Lincoln Educational Services (LINC) 10-Q12 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 12, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	000-51371
Entity Registrant Name	LINCOLN EDUCATIONAL SERVICES CORP
Entity Central Index Key	0001286613
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	57-1150621
Entity Address, Address Line One	14 Sylvan Way, Suite A
Entity Address, City or Town	Parsippany
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07054
City Area Code	973
Local Phone Number	736-9340
Title of 12(b) Security	Common Stock, no par value per share
Trading Symbol	LINC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,479,167

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 53,962	$ 75,992
Restricted cash	0	4,277
Accounts receivable, less allowance for credit losses of $40,094 and $34,441 at September 30, 2024 and December 31, 2023, respectively	53,121	35,692
Inventories	2,711	2,948
Prepaid income taxes and income taxes receivable	2,006	0
Prepaid expenses and other current assets	3,638	5,556
Assets held for sale	0	10,198
Total current assets	115,438	134,663
PROPERTY, EQUIPMENT AND FACILITIES - At cost, net of accumulated depreciation and amortization of $141,357 and $140,161 at September 30, 2024 and December 31, 2023, respectively	75,495	50,857
OTHER ASSETS:
Noncurrent receivables, less allowance for credit losses of $21,935 and $19,370 at September 30, 2024 and December 31, 2023, respectively	19,822	17,504
Deferred finance charges	361	0
Deferred income taxes, net	22,762	23,217
Operating lease right-of-use assets	129,838	89,923
Finance lease right-of-use assets	27,163	15,797
Goodwill	10,742	10,742
Other assets, net	1,365	1,787
Pension plan assets, net	1,036	759
Total other assets	213,089	159,729
TOTAL ASSETS	404,022	345,249
CURRENT LIABILITIES:
Unearned tuition	22,979	26,906
Accounts payable	27,855	18,152
Accrued expenses	12,283	13,713
Income taxes payable	0	2,832
Current portion of operating lease liabilities	10,338	11,737
Current portion of finance lease liabilities	0	70
Total current liabilities	73,455	73,410
NONCURRENT LIABILITIES:
Long-term portion of operating lease liabilities	131,245	88,853
Long-term portion of finance lease liabilities	29,359	16,126
Other long-term liabilities	0	56
Total liabilities	234,059	178,445
STOCKHOLDERS' EQUITY:
Common stock, no par value -authorized 100,000,000 shares at September 30, 2024 and December 31, 2023, issued and outstanding 31,479,167 shares at September 30, 2024 and 31,359,110 shares at December 31, 2023.	48,181	48,181
Additional paid-in capital	49,482	49,380
Retained earnings	72,336	69,279
Accumulated other comprehensive loss	(36)	(36)
Total stockholders' equity	169,963	166,804
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 404,022	$ 345,249

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Accounts receivable, allowance for credit losses	$ 40,094	$ 34,441
PROPERTY, EQUIPMENT AND FACILITIES - accumulated depreciation and amortization	141,357	140,161
OTHER ASSETS:
Noncurrent receivables, allowance for credit losses	$ 21,935	$ 19,370
STOCKHOLDERS' EQUITY:
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	31,479,167	31,359,110
Common stock, shares outstanding (in shares)	31,479,167	31,359,110

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
REVENUE	$ 114,410	$ 99,618	$ 320,691	$ 275,548
COSTS AND EXPENSES:
Educational services and facilities	48,055	43,129	136,639	121,251
Selling, general and administrative	63,339	54,485	181,697	156,603
(Gain) loss on sale of assets	(12)	8	901	(30,923)
Gain on insurance proceeds	(2,794)	0	(2,794)	0
Impairment of goodwill and long-lived assets	0	0	0	4,220
Total costs & expenses	108,588	97,622	316,443	251,151
OPERATING INCOME	5,822	1,996	4,248	24,397
OTHER:
Interest income	464	878	1,800	1,891
Interest expense	(659)	(21)	(1,893)	(74)
INCOME BEFORE INCOME TAXES	5,627	2,853	4,155	26,214
PROVISION FOR INCOME TAXES	1,674	789	1,098	7,009
NET INCOME	$ 3,953	$ 2,064	$ 3,057	$ 19,205
Basic
Net income per common share (in dollars per share)	$ 0.13	$ 0.07	$ 0.1	$ 0.64
Diluted
Net income per common share (in dollars per share)	$ 0.13	$ 0.07	$ 0.1	$ 0.63
Weighted average number of common shares outstanding:
Basic (in shares)	30,681,594	30,163,745	30,547,187	30,114,926
Diluted (in shares)	31,041,592	30,698,475	30,806,247	30,455,155

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 3,953	$ 2,064	$ 3,057	$ 19,205
Other comprehensive loss
Employee pension plan adjustments, net of taxes	0	(26)	0	(79)
Comprehensive income	$ 3,953	$ 2,038	$ 3,057	$ 19,126

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other comprehensive loss
Employee pension plan adjustments, taxes (nil)	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Common Stock [Member] Net Cumulative Effect from Adoption [Member]	[1]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Net Cumulative Effect from Adoption [Member]	[1]	Retained Earnings [Member]	Retained Earnings [Member] Net Cumulative Effect from Adoption [Member]	[1]	Accumulated Other Comprehensive Loss [Member]	Accumulated Other Comprehensive Loss [Member] Net Cumulative Effect from Adoption [Member]	[1]	Total	Net Cumulative Effect from Adoption [Member]	[1]
BALANCE at Dec. 31, 2022	$ 49,072			$ 45,540			$ 51,225			$ (960)			$ 144,877
BALANCE (in shares) at Dec. 31, 2022	31,147,925
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]													Accounting Standards Update 2016-13 [Member]
Net (loss) income	$ 0			0			(109)			0			$ (109)
Employee pension plan adjustments	0			0			0			(48)			(48)
Stock-based compensation expense
Restricted stock	$ 0			812			0			0			812
Restricted stock (in shares)	652,042
Share repurchase	$ (556)			0			0			0			(556)
Share repurchase (in shares)	(104,030)
Net share settlement for equity-based compensation	$ 0			(1,779)			0			0			(1,779)
Net share settlement for equity-based compensation (in shares)	(297,380)
BALANCE at Mar. 31, 2023	$ 48,516	$ 0		44,573	$ 0		43,173	$ (7,943)		(1,008)	$ 0		135,254	$ (7,943)
BALANCE (in shares) at Mar. 31, 2023	31,398,557	0
BALANCE at Dec. 31, 2022	$ 49,072			45,540			51,225			(960)			144,877
BALANCE (in shares) at Dec. 31, 2022	31,147,925
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income													19,205
BALANCE at Sep. 30, 2023	$ 48,181			47,536			62,487			(1,039)			157,165
BALANCE (in shares) at Sep. 30, 2023	31,359,110
BALANCE at Mar. 31, 2023	$ 48,516	$ 0		44,573	$ 0		43,173	$ (7,943)		(1,008)	$ 0		135,254	$ (7,943)
BALANCE (in shares) at Mar. 31, 2023	31,398,557	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	$ 0			0			17,250			0			17,250
Employee pension plan adjustments	0			0			0			(5)			(5)
Stock-based compensation expense
Restricted stock	$ 0			2,576			0			0			2,576
Restricted stock (in shares)	61,257
Share repurchase	$ (335)			0			0			0			(335)
Share repurchase (in shares)	(61,034)
Net share settlement for equity-based compensation	$ 0			(275)			0			0			(275)
Net share settlement for equity-based compensation (in shares)	(39,670)
BALANCE at Jun. 30, 2023	$ 48,181			46,874			60,423			(1,013)			154,465
BALANCE (in shares) at Jun. 30, 2023	31,359,110
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	$ 0			0			2,064			0			2,064
Employee pension plan adjustments	0			0			0			(26)			(26)
Stock-based compensation expense
Restricted stock	$ 0			662			0			0			662
Restricted stock (in shares)	0
BALANCE at Sep. 30, 2023	$ 48,181			47,536			62,487			(1,039)			157,165
BALANCE (in shares) at Sep. 30, 2023	31,359,110
BALANCE at Dec. 31, 2023	$ 48,181			49,380			69,279			(36)			166,804
BALANCE (in shares) at Dec. 31, 2023	31,359,110
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	$ 0			0			(214)			0			(214)
Stock-based compensation expense
Restricted stock	$ 0			1,059			0			0			1,059
Restricted stock (in shares)	400,212
Net share settlement for equity-based compensation	$ 0			(3,156)			0			0			(3,156)
Net share settlement for equity-based compensation (in shares)	(315,611)
BALANCE at Mar. 31, 2024	$ 48,181			47,283			69,065			(36)			164,493
BALANCE (in shares) at Mar. 31, 2024	31,443,711
BALANCE at Dec. 31, 2023	$ 48,181			49,380			69,279			(36)			166,804
BALANCE (in shares) at Dec. 31, 2023	31,359,110
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income													3,057
BALANCE at Sep. 30, 2024	$ 48,181			49,482			72,336			(36)			169,963
BALANCE (in shares) at Sep. 30, 2024	31,479,167
BALANCE at Mar. 31, 2024	$ 48,181			47,283			69,065			(36)			164,493
BALANCE (in shares) at Mar. 31, 2024	31,443,711
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	$ 0			0			(682)			0			(682)
Stock-based compensation expense
Restricted stock	$ 0			1,045			0			0			1,045
Restricted stock (in shares)	47,128
BALANCE at Jun. 30, 2024	$ 48,181			48,328			68,383			(36)			164,856
BALANCE (in shares) at Jun. 30, 2024	31,490,839
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	$ 0			0			3,953			0			3,953
Stock-based compensation expense
Restricted stock	$ 0			1,250			0			0			1,250
Restricted stock (in shares)	(4,420)
Share repurchase	$ 0			0			0			0			0
Share repurchase (in shares)	0
Net share settlement for equity-based compensation	$ 0			(96)			0			0			(96)
Net share settlement for equity-based compensation (in shares)	(7,252)
BALANCE at Sep. 30, 2024	$ 48,181			$ 49,482			$ 72,336			$ (36)			$ 169,963
BALANCE (in shares) at Sep. 30, 2024	31,479,167

