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Jun 30, 2023
UTI Q3 2023 Earnings Report
Reported third quarter fiscal year 2023 financial results.
Key Takeaways
Universal Technical Institute reported a 51.8% increase in revenue to $153.3 million, driven by the Concorde Career Colleges acquisition. The company is raising its adjusted EBITDA, adjusted net income and adjusted free cash flow guidance, and tightening its revenue guidance range.
Revenue was $153.3 million with UTI contributing $100.9 million and Concorde contributing $52.4 million.
Net loss of $0.5 million, adjusted net income of $2.0 million, and adjusted EBITDA of $11.4 million.
Total new student starts of 5,300 with UTI increasing 5.3% versus the prior year period and 1,967 contributed by Concorde.
The Company is raising its adjusted EBITDA, adjusted net income and adjusted free cash flow guidance, and tightening its revenue guidance range.
Revenue by Segment
Forward Guidance
The Company is raising its adjusted EBITDA, adjusted net income and adjusted free cash flow guidance, and tightening its revenue guidance range. Revenue guidance tightened to a range of $602 million to $605 million and adjusted EBITDA guidance raised to a range of $62 million to $64 million.
Positive Outlook
- New student start growth: No change 22,000 - 23,500
- Revenue: Narrowed range and raised midpoint $602.0 - $605.0 million
- Adjusted net income: Raised range and midpoint $17.0 - $20.0 million
- Adjusted EBITDA: Raised range and midpoint $62.0 - $64.0 million
- Adjusted free cash flow: Raised range and midpoint $44.0 - $46.0 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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