Universal Technical Institute Reports Fiscal Year 2024 First Quarter Results
- Revenue of
$174.7 million with UTI contributing$115.4 million representing 9.3% growth versus the prior year period, and Concorde contributing$59.3 million . - Net income of
$10.4 million and adjusted EBITDA(1) of$24.5 million , both increasing considerably versus the prior year period. - Total new student starts of 4,346 with UTI contributing 2,314 representing 17.2% growth versus the prior year period, and Concorde contributing 2,032.
- Full year guidance raised for revenue, net income, diluted earnings per share (EPS) and adjusted EBITDA(1).
"In the first quarter of 2024, we continued to outperform our financial expectations and advance our growth, diversification, and optimization strategy," said
"Over the coming quarters, we are focused on increasing enrollment, revenue, and profit growth from our most recent program launches; enhancing the yield of our marketing and admissions investments; and optimizing our workforce and facilities utilization to drive improved margin expansion and operating leverage. Through our program expansions, and as we progress towards the next phases of our growth trajectory, we intend to continuously expand the depth and breadth of opportunities we provide for our students across the in-demand industries we serve. We believe our current optimization work and long-term strategic initiatives will take the company to its fullest potential."
Financial Results for the Three-Month Period Ended
- Revenues increased 45.6% to
$174.7 million compared to$120.0 million primarily due to the growth in UTI new student starts and the inclusion of Concorde for a full quarter(2). - Operating expenses rose by 38.9% to
$160.5 million , compared to$115.6 million primarily due to inclusion of Concorde for a full quarter(2). - Operating income was
$14.2 million compared to$4.4 million . - Net income was
$10.4 million compared to$2.6 million . - Basic and diluted EPS were
$0.18 and$0.17 compared to$0.03 and$0.02 , respectively. - Adjusted EBITDA(1) was
$24.5 million compared to$14.4 million .
UTI
- UTI had revenues of
$115.4 million , a$9.8 million and 9.3% increase from the prior year quarter revenues of$105.6 million , due to higher student starts. - Operating expenses for UTI were
$100.3 million compared to$92.2 million . The increase was primarily due to expenses incurred during the current year for new program launches during the last two fiscal quarters and planned for fiscal 2024. - Adjusted EBITDA(1) was
$21.6 million compared to$20.2 million . - New student starts increased from prior year by 17.2%, and average undergraduate full-time active students increased 6.0%.
Concorde(2)
- Revenues of
$59.3 million , a$44.9 million increase from the prior year quarter revenues of$14.4 million due to the inclusion of a full quarter in the current year and only December in the prior year, along with growth in new student starts. - Operating expenses were
$52.2 million compared to$15.2 million . The increase was due to the inclusion of a full quarter in the current year and only December in the prior year. - Adjusted EBITDA(1) was
$8.8 million compared to$(64.0) thousand . - New student starts of 2,032 and 8,244 average undergraduate full-time active students.
(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) |
First quarter fiscal 2023 reflects UTI results for the full quarter and Concorde results beginning |
"Our first quarter results exceeded our expectations on both the top and bottom line," said
"With our current momentum as well as our visibility into the remainder of the year, we are announcing positive adjustments to our fiscal 2024 guidance ranges for several key financial metrics. We are raising our expected revenue range and raising and tightening our adjusted EBITDA range. In addition, we are raising our GAAP net income and diluted EPS expectations, the latter including the benefits from the conversion of the outstanding preferred shares. This updated outlook reflects our continued confidence in our ability to execute and drive strong results, along with additional operating efficiencies and positive returns on our growth investments. In the year ahead, we intend to maintain our strategic progress and enhance the high-quality training and employment experiences we offer students across our platform."
Balance Sheet and Liquidity
At
For the Company's most recent investor presentation and quarterly financial supplement, please see its investor relations website at https://investor.uti.edu.
