Universal Technical Institute Reports Fiscal Year 2026 Second Quarter Results

Company Delivers Another Strong Quarter Driven by Robust Demand and Consistent Execution, Reaffirming Full-Year Outlook

PHOENIX, May 6, 2026 /PRNewswire/ -- 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 2026 second quarter ended March 31, 2026. 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."

Financial Highlights

Operational Highlights and North Star Strategy Developments

"Our performance throughout the first half of the year continued to meet and exceed expectations, driven by sustained demand across both divisions and progress on our North Star initiatives, further reinforcing our confidence in the trajectory of the business," said Jerome Grant, CEO of Universal Technical Institute, Inc. "Our new campus launches are providing further validation that our growth model is both repeatable and scalable. UTI San Antonio outperformed our initial start expectations while UTI Atlanta is on track with enrollments ahead of the July opening. Combined with continued strength across our existing campus network, these early indicators give us increasing confidence as we move deeper into full implementation of North Star.

"In conjunction, the opportunity in front of us is expanding as the world enters a generational shift in the labor market. Advancements in artificial intelligence are accelerating demand for the skilled workforce required to build, maintain, and operate the infrastructure behind this new economy. From data centers and energy systems to advanced manufacturing and healthcare delivery, we are well positioned at the center of these evolving needs. We are not only training students for today's jobs but also preparing them for the AI-enabled workforce of the future. As we continue capitalizing on this demand, we believe the actions we are taking in fiscal 2026 will not only support near term growth but will also create incremental enrollment and earnings upside in fiscal 2027 and beyond."

Financial Results for the Three-Month Period Ended March 31, 2026 Compared to March 31, 2025

"With a strong second quarter, we delivered a robust first half of fiscal 2026, supported by continued enrollment momentum, healthy growth in average full-time active students, double-digit growth in new student starts, and solid revenue expansion across both divisions," said Bruce Schuman, CFO of Universal Technical Institute, Inc. "These results reflect sustained demand across the business, the success of recently launched campuses and programs as well as disciplined execution against the North Star strategy.

"Based on our performance through the first six months of the year and the visibility we have into the remainder of fiscal 2026, we are reaffirming our full-year guidance across all metrics. With our strategic growth investments progressing on schedule, we remain confident in our ability to deliver against our North Star objectives while also supporting faster scaling, improved utilization, and stronger long-term returns including predictable and sustainable cash flows and increasing profits for years to come."

Financial Results for the Six-Month Period Ended March 31, 2026 Compared to March 31, 2025

(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 March 31, 2026, total available liquidity was $202.4 million consisting of $87.2 million of cash and cash equivalents, $74.8 million of short-term investments, and $40.4 million available from the revolving credit facility. Total debt at March 31, 2026 was $130.7 million, including $65.0 million drawn on the revolving credit facility. As of March 31, 2026, the Company incurred $52.7 million of cash capital expenditures ("capex") driven primarily by investments in new campus and program expansions for both UTI and Concorde, along with spending associated with curriculum and equipment refresh and upgrades, facility and leasehold improvements, and IT investments.

Conference Call

Management will hold a conference call to discuss the financial results for the fiscal 2026 second quarter ended March 31, 2026, on Wednesday, May 6, 2026, 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 May 20, 2026, by dialing (855) 669-9658 (domestic) or (412) 317-0088 (international) and entering passcode 6455050.

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:

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.

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 2026 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.

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 serving students, partners and communities nationwide. The company offers high-quality education and support services for in-demand careers via its two divisions: UTI and Concorde Career Colleges. The UTI division operates 16 campuses located in nine states, with more announced, and offers a wide range of transportation, skilled trades, electrical and energy training programs. Concorde operates across 18 campuses in eight states and online, with more announced, offering programs in the allied health, dental, nursing, patient care and diagnostic fields. For more information, visit www.uti.edu or www.concorde.edu; LinkedIn at @UniversalTechnicalInstitute and @Concorde Career Colleges; or X at @news_UTI and @ConcordeCareer.

Company Contact:

Matt Kempton

VP Corporate Finance & Investor Relations

Universal Technical Institute, Inc.

(623)445-9392

[email protected]

Media Contact:

Susan Aspey

Vice President, Corporate Affairs & External Communications

Universal Technical Institute, Inc.

(202) 549-0534

[email protected]

Investor Relations Contact:

Matt Glover or Ralf Esper

Gateway Group, Inc.

