculty and staff and the success of our students.

謝謝接線員，也謝謝各位今天加入我們，一同回顧我們第一季的重大進展，並上調我們 2026 年的財務指引。Lincoln 同時受惠於宏觀營運環境的趨勢，以及我們在既有校區與新設施上持續落實成長計畫的穩健執行。我們對營運、學生與組織的投資，持續創造出許多機會，讓我們在未來數年為股東帶來逐步提升的報酬水準。當然，我們的成功之所以能夠實現，完全仰賴我們教師與員工的投入與奉獻，以及學生的成功。

I'd like to thank our shareholders for their support and our entire team for their dedication to achieving our goals. Thank you all again, and have a great day.

我也要感謝股東們的支持，以及整個團隊為達成目標所付出的努力。再次謝謝各位，祝大家有美好的一天。

This concludes today's program. Thank you all for participating. You may now disconnect.

今天的節目到此結束。感謝各位參與。您現在可以掛線。