[1] Net cumulative adjustment to equity based on the adoption of Accounting Standards Update No. 2016-13 Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 3,057	$ 19,205
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	8,312	4,656
Finance lease amortization	1,204	0
Amortization of deferred finance charges	95	0
Deferred income taxes	455	0
Loss (gain) on sale of assets	901	(30,923)
Gain on insurance proceeds	(2,794)	0
Proceeds from insurance	2,794	0
Impairment of goodwill and long-lived assets	0	4,220
Fixed asset donations	(245)	(239)
Provision for credit losses	40,823	31,347
Stock-based compensation expense	3,354	4,050
(Increase) decrease in assets:
Accounts receivable	(60,542)	(39,240)
Inventories	237	(317)
Prepaid income taxes and income taxes payable	(2,006)	997
Prepaid expenses and current assets	1,580	(124)
Other assets, net	1,159	2,023
Increase (decrease) in liabilities:
Accounts payable	8,868	6,374
Accrued expenses	(1,397)	4,017
Unearned tuition	(3,927)	(2,310)
Income taxes payable	(2,832)	0
Other liabilities	(89)	(124)
Total adjustments	(4,050)	(15,593)
Net cash (used in) provided by operating activities	(993)	3,612
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(32,094)	(28,685)
Proceeds from sale of property and equipment	9,895	33,310
Proceeds from short-term investment	0	14,758
Purchase of short-term investment	0	(24,344)
Net cash used in investing activities	(22,199)	(4,961)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of deferred finance fees	(456)	0
Finance Lease Principal paid	(169)	0
Tenant allowance finance leases	762
Share repurchase	0	(891)
Net share settlement for equity-based compensation	(3,252)	(2,054)
Net cash used in financing activities	(3,115)	(2,945)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(26,307)	(4,294)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of period	80,269	50,287
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - End of period	53,962	45,993
Cash paid for:
Interest	1,731	94
Income taxes	5,480	6,002
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Liabilities accrued for or noncash additions of fixed assets	$ 1,515	$ 1,126

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	Sep. 30, 2024
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Business Activities Lincoln Educational Services Corporation and its subsidiaries (collectively, the “Company”, “we”, “our”, and “us”, as applicable) provide diversified career-oriented post-secondary education to recent high school graduates and working adults. The Company, which currently operates 22 campuses in 13 states, offers programs in skilled trades (which include HVAC, welding, computerized numerical control and electrical and electronic systems technology, among other programs), automotive technology, healthcare services (which include nursing, dental assistant, and medical administrative assistant, among other programs), hospitality services (which include culinary, therapeutic massage, cosmetology, and aesthetics), and information technology. The schools operate under Lincoln Technical Institute, Lincoln College of Technology, Lincoln Culinary Institute, Euphoria Institute of Beauty Arts & Sciences, and associated brand names. Most of the campuses serve major metropolitan markets and each typically offers courses in multiple areas of study. Five of the campuses are destination schools, which attract students from across the United States and, in some cases, from abroad. The Company’s other campuses primarily attract students from their local communities and surrounding areas. All of the campuses are nationally accredited and are eligible to participate in federal financial aid programs by the U.S. Department of Education (“DOE”) and applicable state education agencies and accrediting commissions, which allow students to apply for and access federal student loans as well as other forms of financial aid. Basis of Presentation – The accompanying unaudited Condensed Consolidated Financial Statements have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) and in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements. Certain information and footnote disclosures normally included in annual financial statements have been omitted or condensed pursuant to such regulations. These financial statements, which should be read in conjunction with the December 31, 2023 audited Consolidated Financial Statements and notes thereto and related disclosures of the Company included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“Form 10-K”), reflect all adjustments, consisting of normal recurring adjustments necessary to present fairly the consolidated financial position, results of operations and cash flows for such periods. The results of operations for the nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the full fiscal year ending December 31, 2024 Since January 1, 2023 , the Company’s business has been organized into two reportable business segments: (a) Campus Operations; and (b) Transitional. The Campus Operations segment includes campuses that are continuing in operation and contribute to the Company’s core operations and performance. The Transitional segment refers to campuses that have been marked for closure and are being taught-out. As of September 30, 2024, no campuses were classified in the Transitional segment. During the prior year, the Company’s Somerville, Massachusetts campus was classified in the Transitional segment. The campus was fully taught out as of December 31, 2023 We evaluate performance based on operating results. Adjustments to reconcile segment results with consolidated results are included in the caption “Corporate,” which primarily includes unallocated corporate activity. The unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. Use of Estimates in the Preparation of Financial Statements – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. On an ongoing basis, the Company evaluates the estimates and assumptions, including those used to determine the incremental borrowing rate to calculate lease liabilities and right-of-use (“ROU”) assets, lease term to calculate lease cost, revenue recognition, bad debts, impairments, useful lives of fixed assets, income taxes, benefit plans and certain accruals. Actual results could differ from those estimates. New Accounting Pronouncements – In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting Topic 280 Improvements to Reportable Segment Disclosures The Company will adopt this ASU in its Form 10-K for the year-ending December 31, 2024. In December 2023 , the FASB issued ASU No. 2023-09, Income Taxes (Topic 740 ): Improvements to Income Tax Disclosures (“ASC 740”). The amendments in this ASU require that public business entities on an annual basis 1) disclose specific categories in the rate reconciliation, and 2) provide additional information for reconciling items that meet a quantitative threshold. The amendments require disclosure about the amount of income taxes paid disaggregated (1) by federal, state and foreign taxes, and (2) by individual jurisdictions in which income taxes paid is equal or greater than five percent of total income taxes paid. The amendment also requires entities to disclose income or loss from continuing operations before income tax expense disaggregated between domestic and foreign and income tax expense or benefit from continuing operations disaggregated by federal, state and foreign. For all public business entities, ASC 740 is effective for annual periods beginning after December 15, 2024; early adoption is permitted. We do not expect ASC 740 will have a material impact on our Condensed Consolidated Financial Statements . Income Taxes The Company accounts for income taxes in accordance with ASC This statement requires an asset and a liability approach for measuring deferred taxes based on temporary differences between the financial statement and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for years in which taxes are expected to be paid or recovered. In accordance with ASC 740, the Company assesses our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable. A valuation allowance is required to be established or maintained when, based on currently available information, it is more likely than not that all or a portion of a deferred tax asset will not be realized. In accordance with ASC 740, our assessment considers whether there has been sufficient income in recent years and whether sufficient income is expected in future years in order to utilize the deferred tax asset. In evaluating the realizability of deferred income tax assets, the Company considers, among other things, historical levels of income, expected future income, the expected timing of the reversals of existing temporary reporting differences, and the expected impact of tax planning strategies that may be implemented to prevent the potential loss of future income tax benefits. Significant judgment is required in determining the future tax consequences of events that have been recognized in our Condensed Consolidated Financial Statements and/or tax returns. Differences between anticipated and actual outcomes of these future tax consequences could have a material impact on the Company’s consolidated financial position, results of operations or liquidity. Changes in, among other things, income tax legislation, statutory income tax rates or future income levels could materially impact the Company’s valuation of income tax assets and liabilities and could cause our income tax provision to vary significantly among financial reporting periods . We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. During the nine months ended September 30, 2024 and 2023, we did not record any interest and penalties expense associated with uncertain tax positions, as we did not have any uncertain tax positions.

NET EARNINGS PER COMMON SHARE

NET EARNINGS PER COMMON SHARE	9 Months Ended
NET EARNINGS PER COMMON SHARE	Sep. 30, 2024
NET EARNINGS PER COMMON SHARE [Abstract]
NET EARNINGS PER COMMON SHARE	2. NET EARNINGS PER COMMON SHARE Basic and diluted earnings per share (“EPS”) are determined in accordance with ASU No. 2015-06, Earnings per Share (Topic 260): Effects on historical earnings per unit of master limited partnership dropdown transactions The weighted average number of common shares used to compute basic and diluted earnings per share for the three and nine months ended September 30, 2024 and 2023 Three Months Ended Nine Months Ended September 30, September 30 , 2024 2023 2024 2023 Basic shares outstanding 30,681,594 30,163,745 30,547,187 30,114,926 Dilutive effect of stock options 359,998 534,730 259,060 340,229 Diluted shares outstanding 31,041,592 30,698,475 30,806,247 30,455,155

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
REVENUE RECOGNITION	Sep. 30, 2024
REVENUE RECOGNITION [Abstract]
REVENUE RECOGNITION	3. REVENUE RECOGNITION Substantially all of our revenues are considered to be revenues from our contracts with students. The related accounts receivable balances are recorded on our Condensed Consolidated Balance Sheets as student accounts receivable. We do not have significant revenue recognized from performance obligations that were satisfied in prior periods, and we do not have any transaction price allocated to unsatisfied performance obligations other than in our unearned tuition. We record revenue for students who withdraw from our schools only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Unearned tuition represents contract liabilities primarily related to our tuition revenue. We have elected not to provide disclosure about transaction prices allocated to unsatisfied performance obligations if original contract durations are less than one year, or if we have the right to consideration from a student in an amount that corresponds directly with the value provided to the student for performance obligations completed to date in accordance with ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). We have assessed the costs incurred to obtain a contract with a student and determined them to be immaterial. Unearned tuition in the amounts of $23.0 million and $26.9 million are recorded as current liabilities in the accompanying Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023, respectively. The change in this contract liability balance during the nine-month period ended September 30, 2024 is the result of payments received in advance of satisfying performance obligations, offset by revenue recognized during that period. Revenue recognized for the nine-month period ended September 30, 2024 that was included in the contract liability balance at the beginning of the year was $26.0 million. The following table depicts the timing of revenue recognition: Three Months Ended September 30, 2024 Nine months ended September 30, 2024 Campus Operations Transitional Consolidated Campus Operations Transitional Consolidated Timing of Revenue Recognition Services transferred at a point in time $ 9,320 $ - $ 9,320 $ 22,074 $ - $ 22,074 Services transferred over time 105,090 - 105,090 298,617 - 298,617 Total revenues $ 114,410 $ - $ 114,410 $ 320,691 $ - $ 320,691 Three Months Ended September 30, 2023 Nine months ended September 30, 2023 Campus Operations Transitional Consolidated Campus Operations Transitional Consolidated Timing of Revenue Recognition Services transferred at a point in time $ 7,489 $ 5 $ 7,494 $ 18,084 $ 17 $ 18,101 Services transferred over time 92,038 86 92,124 256,009 1,438 257,447 Total revenues $ 99,527 $ 91 $ 99,618 $ 274,093 $ 1,455 $ 275,548

