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Dec 31, 2022
UTI Q1 2023 Earnings Report
Reported financial results for the fiscal 2023 first quarter, which was positively impacted by the addition of Concorde Career Colleges.
Key Takeaways
Universal Technical Institute reported a 14.2% increase in revenue to $120.0 million, driven by the acquisition of Concorde Career Colleges. Net income was $2.6 million, and adjusted EBITDA was $14.4 million. The company reaffirmed its full-year guidance across all key metrics.
Revenue was $120.0 million with Concorde contributing $14.4 million.
Net income of $2.6 million, adjusted net income of $5.3 million, and adjusted EBITDA of $14.4 million.
Total new student starts of 2,310 with 336 contributed by Concorde.
Performance was in line with expectations, and the company reaffirms its full-year guidance across all key metrics.
UTI
UTI
UTI Revenue by Segment
Revenue by Segment
UTI Revenue
CapyFin.comConcorde Revenue
CapyFin.com Forward Guidance
The company expects revenues to top $700 million and Adjusted EBITDA should approach $100 million in 2024.
Positive Outlook
- Concorde operating smoothly and according to plan.
- Integration efforts progressing well.
- Focus on executing core business objectives.
- Bringing new campuses in Texas and Florida to their fullest potential.
- Plan to launch fourteen new programs on nine of the UTI campuses.
Challenges Ahead
- Challenging macroeconomic environment
- Profitability for the quarter was down compared to last year
- Profitability was impacted by costs in the quarter related to investments
- Negative contribution from Concorde given the seasonality of the business and timing of the acquisition.
Revenue & Expenses
Visualization of income flow from segment revenue to net income