UTI reports Q1 revenue $120M (+14% YoY), net income falls to $2.6M from $14.8M

UNIVERSAL TECHNICAL INSTITUTE INC

2023-Q1 EPS reported $0.02 revenue$120,004,000

Revenue $120.0M, up 14.2% YoY; Concorde contributed $14.4M from Dec 1 acquisition.
Net income $2.6M ($0.02 diluted EPS) vs $14.8M ($0.25) prior year; adjusted net income $5.3M.
Adjusted EBITDA $14.4M vs $20.6M prior year; UTI segment adjusted EBITDA $23.3M vs $28.7M.
New student starts 2,310 (336 Concorde); total Concorde avg active students 7,737.
Reaffirms FY2023 guidance; targets FY2024 revenue >$700M and Adj EBITDA ~$100M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

UNIVERSAL TECHNICAL INSTITUTE INC reported fiscal 2023 first quarter ended December 31, 2022 results: revenue $120.0 million, net income $2.6 million. Guidance reaffirmed.

Period: fiscal 2023 first quarter ended December 31, 2022
Revenue: $120.0 million
Net income: $2.6 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Institute (UTI) and Concorde Career Colleges (Concorde), and together with its segments and subsidiaries is referred to as the “Company”, “we,” “us” or “our.” • 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

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accession 0001261654-23-000034

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