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Dec 31, 2021
UTI Q1 2022 Earnings Report
Reported a strong first quarter with significant growth in revenue and profitability.
Key Takeaways
Universal Technical Institute reported a strong first quarter for fiscal year 2022. Revenue increased by 38.0% to $105.1 million, and net income significantly improved to $14.8 million. The company benefited from the inclusion of MIAT College of Technology and growth in average undergraduate full-time active students.
Average undergraduate full-time active students increased 16.2% year-over-year.
Revenue increased 38.0% to $105.1 million compared to the prior year quarter.
Net income was $14.8 million, a significant increase from the prior year period.
The acquisition of MIAT College of Technology contributed to the company's growth in the quarter.
UTI
UTI
Forward Guidance
The company expects to deliver strong, double-digit growth across new student starts, revenue, and profitability in line with full-year guidance, but anticipates a modest impact from Omicron on start rates and other metrics in the first half of the fiscal year.
Positive Outlook
- Confident in ability to deliver strong, double-digit growth across new student starts.
- Confident in ability to deliver strong, double-digit growth across revenue.
- Confident in ability to deliver strong, double-digit growth across profitability.
- New campuses in Austin, TX and Miramar, FL are on track to open in fiscal 2022.
- MIAT program expansion plan will yield major value creation in 2023 and beyond.
Challenges Ahead
- Expects Omicron to have a modest impact on start rates in the first half of the fiscal year.
- COVID related variants are primary risks that could affect performance.
- Macro factors outside of their control are primary risks that could affect performance.
- The company saw some impact from Omicron later in the quarter.
- Possible failure or inability to obtain regulatory consents and certifications for new or modified campuses or instruction.