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Mar 31, 2022
UTI Q2 2022 Earnings Report
Reported strong top and bottom-line performance driven by student population growth, higher revenue per student, and the addition of MIAT College of Technology.
Key Takeaways
Universal Technical Institute reported a revenue increase of 31.4% to $102.1 million for the second quarter of fiscal year 2022. Net income was $7.4 million, with adjusted EBITDA at $10.9 million. The company has revised its full-year fiscal 2022 guidance to reflect these results.
Revenue increased by 31.4% to $102.1 million compared to the prior year quarter.
Net income reached $7.4 million, with adjusted net income at $6.4 million and adjusted EBITDA at $10.9 million.
Average undergraduate full-time active students increased by 13.6% from the prior year quarter, while new student starts decreased by 5.4%.
The company announced an agreement to acquire Concorde Career Colleges.
Forward Guidance
Universal Technical Institute updated its fiscal year 2022 financial outlook, projecting revenue between $410.0 million and $420.0 million, adjusted net income between $32.0 million and $35.0 million, adjusted EBITDA between $52.0 million and $55.0 million, and adjusted free cash flow between $35.0 million and $40.0 million.
Positive Outlook
- New student start growth versus fiscal 2021: 8% - 12%
- Revenue: $410.0 - $420.0 million
- Adjusted net income: $32.0 - $35.0 million
- Adjusted EBITDA: $52.0 - $55.0 million
- Adjusted free cash flow: $35.0 - $40.0 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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