Lincoln Educational Services (LINC) 7 Aug 232023 Q2 Earnings call transcript

Good day and welcome to the Q2 2023 Lincoln Educational Services Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

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

Thank you, Abigail and good morning, everyone.

today, results Services ended for XXXX. opened release its June market financial reporting the the Lincoln issued Educational news XX, Before second quarter release portion Investor website The www.lincolntech.edu. on company's at the corporate Relations available is of the

the replay Scott be live Joining CEO; website. President website on company's Officer. call the and call and archived recorded a Financial and is Chief company's Shaw, being us of Meyers, is the will today Today's on on the are call Brian being and broadcast

Statements not be call is expressions statements. are that as as made anticipate, laws. on the regarding identify believe, plan, to today's intended term expect, Securities project, by Lincoln's continue historical well management intend, The as company's business will, and forward-looking words identified the forward-looking similar are in Federal may may, facts statements estimate

future based. report statements the which the Commission. not of guarantee about you the projections these of and the Securities annual as that the the other XX-Q statements the statements should reflect company Factors of Exchange risks in uncertainties, the statements Risk XX-K to the company's and report Form influences, are risks number Form future quarterly company's affect section and the and of and segment the filed and may results beyond are performance company's limited or read not include accuracy expectations cautions upon Forward-looking on are which Factors on but may results. with The subject uncertainties influence to that discussed that performance of many a current control a are events and be or the

forward-looking or management's the available otherwise the on their new at to date future made statements time whether after events. statements statements, revise respect to as time of are based events qualified by result All information, update belief as of a and obligation Lincoln no are faith in thereof. the publicly cautionary undertakes are any statements good future this statement those with information entirety or Forward-looking forward-looking and the

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

Thanks, and Campus nearly tripled. last XX% and increased than as approximately grew quarter Today, results year. good we Michael morning, net from income reported operations Student second over revenue strong starts everyone. XX% more

We also which of our as generated sale $XX completed cash of a achieved proceeds significant milestone Nashville the campus net million. we

rates starts, At provide placement and high financial programs increased and of all returns aid continue in of Furthermore, prepare assisting our approximately essential of low good new model, to in Despite quarter short-term end, is are our The close student students and in these skills beyond. rising additional campuses number marketing securities. shareholders. gap of enhancing Both campus. our helping our $XX hybrid our historically we cash Atlanta footprint American with we clearly productive, working. in-demand an had replicating continued increasing rewarding expanding for growth with to their programs, existing make centralization combination initiatives to corporations and strategy will XXXX to our process progress remained and while and debt-free million teaching unemployment, careers

Brian in in in model of upwards enables The planned hybrid for now efficient XXXX our metrics few of us during rollout guidance an progressing This several in and XXXX Lincoln half the performance even scalable to positions become us teaching which a is performance fully Our will first and place our revise review minutes. will well positions once more XXXX goals. us XXXX. for and as help stronger

commitments to facilities work to of while a It online a they to campus graduate. classroom our combines learning their manage work designed percentage enables in at you greater instruction. specifically with help component past, students As education through other higher and model the is hands-on we've pursue students the of while delivering part-time Lincoln discussed or

programs rollout campuses, our The hybrid of higher our on-campus model that us campuses. and profitability of position with select programs efficiency coupled existing at standardizes with proven overall greater capacity also adding flexibility, provide model and at across start time and campuses The consistent long to term. with most at drive slots dates evening morning, courses and company campus campuses the our afternoon existing in

growth Another strategy of to aid financial is our the component key centralization our process.

made new we the weeks student growth centralization our quarter, contributed have of several second improvements ago. schools last During rate group effort start to the moved software we the with platform our believe and to we just

analyzed from have improvement we earlier the areas. are in a clearly, and of year this data number an transitioned We schools were that seeing

lead For into a instance, it as marketing to generated the efficiency number pay how convert start. new This helps financial package know us a takes they of applicant's programs an the our has and education student reduced quickly their helps possible can to process aid. improved days as for the

