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Universal Technical Institute Reports Fiscal Year 2025 Third Quarter Results

Company Raises Lower End Fiscal 2025 Guidance Ranges for Revenue and New Student Starts, Expresses Increased Confidence in Long Term Plan

PHOENIX, ARIZ. - August 6, 2025 - Universal Technical Institute, Inc. (NYSE: UTI), a leading workforce solutions provider of transportation, skilled trades and healthcare education programs, reported financial results for the fiscal 2025 third quarter ended June 30, 2025. Universal Technical Institute, Inc. operates in two reportable segments, Universal Technical 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 of $204.3 million representing 15.1% growth versus the comparable period.
•Average full-time active students grew 12.7% versus the comparable period, while total new student starts grew 2.8%.
•Net income of $10.7 million, an increase of 113.9% over the comparable period.
•Adjusted EBITDA(1) of $25.3 million, an increase of 37.3% over the comparable period.
•Raising the low end of fiscal full year guidance ranges for revenue and new student starts.
“We delivered another strong quarter, driven by consistent execution and the strength of our model,” said Jerome Grant, CEO of Universal Technical Institute, Inc. “Fueled by increasing demand for skilled-collar jobs and strategic investments to expand the consolidated UTI brand, our results continued to meet or exceed expectations. Revenue grew over 15% year-over-year, surpassing our expectation, with adjusted EBITDA increasing more than 37% and average full-time active students growing nearly 13%. As a result of our strong third quarter performance and on the backdrop of a regulatory environment that is increasingly favorable to our mission, we are raising the low end our guidance ranges for fiscal 2025 across revenue and new student starts.”
North Star Strategy Phase II Update
Following discussions with the Department of Education, the Company satisfied the agency’s requirements under the Company’s Provisional Program Participation Agreement for the lifting of the core growth restrictions on the Company’s Concorde Career Colleges division. This significant milestone enables the Company to accelerate Concorde’s program and campus growth starting next fiscal year.
“With the core growth restrictions now lifted on Concorde, we are entering a pivotal stage of our North Star strategy and are positioned to accelerate Concorde’s program and campus expansions one year ahead of plan,” added Grant. “As we enter the final stretch of fiscal 2025, with a diverse portfolio of new programs and campuses, a leadership team focused on scaling for the future, and a supportive macro environment, we believe we are only beginning to unlock the full potential of what this company can achieve. We are increasingly confident in our ability to capitalize on this momentum to achieve or even exceed our goals over the next few years.”
Financial Results for the Three-Month Period Ended June 30, 2025 Compared to 2024

•Revenues increased 15.1% to $204.3 million compared to $177.5 million primarily due to the growth in average full-time active students at both UTI and Concorde.
•Operating expenses increased by 11.8% to $190.1 million, compared to $170.0 million primarily due to the growth in average full-time active students at both UTI and Concorde and costs associated with new campus launches and program expansions currently underway or completed over the last year.
•Operating income increased to $14.2 million compared to $7.4 million.
•Net income increased to $10.7 million compared to $5.0 million.
•Basic and diluted earnings per share (“EPS”) were $0.20 and $0.19, respectively, compared to $0.09.
•Adjusted EBITDA(1) increased 37.3% to $25.3 million compared to $18.4 million.
•Average full-time active students increased 12.7%, with total new student starts of 5,721 compared to 5,567.
1


UTI
•Revenues of $131.5 million, an increase of 12.2% from the comparable period revenues of $117.1 million due primarily to growth in average full-time active students.
•Operating expenses were $111.6 million compared to $103.0 million. The increase was primarily due to growth in average full-time active students and additional expenses incurred related to new campus and program launches currently underway or completed over the last year.
•Adjusted EBITDA(1) was $26.5 million compared to $20.7 million.
•Average full-time active students increased 8.9% with new student starts of 2,829.