LEASES

LEASES	9 Months Ended
LEASES	Sep. 30, 2024
LEASES [Abstract]
LEASES	4. LEASES The Company determines if an arrangement is a lease at its inception. The Company considers any contract where there is an identified asset as to which the Company has the right to control its use in determining whether the contract contains a lease. An operating lease ROU asset represents the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are to be recognized at the commencement date based on the present value of lease payments over the lease term. As all of the Company’s operating leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available on the commencement date in determining the present value of lease payments. We estimate the incremental borrowing rate based on a yield curve analysis, utilizing the interest rate derived from the fair value analysis of our credit facility and adjusting it for factors that appropriately reflect the profile of secured borrowing over the expected term of the lease. The operating lease ROU assets include any lease payments made prior to the rent commencement date and exclude lease incentives. Our leases have remaining lease terms of one year to 21 years. Lease terms may include options to extend the lease term used in determining the lease obligation when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments are recognized on a straight-line basis over the lease term for operating leases. During the three months ended September 30, 2024, the Company received gross insurance proceeds in the amount of $2.8 million relating to hail damage at one of our campuses. The proceeds related to the incident have been reported as a gain on insurance proceeds on the statement of operations and disclosed in the operating activities section of the statement of cash flows. Work related to the incident is currently underway. The new asset is expected to be classified as leasehold improvements and amortized over the remining term of the lease. On September 28, 2023, the Company purchased a 90,000 square foot property located at 311 Veterans Highway, Levittown, Pennsylvania for approximately $10.2 million and subsequently on January 30, 2024 entered into a sale-leaseback transaction for this property. As of December 31, 2023, this property was classified as held-for-sale on the Condensed Consolidated Balance Sheets. However, the sale was consummated in the first quarter of the current year. On October 18, 2023, the Company entered into a lease for approximately 120,000 square feet of space to serve as the Company’s new campus in Nashville, Tennessee. The lease term commenced on November 1, 2023, with an initial lease term of 15 years. The lease contains two five-year renewal options. On October 31, 2023, the Company entered into a lease for approximately 100,000 square feet of space to serve as the Company’s new campus in Houston, Texas, which is expected to open in the second half of 2025 The following table presents components of lease cost and classification on the Condensed Consolidated Statements of Operations: Three Months Ended September 30, Nine Months Ended September 30, in thousands Consolidated Statement of Operations Classification 2024 2023 2024 2023 Operating Lease Cost Selling, general and administrative $ 4,924 $ 4,824 $ 14,543 $ 14,560 Finance lease cost Amortization of leased assets Depreciation and amortization 418 - 1,204 - Interest on lease Liabilities Interest expense 554 - 1,594 - Variable lease cost Selling, general and administrative 117 170 292 303 $ 6,013 $ 4,994 $ 17,633 $ 14,863 The net change in ROU asset and finance lease liability is split between principal payments, interest expense and amortization expense. Principal payments are classified in the financing section, interest expense and amortization expense are broken out separately in the operating section of the Condensed Consolidated Statements of Cash Flows. Supplemental cash flow information and non-cash activity related to our leases are as follows Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cash flow information: Cash paid for amounts included in the measurement of lease liabilities Operating Cash Flows - operating leases $ 4,456 $ 3,977 $ 13,465 $ 12,155 Operating Cash Flows - finance leases $ 554 $ - $ 1,594 $ - Financing Cash Flows - finance leases $ 657 $ - $ 593 $ - Non-cash activity: Lease liabilities arising from obtaining right-of-use assets Operating leases $ 26,014 $ 8,349 $ 48,409 $ 10,491 Finance leases $ - $ - $ 12,570 $ - During the nine months ended September 30, 2024, the Company entered into one new operating, one new finance lease and nine lease modifications. The Company obtained the operating and finance ROU asset in exchange for an operating and finance lease liability of $15.7 million and $12.6 million, respectively. In addition, the nine lease modifications resulted in a noncash re-measurement of the related ROU asset and operating lease liability of $32.7 million. Weighted-average remaining lease term and discount rate for our leases are as follows: As of September 30, 2024 2023 Weighted-average remaining lease term Operating leases 13.06 years 11.22 years Finance leases 16.65 years - Weighted-average discount rate Operating leases 6.69 % 6.94 % Finance leases 7.69 % - Maturities of lease liabilities by fiscal year for our leases as of September 30, are as follows: Operating Leases Finance Leases Year ending December 31, 2024 (excluding the months ending September $ 4,523 $ 659 2025 19,400 506 2026 17,581 2,817 2027 17,096 2,918 2028 18,012 3,023 2029 15,753 3,132 Thereafter 121,608 43,418 Total lease payments 213,973 56,473 Less: imputed interest (72,390 ) (27,114 ) Present value of lease liabilities $ 141,583 $ 29,359

GOODWILL AND LONG-LIVED ASSETS

GOODWILL AND LONG-LIVED ASSETS	9 Months Ended
GOODWILL AND LONG-LIVED ASSETS	Sep. 30, 2024
GOODWILL AND LONG-LIVED ASSETS [Abstract]
GOODWILL AND LONG-LIVED ASSETS	5. GOODWILL AND LONG-LIVED ASSETS The Company reviews the carrying value of its long-lived assets and identifiable intangibles annually, or more frequently if necessary, for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. If the Company determines that an asset’s carrying value is impaired, it will record a write-down of the carrying value of the asset and charge the impairment as an operating expense in the period in which the determination is made. For other long-lived assets, including ROU lease assets, the Company evaluates assets for recoverability when there is an indication of potential impairment. If the undiscounted cash flows from a group of assets being evaluated is less than the carrying value of that group of assets, the fair value of the asset group is determined and the carrying value of the asset group is written down to fair value. When we perform the quantitative impairment test for long-lived assets, we examine estimated future cash flows using Level 3 inputs. These cash flows are evaluated by using weighted probability techniques as well as comparisons of past performance against projections. Assets may also be evaluated by identifying independent market values. During the three months ended September 30, 2024 and 2023, there were no impairments of goodwill or long-lived assets. During the nine months ended September 30, 2024 and 2023, the Company incurred no impairment to goodwill and a $3.8 million impairment to goodwill, respectively. Additionally, during the nine months ended September 30, 2024 and 2023, the Company incurred no impairment to long-lived assets and a $0.4 million impairment to long-lived assets, respectively. The impairments to goodwill and long-lived assets during the nine months ended September 30, 2023 related to the Company’s Nashville, Tennessee property. The carrying amount of goodwill on September 30, 2024 and 2023 was as follows: Gross Goodwill Balance Accumulated Impairment Losses Net Goodwill Balance Balance as of January 1, 2024 $ 117,176 $ (106,434 ) $ 10,742 Adjustments - - - Balance as of September 30 2024 $ 117,176 $ (106,434 ) $ 10,742 Gross Goodwill Balance Accumulated Impairment Losses Net Goodwill Balance Balance as of January 1, 2023 $ 117,176 $ (102,640 ) $ 14,536 Adjustments - (3,794 ) (3,794 ) Balance as of September 30 2023 $ 117,176 $ (106,434 ) $ 10,742