While will this contributions the continued process take end the the from half. the second to we of of year, rollout during see expect through full this effort gradual do

the Another medical our infrastructure, careers existing investment new successful welding, key with and by opportunities existing organic assisting replication replications for students provides These component first model knowledge. in-demand automotive program our highest electrical, substantial of our we and campuses programs. campus preparing and are as across Lincoln the on some in growth XXXX. management strategy rewarding and includes of opening most are focused programs quarter XX of leverage market return which fastest through growth our The on HVAC,

their operation, after which to provide new is We million expected each programs rate annually. time, years at an $X reach continue of average added in run profitability full of that anticipate approximately X XX to these will

replication X by programs year. open of end to plan did current We the the

of next now and issues growth. year's additions staffing X we these regulatory enhance should are However, start-up X underway first programs these agencies at by the of and quarter delaying start XXXX which to in local the see months getting government

strategy. implemented the we the component our During growth to quarter, actively campus new

Atlanta year. enroll out track during We and new to facility continue campus the first on quarter to our at student remain of the first the build next

to campus in that Nashville end are now secure hope we aggressively have year. site moving With of to an of complete, the by new the the our place market and a in agreement sale

Meanwhile, fully campus. operate existing the we at continue to

our of selection to X goal to the year based Nashville new addition on objective. fully are next confident negotiations, achieving In X And open campus, years. site we the is campus an a ongoing that over and

while partnerships Our new broaden steady corporate make ones to efforts existing progress. to continue adding

site the Hunter students training industry. our the equipment. summer, can directly Later announced on house center we Hunter undercar with service patented During in Denver collaboration to train the a new where quarter, this will a become latest name a leading Engineering, Hunter campus

to the shops also train repair to Local have on will to the the equipment. Hunter Lincoln send campus technicians opportunity

the In free additional help our all Tesla training marked recently United Tech locations. our We our advanced provides with we has long-standing graduating partnership opened States. program Lincoln class Columbia, us at a to and level from and training securing addition, the Hussmann over HVAC Maryland graduates second campus with asked XXth Tesla Hussmann career qualified which with

packaging XXXX as in our high start compared emerging We achieved had the to starts OEM a growth our of expect the both our campuses rate the combined the student leads strong half graduate more school dates quarter. and to the our and is under is aid in are We of model. well marketing to start expand our factors well well. July we being we student as rate as number Discussions positively These increase other with of a do programs, quite corporate to We've team the impact X.X% prior centralization executing increased new the during which half X generated financial to as implementation partners adult partners. during because year. fewer current slow first efficient timing effort during that of of attribute teaching second the the by simply the the hybrid quarter from starts means have our year to model hybrid start second starts ongoing

next expect moving and those we student addition, to second during with The metric in first on to of remarks. this some existing color more programs net year, In the have finish now won't X opening half campuses the starts with quarter X% the this to year. of is at of his the growth provide XX% that we will do impact start Brian full the year

time, Lincoln employers have believe prospective a dire the employees. to looking trained for college. grow. interest put The our At in to continue our in same and strategies are we to for X-year students position a strong Overall, consistently is quite need have alternatives programs

instructors, create our excellent to Lincoln long-lasting graduates, Our has our partners to balance our increasing is and provide and locations our our students, graduation points benefits been which our programs expand and to reference rates shareholders. sheet will enabling stronger, which strong never our returns corporate placement

recognition our for inclusion Lincoln investors indexed to increased particular our on Index. meant recent Finally, today's gaining momentum broad for June and XXXX XXXX awareness served the Russell in created the in Index was from market that institutional Russell demand weeks. also by been inclusion A Combined, milestones shares these in investors. company XX. Lincoln call The included have our increase additional has of was note

that believe organization's as schools them that report every recognition. only skills Distinction ACCSC. helping success handful level are country by Every our of proud are a I'm of very performance its to Marietta, address truly and X to we with our poised for also accrediting School reaccredited a was this I'm pleased our years, we our greater campus Georgia X continue body, and make to I difference in even at a gap. named receive

Brian our provide Brian? our results Now, guidance. to I'd ask quarter his of and like updated financial to review second

solid you continue I Good developments to am for advance initiatives. call. Scott. Thanks, our financial to and strategic recent pleased earnings second results thank that growth our and report joining quarter our morning highlight

million the of assets related Before resulted we proceeds $XX.X campus million for a gain $XX.X charge to Tennessee we goodwill million. long-lived impairment sale non-cash our and This net results, the of operating of of the Nashville, sale and turn in a to Nashville $X.X of completed property the campus.

