The following is a summary of the Universal Technical Institute, Inc. (UTI) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Universal Technical Institute reported Q2 revenue growth of 12.4% to $184.2 million, surpassing expectations.

• Net income amounted to $7.8 million, and the diluted earnings per share were $0.14.

• Adjusted EBITDA increased by 17.8% to $22.6 million, in line with company's expectations.

• The 2024 guidance has been adjusted due to strong performance, and revenue is expected between $720 million and $730 million, with adjusted EBITDA between $102 and $104 million.

Business Progress:

• Universal Technical Institute reported an 18.5% increase in new student starts, attributed to company's growth, diversification, and optimization strategy.

• New programs were launched and existing ones expanded which contributed to student growth.

• The company is innovating to attract more high-quality inquiries and has hired resources to boost corporate partnerships.

• Though it cannot open a new Concorde campus until late '26 or '27 due to Department of Education restrictions, UTI expands existing ones with student growth.

• UTI is focusing on enhancing packages for graduates and supplementing the connection between education and employment.

• Plans to include evening and weekend courses are being explored for greater flexibility and increased course attractiveness.

More details: Universal Technical Institute IR

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