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Mar 31, 2023
UTI Q2 2023 Earnings Report
Reported financial results exceeding expectations, driven by the contribution of Concorde and growth in UTI.
Key Takeaways
Universal Technical Institute reported a strong second quarter with revenue of $163.8 million, a 60.5% increase compared to the prior year, driven by the acquisition of Concorde. Net income was $3.5 million, and adjusted EBITDA was $19.2 million. The company reiterated its full-year fiscal 2023 guidance.
Revenue was $163.8 million, with UTI increasing 5.4% and Concorde contributing $56.3 million.
Net income was $3.5 million, adjusted net income was $6.3 million, and adjusted EBITDA was $19.2 million.
Total new student starts were 4,626, with UTI increasing 4.4% and Concorde contributing 2,252.
The Company reiterated its full year, fiscal 2023 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 continues to reiterate its fiscal 2023 guidance, however, the anticipated phasing of our revenue and profitability throughout the year has shifted favorably relative to our initial expectations as a result of our strong first half results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income