Concorde
•Revenues of $72.8 million, an increase of 20.7% over the comparable period revenues of $60.3 million due primarily to growth in average full-time active students.
•Operating expenses were $66.9 million compared to $56.6 million. The increase was primarily due to growth in average full-time active students and additional expenses incurred related to new program launches.
•Adjusted EBITDA(1) was $8.1 million compared to $5.9 million.
•Average full-time active students increased 18.8% with new student starts of 2,892.
“Our third quarter performance reflects disciplined execution across the organization,” said Bruce Schuman, CFO of Universal Technical Institute, Inc. “We saw continued strength in enrollment growth, particularly at Concorde, where marketing and admissions investments are translating into stronger lead conversions and new student starts. The UTI division also delivered a robust year-over-year increase in average full-time active students reflective of ongoing demand for skilled-collar jobs.
“Given our strong operational and financial performance in the quarter and visibility into the remainder of the year, we are raising the lower end of our fiscal 2025 for revenue and new student start ranges. We now expect to generate between $830 and $835 million in revenue, and between 29,500 and 30,000 new student starts. We are reaffirming our adjusted EBITDA and free cash flow outlook, and we continue to expect a strong Q4 as student intake accelerates. We remain focused on scaling efficiently, executing our campus and program expansion plans, and delivering sustainable growth across both divisions as we accelerate phase II of our North Star strategy.”
Financial Results for the Nine-Month Period Ended June 30, 2025 Compared to 2024
•Revenues increased 14.3% to $613.2 million compared to $536.3 million primarily due to the growth in both UTI and Concorde average full-time active students.
•Operating expenses increased by 10.2% to $554.7 million compared to $503.5 million primarily due to the growth in both UTI and Concorde average full-time active students and costs associated with new campus launches and program expansions currently underway or completed over the last year.
•Operating income increased 77.9% to $58.5 million compared to $32.9 million.
•Net income increased 91.1% to $44.3 million compared to $23.2 million.
•Basic and diluted EPS were $0.82 and $0.80, respectively, compared to $0.40 and $0.39, respectively.
•Adjusted EBITDA(1) increased 36.8% to $89.7 million compared to $65.5 million.
•Net cash provided by operating activities increased by 119.1% to $40.2 million.
•Adjusted free cash flow increased 37.6% to $15.0 million.
•New student starts increased 14.9% to 17,684, while average full-time active students increased 11.3%.
UTI
•Revenues of $397.2 million, an increase of $41.3 million, or 11.6%, from the prior year revenues of $355.8 million due to the growth in average full-time active students.
•Operating expenses were $330.4 million compared to $308.5 million. The increase was primarily due to the growth in average full-time active students and expenses incurred during the current year for new campus and program launches currently underway and completed over the past year.
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•Adjusted EBITDA(1) was $86.3 million compared to $66.7 million.
•New student starts increased by 13.7%, while average full-time active students increased by 7.9%.
Concorde
•Revenues of $216.0 million, an increase of $35.5 million, or 19.7%, from the prior year revenues of $180.5 million due to growth in average full-time active students.
•Operating expenses were $190.0 million compared to $166.4 million. The increase was due to additional expenses related to higher average students and program launches.
•Adjusted EBITDA(1) was $32.0 million compared to $20.0 million.
•Average full-time active students increased by 16.9%, while new student starts increased by 16.2%.
(1)    See the "Use of Non-GAAP Financial Information" below. For a detailed reconciliation of the non-GAAP measures, see the tables following the earnings release.
Balance Sheet and Liquidity
At June 30, 2025, the Company’s total available liquidity was $236.9 million consisting of $70.7 million of cash and cash equivalents, $47.2 million of short-term investments, and $119.0 million available from its revolving credit facility. Capital expenditures (“capex”) for the year-to date period were $25.5 million. The primary driver of capex for the quarter was the program expansions at both UTI and Concorde.
Updated Fiscal 2025 Financial Outlook
PreviousUpdated
FY 2025FY 2025
($ in millions, except EPS)GuidanceGuidance
New student starts29,000 - 30,00029,500 - 30,000
Revenue$825 - 835$830 - 835
Net Income$56 - 60$56 - 60
Diluted EPS$1.00 - 1.08$1.00 - 1.08
Adjusted EBITDA(1)
$124 - 128$124 - 128
Adjusted free cash flow(1)(2)
$62 - 68$62 - 68
(1)    See the "Use of Non-GAAP Financial Information" below. For a detailed reconciliation of the non-GAAP measures, see the tables following the earnings release.
(2)    For FY 2025, assumes approximately $55M of total capex, including investments for new campus launches and program expansions, and maintenance capex.
For the Company’s most recent investor presentation and quarterly financial supplement, please see its investor relations website at https://investor.uti.edu.
Conference Call
Management will hold a conference call to discuss the financial results for the fiscal 2025 third quarter ended June 30, 2025, on Wednesday, August 6, 2025, at 4:30 p.m. ET.