(949) 574-3860

[email protected]

(Tables Follow)

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended March 31,

Six Months Ended March 31,

2026

2025

2026

2025

Revenues

$ 221,402

$ 207,447

$ 442,246

$ 408,876

Operating expenses:

Educational services and facilities

117,429

102,488

227,877

202,629

Selling, general and administrative

103,634

88,106

198,343

161,916

Total operating expenses

221,063

190,594

426,220

364,545

Income from operations

339

16,853

16,026

44,331

Other income (expense):

Interest income

1,060

1,629

2,606

3,388

Interest expense

(993)

(1,657)

(1,964)

(3,330)

Other (expense) income, net

(23)

(73)

(26)

Total other income (expense), net

(19)

569

Income before income taxes

383

16,834

16,595

44,363

Income tax benefit (expense)

(5,388)

(3,335)

(10,764)

Net income

$ 433

$ 11,446

$ 13,260

$ 33,599

Earnings per share:

Net income per share - basic

$ 0.01

$ 0.21

$ 0.24

$ 0.62

Net income per share - diluted

$ 0.01

$ 0.21

$ 0.24

$ 0.61

Weighted average number of shares outstanding:

Basic

55,033

54,383

54,799

54,183

Diluted

55,730

55,442

55,735

55,415

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value and per share amounts)

(Unaudited)

March 31, 2026

September 30, 2025

Assets

Cash and cash equivalents

$ 87,233

$ 127,361

Restricted cash

6,374

6,769

Short-term investments

74,750

41,784

Receivables, net

44,619

46,078

Notes receivable, current portion

6,735

6,597

Prepaid expenses

18,506

12,526

Other current assets

5,568

5,517

Total current assets

243,785

246,632

Property and equipment, net

324,812

285,852

Goodwill

28,459

Intangible assets, net

21,407

17,352

Notes receivable, less current portion

45,205

41,109

Right-of-use assets for operating leases

168,880

178,861

Deferred tax assets, net

2,744

4,283

Other assets

16,893

23,591

Total assets

$ 852,185

$ 826,139

Liabilities and Shareholders' Equity

Accounts payable and accrued expenses

$ 106,359

$ 104,644

Deferred revenue

74,033

91,525

Operating lease liabilities, current portion

20,704

16,967

Long-term debt, current portion

2,953

2,865

Other current liabilities

3,883

13,670

Total current liabilities

207,932

229,671

Deferred tax liabilities, net

4,144

Operating lease liabilities

164,780

174,838

Long-term debt

127,781

84,234

Other liabilities

7,643

5,142

Total liabilities

512,280

498,029

Commitments and contingencies

Shareholders' equity:

Common stock, $0.0001 par value, 100,000 shares authorized, 55,144 and 54,512 shares issued, 55,061 and 54,430 shares outstanding as of March 31, 2026 and September 30, 2025, respectively.

Paid-in capital

224,752

226,031

Treasury stock, at cost, 82 shares as of March 31, 2026 and September 30, 2025.

(365)

Retained earnings

114,787

101,527

Accumulated other comprehensive income

725

912

Total shareholders' equity

339,905

328,110

Total liabilities and shareholders' equity

$ 852,185

$ 826,139

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Six Months Ended March 31,

2026

2025

Cash flows from operating activities:

Net income

$ 13,260

$ 33,599

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

17,950

16,137

Amortization of right-of-use assets for operating leases

12,956

11,316

Provision for credit losses

15,232

9,554

Stock-based compensation

6,456

3,744

Deferred income taxes

1,536

(476)

Training equipment credits earned, net

370

(124)

Unrealized (loss) gain on interest rate swaps, net of taxes

159

Other gains (losses), net

393

171

Changes in assets and liabilities:

Receivables

(14,212)

(11,258)

Prepaid expenses and other current assets

(8,060)

(4,269)

Other assets

2,909

(3,430)

Notes receivable

(4,234)

(3,839)

Accounts payable, accrued expenses and other current liabilities

(926)

(3,293)

Deferred revenue

(17,492)

(17,594)

Income tax payable/receivable

(8,353)

3,873

Operating lease liabilities

(9,296)

(11,185)

Other liabilities

(1,428)

(912)

Net cash provided by operating activities

7,069

22,173

Cash flows from investing activities:

Purchase of property and equipment

(52,661)

(14,292)

Purchase of investments

(53,236)

(39,691)

Proceeds received upon maturity of investments

23,668

—

Proceeds from insurance policy

—

Capitalized costs for intangible assets

(1,253)

—

Net cash used in investing activities

(83,446)

(53,983)

Cash flows from financing activities:

Proceeds from revolving credit facility

100,000

—

Payments on revolving credit facility

(55,000)

(30,000)

Payment of term loans and finance leases

(1,411)

(1,329)

Proceeds from stock option exercises

—

659

Payment of payroll taxes on stock-based compensation through shares withheld

(7,735)

(4,479)

Net cash provided by (used in) financing activities

35,854

(35,149)

Change in cash, cash equivalents and restricted cash

(40,523)

(66,959)