Updated Fiscal 2024 Financial Outlook
|
|
Updated |
|
|
FY 2024 |
($ in millions, except EPS) |
|
Guidance |
New student starts |
No change |
24,500 - 25,500 |
Revenue |
Raised range and midpoint |
|
Net Income |
Raised range and midpoint |
|
Diluted EPS |
Raised range and midpoint |
|
Adjusted EBITDA(3) |
Raised range and midpoint |
|
Adjusted free cash flow(3)(4) |
No change |
|
|
|
(3) |
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. |
(4) |
For FY 2024, assumes |
Conference Call
Management will hold a conference call to discuss the financial results for the fiscal 2024 first quarter ended
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
Use of Non-GAAP Financial Information
In addition to disclosing financial results that are determined in accordance with
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.
We disclose any campus adjustments as direct costs (net of any corporate allocations). Management utilizes adjusted figures as performance measures internally for operating decisions, strategic planning, annual budgeting and forecasting. For the periods presented, this includes acquisition-related costs for both announced and potential acquisitions, integration costs for completed acquisitions, costs related to the purchase of our campuses, start-up costs associated with the
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 2024 guidance for new student start growth (decline), 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 low-to-mid single 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; our failure to maintain eligibility for 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; our failure to maintain eligibility for or the ability to process federal student financial assistance; regulatory investigations of, or actions commenced against, us or other companies in our industry; changes in the state regulatory environment or budgetary constraints; our failure to execute on our growth and diversification strategy; our failure to realize the expected benefits of our acquisitions, or our failure to successfully integrate our acquisitions, including, without limitation,
Social Media Disclosure
About
Company Contact:
Chief Financial Officer
(623) 445-9365
Media Contact:
Vice President,
(202) 549-0534
saspey@uti.edu
Investor Relations Contact:
(949) 574-3860
UTI@gateway-grp.com
(Tables Follow)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) |
|||
|
|||
|
Three Months Ended |
||
|
2023 |
|
2022 |
Revenues |
$ 174,695 |
|
$ 120,004 |
Operating expenses: |
|
|
|
Educational services and facilities |
92,409 |
|
61,408 |
Selling, general and administrative |
68,055 |
|
54,148 |
Total operating expenses |
160,464 |
|
115,556 |
Income from operations |
14,231 |
|
4,448 |
Other (expense) income: |
|
|
|
Interest income |
1,975 |
|
823 |
Interest expense |
(2,871) |
|
(1,423) |
Other income (expense), net |
214 |
|
325 |
Total other expense, net |
(682) |
|
(275) |
Income before income taxes |
13,549 |
|
4,173 |
Income tax expense |
(3,160) |
|
(1,525) |
Net income |
$ 10,389 |
|
$ 2,648 |
Preferred stock dividends |
(1,097) |
|
(1,277) |
Income available for distribution |
9,292 |
|
1,371 |
Income allocated to participating securities |
(2,855) |
|
(514) |
Net income available to common shareholders |
$ 6,437 |
|
$ 857 |
|
|
|
|
Earnings per share: |