To participate in the live call, investors are invited to dial (844) 881-0138 (domestic) or (412) 317-6790 (international). A live webcast of the call will be available via the Universal Technical Institute, Inc. investor relations website at https://investor.uti.edu. Please go to the website at least 10 minutes early to register, download and install any necessary audio software. The conference call webcast will be archived for fourteen days at https://investor.uti.edu. Alternatively, the telephone replay can be accessed through August 20, 2025, by dialing (877) 344-7529 (domestic) or (412) 317-0088 (international) and entering passcode 1904577.
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Use of Non-GAAP Financial Information

In addition to disclosing financial results that are determined in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company also discloses certain non-GAAP financial information in this press release and may similarly disclose non-GAAP financial information on the related conference call. These financial measures are not recognized measures under GAAP and are not intended to be and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company discloses these non-GAAP financial measures because it believes that they provide investors an additional analytical tool to clarify its results of operations and identify underlying trends. Additionally, the Company believes that these measures may also help investors compare its performance on a consistent basis across time periods. Additional details on our non-GAAP measures and the tables reconciling these measures to the most directly comparable GAAP measure are provided below.

Adjusted EBITDA: The Company defines adjusted EBITDA as net income (loss) before interest expense, interest income, income taxes, depreciation and amortization, adjusted for stock-based compensation expense and items not considered normal recurring operations.

Adjusted Free Cash Flow: The Company defines adjusted free cash flow as net cash provided by (used in) operating activities less capital expenditures, adjusted for items not considered normal recurring operations.

Management utilizes adjusted figures as performance measures internally for operating decisions, strategic planning, annual budgeting and forecasting. For the periods presented, our adjustments for items that management does not consider to be normal recurring operations include:

•Acquisition-related costs: We have excluded costs associated with both potential and announced acquisitions to allow for comparable financial results to historical operations and forward-looking guidance.
•Integration-related costs for completed acquisitions: We have excluded integration costs related to business structure realignment and new programs for recent acquisitions to allow for comparable financial results to historical operations and forward-looking guidance. In addition, the nature and amount of such charges vary significantly based on the size and timing of the programs. By excluding the referenced expenses from our non-GAAP financial measures, our management is able to further evaluate our ability to utilize existing assets and estimate their long-term value. Furthermore, our management believes that the adjustment of these items supplements the GAAP information with a measure that can be used to assess the sustainability of our operating performance.
•Restructuring costs: In December 2023, we announced plans to consolidate the two Houston, Texas campus locations to align the curriculum, student facing systems, and support services to better serve students seeking careers in in-demand fields. As part of the transition, the MIAT Houston campus, acquired in November 2021, began a phased teach-out in May 2024, and such campus began operating under the UTI brand. Both facilities will remain in use post-consolidation.

To obtain a complete understanding of our performance, these measures should be examined in connection with net income (loss) and net cash provided by (used in) operating activities, determined in accordance with GAAP, as presented in the financial statements and notes thereto included in the annual and quarterly filings with the Securities and Exchange Commission (“SEC”). Because the items excluded from these non-GAAP measures are significant components in understanding and assessing our financial performance under GAAP, these measures should not be considered to be an alternative to net income (loss) or net cash provided by (used in) operating activities as a measure of our operating performance or liquidity. Exclusion of items in the non-GAAP presentation should not be construed as an inference that these items are unusual, infrequent or non-recurring. Other companies, including other companies in the education industry, may define and calculate non-GAAP financial measures differently than we do, limiting their usefulness as a comparative measure across similarly titled performance measures presented by other companies. A reconciliation of the historical non-GAAP financial measures to the most directly comparable GAAP measures is provided below and investors are encouraged to review the reconciliations.

