Operating expenses rose by 26.3% to $115.6 million, compared to $91.5 million.Revenues increased 14.2% to $120.0 million compared to $105.1 million primarily due to the addition of Concorde.All of these efforts set the Company up for both a solid performance in 2023 as well as a step change in performance in 2024 where we expect revenues to top $700 million and Adjusted EBITDA should approach $100 million.”įinancial Results for the Three-Month Period Ended December 31, 2022 Compared to 2021 Additionally, later this year and pending regulatory approvals, we plan to launch fourteen new programs on nine of the UTI campuses in high demand areas such as wind energy, HVAC, robotics, and aviation. Grant continued, “UTI is focused on executing both the core business objectives in a challenging macroeconomic environment, as well as bringing its two new campuses in Texas and Florida to their fullest potential. We are thrilled to have them with us as we expand our reach as a workforce solutions provider.” Integration efforts primarily associated with becoming part of a public company are progressing well.
“Concorde joined the Company in December and their seventeen campuses offering 20+ programs in healthcare education are operating smoothly and according to plan. “We are off to a positive start and 2023 promises to be a pivotal year for the Company,” noted Jerome Grant, CEO of Universal Technical Institute, Inc.
Total company year-over-year comparisons are shown on an “as-reported basis,” consistent with the Company’s previously provided fiscal 2023 guidance.
The performance was in line with expectations and therefore the Company reaffirms its full year guidance across all key metrics.Total new student starts of 2,310 with 336 contributed by Concorde.Net income of $2.6 million, adjusted net income* of $5.3 million, and adjusted EBITDA* of $14.4 million.Revenue was $120.0 million with Concorde contributing $14.4 million.
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