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
LONG-TERM DEBT	Sep. 30, 2024
LONG-TERM DEBT [Abstract]
LONG-TERM DEBT	6. LONG-TERM DEBT Credit Facility On February 16, 2024, the Company entered into a secured credit agreement (the “Fifth Third Credit Agreement”) with Fifth Third Bank, National Association (the “Bank”), pursuant to which the Company, as borrower, obtained a revolving credit facility in the aggregate principal amount of $40.0 million including a $10.0 million letter of credit sublimit and a $20.0 million accordion feature (the “Facility”), the proceeds of which are to be used for working capital, general corporate and certain other permitted purposes. The Facility is guaranteed by the Company’s wholly-owned subsidiaries and is secured by a first priority lien in favor of the Bank on substantially all of the personal property owned by the Company and its subsidiaries. The term of the Facility is 36 months, maturing on February 16, 2027. Each advance under the Facility will bear interest on the outstanding principal amount thereof from the date when made at an interest rate determined at the election of the Company at either the Tranche Rate (which is the forward-looking Secured Overnight Financing Rate (SOFR) for one Under the terms of the Fifth Third Credit Agreement, the Company will pay to the Bank an unused facility fee on the average daily unused balance of the Facility at a rate per annum equal to 0.50%, which fee is payable in arrears on dates when interest is due and payable. The Company will also pay to the Bank a letter of credit fee equal to the Applicable Margin for loans subject to the Tranche Rate multiplied by the maximum amount available to be drawn under such letter of credit. The Fifth Third Credit Agreement contains customary representations, warranties and affirmative and negative covenants, as well as events of default customary for facilities of this type. In connection with the Fifth Third Credit Agreement, the Company paid the Bank a closing fee in the amount of $200,000 and other customary fees and reimbursements. On July 18, 2024, the Company entered into a first amendment of the Fifth Third Credit Agreement (“the Amendment”). Among other things, the Amendment contains certain modifications to (i) clarify certain representations and affirmative covenants of the Company, (ii) clarify certain conditions to each advance, (iii) clarify and/or replace certain events of default and (iv) delete or revise certain definitions in order to harmonize them with the other modifications made. The Amendment also contains customary releases, representations and warranties and reaffirmations consistent with the original terms of the Fifth Third Credit Agreement As of September 30, 2024, there was no debt outstanding under the Facility.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
STOCKHOLDERS' EQUITY	Sep. 30, 2024
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	7. STOCKHOLDERS’ EQUITY Common Stock Holders of our Common Stock are entitled to receive dividends when and as declared by our Board of Directors and have the right to one vote per share on all matters requiring shareholder approval. The Company has not declared or paid any cash dividends on our Common Stock since the Company’s Board of Directors discontinued our quarterly cash dividend program in February 2015. The Company currently has no intention to pay cash dividends to holders of Common Stock in the foreseeable future. Restricted Stock The Company currently has only one active stock incentive plan: the Lincoln Educational Services Corporation 2020 Long-Term Incentive Plan (the “LTIP”) LTIP On March 26, 2020, the Board of Directors adopted the LTIP to provide an incentive to certain directors, officers, employees and consultants of the Company to align their interests in the Company’s success with those of its shareholders through the grant of equity-based awards. On June 16, 2020, the shareholders of the Company approved the LTIP. The LTIP is administered by the Compensation Committee of the Board of Directors, or such other qualified committee appointed by the Board of Directors, which will, among other duties, have the full power and authority to take all actions and make all determinations required or provided for under the LTIP. Pursuant to the LTIP, the Company may grant options, share appreciation rights, restricted shares, restricted share units, incentive stock options and nonqualified stock options. Under the LTIP, employees may surrender shares as payment of applicable income tax withholding on the vested Restricted Stock. The LTIP has a duration of 10 years. On February 23, 2023, the Board of Directors approved, subject to shareholder approval, an amendment of the LTIP to increase the aggregate number of shares available under the LTIP from 2,000,000 shares to 4,000,000 shares. The amendment was approved and adopted by the shareholders at the Annual Meeting of Shareholders held on May 5, 2023. For the three and nine months ended September 30, 2024, the Company completed a net share settlement of 7,252 shares and 315,611 shares, respectively, compared to zero shares and 337,050 shares for the three and nine months ended September 30, 2023, respectively. The net share settlement was performed on behalf of certain employees that participate in the LTIP upon the vesting of the restricted shares pursuant to the terms of the LTIP. The net share settlement was in connection with income taxes incurred on restricted shares that vested and were transferred to the employees during 2024 and/or 2023, creating taxable income for the employees. At the employees’ request, the Company paid these taxes on behalf of the employees in exchange for the employees returning an equivalent value of restricted shares to the Company. These transactions resulted in decreases of $0.1 million and $3.1 million for the three and nine months ended September 30, 2024, respectively, compared to zero and $2.0 million for the three and nine months ended September 30, 2023, respectively. These transactions resulted in a decrease to equity on the Condensed Consolidated Balance Sheets as the cash payment of the taxes effectively was a repurchase of the restricted shares granted in previous years. The following is a summary of transactions pertaining to Restricted Stock: Shares Weighted Average Grant Date Fair Value Per Share Nonvested Restricted Stock outstanding at December 31, 2023 1,398,675 $ 5.16 Granted 459,181 9.72 Canceled (16,261 ) 8.71 Vested (874,948 ) 6.52 Nonvested Restricted Stock outstanding at September 30 2024 966,647 $ 7.96 The Restricted Stock expense for the three and nine months ended September 30, 2024 was $1.2 million and $3.4 million, respectively, compared to $0.7 million and $4.0 million for the three and nine months ended September 30, 2023, respectively. The unrecognized Restricted Stock expense as of September 30, 2024 and December 31, 2023 was $5.5 million and $4.3 million, respectively. As of September 30, 2024, the outstanding shares of Restricted Stock had an aggregate intrinsic value of $11.5 million. Share Repurchase Plan On May 24, 2022, the Company announced that its Board of Directors had authorized a share repurchase program of up to $30.0 million of the Company’s outstanding Common Stock. The repurchase program was authorized for 12 months. Pursuant to the program, purchases may be made, from time to time, in open-market transactions at prevailing market prices, in privately negotiated transactions or by other means as determined by the Company’s management and in accordance with applicable federal securities laws. The timing of purchases and the number of shares repurchased under the program depend on a variety of factors including price, trading volume, corporate and regulatory requirements and market conditions. The Company retains the right to limit, terminate or extend the share repurchase program at any time without prior notice. On February 27, 2023, the Board of Directors extended the share repurchase program for an additional 12 months and authorized the repurchase of an additional $10.0 million of the Company’s Common Stock, for an aggregate of up to $30.6 million in additional repurchases. On May 7, 2024, the Company announced that its Board of Directors had authorized an extension of the share repurchase program for an additional 12 months through May 24, 2025. During the three months ended September 30, 2024 and 2023, the Company did not repurchase any shares under the share repurchase program. For the nine months ended September 30, 2024 and 2023, respectively approximately The following table presents information about our repurchases of Common Stock, all of which were completed through open market purchases: Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except share data) 2024 2023 2024 2023 Total number of shares repurchased 1 - - - 165,064 Total cost of shares repurchased $ - $ - $ - $ 891 1 These shares were subsequently canceled and recorded as a reduction of Common Stock.

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2024
INCOME TAXES [Abstract]
INCOME TAXES	8. INCOME TAXES The provision for income taxes was $1.7 million and $0.8 million for the three months ended September 30, 2024 and 2023, respectively. The increase in tax provision was primarily driven by an increase in pre-tax income. The provision for income taxes was $1.1 million and $7.0 million for the nine months ended September 30, 2024 and 2023, respectively. The decrease in provision was primarily driven by a gain in the prior year due to the sale of the Nashville, Tennessee property during the second quarter of 2023, which drove an increase in the Company’s pre-tax income.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2024
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	9. COMMITMENTS AND CONTINGENCIES There are no material developments related to previously disclosed legal proce edings. See the “Legal Proceedings” section of the ’s Form 10-K and previous Form 10-Qs In the ordinary conduct of its business, the Company is subject to certain lawsuits, investigations and claims, including but not limited to claims involving students or graduates and routine employment matters. Although the Company cannot predict with certainty the ultimate resolution of lawsuits, investigations and claims asserted against it, the Company does not believe that any of these matters will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.

SEGMENTS

SEGMENTS	9 Months Ended
SEGMENTS	Sep. 30, 2024
SEGMENTS [Abstract]
SEGMENTS	10. SEGMENTS As of January 1, 2023, the Company’s business has been organized into two reportable business segments: (a) Campus Operations; and (b) Transitional. These segments are defined below: Campus Operations The Campus Operations segment includes campuses that are continuing in operation and contribute to the Company’s core operations and performance. Transitional The Transitional segment refers to campuses that have been marked for closure and are being taught out. As of September 30, 2024, no campuses were classified in the Transitional segment. During the prior year, the Company’s Somerville, Massachusetts campus was classified in the Transitional segment . The campus We evaluate performance based on operating results. Adjustments to reconcile segment results with consolidated results are included in the caption “Corporate,” which primarily includes unallocated corporate activity. Summary financial information by reporting segment is as follows: For the Three Months Ended September 30, Revenue Operating Income (Loss) 2024 % of Total 2023 % of Total 2024 2023 Campus Operations $ 114,410 100.0 % $ 99,527 99.9 % $ 14,865 $ 11,889 Transitional - 0.0 % 91 0.1 % - (745 ) Corporate - 0.0 % - 0.0 % (9,043 ) (9,148 ) Total $ 114,410 100.0 % $ 99,618 100.0 % $ 5,822 $ 1,996 For the Nine Months Ended September 30, Revenue Operating income (Loss) 2024 % of Total 2023 % of 2024 2023 Campus Operations $ 320,691 100.0 % $ 274,093 99.5 % $ 36,819 $ 26,167 Transitional - 0.0 % 1,455 0.5 % - (1,423 ) Corporate - - (32,571 ) (347 ) Total $ 320,691 100.0 % $ 275,548 100.0 % $ 4,248 $ 24,397 Total Assets September 30, 2024 December 31, 2023 Campus Operations $ 319,340 $ 234,940 Transitional - 262 Corporate 84,682 110,047 Total $ 404,022 $ 345,249

FAIR VALUE

FAIR VALUE	9 Months Ended
FAIR VALUE	Sep. 30, 2024
FAIR VALUE [Abstract]
FAIR VALUE	11. FAIR VALUE The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers: Level 1: Level 2: Level 3: The Company measures the fair value of money market funds and treasury bills using Level 1 inputs. Pricing sources may include industry standard data providers, security master files from large financial institutions and other third-party sources used to determine a daily market value. The following charts reflect the fair market value of cash equivalents and short-term investments as of September 30, 2024 and December 31, 2023, respectively. September 30, 2024 Carrying Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Amount (Level 1) (Level 2) (Level 3) Total Cash equivalents: Money market fund $ 43,127 $ 43,127 $ - $ - $ 43,127 Total cash equivalents and short-term investments $ 43,127 $ 43,127 $ - $ - $ 43,127 December 31, 2023 Carrying Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Amount (Level 1) (Level 2) (Level 3) Total Cash equivalents: Money market fund $ 9,037 $ 9,037 $ - $ - $ 9,037 Treasury bill 20,343 20,343 - - 20,343 Total cash equivalents and short-term investments $ 29,380 $ 29,380 $ - $ - $ 29,380 The carrying amount of the Company’s financial instruments, including cash equivalents, short-term investments, prepaid expenses and other current assets, accrued expenses and other short-term liabilities, approximates fair value due to the short-term nature of these items.