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Forward Looking Statements

All statements contained in this press release and the related conference call, other than statements of historical fact, are "forward-looking" statements within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements which address our expected future business and financial performance, may contain words such as "goal," "target," "future," "estimate," "expect," "anticipate," "intend," "plan," "believe," "seek," "project," "may," "should," "will," the negative form of these expressions or similar expressions. Examples of forward-looking statements include, among others, statements regarding (1) the Company’s expectation that it will meet its fiscal year 2025 guidance for new student start growth, revenue growth, net income, diluted earnings per share, Adjusted EBITDA and Adjusted Free Cash Flow; (2) the Company’s expectation that it will continue to expand its value proposition and build a business that can grow in double digits with potential upside, regardless of the economic environment; and (3) the Company’s expectation that it will succeed in new program launches next year. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company’s current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could affect our actual results include, among other things, failure of our schools to comply with the extensive regulatory requirements for school operations; shifts in higher education laws, regulation and policy at the federal and state levels; our failure to maintain eligibility for or our ability to process federal student financial assistance funds; the effect of current and future Title IV Program regulations arising out of negotiated rulemakings, including any potential reductions in funding or restrictions on the use of funds received through Title IV Programs; the effect of future legislative or regulatory initiatives related to veterans’ benefit programs; continued Congressional examination of the for-profit education sector; regulatory investigations of, or actions commenced against, us or other companies in our industry; our failure to execute on our growth and diversification strategy, including effectively identifying, establishing and operating additional schools, programs or campuses; our failure to realize the expected benefits of our acquisitions, or our failure to successfully integrate our acquisitions.; our failure to improve underutilized capacity at certain of our campuses; enrollment declines or challenges in our students’ ability to find employment as a result of macroeconomic conditions; our failure to maintain and expand existing industry relationships and develop new industry relationships; our ability to update and expand the content of existing programs and develop and integrate new programs in a timely and cost-effective manner while maintaining positive student outcomes; a loss of our senior management or other key employees; failure to comply with the restrictive covenants and our ability to pay the amounts when due under the credit agreement; the effect of our principal stockholder owning a significant percentage of our capital stock, and thus being able to influence certain corporate matters and the potential in the future to gain substantial control over our company; the effect of public health pandemics, epidemics or outbreak, including COVID-19, and other risks that are described from time to time in our public filings. Further information on these and other potential factors that could affect the financial results or condition may be found in the company's filings with the SEC. Any forward-looking statements made by us in this press release and the related conference call are based only on information currently available to us and speak only as of the date on which it is made. We expressly disclaim any obligation to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, changes in expectations, any changes in events, conditions or circumstances, or otherwise.


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Social Media Disclosure
Universal Technical Institute, Inc uses its websites (https://www.uti.edu/, https://concorde.edu, and https://investor.uti.edu/) and LinkedIn pages (https://www.linkedin.com/school/universal-technical-institute/ and https://www.linkedin.com/school/concorde-career-colleges/) as channels of distribution of information about its programs, its planned financial and other announcements, its attendance at upcoming investor and industry conferences, and other matters. Such information may be deemed material information, and the Company may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor the company's website and its social media accounts in addition to following the company's press releases, SEC filings, public conference calls, and webcasts.

About Universal Technical Institute, Inc.

Universal Technical Institute, Inc. (NYSE: UTI) was founded in 1965 and is a leading workforce solutions provider of transportation, skilled trades and healthcare education programs, whose mission is to serve students, partners, and communities by providing quality education and support services for in-demand careers across a number of highly-skilled fields. The Company is comprised of two divisions: Universal Technical Institute ("UTI") and Concorde Career Colleges ("Concorde"). UTI operates 15 campuses located in 9 states and offers a wide range of transportation and skilled trades technical training programs under brands such as UTI, MIAT College of Technology, Motorcycle Mechanics Institute, Marine Mechanics Institute and NASCAR Technical Institute. Concorde operates across 17 campuses in 8 states and online, offering programs in the Allied Health, Dental, Nursing, Patient Care and Diagnostic fields. For more information, visit www.uti.edu or www.concorde.edu, or visit us on LinkedIn at @UniversalTechnicalInstitute and @Concorde Career Colleges or on X (formerly Twitter) @news_UTI or @ConcordeCareer.