|
|
|
Net income per share - basic |
$ 0.18 |
|
$ 0.03 |
Net income per share - diluted |
$ 0.17 |
|
$ 0.02 |
|
|
|
|
Weighted average number of shares outstanding(1): |
|
|
|
Basic |
36,434 |
|
33,805 |
Diluted |
37,439 |
|
34,408 |
|
|
(1) |
On |
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value and per share amounts) (Unaudited) |
|||
|
|||
|
|
|
|
Assets |
|
||
Cash and cash equivalents |
$ 143,590 |
|
$ 151,547 |
Restricted cash |
5,233 |
|
5,377 |
Receivables, net |
22,722 |
|
25,161 |
Notes receivable, current portion |
6,001 |
|
5,991 |
Prepaid expenses |
12,117 |
|
9,412 |
Other current assets |
7,779 |
|
7,497 |
Total current assets |
197,442 |
|
204,985 |
Property and equipment, net |
263,922 |
|
266,346 |
|
28,459 |
|
28,459 |
Intangible assets, net |
18,801 |
|
18,975 |
Notes receivable, less current portion |
33,393 |
|
30,672 |
Right-of-use assets for operating leases |
174,973 |
|
176,657 |
Deferred tax asset, net |
4,855 |
|
3,768 |
Other assets |
10,568 |
|
10,823 |
Total assets |
$ 732,413 |
|
$ 740,685 |
Liabilities and Shareholders' Equity |
|
|
|
Accounts payable and accrued expenses |
$ 68,498 |
|
$ 69,941 |
Deferred revenue |
81,474 |
|
85,738 |
Operating lease liability, current portion |
22,521 |
|
22,481 |
Long-term debt, current portion |
2,560 |
|
2,517 |
Other current liabilities |
6,882 |
|
4,023 |
Total current liabilities |
181,935 |
|
184,700 |
Deferred tax liabilities, net |
663 |
|
663 |
Operating lease liability |
164,125 |
|
165,026 |
Long-term debt |
158,962 |
|
159,600 |
Other liabilities |
4,543 |
|
4,729 |
Total liabilities |
510,228 |
|
514,718 |
Commitments and contingencies |
|
|
|
Shareholders' equity: |
|
|
|
Common stock, |
5 |
|
3 |
Preferred stock, |
— |
|
— |
Paid-in capital - common |
214,071 |
|
151,439 |
Paid-in capital - preferred |
— |
|
66,481 |
|
(365) |
|
(365) |
Retained earnings |
6,897 |
|
5,946 |
Accumulated other comprehensive income |
1,577 |
|
2,463 |
Total shareholders' equity |
222,185 |
|
225,967 |
Total liabilities and shareholders' equity |
$ 732,413 |
|
$ 740,685 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
||||
|
||||
|
|
Three Months Ended December 31, |
||
|
|
2023 |
|
2022 |
Cash flows from operating activities: |
|
|
|
|
Net income |
|
$ 10,389 |
|
$ 2,648 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
Depreciation and amortization |
|
6,984 |
|
5,248 |
Amortization of right-of-use assets for operating leases |
|
5,531 |
|
4,120 |
Bad debt expense |
|
1,486 |
|
535 |
Stock-based compensation |
|
1,482 |
|
1,169 |
Deferred income taxes |
|
(730) |
|
1,068 |
Training equipment credits earned, net |
|
529 |
|
(83) |
Unrealized loss on interest rate swap |
|
(886) |
|
(126) |
Other losses (gains), net |
|
245 |
|
(143) |
Changes in assets and liabilities: |
|
|
|
|
Receivables |
|
1,029 |
|
4,657 |
Prepaid expenses |
|
(4,060) |
|
(1,438) |
Other assets |
|
408 |
|
2,079 |
Notes receivable |
|
(2,731) |
|
(622) |
Accounts payable, accrued expenses and other current liabilities |
|
330 |
|
(15,925) |
Deferred revenue |
|
(4,264) |
|
4,634 |
Operating lease liability |
|
(4,708) |
|
(4,963) |
Other liabilities |
|
(198) |
|
(46) |
Net cash provided by operating activities |
|
10,836 |
|
2,812 |
Cash flows from investing activities: |
|
|
|
|
Cash paid for acquisitions, net of cash acquired |