STUDENT RECEIVABLES

STUDENT RECEIVABLES	9 Months Ended
STUDENT RECEIVABLES	Sep. 30, 2024
STUDENT RECEIVABLES [Abstract]
STUDENT RECEIVABLES	12. STUDENT RECEIVABLES Student receivables represent funds owed to us in exchange for the educational services provided to a student. Student receivables are reflected net of an allowance for credit losses at the end of the reporting period. Student receivables, net, are reflected on our Condensed Consolidated Balance Sheets as components of both current and non-current assets. Our students pay for their costs through a variety of funding sources, including federal loan and grant programs, institutional payment plans, Veterans Administration and other military funding and grants, private and institutional scholarships and cash payments. Cash receipts from government-related sources are typically received during the current academic term. Students who have not applied for any type of financial aid generally set up a payment plan with the institution and make payments on a monthly basis as per the terms of the payment plan. A student receivable balance is written off when deemed uncollectable, which is typically once a student is out of school and there has been no payment activity on the account for 150 days Effective January 1, 2023, the Company adopted Accounting Standard Update (“ASU”) No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” On the January 1, 2023 date of adoption, based on forecasts of macroeconomic conditions and exposures at that time, the aggregate impact to the Company resulted in an opening balance sheet adjustment increasing the allowance for credit losses related to the Company’s accounts receivables of approximately $10.8 million, a decrease in retained earnings of $7.9 million, after-tax and a deferred tax asset increase of $2.9 million. Students enroll in the Company’s programs are provided including grants scholarships and loans. fter exhausting all options the student is still in need of additional financing, the Company as a lender of last resort. enrollment and are not restructured Our standard student receivable allowance is based on an estimate of lifetime expected credit losses on student receivables that considers vintages of receivables to determine a loss rate. In considering lifetime credit losses, if the expected life goes beyond the Company’s reasonable ability to forecast, the Company then reverts back to historical loss experience as an indicator of collections. In determining the expected credit losses for the period, student receivables were disaggregated and pooled into two different categories to refine the calculation. Other information considered included external factors outside the Company’s control. Given that collection history during the COVID-19 pandemic was not considered to be a reliable indicator of a student’s repayment history, the Company adjusted the historical loss calculation by normalizing the financial data relating to that time period. Our estimation methodology further considered a number of quantitative and qualitative factors that, based on our collection experience, we believe have an impact on our repayment risk and ability to collect student receivables. Changes in the trends in any of these factors may impact our estimate of the allowance for credit losses. These factors include, but are not limited to: internal repayment history, student status, changes in the current economic condition, legislative or regulatory environments, internal cash collection forecasts and the ability to complete the federal financial aid process with the student. These factors are monitored and assessed on a regular basis. Overall, our allowance estimation process for student receivables is validated by trending analysis and comparing estimated and actual performance. Student Receivables The Company has student receivables that are due greater than 12 months from the date of our Condensed Consolidated Balance Sheets. As of September 30, 2024 and December 31, 2023, the amount of non-current student receivables under payment plans that is longer than 12 months in duration, net of allowance for credit losses, was $19.8 million and $17.5 million, respectively. The following table presents As of September 30, 2024 2023 Student Student Year Receivables (1) Year Receivables (1) 2024 $ 94,020 2023 $ 71,867 2023 17,291 2022 14,678 2022 8,060 2021 7,797 2021 4,606 2020 3,481 2020 1,942 2019 2,318 Prior 1,738 Prior 1,258 Total $ 127,657 Total $ 101,399 (1) Student receivables are presented on a gross basis from the individual students. The total receivable amount above excludes federal subsidies reflected on the students’ accounts The following table presents write-off amounts during the three and nine months ended September 30, 2024 and 2023, respectively, based on the student ’ September 30, 2024 September 30, 2023 Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended Year Write-Offs Write-Offs Year Write-Offs Write-Offs 2024 $ 4,993 $ 4,043 2023 $ 2,870 $ 2,920 2023 5,270 24,244 2022 4,626 18,820 2022 660 2,525 2021 587 2,615 2021 345 1,051 2020 162 547 2020 100 397 2019 73 461 Prior 120 345 Prior 85 244 Total $ 11,488 $ 32,605 Total $ 8,403 $ 25,607 Allowance for Credit Losses We define student receivables as a portfolio segment under CECL Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Balance, beginning of period $ 58,231 $ 47,607 $ 53,811 $ 35,370 Cumulative effect of ASC 326 - - - 10,841 Adjusted beginning of period balance 58,231 47,607 53,811 46,211 Provision for credit losses 15,286 12,747 40,823 31,347 Write-off’s (11,488 ) (8,403 ) (32,605 ) (25,607 ) Balance, at end of period $ 62,029 $ 51,951 $ 62,029 $ 51,951 Fair Value Measurements The carrying amount reported in our Condensed Consolidated Balance Sheets for the current portion of student receivables approximates fair value because of the nature of these financial instruments, as they generally have short maturity periods. It is not practicable to estimate the fair value of the non-current portion of student receivables, since observable market data is not readily available and no reasonable estimation methodology exists.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	9 Months Ended
SUBSEQUENT EVENT	Sep. 30, 2024
SUBSEQUENT EVENT [Abstract]
SUBSEQUENT EVENT	13. Subsequent Event Planned Sale of Las Vegas, Nevada Campus Subsequent to the end of the third quarter, the board of directors approved a plan to sell the assets related to its Las Vegas, Nevada campus operated under Euphoria Institute of Beauty Arts & Sciences (“Euphoria”). The Company is in discussions with a prospective purchaser and expects to enter into a signed agreement prior to year-end. While the proposed transaction will not be material, it is expected that, for regulatory purposes, the transaction will be a school closure by Lincoln. There are currently approximately 300 The DOE has confirmed that the proposed transaction will not be treated as a change in ownership and, instead, it will be treated as the closure of Euphoria and the establishment of a new location by the purchaser at the site of Euphoria. Although the parties intend to work toward enabling our current students at the Las Vegas, Nevada campus to complete their programs with the purchaser, certain current and former students could qualify for closed school loan discharges if they do not continue and complete their programs and, in turn, the DOE could impose liabilities and other sanctions on us based on any such closed school loan discharges. Also, we will be required to comply with other DOE, state, and accreditor requirements associated with the transaction, the transfer of the site, and the teaching of current students. Based on current discussions, the transaction is currently expected to close in January, 2025, subject to receipt of required regulatory approvals and satisfaction of other closing conditions.

INSIDER TRADING ARRANGEMENTS

INSIDER TRADING ARRANGEMENTS	3 Months Ended
INSIDER TRADING ARRANGEMENTS	Sep. 30, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

DESCRIPTION OF BUSINESS AND B_2

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2024
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION [Abstract]
Business Activities	Business Activities Lincoln Educational Services Corporation and its subsidiaries (collectively, the “Company”, “we”, “our”, and “us”, as applicable) provide diversified career-oriented post-secondary education to recent high school graduates and working adults. The Company, which currently operates 22 campuses in 13 states, offers programs in skilled trades (which include HVAC, welding, computerized numerical control and electrical and electronic systems technology, among other programs), automotive technology, healthcare services (which include nursing, dental assistant, and medical administrative assistant, among other programs), hospitality services (which include culinary, therapeutic massage, cosmetology, and aesthetics), and information technology. The schools operate under Lincoln Technical Institute, Lincoln College of Technology, Lincoln Culinary Institute, Euphoria Institute of Beauty Arts & Sciences, and associated brand names. Most of the campuses serve major metropolitan markets and each typically offers courses in multiple areas of study. Five of the campuses are destination schools, which attract students from across the United States and, in some cases, from abroad. The Company’s other campuses primarily attract students from their local communities and surrounding areas. All of the campuses are nationally accredited and are eligible to participate in federal financial aid programs by the U.S. Department of Education (“DOE”) and applicable state education agencies and accrediting commissions, which allow students to apply for and access federal student loans as well as other forms of financial aid.
Basis of Presentation	Basis of Presentation – The accompanying unaudited Condensed Consolidated Financial Statements have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) and in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements. Certain information and footnote disclosures normally included in annual financial statements have been omitted or condensed pursuant to such regulations. These financial statements, which should be read in conjunction with the December 31, 2023 audited Consolidated Financial Statements and notes thereto and related disclosures of the Company included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“Form 10-K”), reflect all adjustments, consisting of normal recurring adjustments necessary to present fairly the consolidated financial position, results of operations and cash flows for such periods. The results of operations for the nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the full fiscal year ending December 31, 2024 Since January 1, 2023 , the Company’s business has been organized into two reportable business segments: (a) Campus Operations; and (b) Transitional. The Campus Operations segment includes campuses that are continuing in operation and contribute to the Company’s core operations and performance. The Transitional segment refers to campuses that have been marked for closure and are being taught-out. As of September 30, 2024, no campuses were classified in the Transitional segment. During the prior year, the Company’s Somerville, Massachusetts campus was classified in the Transitional segment. The campus was fully taught out as of December 31, 2023 We evaluate performance based on operating results. Adjustments to reconcile segment results with consolidated results are included in the caption “Corporate,” which primarily includes unallocated corporate activity. The unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. On an ongoing basis, the Company evaluates the estimates and assumptions, including those used to determine the incremental borrowing rate to calculate lease liabilities and right-of-use (“ROU”) assets, lease term to calculate lease cost, revenue recognition, bad debts, impairments, useful lives of fixed assets, income taxes, benefit plans and certain accruals. Actual results could differ from those estimates.
New Accounting Pronouncements	New Accounting Pronouncements – In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting Topic 280 Improvements to Reportable Segment Disclosures The Company will adopt this ASU in its Form 10-K for the year-ending December 31, 2024. In December 2023 , the FASB issued ASU No. 2023-09, Income Taxes (Topic 740 ): Improvements to Income Tax Disclosures (“ASC 740”). The amendments in this ASU require that public business entities on an annual basis 1) disclose specific categories in the rate reconciliation, and 2) provide additional information for reconciling items that meet a quantitative threshold. The amendments require disclosure about the amount of income taxes paid disaggregated (1) by federal, state and foreign taxes, and (2) by individual jurisdictions in which income taxes paid is equal or greater than five percent of total income taxes paid. The amendment also requires entities to disclose income or loss from continuing operations before income tax expense disaggregated between domestic and foreign and income tax expense or benefit from continuing operations disaggregated by federal, state and foreign. For all public business entities, ASC 740 is effective for annual periods beginning after December 15, 2024; early adoption is permitted. We do not expect ASC 740 will have a material impact on our Condensed Consolidated Financial Statements .
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with ASC This statement requires an asset and a liability approach for measuring deferred taxes based on temporary differences between the financial statement and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for years in which taxes are expected to be paid or recovered. In accordance with ASC 740, the Company assesses our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable. A valuation allowance is required to be established or maintained when, based on currently available information, it is more likely than not that all or a portion of a deferred tax asset will not be realized. In accordance with ASC 740, our assessment considers whether there has been sufficient income in recent years and whether sufficient income is expected in future years in order to utilize the deferred tax asset. In evaluating the realizability of deferred income tax assets, the Company considers, among other things, historical levels of income, expected future income, the expected timing of the reversals of existing temporary reporting differences, and the expected impact of tax planning strategies that may be implemented to prevent the potential loss of future income tax benefits. Significant judgment is required in determining the future tax consequences of events that have been recognized in our Condensed Consolidated Financial Statements and/or tax returns. Differences between anticipated and actual outcomes of these future tax consequences could have a material impact on the Company’s consolidated financial position, results of operations or liquidity. Changes in, among other things, income tax legislation, statutory income tax rates or future income levels could materially impact the Company’s valuation of income tax assets and liabilities and could cause our income tax provision to vary significantly among financial reporting periods . We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. During the nine months ended September 30, 2024 and 2023, we did not record any interest and penalties expense associated with uncertain tax positions, as we did not have any uncertain tax positions.