leaseback remain efficient lease modern rent the this students, to months meaning initial ensure market. into To operations XX-month for are provide of our entered a payments relocation there is a The uninterrupted an XX cash free, campus and the more Nashville for period no for within agreement due. to we facility

the our our along $XX of prepaid record million from purpose, balance end, flow free to value with previously which at monthly as fair rent for The estimate of sale However, we our operations, million disclosed $X.X exceeding amortized boosted rent expense. asset quarter cash accounting a will non-cash million. ending as be cash the proceeds, $XX

balance nearly $XX of net capital one position we're as of working position cash and and million. sheet financial strong Our is our highlight debt-free

cost which build-out of we Besides new which working of fund build-out million in-demand current cash $XX capital between to needs, includes Nashville expect additions utilize campus future the range the HVAC will to of the million and at The to Electrical initiatives, this offerings growth expected campus. programs, new X to CapEx. be and is $XX Lincoln's in including

the expenses campus Atlanta million at new our during capital were and the campuses. new addition Our second $X.X ongoing existing of which programs of build-out and the quarter included expansion

quarter, opening the incurred $XXX,XXX During expenses Atlantic to of of the related we the also campus.

new we additional on growth We and with anticipate cash funding continue expansions explore hand. which to opportunities campus

during in We quarter. including invested interest our of amount yielded income in significant second treasury $X.X total investments bills. million low-risk have These market balances cash securities, a the

Transitional year in to and exclude the that of preopening campus Unless expenses X.X% and and our million student; per Atlanta comparisons all due $X.X million. in included to: turning segment results. our were two, new increase our this an campus. starts our being Higher revenues the to increase quarter. otherwise is financial Somerville average student in in achieved noted, strong closed Now, $XX.X or the X.X% Revenue XX.X% revenue increased one,

hybrid increased student programs. increases and tuition recognition, increases which accelerated delivers our the revenue per and part transition particularly in in program Revenue efficiencies to model to evening due our teaching

a revenue finish year, contributing a revenue than factor was quarter future higher which to last quarter the tool Another us with growth. to increased the related driving population higher led starts in

by aided financial of which centralization the was continue to with investments, rate. Our our progress initiatives robust and to start make student increased our growth emissions marketing start we enrollment slightly aid

for EBITDA reflected our adjusted non-recurring Operating were items when and the earnings adjusted detailed Nashville other $XX line expectations our QX sale release. expenses million, in in our calculation with items in the

higher and expenses implementation our As the EBITDA financial future in than items both and the we incurring slightly while Adjusted of centralized duplicate we previously This going have drive million related after hybrid into was ahead to expectations will $X.X year's communicated, $X.X year. efficiencies, excluding year million, learning non-recurring projects. QX our of release. was last are earnings this detailed our

months second of to and excited us internal we developing to ahead of resources a financial have our while the the to to X our foundation plan were students, and enable enter for our opportunities. Our as We're strong provide the the processes results new for services year. continue improve growth half

we cash to in flow; cash flow from the invested related to the $X.X growth over generated quarter. million Turning $XX operations We largely capital expenditures, initiatives. million in in

some We we shares repurchased plan. repurchase our May also an for of we XX,XXX million In In X.X repurchased under second million. activity shares $XX.X since $X.XX. share price had at total, the average XXXX, quarter,

provide I'll revised outlook for the some details year. Lastly, on our full

second of year. year with of starts a year. second prior growth quarter We in start the half in the second the growth growth half resulted the strong in start be above start will first Our XX.X% lower anticipate half slightly for the

during attribute As new Scott rollout. of start the program and comments, timing outlook to his this dates mentioned due we mainly

we Under hybrid years. in our start teaching which in prior had have no model, we new dates July significant longer

As some QX a result, to their from to dates accelerate we QX. benefited start students elected as

new XXXX. year. XXX starts, still program some the campuses addition, delays to to are and rollout we originally shift In expected that approximately at anticipate a programs in of start of lead we will shift in for existing the of starts growth we delays, the certain balance of experiencing Despite the XXXX

previously financial We're performance upward after total, which to our QX. we in outlook an half In year full for refine first our our updated strong guidance to us allows the revision starts. making