Company Contact:
Matt Kempton
VP Corporate Finance & Investor Relations
Universal Technical Institute, Inc.
(623)445-9392
mkempton@uti.edu

Media Contact:
Susan Aspey
Vice President, Corporate Affairs & External Communications
Universal Technical Institute, Inc.
(202) 549-0534
saspey@uti.edu

Investor Relations Contact:
Matt Glover or Ralf Esper
Gateway Group, Inc.
(949) 574-3860
UTI@gateway-grp.com

(Tables Follow)
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UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)


Three Months Ended June 30,Nine Months Ended June 30,
 2025202420252024
Revenues$204,298 $177,458 $613,174 $536,329 
Operating expenses:
Educational services and facilities105,604 95,277 308,233 285,174 
Selling, general and administrative84,542 74,735 246,458 218,286 
Total operating expenses190,146 170,012 554,691 503,460 
Income from operations14,152 7,446 58,483 32,869 
Other income (expense):
Interest income1,445 1,440 4,833 4,842 
Interest expense(1,394)(2,149)(4,724)(7,204)
Other income (expense), net149 20 123 353 
Total other income (expense), net200 (689)232 (2,009)
Income before income taxes14,352 6,757 58,715 30,860 
Income tax expense(3,689)(1,772)(14,453)(7,699)
Net income$10,663 $4,985 $44,262 $23,161 
Preferred stock dividends— — — (1,097)
Income available for distribution$10,663 $4,985 $44,262 $22,064 
Income allocated to participating securities— — — (2,855)
Net income available to common shareholders$10,663 $4,985 $44,262 $19,209 
Earnings per share:
Net income per share - basic$0.20 $0.09 $0.82 $0.40 
Net income per share - diluted$0.19 $0.09 $0.80 $0.39 
Weighted average number of shares outstanding(1):
Basic54,412 53,805 54,260 47,956 
Diluted55,635 54,951 55,502 49,041 

(1)     On December 18, 2023, the Company exercised in full its right of conversion of the Company’s Series A Preferred Stock which resulted in the conversion of all outstanding Series A Preferred shares into 19,296,843 shares of Common Stock. As of June 30, 2025 there were 54,423,611 shares of Common Stock outstanding.
7


UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value and per share amounts)
(Unaudited)

June 30, 2025September 30, 2024
Assets
Cash and cash equivalents$70,672 $161,900 
Restricted cash2,727 5,572 
Held-to-maturity investments47,162 — 
Receivables, net37,206 31,096 
Notes receivable, current portion6,504 6,200 
Prepaid expenses13,947 11,945 
Other current assets6,962 5,238 
Total current assets185,180 221,951 
Property and equipment, net267,717 264,797 
Goodwill28,459 28,459 
Intangible assets, net17,567 18,229 
Notes receivable, less current portion40,014 36,267 
Right-of-use assets for operating leases175,382 158,778 
Deferred tax assets, net2,953 3,563 
Other assets23,487 12,531 
Total assets$740,759 $744,575 
Liabilities and Shareholders’ Equity
Accounts payable and accrued expenses$91,278 $83,866 
Deferred revenue67,043 92,538 
Operating lease liabilities, current portion18,733 22,210 
Long-term debt, current portion2,822 2,697 
Other current liabilities5,149 3,652 
Total current liabilities185,025 204,963 
Deferred tax liabilities, net4,696 4,696 
Operating lease liabilities168,508 146,831 
Long-term debt70,942 123,007 
Other liabilities4,801 4,847 
Total liabilities433,972 484,344 
Commitments and contingencies
Shareholders’ equity:
Common stock, $0.0001 par value, 100,000 shares authorized, 54,506 and 53,899 shares issued, 54,424 and 53,817 shares outstanding as of June 30, 2025 and September 30, 2024, respectively.
5 5 
Paid-in capital - common 223,362 220,976 
Treasury stock, at cost, 82 shares as of June 30, 2025 and September 30, 2024.
(365)(365)
Retained earnings82,771 38,509 
Accumulated other comprehensive income 1,014 1,106 
Total shareholders’ equity306,787 260,231 
Total liabilities and shareholders’ equity$740,759 $744,575 
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UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