NET EARNINGS PER COMMON SHARE (

NET EARNINGS PER COMMON SHARE (Tables)	9 Months Ended
NET EARNINGS PER COMMON SHARE (Tables)	Sep. 30, 2024
NET EARNINGS PER COMMON SHARE [Abstract]
Weighted Average Number of Common Shares Used to Compute Basic and Diluted Earnings Per Share	The weighted average number of common shares used to compute basic and diluted earnings per share for the three and nine months ended September 30, 2024 and 2023 Three Months Ended Nine Months Ended September 30, September 30 , 2024 2023 2024 2023 Basic shares outstanding 30,681,594 30,163,745 30,547,187 30,114,926 Dilutive effect of stock options 359,998 534,730 259,060 340,229 Diluted shares outstanding 31,041,592 30,698,475 30,806,247 30,455,155

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
REVENUE RECOGNITION (Tables)	Sep. 30, 2024
REVENUE RECOGNITION [Abstract]
Depicts Timing of Revenue Recognition	The following table depicts the timing of revenue recognition: Three Months Ended September 30, 2024 Nine months ended September 30, 2024 Campus Operations Transitional Consolidated Campus Operations Transitional Consolidated Timing of Revenue Recognition Services transferred at a point in time $ 9,320 $ - $ 9,320 $ 22,074 $ - $ 22,074 Services transferred over time 105,090 - 105,090 298,617 - 298,617 Total revenues $ 114,410 $ - $ 114,410 $ 320,691 $ - $ 320,691 Three Months Ended September 30, 2023 Nine months ended September 30, 2023 Campus Operations Transitional Consolidated Campus Operations Transitional Consolidated Timing of Revenue Recognition Services transferred at a point in time $ 7,489 $ 5 $ 7,494 $ 18,084 $ 17 $ 18,101 Services transferred over time 92,038 86 92,124 256,009 1,438 257,447 Total revenues $ 99,527 $ 91 $ 99,618 $ 274,093 $ 1,455 $ 275,548

LEASES (Tables)

LEASES (Tables)	9 Months Ended
LEASES (Tables)	Sep. 30, 2024
LEASES [Abstract]
Components of Lease Cost	The following table presents components of lease cost and classification on the Condensed Consolidated Statements of Operations: Three Months Ended September 30, Nine Months Ended September 30, in thousands Consolidated Statement of Operations Classification 2024 2023 2024 2023 Operating Lease Cost Selling, general and administrative $ 4,924 $ 4,824 $ 14,543 $ 14,560 Finance lease cost Amortization of leased assets Depreciation and amortization 418 - 1,204 - Interest on lease Liabilities Interest expense 554 - 1,594 - Variable lease cost Selling, general and administrative 117 170 292 303 $ 6,013 $ 4,994 $ 17,633 $ 14,863
Supplemental Cash Flow Information and Non-cash Activity Related to Leases	Supplemental cash flow information and non-cash activity related to our leases are as follows Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cash flow information: Cash paid for amounts included in the measurement of lease liabilities Operating Cash Flows - operating leases $ 4,456 $ 3,977 $ 13,465 $ 12,155 Operating Cash Flows - finance leases $ 554 $ - $ 1,594 $ - Financing Cash Flows - finance leases $ 657 $ - $ 593 $ - Non-cash activity: Lease liabilities arising from obtaining right-of-use assets Operating leases $ 26,014 $ 8,349 $ 48,409 $ 10,491 Finance leases $ - $ - $ 12,570 $ -
Weighted Average Remaining Lease Term and Discount Rate	Weighted-average remaining lease term and discount rate for our leases are as follows: As of September 30, 2024 2023 Weighted-average remaining lease term Operating leases 13.06 years 11.22 years Finance leases 16.65 years - Weighted-average discount rate Operating leases 6.69 % 6.94 % Finance leases 7.69 % -
Maturities of Lease Liabilities	Maturities of lease liabilities by fiscal year for our leases as of September 30, are as follows: Operating Leases Finance Leases Year ending December 31, 2024 (excluding the months ending September $ 4,523 $ 659 2025 19,400 506 2026 17,581 2,817 2027 17,096 2,918 2028 18,012 3,023 2029 15,753 3,132 Thereafter 121,608 43,418 Total lease payments 213,973 56,473 Less: imputed interest (72,390 ) (27,114 ) Present value of lease liabilities $ 141,583 $ 29,359

GOODWILL AND LONG-LIVED ASSETS

GOODWILL AND LONG-LIVED ASSETS (Tables)	9 Months Ended
GOODWILL AND LONG-LIVED ASSETS (Tables)	Sep. 30, 2024
GOODWILL AND LONG-LIVED ASSETS [Abstract]
Changes in Carrying Amount of Goodwill	The carrying amount of goodwill on September 30, 2024 and 2023 was as follows: Gross Goodwill Balance Accumulated Impairment Losses Net Goodwill Balance Balance as of January 1, 2024 $ 117,176 $ (106,434 ) $ 10,742 Adjustments - - - Balance as of September 30 2024 $ 117,176 $ (106,434 ) $ 10,742 Gross Goodwill Balance Accumulated Impairment Losses Net Goodwill Balance Balance as of January 1, 2023 $ 117,176 $ (102,640 ) $ 14,536 Adjustments - (3,794 ) (3,794 ) Balance as of September 30 2023 $ 117,176 $ (106,434 ) $ 10,742

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
STOCKHOLDERS' EQUITY (Tables)	Sep. 30, 2024
STOCKHOLDERS' EQUITY [Abstract]
Transactions Pertaining to Restricted Stock	The following is a summary of transactions pertaining to Restricted Stock: Shares Weighted Average Grant Date Fair Value Per Share Nonvested Restricted Stock outstanding at December 31, 2023 1,398,675 $ 5.16 Granted 459,181 9.72 Canceled (16,261 ) 8.71 Vested (874,948 ) 6.52 Nonvested Restricted Stock outstanding at September 30 2024 966,647 $ 7.96
Repurchases of Common Stock	The following table presents information about our repurchases of Common Stock, all of which were completed through open market purchases: Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except share data) 2024 2023 2024 2023 Total number of shares repurchased 1 - - - 165,064 Total cost of shares repurchased $ - $ - $ - $ 891 1 These shares were subsequently canceled and recorded as a reduction of Common Stock.

SEGMENTS (Tables)

SEGMENTS (Tables)	9 Months Ended
SEGMENTS (Tables)	Sep. 30, 2024
SEGMENTS [Abstract]
Financial Information by Reporting Segment	Summary financial information by reporting segment is as follows: For the Three Months Ended September 30, Revenue Operating Income (Loss) 2024 % of Total 2023 % of Total 2024 2023 Campus Operations $ 114,410 100.0 % $ 99,527 99.9 % $ 14,865 $ 11,889 Transitional - 0.0 % 91 0.1 % - (745 ) Corporate - 0.0 % - 0.0 % (9,043 ) (9,148 ) Total $ 114,410 100.0 % $ 99,618 100.0 % $ 5,822 $ 1,996 For the Nine Months Ended September 30, Revenue Operating income (Loss) 2024 % of Total 2023 % of 2024 2023 Campus Operations $ 320,691 100.0 % $ 274,093 99.5 % $ 36,819 $ 26,167 Transitional - 0.0 % 1,455 0.5 % - (1,423 ) Corporate - - (32,571 ) (347 ) Total $ 320,691 100.0 % $ 275,548 100.0 % $ 4,248 $ 24,397 Total Assets September 30, 2024 December 31, 2023 Campus Operations $ 319,340 $ 234,940 Transitional - 262 Corporate 84,682 110,047 Total $ 404,022 $ 345,249

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
FAIR VALUE (Tables)	Sep. 30, 2024
FAIR VALUE [Abstract]
Fair Market Value of Cash Equivalents and Short-term Investments	The following charts reflect the fair market value of cash equivalents and short-term investments as of September 30, 2024 and December 31, 2023, respectively. September 30, 2024 Carrying Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Amount (Level 1) (Level 2) (Level 3) Total Cash equivalents: Money market fund $ 43,127 $ 43,127 $ - $ - $ 43,127 Total cash equivalents and short-term investments $ 43,127 $ 43,127 $ - $ - $ 43,127 December 31, 2023 Carrying Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Amount (Level 1) (Level 2) (Level 3) Total Cash equivalents: Money market fund $ 9,037 $ 9,037 $ - $ - $ 9,037 Treasury bill 20,343 20,343 - - 20,343 Total cash equivalents and short-term investments $ 29,380 $ 29,380 $ - $ - $ 29,380