Our guidance X% $XXX adjusted million, the Revenue $XX to of of of $XX the to is XX%. $XXX following: range the income year the million range to million, million student million in range adjusted in starts EBITDA full to now in of $XX growth million, $XX net

in $XX the million. our initiatives investments capital and year, the half accelerate of remains projection to $XX in second our growth for unchanged at other expenditures campus As Atlanta the will million

anticipate forecast million of in of terms second we based and $X we full year it stock-based million expense now of $X.X for In improved evenly the our year. compensation, be performance the the recognized Accordingly, to half on outlook.

our to our year our of results balance performance for the second growing half Lincoln this for team outlook past for XXXX another demand conclusion, efforts programs delivering the reflect on in I'd continued and entire to initiatives quarter thank of our and while In the key and like for year. their continuing growth contribution beyond. in the strong the and position progress of

And to forward questions. can look to I'll over call progress so our we your operator We communicating following the turn take the quarter. now third back the Operator?

[Operator first Research. Barrington comes Our from Paris question with Alex Instructions]

the campus on getting and quarter closed. Nashville sale Congratulations the

Thanks, Alex.

offices? the -- terms personnel And the it, a program about Point student the of as missed have question. we I when the before new delays of replication my regulatory Scott, What model. result will in clarification were we talking expecting in you year? and this of sorry, were replications new what

Sure.

mentioned, that things at nature moving Rhode getting next are really our are timing delayed Lincoln of are about Brian because there simply to Island were of which X of year that executed. campus programs As permits building XXX and being that starts

it's still Well, to about later than So going anticipated. had still track. a open it's on just we quarter

of change that's forward. kind program So major going that's replications, as of kind far as the

any Did quarter? half launched in change second then, this you anticipate in I many we assisting And in how the think at the Island. medical launch and quarter, Lincoln electrical. the given you first Rhode two second do

Brian of Sure. has a those... list Yes.

Yes.

to have we're you to on. timing, get I'll launching So the back --

have be but X would about like So but have program that there's this that starts. launching we we're will are say programs year that will some expanding X welding I expansions there we're that X launching there's -- we're

to to Maryland don't welding fourth So we're of potentially could we an open in which we open. electrical And quarter actually is possibly have we X that at our medical Columbia, because expanding clear, program program ahead about be these have simply we have we count would for -- assisting did which good such but And -- schedule. expand for normally demand be markets. we a the opportunity of don't those then programs, X

Right.

So there's X possibly medical in there's X assisting guess X, summary, I and expansion. welding

Q said, into are So into moving XXXX. XXX as -- we

So place to we're another about XXX, XXX there's XXXX budgeted, to projecting XXX take about and was that XXXX. during moving

you of expect right? And number a then Great. as next replications well, year

Correct. Yes. We of should to to at [ph]. that get have activity a good number the lineup end us

was and Skilled growth. in the starts quarter very and the growth again. then last driven queue Then the before Transportation XX.X% Skilled Yes. Transportation by driven Other hopping impressive X.X%. What's Professions And driving up Starts in Trades and of Trades Healthcare in be Healthcare Other my and by question terms up and -- Professions programs year-to-date? would over

Well, quite I timing fact some so low than ones more just the overall, And of have spending think demand well more of thought. are can people that when unemployment yet lot out strong -- understanding of without which, just think the that read for that we great its we're and trades, the starts the and to is I X and papers I there get I resonating that, programs is there opportunities. But are we're doing a opportunities and are People that actually seeing rate an occur. accumulating is both the that with education message that just this are people, debt. years I me, are is think offering what encouraging guess, you

that can and have out maybe are employers opportunity. is real getting give in long-term We solid that careers these you coming to a just more also marketplace the have good in we than there that us their graduates opportunities

away stronger be and We acceptance we to doing on, counted So flow lead can't be my from than I seem our and attracting marketing well marketing. getting with stronger team. we take honest. that are had to

So access is market. has part to of market, be has team it of the part to our to it be doing what

mentioned, a as -- many programs are July. now not do having because start we Scott not in have And a slight pickup

students to in, of So June. come some elected those in

pickup So as well. a there that from slight was

Our next question Securities. comes from with Steven Frankel Rosenblatt

wondering on the was I'm streamlining us points maybe factor aid that. from growth maybe help and contributed the if give financial many you'd in was say -- you starts, start how much how some could