Nine Months Ended June 30,
 20252024
Cash flows from operating activities:
Net income $44,262 $23,161 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization24,452 21,562 
Amortization of right-of-use assets for operating leases17,492 16,468 
Provision for credit losses15,063 5,066 
Stock-based compensation6,402 5,698 
Deferred income taxes579 (2,336)
Training equipment credits earned, net(108)1,309 
Unrealized loss on interest rate swaps, net of taxes(92)(539)
Other losses, net1,179 137 
Changes in assets and liabilities:
Receivables(21,895)(9,867)
Prepaid expenses and other current assets(4,499)(7,316)
Other assets(5,383)(2,380)
Notes receivable(4,051)(4,695)
Accounts payable, accrued expenses and other current liabilities6,455 9,033 
Deferred revenue(25,495)(19,761)
Income tax payable/receivable3,598 (342)
Operating lease liabilities(16,758)(15,946)
Other liabilities(975)(891)
Net cash provided by operating activities40,226 18,361 
Cash flows from investing activities:
Purchase of property and equipment(25,499)(16,769)
Purchase of held-to-maturity securities(54,648)— 
Proceeds from maturities of held-to-maturity securities1,874 — 
Proceeds from insurance policy— 261 
Net cash used in investing activities(78,273)(16,508)
Cash flows from financing activities:
Proceeds from revolving credit facility6,000 36,000 
Payments on revolving credit facility(56,000)(59,000)
Payment of term loans and finance leases(2,010)(1,870)
Preferred share repurchase— (11,503)
Payments of preferred stock cash dividend— (1,097)
Proceeds from stock option exercises659 — 
Payment of payroll taxes on stock-based compensation through shares withheld(4,675)(2,191)
Net cash used in financing activities(56,026)(39,661)
Change in cash, cash equivalents and restricted cash(94,073)(37,808)
Cash and cash equivalents, beginning of period161,900 151,547 
Restricted cash, beginning of period5,572 5,377 
Cash, cash equivalents and restricted cash, beginning of period167,472 156,924 
Cash and cash equivalents, end of period70,672 115,505 
Restricted cash, end of period2,727 3,611 
Cash, cash equivalents and restricted cash, end of period$73,399 $119,116 

9

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES
SELECTED SUPPLEMENTAL NON-FINANCIAL AND FINANCIAL INFORMATION BY SEGMENT
(In thousands, except for Student Metrics)
(Unaudited)


Student Metrics

Three Months Ended June 30, 2025Three Months Ended June 30, 2024
UTIConcordeTotalUTIConcorde Total
Total new student starts2,829 2,892 5,721 2,916 2,651 5,567 
Year-over-year growth(3.0)%9.1 %2.8 %(12.5)%34.8 %5.0 %
Average full-time active students14,205 9,552 23,757 13,041 8,038 21,079 
Year-over-year growth8.9 %18.8 %12.7 %13.0 %14.0 %13.4 %
End of period full-time active students13,874 8,495 22,369 12,686 7,442 20,128 
Year-over-year growth9.4 %14.1 %11.1 %6.5 %13.1 %8.9 %


Nine Months Ended June 30, 2025Nine Months Ended June 30, 2024
UTIConcordeTotalUTIConcordeTotal
Total new student starts9,173 8,511 17,684 8,070 7,323 15,393 
Year-over-year growth13.7 %16.2 %14.9 %5.1 %61.3 % (1)26.0 % (1)
Average full-time active students14,815 9,659 24,474 13,724 8,263 21,987 
Year-over-year growth7.9 %16.9 %11.3 %9.6 %9.6 %9.6 %
End of period full-time active students13,874 8,495 22,369 12,686 7,442 20,128 
Year-over-year growth9.4 %14.1 %11.1 %6.5 %13.1 %8.9 %

(1)    Total company year-over-year comparisons are shown on an "as-reported basis." First quarter fiscal 2023 reflects UTI results for the full quarter and Concorde results beginning December 1, 2022.

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UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES
SELECTED SUPPLEMENTAL NON-FINANCIAL AND FINANCIAL INFORMATION BY SEGMENT
(In thousands, except for Student Metrics)
(Unaudited)


Financial Summary by Segment and Consolidated

Three Months Ended June 30, 2025Three Months Ended June 30, 2024
UTIConcordeCorporateConsolidatedUTIConcordeCorporateConsolidated
Revenue$131,463 $72,835 $— $204,298 $117,134 $60,324 $— $177,458 
Year-over-year growth12.2 %20.7 %— %15.1 %16.1 %15.0 %— %15.8 %
Educational services and facilities61,089 44,515 — 105,604 57,525 37,752 — 95,277 
Selling, general and administrative50,504 22,391 11,647 84,542 45,473 18,856 10,406 74,735 
Total operating expenses111,593 66,906 11,647 190,146 102,998 56,608 10,406 170,012 
Year-over-year growth8.3 %18.2 %11.9 %11.8 %7.6 %12.1 %63.3 %11.4 %
Net income (loss)18,583 5,890 (13,810)10,663 12,673 3,778 (11,466)4,985 
Year-over-year growth46.6 %55.9 %(20.4)%113.9 %237.8 %86.3 %(82.3)%1079.4 %


