Universal Technical Institute(US:UTI)2025-11-19 21:04Financial Performance - Full year revenue for fiscal 2025 was $835.6 million, representing a 14.0% increase year-over-year[5] - Full year net income reached $63.0 million, a significant increase of 50.0% compared to the previous year[5] - Adjusted EBITDA for the full year was $126.5 million, reflecting a 22.9% increase year-over-year[5] - Revenues for the three months ended September 30, 2025, were $222,442,000, representing an increase of 13.3% compared to $196,358,000 for the same period in 2024[28] - Net income for the twelve months ended September 30, 2025, was $63,018,000, up 50.0% from $42,001,000 in 2024[28] - The company reported a basic earnings per share of $1.16 for the twelve months ended September 30, 2025, compared to $0.77 in 2024, reflecting a growth of 50.6%[28] - UTI's revenue for Q3 2025 was $144,648, up from $130,545 in Q3 2024, representing an increase of 10.8%[34] - Net income for Q3 2025 was $18,756, compared to $18,840 in Q3 2024, reflecting a slight decrease of 0.4%[34] - Adjusted EBITDA for Q3 2025 was $36,779, compared to $37,309 in Q3 2024, indicating a decrease of 1.4%[37] - For the twelve months ended September 30, 2025, consolidated net income was $63,018 thousand, an increase from $42,001 thousand in the previous year[38][39] - Adjusted EBITDA for the twelve months ended September 30, 2025, was $126,455 thousand, compared to $102,855 thousand for the same period in 2024, reflecting a growth of approximately 23%[38][39] Student Enrollment and Growth - Average full-time active students increased by 10.5% to 24,618, with total new student starts of 29,793, up 10.8% from the prior year[5] - Total new student starts for Q3 2025 reached 12,109, a year-over-year increase of 5.4% compared to 11,492 in Q3 2024[33] - Total new student starts for the year ended September 30, 2025, were 29,793, a year-over-year increase of 10.8% from 26,885[33] - The end of period full-time active students for Q3 2025 was 27,679, an increase of 8.0% from 25,620 in Q3 2024[33] - Average full-time active students for the year ended September 30, 2025, was 24,618, a decline of 10.5% from 22,285 in the previous year[34] Future Projections - For fiscal 2026, the company expects revenue between $905 million and $915 million, indicating approximately 9% year-over-year growth at the midpoint[10] - Projected adjusted EBITDA for fiscal 2026 is expected to exceed $150 million, with reported adjusted EBITDA projected between $114 million and $119 million[10] - By fiscal 2029, the company anticipates surpassing $1.2 billion in annual revenue and approaching $220 million in adjusted EBITDA[10] - The company plans to launch new programs next year, aiming for double-digit growth regardless of economic conditions[23] Expenses and Liabilities - Total operating expenses for the twelve months ended September 30, 2025, were $752,147,000, an increase of 11.6% from $673,796,000 in 2024[28] - Total operating expenses for Q3 2025 were $197,456, an increase from $170,336 in Q3 2024, marking a rise of 15.9%[35] - The company incurred $42.0 million in cash capital expenditures for fiscal 2025, primarily for program expansions and upgrades[8] - The company’s total liabilities rose to $498,029,000 as of September 30, 2025, up from $484,344,000 in 2024, an increase of 2.8%[30] - Cash and cash equivalents decreased to $127,361,000 as of September 30, 2025, from $161,900,000 in 2024, a decline of 21.3%[30] - Total assets increased to $826,139,000 as of September 30, 2025, compared to $744,575,000 in 2024, marking an increase of 10.9%[30] Credit Losses and Costs - The provision for credit losses increased significantly to $22,144,000 in 2025 from $7,547,000 in 2024, indicating a rise of 194.5%[32] - The company incurred acquisition-related costs of $873 thousand in 2025, compared to no such costs in 2024[40] - Integration-related costs for completed acquisitions were $304 thousand in 2025, down from $6,196 thousand in 2024[40] - Stock-based compensation expense for the twelve months ended September 30, 2025, totaled $9,151 thousand, compared to $8,560 thousand in 2024[38][39]