I that what know is of they're I get wish we have campuses someone say are we've was. I you can't the the to we're that what to for break that is And as this and that tell the place, implemented how going aid -- we've more they is in that put that with can Yes. packaging much to than days process at it Steven, can number sooner out approach is we refined implementing I students All because scientifically it we education, for their the reason likely approach those calling know could it I packaged the the tell do which you. is. you, is percent it way, metric demand. pay on it can was financially the a I'll start. why that less that process

parsing I getting know. strategy after points due we're we and that is results. of to it many don't that, out that's But how So basis and why -- what exactly determining improvement went

definitely can to be some I factors there that obviously So as well. that other but of attribute improvement could

the head improvement further back revenue for in per there is room much How half? in

we for launch did I in our mentioned, half hybrid of learning it what So the we last our -- year. second model, as call

the XX most months where of from it is shrunk where program pickup in we XX months. down So to that night

some with will year good last we forward. the it would that, little of start some have students. the in But the half did finished news second year tapering quarter we since it when of the it more start a is going bit, from -- be So

to So that's revenue contribute to also our growth. going future

What's friendlier the And in [indiscernible] here. then lead? cost I'll sneak in the per environment you one seeing year? a more trend Are advertising

at our compared to actually we're in our total months We per cost are. first start X marketing, you last I when look down mean, the for year. --

not our that with because or year. That's leads start of experiencing as as we but price seeing last rate improved much we're part sure. inflation were for on of Now is the performance

question comes Markets. Capital next Street Martinuzzi Eric Our with from Lake

there and I points educational items XX%. looking wanted to the versus if going Wondering dive facilities in your educational facilities had and and for We growth services in onetime on expense. in services leverage the forward? Just XX% revenue of revenue -- up there? up expense growth here was the are

Right.

we're So program is the there our are onetime our out items new program. both while X key initiatives. in still teaching that One a teaching model hybrid we're old

that So well. there's as some associated costs with

we're transitioning, we there say, call, well We're areas. financial aid as other now. transitioning school few reentries many we corporate As well and right a advisers be students --, was still what as many still in still at as the to have as centralized I'll

onetime So some look as as well in I financially overage. But we're contributed to there the that cost there's -- about additional one as release that the in at, doing thing would items some talked well. earnings that, we were our that

the Okay. is then consolidation XXXX of for transition financial hybrid. me centralization. aid Remind the full you when end again, talked know I the about to [indiscernible] And

Yes. for as Financial wrapped of platform; be fact on staffed the everyone the and up this will platform as by accordingly on new that delivering end by this the far be will be the of year new so end this aid will year.

you then million setting $XX what All the to pointed -- of there's million know little you. a repurchases? just was $XX balance -- like that program more bought And terrific. $XX or know looks if opportunities, cash the it cash, towards Got acquisition I or of uses so. curious but share of else we're it's stock looks What -- aside million to investments, right. $XX bit number if

million. support we'll expenditures price, is -- X stock X due the a of million is the But depending spent lot half still we first the million it for in $XX months guidance first hopefully, year, our Well, to capital $XX $XX of stock. the only on to

So ramp going it to is up.

million be end the another as probably going $X is from well neighborhood programs the the million Our to until year going to of be Atlanta of now is another about well. new spending $XX as as maybe in campus

of is, be So on. our growth a initiatives a spending -- I'll of our call, it lot lot that initiatives we'll

[Operator Instructions] with Raj comes question Our next Riley. from B. Sharma

on good starts the for significantly year-on-year you starts and high of results a explain of schoolers, the the bit nationally and... more across trend really composition -- of just and same also Congratulations sort higher on composition young little Could the QX. they're adults, kind

Thanks, Yes, you sure. There's automotive seeing a just as on Yes, mentioned, we health than around every in Raj. growth, in. But of board across skilled can we're as so operate in that programs in you state fluctuate the kind care. little know, bit stronger growth that trades quarter-to-quarter.

for far the the the which as the it's forecasted. rate first but side say we somewhat the that but counterintuitive -- really is about we're low again, in the adult had on high for given with market flat, stronger really adult makeup, growth schools as it's unemployment seeing As than would growth frankly, are us, X I last as far months that year

have some you of that same sort doing Or better? too, there nationally, are And trends? areas is the increased

No, tends to to very, broad. there than really the that isn't other. mean, be better very it be seems really any I geography

for And majority of did start growth. start did our the nice growth; schools a but that two have QX, good all so have schools news is

Right.