Cash and cash equivalents, beginning of period

127,361

161,900

Restricted cash, beginning of period

6,769

5,572

Cash, cash equivalents and restricted cash, beginning of period

134,130

167,472

Cash and cash equivalents, end of period

87,233

95,998

Restricted cash, end of period

6,374

4,515

Cash, cash equivalents and restricted cash, end of period

$ 93,607

$ 100,513

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 March 31, 2026

Three Months Ended March 31, 2025

UTI

Concorde

Total

UTI

Concorde

Total

Total new student starts

4,110

3,459

7,569

3,591

3,059

6,650

Year-over-year growth

14.5 %

13.1 %

13.8 %

26.4 %

15.9 %

21.4 %

Average full-time active students

15,556

10,829

26,385

14,777

9,827

24,604

Year-over-year growth

5.3 %

10.2 %

7.2 %

7.0 %

15.5 %

10.3 %

End of period full-time active students

15,526

10,879

26,405

14,959

9,892

24,851

Year-over-year growth

3.8 %

10.0 %

6.3 %

10.1 %

16.6 %

12.6 %

Six Months Ended March 31, 2026

Six Months Ended March 31, 2025

UTI

Concorde

Total

UTI

Concorde

Total

Total new student starts

7,003

6,015

13,018

6,344

5,619

11,963

Year-over-year growth

10.4 %

7.0 %

8.8 %

23.1 %

20.3 %(1)

21.7 %(1)

Average full-time active students

15,952

10,670

26,622

15,121

9,713

24,834

Year-over-year growth

5.5 %

9.9 %

7.2 %

7.5 %

16.0 %

10.7 %

End of period full-time active students

15,526

10,879

26,405

14,959

9,892

24,851

Year-over-year growth

3.8 %

10.0 %

6.3 %

10.1 %

16.6 %

12.6 %

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

SELECTED SUPPLEMENTAL NON-FINANCIAL AND FINANCIAL INFORMATION BY SEGMENT

(In thousands)

(Unaudited)

Financial Summary by Segment and Consolidated

As part of Phase II of our North Star growth strategy and to support our new campus growth initiatives, we have further refined our operating model to best pursue future growth goals and support the business. In furtherance of the foregoing, we have centralized the operations of our accounting, finance, information technology, human resources, and real estate departments to leverage economies of scale and create efficiencies to support our continued growth. Due to this centralization, as of October 1, 2025, we have adjusted our allocation methodology to allocate the majority of the Corporate segment's costs to the UTI and Concorde segments based upon a percentage of revenue. Due to these changes in allocation methodology, the prior year segment disclosures have been recast for comparability to the current year presentation.

Three Months Ended March 31, 2026

Three Months Ended March 31, 2025

UTI

Concorde

Corporate

Consolidated

UTI

Concorde

Corporate

Consolidated

Revenue

$ 142,719

$ 78,683

$ —

$ 221,402

$ 134,228

$ 73,219

$ —

$ 207,447

Total operating expenses

138,534

78,884

3,645

221,063

116,501

69,449

4,644

190,594

Net income (loss)

3,399

(245)

(2,721)

433

16,468

3,725

(8,747)

11,446

Six Months Ended March 31, 2026

Six Months Ended March 31, 2025

UTI

Concorde

Corporate

Consolidated

UTI

Concorde

Corporate

Consolidated

Revenue

$ 285,562

$ 156,684

$ —

$ 442,246

$ 265,706

$ 143,170

$ —

$ 408,876

Total operating expenses

265,525

153,093

7,602

426,220

225,445

132,587

6,513

364,545

Net income (loss)

18,404

3,554

(8,698)

13,260

37,876

10,508

(14,785)

33,599

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 March 31, 2026

UTI

Concorde

Corporate

Consolidated

Operating Expenses

Compensation and Benefits

$ 57,138

$ 37,585

$ 19,722

$ 114,445

Advertising

21,200

10,045

210

31,455

Occupancy

10,584

6,350

936

17,870

Student Related

11,965

5,945

—

17,910

General Operations

7,737

4,476

5,695

17,908

Depreciation and amortization

6,642

2,073

330

9,045

Professional and Contract Services

2,608

1,280

4,585

8,473

Other Expenses

2,042

847

1,068

3,957

Corporate Support

18,618

10,283

(28,901)

—

Total Operating Expenses

$ 138,534

$ 78,884

$ 3,645

$ 221,063

Three Months Ended March 31, 2025

UTI

Concorde

Corporate

Consolidated

Operating Expenses

Compensation and Benefits

$ 52,496

$ 32,788

$ 18,001

$ 103,285

Advertising

15,850

7,895

209

23,954

Occupancy

9,242

5,891

215

15,348

Student Related

8,799

5,583

—

14,382

General Operations

5,025

5,316

3,202

13,543

Depreciation and amortization

5,949

1,850

339

8,138

Professional and Contract Services

2,553

1,278

4,796

8,627

Other Expenses

1,633

684

1,000

3,317

Corporate Support

14,954

8,164

(23,118)