|
— |
|
(16,973) |
Purchase of property and equipment |
|
(3,848) |
|
(6,782) |
Proceeds from maturities of held-to-maturity securities |
|
— |
|
29,000 |
Net cash (used in) provided by investing activities |
|
(3,848) |
|
5,245 |
Cash flows from financing activities: |
|
|
|
|
Proceeds from revolving credit facility |
|
— |
|
90,000 |
Debt issuance costs for long-term debt |
|
— |
|
(484) |
Payment of preferred stock cash dividend |
|
(1,097) |
|
— |
Payments on term loans and finance leases |
|
(618) |
|
(273) |
Payment of payroll taxes on stock-based compensation through shares withheld |
|
(2,054) |
|
(525) |
Preferred share repurchase |
|
(11,320) |
|
— |
Net cash (used in) provided by financing activities |
|
(15,089) |
|
88,718 |
Change in cash, cash equivalents and restricted cash |
|
(8,101) |
|
96,775 |
Cash and cash equivalents, beginning of period |
|
151,547 |
|
66,452 |
Restricted cash, beginning of period |
|
5,377 |
|
3,544 |
Cash, cash equivalents and restricted cash, beginning of period |
|
156,924 |
|
69,996 |
Cash and cash equivalents, end of period |
|
143,590 |
|
162,229 |
Restricted cash, end of period |
|
5,233 |
|
4,542 |
Cash, cash equivalents and restricted cash, end of period |
|
$ 148,823 |
|
$ 166,771 |
SELECTED SUPPLEMENTAL NON-FINANCIAL AND FINANCIAL INFORMATION BY SEGMENT (In thousands, except for Student Metrics) (Unaudited) |
||||||||||||
|
||||||||||||
Student Metrics |
||||||||||||
|
||||||||||||
|
Three Months Ended |
|
|
Three Months Ended |
||||||||
|
UTI |
|
Concorde |
|
Total |
|
|
UTI |
|
Concorde(2) |
|
Total |
Total new student starts |
2,314 |
|
2,032 |
|
4,346 |
|
|
1,974 |
|
321 |
|
2,295 |
Year-over-year growth (decline) |
17.2 % |
|
533.0 % |
|
89.4 % |
|
|
0.1 % |
|
— |
|
— |
Average undergraduate full-time active students |
14,321 |
|
8,244 |
|
22,565 |
|
|
13,511 |
|
7,737 |
|
21,248 |
Year-over-year growth (decline) |
6.0 % |
|
6.6 % |
|
6.2 % |
|
|
(1.6) % |
|
— |
|
— |
End of period undergraduate full-time active students |
13,682 |
|
8,150 |
|
21,832 |
|
|
12,657 |
|
7,630 |
|
20,287 |
Year-over-year growth (decline) |
8.1 % |
|
6.8 % |
|
7.6 % |
|
|
(3.6) % |
|
— |
|
— |
Financial Summary by Segment and Consolidated
During fiscal 2023, in coordination with the integration of Concorde, we began to reassess our operating model to determine the organizational structure that would best help the Company achieve future growth goals and optimally support the business. Beginning in fiscal 2024, we have executed an internal reorganization to fully transition our operating and reporting model to support a multi-divisional business. As part of the internal reorganization, each of the reportable segments now have dedicated accounting, finance, information technology, and human resources teams. Additionally, human resources and information technology costs that benefit the entire organization are now allocated across UTI, Concorde and Corporate each period based upon relative headcount. As a result, additional costs have moved from Corporate into the UTI segment and to a lesser extent the Concorde segment as resources were redirected to support the segment's objectives. Due to these changes in allocation methodology, the prior year segment amounts have been recast for comparability to the current year presentation.