Nine Months Ended June 30, 2025Nine Months Ended June 30, 2024
UTIConcordeCorporateConsolidatedUTI
Concorde(1)
Corporate
Consolidated(1)
Revenue$397,169 $216,005 $— $613,174 $355,831 $180,498 $— $536,329 
Year-over-year growth11.6 %19.7 %— %14.3 %13.3 %46.6 %— %22.7 %
Educational services and facilities181,677 126,556 — 308,233 174,993 110,181 — 285,174 
Selling, general and administrative148,730 63,443 34,285 246,458 133,526 56,227 28,533 218,286 
Total operating expenses330,407 189,999 34,285 554,691 308,519 166,408 28,533 503,460 
Year-over-year growth7.1 %14.2 %20.2 %10.2 %8.0 %43.8 %15.9 %18.2 %
Net income (loss)63,090 25,892 (44,720)44,262 42,886 14,271 (33,996)23,161 
Year-over-year growth47.1 %81.4 %(31.5)%91.1 %69.7 %89.5 %(25.0)%312.2 %

(1)    Total company year-over-year comparisons are shown on an "as-reported basis." The nine months ended fiscal 2023 included UTI results for the full period and Concorde results beginning December 1, 2022.



11

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES
SELECTED SUPPLEMENTAL NON-FINANCIAL AND FINANCIAL INFORMATION BY SEGMENT
(In thousands)
(Unaudited)


Major Expense Categories by Segment and Consolidated

Three Months Ended June 30, 2025
UTIConcordeCorporateConsolidated
Salaries, benefits and tax expense$53,338 $34,773 $6,337 $94,448 
Bonus expense2,978 1,181 1,510 5,669 
Stock-based compensation expense530 208 1,920 2,658 
Total compensation and related costs$56,846 $36,162 $9,767 $102,775 
Advertising expense$15,010 $7,534 $151 $22,695 
Occupancy expense, net of subleases8,568 6,175 173 14,916 
Depreciation and amortization6,068 1,939 308 8,315 
Professional and contract services expense3,087 1,251 3,819 8,157 


Three Months Ended June 30, 2024
UTIConcordeCorporateConsolidated
Salaries, benefits and tax expense$50,149 $30,426 $4,045 $84,620 
Bonus expense4,115 1,100 2,467 7,682 
Stock-based compensation expense518 56 1,289 1,863 
Total compensation and related costs$54,782 $31,582 $7,801 $94,165 
Advertising expense$13,169 $6,067 $186 $19,422 
Occupancy expense, net of subleases7,686 5,733 206 13,625 
Depreciation and amortization5,743 1,367 266 7,376 
Professional and contract services expense2,458 2,351 3,054 7,863 
12


UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES
SELECTED SUPPLEMENTAL NON-FINANCIAL AND FINANCIAL INFORMATION BY SEGMENT
(In thousands)
(Unaudited)


Major Expense Categories by Segment and Consolidated


Nine Months Ended June 30, 2025
UTIConcordeCorporateConsolidated
Salaries, benefits and tax expense$157,762 $100,044 $17,378 $275,184 
Bonus expense10,587 3,377 5,277 19,241 
Stock-based compensation expense1,479 476 4,447 6,402 
Total compensation and related costs$169,828 $103,897 $27,102 $300,827 
Advertising expense$44,536 $22,791 $551 $67,878 
Occupancy expense, net of subleases24,231 17,391 512 42,134 
Depreciation and amortization18,010 5,498 943 24,451 
Professional and contract services expense8,904 3,916 11,672 24,492 


Nine Months Ended June 30, 2024
UTIConcordeCorporateConsolidated
Salaries, benefits and tax expense$146,278 $89,559 $11,469 $247,306 
Bonus expense11,032 2,786 4,617 18,435 
Stock-based compensation expense1,301 133 4,265 5,699 
Total compensation and related costs$158,611 $92,478 $20,351 $271,440 
Advertising expense$40,422 $19,199 $397 $60,018 
Occupancy expense, net of subleases23,028 17,157 528 40,713 
Depreciation and amortization16,921 3,738 903 21,562 
Professional and contract services expense7,816 6,979 8,575 23,370 