labor starts costs. XXX mean, the you markets, seeing interest elevated out expect than the expecting that being from out, like you and still to were despite despite expect And higher continue, the other and programs to QX. interest so you this despite in you tight pushed somewhat pointed got say I adults, that inflation adults? young Do And you

July what you can before. lead I our from has that activity Yes. in was happening the a waned month perspective tell from of not

takes a do we that others, Again, there our people drastically -- versus of it And continue. in any to making a people strong the at are but community world and you changing a get decisions. go we're believe here school at certainly, go just decide out to the lift. because yes, expect not numbers is and probably to We're So market to for really a look that it I do community bit there college results to colleges can of enrollments few of it. shift getting us to

programs were tuition they so? board more the of certain see that sort And increases, taken Or potentially or you really [ph]? being see And well more do across do increases [indiscernible] as you well? the possibly

at sure Well, prudent sure. make expenses. tuitions. And but make for saw the our seen that year, same items. that does increase many we've time, last to time we never we the like Yes, certainly, a we're can being more with raise cost greatest it long in it challenging students Obviously, we in

So were, we typically This was to higher. programs, we're certainly of amounts targeted We towards salary we let's nursing of saw tuitions X% that starting slightly more raise January, X%. in did to where say, higher year, some increases and closer X% our for nurses.

need of do makes say, should I possible. but education, we anticipate where -- don't as the well, we forward cost the delivering modestly where we raise So going sense frankly given that, and that as to, tuition is continue we to going will it the

I sneak of can tuck-in caller possibility in I Great. I And -- just see if potential tuck-in. mean. had on mentioned think On one you an earlier Do opportunities? more.

you that? apologize. repeat I Could

do of potential Yes. them you at Are as I'm just see looking saying, conducive. I environment you -- acquisitions? is the tuck-in sort

Yes.

opportunity So we values all still that tuck-in seen comes that's of out on the the And something evaluate But judgment same always to when the like. time, right we'll frankly, continue it all the of remain, a, us. to or just look I've marketplace. say, A valuation; than for to lot higher at continue to make acquisitions, like new and there's there's at seems down would the at of I larger. best coming I'll lots even the sizes, it time

from Our Bob next Puopolo question with Partners. comes Epic

the demonstrated during enhance education and you distance -- And the of doing the outcomes, as more to placement what be rates move rates all pandemic to you concerned those? sort at delivery; to and you what reasonably are doing Regarding to suboptimal? educational steps are of hybrid graduation to relates it taking --with sort you're about and are concerned

first of points we Well, all, and we're have or Yes. getting rate rate that X placement the our a concerned and from target. and of reiterate, rates. a graduation placement good just about percentage question. goal No, it's X to XX% about graduation we're XX% And always

XX% cut We with to education just are the making delivery that's theories implementing learn. a and it's that's we as institution. lot what a to we XX% well of remind online our our our that's you enhancements to and about blended, none you, as specialize That's do to regards there program things our change need that And of been like when are maybe are back of and we programs. and say what hands-on to in but at students of all

So were we've and and part a where videos XX% the not unified always all. cutting we we what frankly, delivery in and of we're more can put And any better of say, that about taken theory I'll online, XX% create, about believe, our programs hands-on. experience consistent theories those but is way half didactic that at back done with

hopefully it enhancing it's teaching even when it our more models and teaching and are students we do equipment campuses, to going that new teaching looking comes be fact, new out, the at for was with to previously. them than new as In techniques engaging so come

the said, are we've at looked to a versus degradation, as date, But we model reassuring seeing are we in old of that. our me. the monitoring students with constantly comparing that's new retention model, to And so that not

would remarks. to like back session. That Scott turn it time, Shaw At concludes this closing to for the I question-and-answer

our for and our for are all and work come you be Students you And acknowledging everyone Tech everyone we potential all Thank goal. their our thanking responsibility from strive We I'd remiss very this very by continued campuses not making joining helping numerous to commitment to as of see at dedication their to and takes people's look that change great lives can us seriously. our our for today. remain excited progress forward employees and and Lincoln put for each to performance, for we to students. and growth. opportunities Great.

and hope wonderful Thank I fall. to all updating on of our your summer. a this you forward again progress you we you rest have look

Bye-bye. now. for long So,

the conclude today's participation program. Thank you in does for This your conference.

may disconnect. now You