—

Total Operating Expenses

$ 116,501

$ 69,449

$ 4,644

$ 190,594

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

Six Months Ended March 31, 2026

UTI

Concorde

Corporate

Consolidated

Operating Expenses

Compensation and Benefits

$ 111,429

$ 72,950

$ 38,512

$ 222,891

Advertising

36,964

19,292

405

56,661

Occupancy

21,152

12,599

1,892

35,643

Student Related

22,322

11,094

—

33,416

General Operations

15,664

8,929

10,644

35,237

Depreciation and amortization

13,042

4,240

668

17,950

Professional and Contract Services

5,197

2,560

8,955

16,712

Other Expenses

3,892

1,634

2,184

7,710

Corporate Support

35,863

19,795

(55,658)

—

Total Operating Expenses

$ 265,525

$ 153,093

$ 7,602

$ 426,220

Six Months Ended March 31, 2025

UTI

Concorde

Corporate

Consolidated

Operating Expenses

Compensation and Benefits

$ 101,894

$ 64,006

$ 32,151

$ 198,051

Advertising

29,527

15,258

398

45,183

Occupancy

18,326

11,712

441

30,479

Student Related

18,840

10,888

—

29,728

General Operations

8,946

7,861

5,174

21,981

Depreciation and amortization

11,900

3,559

678

16,137

Professional and Contract Services

4,969

2,604

8,868

16,441

Other Expenses

3,210

1,598

1,737

6,545

Corporate Support

27,833

15,101

(42,934)

—

Total Operating Expenses

$ 225,445

$ 132,587

$ 6,513

$ 364,545

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 March 31, 2026

UTI

Concorde

Corporate

Consolidated

Net income (loss)

$ 3,399

$ (245)

$ (2,721)

$ 433

Interest expense (income), net

785

(897)

(67)

Income tax expense

—

(50)

Depreciation and amortization

6,642

2,073

330

9,045

EBITDA

10,826

1,873

(3,338)

9,361

Stock-based compensation expense

495

283

3,123

3,901

Integration-related costs for completed acquisitions

—

884

Adjusted EBITDA, non-GAAP

$ 11,321

$ 2,156

$ 669

$ 14,146

Three Months Ended March 31, 2025

UTI

Concorde

Corporate

Consolidated

Net income (loss)

$ 16,468

$ 3,725

$ (8,747)

$ 11,446

Interest expense (income), net

1,262

(1,279)

Income tax expense

—

5,388

Depreciation and amortization

5,971

1,850

317

8,138

EBITDA

23,701

5,620

(4,321)

25,000

Stock-based compensation expense

503

189

2,332

3,024

Acquisition-related costs

—

873

Adjusted EBITDA, non-GAAP

$ 24,204

$ 5,809

$ (1,116)

$ 28,897

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

Six Months Ended March 31, 2026

UTI

Concorde

Corporate

Consolidated

Net income (loss)

$ 18,404

$ 3,554

$ (8,698)

$ 13,260

Interest expense (income), net

1,634

(2,313)

(642)

Income tax expense

—

3,335

Depreciation and amortization

13,042

4,240

668

17,950

EBITDA

33,080

7,831

(7,008)

33,903

Stock-based compensation expense

979

499

4,978

6,456

Integration-related costs for completed acquisitions

—

935

Adjusted EBITDA, non-GAAP

$ 34,059

$ 8,330

$ (1,095)

$ 41,294

Six Months Ended March 31, 2025

UTI

Concorde

Corporate

Consolidated

Net income (loss)

$ 37,876

$ 10,508

$ (14,785)

$ 33,599

Interest expense (income), net

2,394

(2,527)

(58)

Income tax expense

—

10,764

Depreciation and amortization

11,942

3,559

636

16,137

EBITDA

52,212

14,142

(5,912)

60,442

Stock-based compensation expense

906

268

2,570

3,744

Acquisition-related costs

—

873

Integration-related costs for completed acquisitions (1)

—

(700)

Restructuring costs

—

Adjusted EBITDA, non-GAAP

$ 53,161

$ 14,410

$ (3,169)

$ 64,402

(1)

During the six months ended March 31, 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.

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

Six Months Ended March 31,

2026

2025

Net cash provided by operating activities, as reported

$ 7,069

$ 22,173

Purchase of property and equipment

(52,661)

(14,292)

Free cash flow, non-GAAP

(45,592)

7,881

Adjustments:

Cash outflow (inflow) for integration-related costs for completed acquisitions (1)

1,440

(700)

Cash outflow for acquisition-related costs

—

761

Cash outflow for restructuring costs and property and equipment

—

Adjusted free cash flow, non-GAAP

$ (44,152)

$ 7,997

(1)

SOURCE Universal Technical Institute, Inc.