STUDENT RECEIVABLES (Tables)

STUDENT RECEIVABLES (Tables)	9 Months Ended
STUDENT RECEIVABLES (Tables)	Sep. 30, 2024
STUDENT RECEIVABLES [Abstract]
Student Receivables	The following table presents As of September 30, 2024 2023 Student Student Year Receivables (1) Year Receivables (1) 2024 $ 94,020 2023 $ 71,867 2023 17,291 2022 14,678 2022 8,060 2021 7,797 2021 4,606 2020 3,481 2020 1,942 2019 2,318 Prior 1,738 Prior 1,258 Total $ 127,657 Total $ 101,399 (1) Student receivables are presented on a gross basis from the individual students. The total receivable amount above excludes federal subsidies reflected on the students’ accounts
Student Receivables Write-off	The following table presents write-off amounts during the three and nine months ended September 30, 2024 and 2023, respectively, based on the student ’ September 30, 2024 September 30, 2023 Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended Year Write-Offs Write-Offs Year Write-Offs Write-Offs 2024 $ 4,993 $ 4,043 2023 $ 2,870 $ 2,920 2023 5,270 24,244 2022 4,626 18,820 2022 660 2,525 2021 587 2,615 2021 345 1,051 2020 162 547 2020 100 397 2019 73 461 Prior 120 345 Prior 85 244 Total $ 11,488 $ 32,605 Total $ 8,403 $ 25,607
Allowance for Credit Losses	We define student receivables as a portfolio segment under CECL Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Balance, beginning of period $ 58,231 $ 47,607 $ 53,811 $ 35,370 Cumulative effect of ASC 326 - - - 10,841 Adjusted beginning of period balance 58,231 47,607 53,811 46,211 Provision for credit losses 15,286 12,747 40,823 31,347 Write-off’s (11,488 ) (8,403 ) (32,605 ) (25,607 ) Balance, at end of period $ 62,029 $ 51,951 $ 62,029 $ 51,951

DESCRIPTION OF BUSINESS AND B_3

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION, Business Activities (Details)	9 Months Ended
	Sep. 30, 2024 Campus State
Business Activities [Abstract]
Number of campuses	22
Number of states in which schools operate across the United States \| State	13
Number of campuses treated as destination schools	5

DESCRIPTION OF BUSINESS AND B_4

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION, Basis of Presentation (Details)	12 Months Ended
	Dec. 31, 2022 Segment	Sep. 30, 2024 Campus
Basis of Presentation [Abstract]
Number of reportable segments \| Segment	2
Number of campuses		22
Transitional [Member]
Basis of Presentation [Abstract]
Number of campuses		0

DESCRIPTION OF BUSINESS AND B_5

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION, Income Taxes (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Income Taxes [Abstract]
Interest and penalties expense	$ 0	$ 0
Uncertain tax positions	$ 0	$ 0

NET EARNINGS PER COMMON SHARE_2

NET EARNINGS PER COMMON SHARE (Details) - shares	3 Months Ended		9 Months Ended
NET EARNINGS PER COMMON SHARE (Details) - shares	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Weighted Average Number of Shares Outstanding Basic and Diluted [Abstract]
Basic shares outstanding (in shares)	30,681,594	30,163,745	30,547,187	30,114,926
Dilutive effect of stock options (in shares)	359,998	534,730	259,060	340,229
Diluted shares outstanding (in shares)	31,041,592	30,698,475	30,806,247	30,455,155

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
REVENUE RECOGNITION [Abstract]
Unearned tuition	$ 22,979		$ 22,979		$ 26,906
Revenue recognized included in contract liability			26,000
Disaggregation of Revenue [Abstract]
Total revenues	114,410	$ 99,618	320,691	$ 275,548
Services Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Total revenues	9,320	7,494	22,074	18,101
Services Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Total revenues	105,090	92,124	298,617	257,447
Campus Operations [Member]
Disaggregation of Revenue [Abstract]
Total revenues	114,410	99,527	320,691	274,093
Campus Operations [Member] \| Services Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Total revenues	9,320	7,489	22,074	18,084
Campus Operations [Member] \| Services Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Total revenues	105,090	92,038	298,617	256,009
Transitional [Member]
Disaggregation of Revenue [Abstract]
Total revenues	0	91	0	1,455
Transitional [Member] \| Services Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Total revenues	0	5	0	17
Transitional [Member] \| Services Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Total revenues	$ 0	$ 86	$ 0	$ 1,438

LEASES (Details)

LEASES (Details) $ in Thousands				3 Months Ended		9 Months Ended
LEASES (Details) $ in Thousands	Oct. 31, 2023 Squarefeet Option	Oct. 18, 2023 Squarefeet Option	Sep. 28, 2023 USD ($) ft²	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Lease	Sep. 30, 2023 USD ($)
Operating Leases [Abstract]
Gain on insurance proceeds				$ 2,794	$ 0	$ 2,794	$ 0
Approximate area of leased school space \| Squarefeet	100,000	120,000
Operating lease term	21 years 6 months	15 years
Number of renewal options \| Option	3	2
Renewal lease term	5 years	5 years
Components of Lease Cost [Abstract]
Amortization of leased assets						1,204	0
Total lease cost				6,013	4,994	17,633	14,863
Cash paid for amounts included in the measurement of operating lease liabilities [Abstract]
Operating Cash Flows - operating leases				4,456	3,977	13,465	12,155
Operating Cash Flows - finance leases				554		1,594	0
Financing Cash Flows - finance leases				657	0	593	0
Lease liabilities arising from obtaining right-of-use assets [Abstract]
Operating leases				26,014	8,349	48,409	10,491
Finance leases				$ 0	$ 0	$ 12,570	$ 0
Number of new operating leases \| Lease						1
Number of new finance leases \| Lease						1
Number of lease modifications \| Lease						9
Operating ROU asset in exchange for an operating lease liability						$ 15,700
Noncash re-measurement of ROU asset and operating lease liability						$ 32,700
Weighted Average Remaining Lease Term [Abstract]
Operating leases				13 years 21 days	11 years 2 months 19 days	13 years 21 days	11 years 2 months 19 days
Finance leases				16 years 7 months 24 days		16 years 7 months 24 days
Weighted Average Discount Rate [Abstract]
Operating leases				6.69%	6.94%	6.69%	6.94%
Finance leases				7.69%	0%	7.69%	0%
Operating Leases [Abstract]
2024 (excluding the nine months ending September 30, 2024)				$ 4,523		$ 4,523
2025				19,400		19,400
2026				17,581		17,581
2027				17,096		17,096
2028				18,012		18,012
2029				15,753		15,753
Thereafter				121,608		121,608
Total lease payments				213,973		213,973
Less: imputed interest				(72,390)		(72,390)
Present value of lease liabilities				141,583		141,583
Finance Leases [Abstract]
2024 (excluding the nine months ending September 30, 2024)				659		659
2025				506		506
2026				2,817		2,817
2027				2,918		2,918
2028				3,023		3,023
2029				3,132		3,132
Thereafter				43,418		43,418
Total lease payments				56,473		56,473
Less: imputed interest				(27,114)		(27,114)
Present value of lease liabilities				29,359		29,359
Selling, General and Administrative [Member]
Components of Lease Cost [Abstract]
Operating lease cost				4,924	$ 4,824	14,543	$ 14,560
Variable lease cost				117	170	292	303
Depreciation and Amortization [Member]
Components of Lease Cost [Abstract]
Amortization of leased assets				418	0	1,204	0
Interest Expense [Member]
Components of Lease Cost [Abstract]
Interest on lease liabilities				$ 554	$ 0	$ 1,594	$ 0
Purchase Transaction [Member]
Operating Leases [Abstract]
Area of property purchased \| ft²			90,000
Property purchase price			$ 10,200
Minimum [Member]
Operating Leases [Abstract]
Remaining lease term				1 year		1 year
Maximum [Member]
Operating Leases [Abstract]
Remaining lease term				21 years		21 years

GOODWILL AND LONG-LIVED ASSET_2

GOODWILL AND LONG-LIVED ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
GOODWILL AND LONG-LIVED ASSETS [Abstract]
Goodwill impairment loss	$ 0	$ 0	$ 0	$ 3,800
Impairment of long-lived assets			0	400
Changes in carrying amount of goodwill [Abstract]
Gross Goodwill Balance	117,176	117,176	117,176	117,176	$ 117,176	$ 117,176
Accumulated Impairment Losses	(106,434)	(106,434)	(106,434)	(106,434)	(106,434)	(102,640)
Net Goodwill Balance	$ 10,742	$ 10,742	10,742	10,742	$ 10,742	$ 14,536
Adjustments			$ 0	$ (3,794)

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - Credit Facility [Member] - USD ($) $ in Thousands		9 Months Ended
	Feb. 16, 2024	Sep. 30, 2024
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity	$ 20,000
Term of facility		36 months
Expiration date of credit facility		Feb. 16, 2027
Line of credit facility, frequency of principal and interest periodic payment		quarterly or monthly
Payments for closing fee	$ 200,000
Debt outstanding		$ 0
SOFR [Member] \| Minimum [Member]
Long-term debt [Abstract]
Term of variable rate		1 month
SOFR [Member] \| Maximum [Member]
Long-term debt [Abstract]
Term of variable rate		3 months
Tranche Rate [Member] \| Minimum [Member]
Long-term debt [Abstract]
Interest rate on credit facility	1.75%
Tranche Rate [Member] \| Maximum [Member]
Long-term debt [Abstract]
Interest rate on credit facility	2.50%
Base Rate [Member] \| Minimum [Member]
Long-term debt [Abstract]
Interest rate on credit facility	0.75%
Base Rate [Member] \| Maximum [Member]
Long-term debt [Abstract]
Interest rate on credit facility	1.50%
Letter of Credit [Member]
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity	$ 10,000
Percentage of letter of credit fee, annual payment	0.50%
Revolving Loan [Member]
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity	$ 40,000

