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Jun 30, 2022
UTI Q3 2022 Earnings Report
Reported a strong quarter with revenue and adjusted EBITDA exceeding expectations.
Key Takeaways
Universal Technical Institute reported a 20.5% increase in revenue to $101.0 million and a net income of $0.8 million for the fiscal year 2022 third quarter ended June 30, 2022. New student starts increased by 25.0% and average undergraduate full-time active students increased by 11.4%.
New student starts increased 25.0% from the prior year quarter.
Average undergraduate full-time active students increased 11.4%.
Revenue increased 20.5% to $101.0 million versus the prior year quarter.
Net income of $0.8 million, adjusted net income of $5.7 million, and adjusted EBITDA of $11.0 million, with the latter two increasing 71% and 53% versus the prior year quarter, respectively.
Forward Guidance
The company expects to come in towards the higher end of the guidance range for key financial metrics, including revenue and adjusted EBITDA. They now expect full-year new student start growth of low to mid-single digits.
Positive Outlook
- Expect to come in towards the higher end of the guidance range for key financial metrics, including revenue and adjusted EBITDA.
- Seeing strong inquiry volumes.
- Expect accelerated new student start growth in fiscal 2023 and beyond as we yield the benefits of our growth and diversification strategy.
- Flexible and adaptable business model.
- Prepared to navigate any nearer term challenges affecting the broader economic environment.
Challenges Ahead
- Efforts to optimize high school starts will not offset pressure from macroeconomic factors we are seeing in our adult channel.
- Potential increased competition.
- Changes in demand for the programs UTI offers.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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