|
|
Three Months Ended |
|
|
Three Months Ended |
||||||||||||
|
|
UTI |
|
Concorde |
|
Corporate |
|
Consolidated |
|
|
UTI |
|
Concorde |
|
Corporate |
|
Consolidated |
Revenue |
|
$ 115,373 |
|
$ 59,322 |
|
$ — |
|
$ 174,695 |
|
|
$ 105,573 |
|
$ 14,431 |
|
$ — |
|
$ 120,004 |
Educational services and facilities |
|
57,368 |
|
35,041 |
|
— |
|
92,409 |
|
|
50,877 |
|
10,531 |
|
— |
|
61,408 |
Selling, general and administrative |
|
42,915 |
|
17,153 |
|
7,987 |
|
68,055 |
|
|
41,274 |
|
4,626 |
|
8,248 |
|
54,148 |
Total operating expenses |
|
100,283 |
|
52,194 |
|
7,987 |
|
160,464 |
|
|
92,151 |
|
15,157 |
|
8,248 |
|
115,556 |
Net income (loss) |
|
13,597 |
|
7,173 |
|
(10,381) |
|
10,389 |
|
|
12,732 |
|
(734) |
|
(9,350) |
|
2,648 |
SELECTED SUPPLEMENTAL NON-FINANCIAL AND FINANCIAL INFORMATION BY SEGMENT (In thousands) (Unaudited) |
|||||||
|
|||||||
Major Expense Categories by Segment and Consolidated |
|||||||
|
|||||||
|
Three Months Ended |
||||||
|
UTI |
|
Concorde |
|
Corporate |
|
Consolidated |
Salaries, benefits and tax expense |
$ 45,367 |
|
$ 28,192 |
|
$ 3,563 |
|
$ 77,122 |
Bonus expense |
3,494 |
|
857 |
|
1,022 |
|
5,373 |
Stock-based compensation |
470 |
|
8 |
|
1,003 |
|
1,481 |
Total compensation and related costs |
$ 49,331 |
|
$ 29,057 |
|
$ 5,588 |
|
$ 83,976 |
|
|
|
|
|
|
|
|
Advertising expense |
$ 13,353 |
|
$ 6,092 |
|
$ — |
|
$ 19,445 |
Occupancy expense, net of subleases |
7,607 |
|
5,798 |
|
150 |
|
13,555 |
Depreciation and amortization |
5,494 |
|
1,154 |
|
336 |
|
6,984 |
Professional and contract services expense |
2,587 |
|
1,870 |
|
2,507 |
|
6,964 |
|
Three Months Ended |
||||||
|
UTI |
|
Concorde |
|
Corporate |
|
Consolidated |
Salaries, benefits and tax expense |
$ 43,482 |
|
$ 8,476 |
|
$ 3,875 |
|
$ 55,833 |
Bonus expense |
3,543 |
|
188 |
|
1,134 |
|
4,865 |
Stock-based compensation |
252 |
|
— |
|
917 |
|
1,169 |
Total compensation and related costs |
$ 47,277 |
|
$ 8,664 |
|
$ 5,926 |
|
$ 61,867 |
|
|
|
|
|
|
|
|
Advertising expense |
$ 13,349 |
|
$ 1,280 |
|
$ — |
|
$ 14,629 |
Occupancy expense, net of subleases |
8,026 |
|
1,764 |
|
125 |
|
9,915 |
Depreciation and amortization |
4,775 |
|
457 |
|
16 |
|
5,248 |
Professional and contract services expense |
3,065 |
|
97 |
|
2,175 |
|
5,337 |
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 |
||||||
|
UTI |
|
Concorde |
|
Corporate |
|
Consolidated |
Net income (loss) |
$ 13,597 |
|
$ 7,173 |
|
$ (10,381) |
|
$ 10,389 |
Interest income |
(6) |
|
(128) |
|
(1,841) |
|
(1,975) |
Interest expense |
1,512 |
|
83 |
|
1,276 |
|
2,871 |
Income tax expense |
— |
|
— |
|
3,160 |
|
3,160 |
Depreciation and amortization |
5,494 |
|
1,154 |
|
336 |
|
6,984 |
EBITDA |
20,597 |
|
8,282 |
|
(7,450) |
|
21,429 |
Integration related costs for acquisitions |
— |
|
294 |
|
612 |
|
906 |
Stock-based compensation expense |
471 |
|
8 |
|
1,003 |
|
1,482 |
Start-up costs for program expansion |
500 |
|
168 |
|
— |
|
668 |
Restructuring costs |
43 |
|
— |
|
— |
|
43 |
Adjusted EBITDA, non-GAAP |
$ 21,611 |
|
$ 8,752 |
|
$ (5,835) |
|
$ 24,528 |
|