STOCKHOLDERS' EQUITY, Common St

STOCKHOLDERS' EQUITY, Common Stock (Details) - Common Stock [Member] $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) Vote
Common Stock [Abstract]
Common stock voting rights per share \| Vote	1
Cash dividends declared or paid \| $	$ 0

STOCKHOLDERS' EQUITY, Restricte

STOCKHOLDERS' EQUITY, Restricted Stock (Details) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) Plan $ / shares shares	Sep. 30, 2023 USD ($) shares	Dec. 31, 2023 USD ($)	May 05, 2023 shares	May 04, 2023 shares
Stockholders' Equity Note Details [Abstract]
Number of stock incentive plans \| Plan			1
Restricted Stock [Member]
Shares [Abstract]
Nonvested Restricted Stock outstanding, beginning balance (in shares)			1,398,675
Granted (in shares)			459,181
Cancelled (in shares)			(16,261)
Vested (in shares)			(874,948)
Nonvested Restricted Stock outstanding, ending balance (in shares)	966,647		966,647
Weighted Average Grant Date Fair Value [Abstract]
Nonvested Restricted Stock outstanding, beginning balance (in dollars per share) \| $ / shares			$ 5.16
Granted (in dollars per share) \| $ / shares			9.72
Cancelled (in dollars per share) \| $ / shares			8.71
Vested (in dollars per share) \| $ / shares			6.52
Nonvested Restricted Stock outstanding, ending balance (in dollars per share) \| $ / shares	$ 7.96		$ 7.96
Recognized restricted stock expense \| $	$ 1.2	$ 0.7	$ 3.4	$ 4
Unrecognized restricted stock expense \| $	5.5		$ 5.5		$ 4.3
LTIP [Member]
Stockholders' Equity Note Details [Abstract]
Number of shares available for issuance under incentive plan (in shares)						4,000,000	2,000,000
LTIP [Member] \| June 16, 2020 [Member]
Stockholders' Equity Note Details [Abstract]
Stock option award issuance, plan duration			10 years
LTIP [Member] \| Restricted Stock [Member]
Weighted Average Grant Date Fair Value [Abstract]
Outstanding restricted shares, intrinsic value \| $	$ 11.5		$ 11.5
Non Employee Directors Plan [Member]
Stockholders' Equity Note Details [Abstract]
Net share settlement for restricted stock (in shares)	7,252	0	315,611	337,050
Decrease in equity due to payment of tax for employee \| $	$ 0.1	$ 0	$ 3.1	$ 2

STOCKHOLDERS' EQUITY, Share Rep

STOCKHOLDERS' EQUITY, Share Repurchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

28 Months Ended

May 07, 2024

Feb. 27, 2023

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

May 24, 2022

STOCKHOLDERS' EQUITY [Abstract]

Authorized amount of share repurchase program

$ 30,000

Period over which common stock can be repurchased

12 months

Additional period over which common stock can be repurchased

12 months

Additional authorized amount of share repurchase program

$ 10,000

Additional amount of shares repurchased

$ 30,600

Remaining authorized amount of share repurchase program

$ 29,700

Average share price (in dollars per share)

$ 5.95

Share Repurchase Program [Abstract]

Total number of shares repurchased (in shares)

[1]

165,064

[1]

1,700,000

Amount of shares repurchased

$ 0

$ 891

$ 10,300

[1] These shares were subsequently canceled and recorded as a reduction of Common Stock.

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
INCOME TAXES [Abstract]
Provision for income taxes	$ 1,674	$ 789	$ 1,098	$ 7,009

SEGMENTS (Details)

SEGMENTS (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
SEGMENTS (Details) $ in Thousands	Sep. 30, 2024 USD ($) Campus	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Campus	Sep. 30, 2023 USD ($)	Dec. 31, 2022 Segment	Dec. 31, 2023 USD ($)
SEGMENTS [Abstract]
Number of reportable operating segments \| Segment					2
Summary financial information by reporting segment [Abstract]
Number of campuses \| Campus	22		22
Revenues	$ 114,410	$ 99,618	$ 320,691	$ 275,548
Percentage of Total Revenue	100%	100%	100%	100%
Operating Income (Loss)	$ 5,822	$ 1,996	$ 4,248	$ 24,397
Total Assets	404,022		404,022			$ 345,249
Campus Operations [Member]
Summary financial information by reporting segment [Abstract]
Revenues	$ 114,410	99,527	$ 320,691	274,093
Transitional [Member]
Summary financial information by reporting segment [Abstract]
Number of campuses \| Campus	0		0
Reportable Segments [Member] \| Campus Operations [Member]
Summary financial information by reporting segment [Abstract]
Revenues	$ 114,410	$ 99,527	$ 320,691	$ 274,093
Percentage of Total Revenue	100%	99.90%	100%	99.50%
Operating Income (Loss)	$ 14,865	$ 11,889	$ 36,819	$ 26,167
Total Assets	319,340		319,340			234,940
Reportable Segments [Member] \| Transitional [Member]
Summary financial information by reporting segment [Abstract]
Revenues	$ 0	$ 91	$ 0	$ 1,455
Percentage of Total Revenue	0%	0.10%	0%	0.50%
Operating Income (Loss)	$ 0	$ (745)	$ 0	$ (1,423)
Total Assets	0		0			262
Corporate [Member]
Summary financial information by reporting segment [Abstract]
Revenues	$ 0	$ 0	0	0
Percentage of Total Revenue	0%	0%
Operating Income (Loss)	$ (9,043)	$ (9,148)	(32,571)	$ (347)
Total Assets	$ 84,682		$ 84,682			$ 110,047

FAIR VALUE (Details)

FAIR VALUE (Details) - Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Carrying Amount [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Total cash equivalents and short-term investments	$ 43,127	$ 29,380
Carrying Amount [Member] \| Money Market Fund [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	43,127	9,037
Carrying Amount [Member] \| Treasury Bill [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents		20,343
Fair Value [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Total cash equivalents and short-term investments	43,127	29,380
Fair Value [Member] \| Money Market Fund [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	43,127	9,037
Fair Value [Member] \| Treasury Bill [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents		20,343
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fair Value [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Total cash equivalents and short-term investments	43,127	29,380
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fair Value [Member] \| Money Market Fund [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	43,127	9,037
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fair Value [Member] \| Treasury Bill [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents		20,343
Significant Other Observable Inputs (Level 2) [Member] \| Fair Value [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Total cash equivalents and short-term investments	0	0
Significant Other Observable Inputs (Level 2) [Member] \| Fair Value [Member] \| Money Market Fund [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	0	0
Significant Other Observable Inputs (Level 2) [Member] \| Fair Value [Member] \| Treasury Bill [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents		0
Significant Unobservable Inputs (Level 3) [Member] \| Fair Value [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Total cash equivalents and short-term investments	0	0
Significant Unobservable Inputs (Level 3) [Member] \| Fair Value [Member] \| Money Market Fund [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	$ 0	0
Significant Unobservable Inputs (Level 3) [Member] \| Fair Value [Member] \| Treasury Bill [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents		$ 0

STUDENT RECEIVABLES, Summary (D

STUDENT RECEIVABLES, Summary (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Student Receivables [Abstract]
Write off period for student receivable balance	150 days
Accounts receivables	$ 19,822	$ 17,504
Retained earnings	72,336	69,279
Deferred income taxes, net	$ 22,762	$ 23,217
Adjustment [Member] \| Accounting Standards Update 2016-13 [Member]
Student Receivables [Abstract]
Accounts receivables			$ 10,800
Retained earnings			(7,900)
Deferred income taxes, net			$ 2,900

STUDENT RECEIVABLES, Student Re

STUDENT RECEIVABLES, Student Receivables (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
STUDENT RECEIVABLES [Abstract]
Accounts receivables		$ 19,822	$ 17,504
Student Receivables [Abstract]
2024/2023	[1]	94,020		$ 71,867
2023/2022	[1]	17,291		14,678
2022/2021	[1]	8,060		7,797
2021/2020	[1]	4,606		3,481
2020/2019	[1]	1,942		2,318
Prior	[1]	1,738		1,258
Total	[1]	$ 127,657		$ 101,399

[1]Student receivables are presented on a gross basis from the individual students. The total receivable amount above excludes federal subsidies reflected on the students’ accounts

STUDENT RECEIVABLES, Write-off

STUDENT RECEIVABLES, Write-off (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Write-Off's [Abstract]
2024/2023	$ 4,993	$ 2,870	$ 4,043	$ 2,920
2023/2022	5,270	4,626	24,244	18,820
2022/2021	660	587	2,525	2,615
2021/2020	345	162	1,051	547
2020/2019	100	73	397	461
Prior	120	85	345	244
Total	$ 11,488	$ 8,403	$ 32,605	$ 25,607

STUDENT RECEIVABLES, Allowance

STUDENT RECEIVABLES, Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance, beginning of period	$ 58,231	$ 47,607	$ 53,811	$ 35,370
Provision for credit losses	15,286	12,747	40,823	31,347
Write-off's	(11,488)	(8,403)	(32,605)	(25,607)
Balance, at end of period	62,029	51,951	62,029	51,951
Cumulative Effect, Period of Adoption, Adjustment [Member] \| Accounting Standards Update 2016-13 [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance, beginning of period	0	0	0	10,841
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance, beginning of period	$ 58,231	$ 47,607	$ 53,811	$ 46,211

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details)	Nov. 05, 2024 Student
Las Vegas Campus Sale Agreement [Member] \| Subsequent Event [Member]
Subsequent Event [Abstract]
Number of students enrolled in programs	300