13


UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP FINANCIAL INFORMATION TO NON-GAAP FINANCIAL INFORMATION
(In thousands)
(Unaudited)


Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA


 Three Months Ended June 30, 2025
 UTIConcordeCorporateConsolidated
Net income (loss)$18,583 $5,890 $(13,810)$10,663 
Interest income(3)(23)(1,419)(1,445)
Interest expense1,291 62 41 1,394 
Income tax expense— — 3,689 3,689 
Depreciation and amortization6,068 1,939 308 8,315 
EBITDA25,939 7,868 (11,191)22,616 
Stock-based compensation expense530 208 1,920 2,658 
Adjusted EBITDA, non-GAAP$26,469 $8,076 $(9,271)$25,274 


 Three Months Ended June 30, 2024
 UTIConcordeCorporateConsolidated
Net income (loss)$12,673 $3,778 $(11,466)$4,985 
Interest income(4)(138)(1,298)(1,440)
Interest expense1,473 76 600 2,149 
Income tax expense— — 1,772 1,772 
Depreciation and amortization5,743 1,367 266 7,376 
EBITDA19,885 5,083 (10,126)14,842 
Stock-based compensation expense518 56 1,289 1,863 
Integration-related costs for completed acquisitions237 726 690 1,653 
Restructuring costs53 — — 53 
Adjusted EBITDA, non-GAAP$20,693 $5,865 $(8,147)$18,411 


14


UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP FINANCIAL INFORMATION TO NON-GAAP FINANCIAL INFORMATION
(In thousands)
(Unaudited)


Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA


 Nine Months Ended June 30, 2025
 UTIConcordeCorporateConsolidated
Net income (loss)$63,090 $25,892 $(44,720)$44,262 
Interest income(15)(83)(4,735)(4,833)
Interest expense3,697 197 830 4,724 
Income tax expense— — 14,453 14,453 
Depreciation and amortization18,010 5,499 943 24,452 
EBITDA84,782 31,505 (33,229)83,058 
Stock-based compensation expense1,479 476 4,447 6,402 
Acquisition related costs— — 873 873 
Integration-related costs for completed acquisitions(1)
— — (700)(700)
Restructuring costs43 — — 43 
Adjusted EBITDA, non-GAAP$86,304 $31,981 $(28,609)$89,676 

(1)    During the nine months ended June 30, 2025, the Company received $0.7 million in funds in final settlement of the outstanding escrow accounts affiliated with the purchase of Concorde on December 1, 2022.


 Nine Months Ended June 30, 2024
 UTIConcordeCorporateConsolidated
Net income (loss)$42,886 $14,271 $(33,996)$23,161 
Interest income(14)(420)(4,408)(4,842)
Interest expense4,460 239 2,505 7,204 
Income tax expense— — 7,699 7,699 
Depreciation and amortization16,921 3,738 903 21,562 
EBITDA64,253 17,828 (27,297)54,784 
Stock-based compensation expense1,300 133 4,265 5,698 
Integration-related costs for completed acquisitions964 2,072 1,888 4,924 
Restructuring costs141 — — 141 
Adjusted EBITDA, non-GAAP$66,658 $20,033 $(21,144)$65,547 
15


UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP FINANCIAL INFORMATION TO NON-GAAP FINANCIAL INFORMATION
(In thousands)
(Unaudited)


Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow

 Nine Months Ended June 30,
 20252024
Net cash provided by operating activities, as reported$40,226 $18,361 
Purchase of property and equipment(25,499)(16,769)
Free cash flow, non-GAAP14,727 1,592 
Adjustments:
Cash outflow for acquisition-related costs873 — 
Cash (inflow) outflow for integration-related costs for completed acquisitions(1)
(700)5,204 
Cash outflow for integration-related property and equipment— 3,535 
Cash outflow for restructuring costs and property and equipment59 540 
Adjusted free cash flow, non-GAAP$14,959 $10,871 

(1)    During the nine months ended June 30, 2025, the Company received $0.7 million in funds in final settlement of the outstanding escrow accounts affiliated with the purchase of Concorde on December 1, 2022.


16