Three Months Ended |
||||||
|
UTI |
|
Concorde |
|
Corporate |
|
Consolidated |
Net income (loss) |
$ 12,732 |
|
$ (734) |
|
$ (9,350) |
|
$ 2,648 |
Interest income |
(3) |
|
(36) |
|
(784) |
|
(823) |
Interest expense |
881 |
|
44 |
|
498 |
|
1,423 |
Income tax expense |
— |
|
— |
|
1,525 |
|
1,525 |
Depreciation and amortization |
4,775 |
|
457 |
|
16 |
|
5,248 |
EBITDA |
18,385 |
|
(269) |
|
(8,095) |
|
10,021 |
Acquisition related costs |
— |
|
— |
|
775 |
|
775 |
Integration related costs for acquisitions |
219 |
|
150 |
|
726 |
|
1,095 |
Stock-based compensation expense |
252 |
|
— |
|
917 |
|
1,169 |
Start-up costs for new campuses and program expansion |
1,324 |
|
55 |
|
— |
|
1,379 |
Adjusted EBITDA, non-GAAP |
$ 20,180 |
|
$ (64) |
|
$ (5,677) |
|
$ 14,439 |
Reconciliation of |
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|
|||
|
Three Months Ended |
||
|
2023 |
|
2022 |
Net cash provided by operating activities, as reported |
$ 10,836 |
|
$ 2,812 |
Purchase of property and equipment |
(3,848) |
|
(6,782) |
Free cash flow, non-GAAP |
6,988 |
|
(3,970) |
Adjustments: |
|
|
|
Acquisition related costs paid |
— |
|
594 |
Integration related costs paid |
984 |
|
980 |
Cash outflow for acquisition integration property and equipment |
9 |
|
— |
Cash outflow for start-up costs for new campuses and program expansion |
668 |
|
1,379 |
Cash outflow for property and equipment for new campuses and program expansion |
1,583 |
|
3,605 |
Cash payments for restructuring costs |
5 |
|
— |
Adjusted free cash flow, non-GAAP |
$ 10,237 |
|
$ 2,588 |
RECONCILIATION OF GAAP FINANCIAL INFORMATION TO NON-GAAP FINANCIAL INFORMATION FOR FISCAL 2024 GUIDANCE (In thousands) (Unaudited) |
|
|
|
For each of the non-GAAP reconciliations provided for fiscal 2024 guidance, we are reconciling to the |
|
|
|
Reconciliation of Net Income to EBITDA and Adjusted EBITDA for Fiscal 2024 Guidance |
|
|
|
|
Updated |
|
Twelve Months Ended |
|
|
|
2024 |
Net income |
~ |
Interest (income) expense, net |
~ 3,700 |
Income tax (benefit) expense |
~ 14,100 |
Depreciation and amortization |
~ 30,000 |
EBITDA |
~ |
Integration related costs for acquisitions |
~ 5,500 |
Start-up costs for program expansion |
~ 1,500 |
Stock-based compensation |
~ 8,000 |
Restructuring costs |
~700 |
Adjusted EBITDA, non-GAAP |
~ |
FY 2024 |
|
Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow for Fiscal 2024 Guidance |
|
|
|
|
Updated |
|
Twelve Months Ended |
|
|
|
2024 |
Net cash provided by operating activities |
~ |
Purchase of property and equipment |
~ (30,500) |
Free cash flow, non-GAAP |
~ |
Adjustments: |
|
Integration related costs for acquisitions |
~ 5,500 |
Cash outflow for acquisition integration property and equipment |
~ 200 |
Cash paid for start-up costs for program expansion |
~ 1,500 |
Cash outflow for program expansion property and equipment |
~ 2,300 |
Cash payments for restructuring costs |
~700 |
Cash outflow for restructuring property and equipment |
~300 |
Adjusted free cash flow, non-GAAP |
~ |
FY 2024 |
|
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